NVR, Inc., Reston Va. on Thursday said its board authorized the repurchase of $300 million of its outstanding common stock in an effort to maximize shareholder value.

The purchases will occur from time to time in the open market and/or in privately negotiated transactions as market conditions permit, the company said. The authorization is a continuation of the stock repurchase program that began in 1994.

NVR shares initially spiked on the news but settled back to a loss on the day by late afternoon as investors turned their attention back to the debt-limit struggle in Washington, which erased earlier gains in the overall market.