CHARENTON-LE-PONT, France—On June 28, Essilor International (Reuters: ESSI. PA) cancelled 4,000,000 shares of its stock, in line with its commitment not to create any dilution for existing shareholders.

The transaction involved two steps, Essilor said in a statement: 2,130,000 shares were cancelled to offset the dilutive impact of the vesting of performance shares or the exercise of stock options granted to employees; 1,870,000 shares were cancelled to offset the dilution resulting from the conversion of the now mature Oceane convertible bonds. The shares had been purchased as part of a program launched in 2008 to buy back up to 6,900,000 shares for allocation on conversion of the Oceane bonds then outstanding.

To date, Essilor has bought back 5,200,000 shares under this program, of which 3,370,000 have now been cancelled.