Nu Skin Enterprises' board of directors has authorized the repurchase of up to $10 million of the company's stock.

The approved repurchase program allows the company to buy outstanding shares of Nu Skin's Class A common stock from time to time through the open market or through privately negotiated transactions. Nu Skin plans to use cash on hand to pay for the stock. The company currently has 87.3 million dilutes shares outstanding."At the current price, we believe our stock is undervalued and represents an attractive investment opportunity," Steven J. Lund, president and chief executive officer, said in a statement.

"In addition, the stock repurchase will help fund the company's equity incentive plans."

Nu Skin stock is trading at about $17 per share.