This excerpt taken from the LAZ 8-K filed Feb 8, 2006.
Share Repurchase Authorization
The Board of Directors of Lazard Ltd has authorized the repurchase of up to $100 million in aggregate cost of the companys common stock. The share repurchase program will be used primarily to offset shares to be issued under Lazard Ltds 2005 Equity Incentive Plan. Purchases may be made in the open market or through privately negotiated transactions in 2006 and 2007.