The repurchased stock could have been retired.
Constructive retirement...
An alternative method of accounting for treasury stock is the constructive retirement method, which is used under the assumption that repurchased stock will not be reissued in the future. Under this approach, you are essentially reversing the amount of the original price at which the stock was sold. The remainder of the purchase price is debited to the retained earnings account.
even if they have repurchased common stock in accordance with a common stock repurchase program?
