Shares of online advertising company ReachLocal Inc. gained nearly 8 percent on Monday after the company announced it was expanding its buyback program. The board of the Woodland Hills company authorized $21 million to repurchase shares on the open market. With the capital, the program has about $30 million available to purchase more shares, out of a total authorization of $47 million, the company said. ReachLocal started the buyback program with a commitment of $20 million in November 2011 and added $6 million in December 2012. Since the program started, the stock price has increased by 58 percent. ReachLocal shares gained 99 cents to close at $13.50 on the Nasdaq.