DALLAS (AP) — Southwest Airlines said Wednesday that its board approved a quadrupling of the airline's regular quarterly cash dividend to 4 cents a share and boosted its existing stock buyback program.
The dividend will be paid on June 26 to shareholders of record as of June 5.
The board also increased Southwest's existing $1 billion stock buyback authorization to $1.5 billion. The company has repurchased $725 million in stock since August 2011, leaving $775 million under the new authorization.
Of that amount, the company said it will repurchase $250 million in stock initially under an accelerated stock buyback program.
Also on Wednesday, Southwest revised its aircraft delivery schedule, pushing back delivery of some new planes and opting to buy some used planes instead of new ones.