BEAVERTON, Ore. (AP) -- Nike (NYSE:NKE) is boosting its dividend payment and planning a two-for-one stock split.

The Beaverton, Ore.-based company said Thursday both classes of its stock will split on Dec. 24. It expects its common stock to begin trading at the split-adjusted price on Dec. 26.

Companies split their stocks when they think the price of an individual share has gotten too expensive or if the stock is trading too far above similar companies' stock. The value of each shareholder's stake remains the same, with more stock owned at a lower price for each share.

Nike's widely traded Class B stock closed at $90.83 Thursday.

The athletic shoe and clothing company also declared a 17 percent hike in its quarterly dividend to 21 cents per share.

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