ARMONK, N.Y. (AP) — IBM's board has approved the repurchase of $15 billion of its common stock.

The company had about $5.6 billion remaining under a previous authorization as of September's end. This means IBM can now buy back up to approximately $20.6 billion of its shares in total. Shares closed yesterday at $177.35.

IBM said Tuesday that it expects to request approval for more stock buybacks at its October 2014 board meeting.

The company's board also declared a regular quarterly dividend of $0.95, the same amount it paid last quarter. The dividend will be paid on Dec. 10 to shareholders of record on Nov. 8.

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