URS Corporation announced that its board of directors has approved capital allocation priorities for 2014 and 2015. The priorities approved by the board include returning to URS stockholders at least $500M in the form of share repurchases and dividends by the end of FY15. The share repurchases and dividends are expected to be funded by the company’s free cash flow. URS expects to use its remaining cash flow to fund organic growth and to pay down debt, consistent with the company’s focus on maintaining its investment grade credit rating, which is critical to its ongoing operations and ability to achieve organic growth opportunities. The company also announced that the Compensation Committee of the board is in the process of redesigning the company’s incentive compensation programs for its senior executives to further align their performance incentives with the capital allocation priorities.