Apple announced that its board has authorized an increase to the company’s program to return capital to shareholders. The company expects to utilize a total of $100B of cash under the expanded program by the end of calendar 2015. This represents a $55B increase to the program announced last year and translates to an average rate of $30B per year from the time of the first dividend payment in August 2012 through December 2015. As part of this program, the board has increased its share repurchase authorization to $60B from the $10B level announced last year. This is expected to be executed by the end of calendar 2015. Apple also expects to utilize about $1B annually to net-share-settle vesting restricted stock units. Additionally, the board has approved a 15% increase in Apple's quarterly dividend and has declared a dividend of $3.05 per common share, payable on May 16, to shareholders of record as of the close of business on May 13. In conjunction with the expanded return of capital program, Apple plans to borrow and expects to announce more details about this in the near future. Apple said its management team and board will continue to review each element of the capital return program on an annual basis.