Autodesk

(ADSK) - Get Report

announced it plans to repurchase up to an additional 24 million shares of the company's common stock.

The California-based software company said the buyback's primary purpose is to offset the dilutive impact of employee stock option grants.

In the first three quarters of its fiscal 2005, Autodesk repurchased 21.7 million shares at an average price of $18.42 per share. Combined with prior remaining approvals, Autodesk now has board authorization to repurchase up to a total of 34 million shares.

On Nov. 18, the company announced a 2-for-1 stock split on its common stock, effective Dec. 20 to shareholders of record at the close of business Dec. 6.

Shares closed at $65.25 Thursday and have basically tripled in the past 12 months.