IBM

(IBM) - Get Report

said its board approved the repurchase of up to an additional $3.5 billion of the company's common shares outstanding.

IBM, which has about 1.8 billion shares outstanding, plans to repurchase the shares on the open market from time to time, depending on market conditions. The latest buyback is in addition to a $3.5 billion share buyback approved earlier this year, with $750 million left from that authorization.

The company also declared a regular quarterly cash dividend of 13 cents a share, payable Dec. 9 to stockholders of record Nov. 10.

Shares of IBM were recently up $4.19, or 4.5%, to $97.50 in

New York Stock Exchange

trading.