NEW YORK (

TheStreet

) --

Intel

(INTC) - Get Report

announced Monday that it had declared a quarterly dividend of 18.12 cents per share, a 15% increase from the previous quarter.

Intel's board of directors also authorized an additional $10 billion for share repurchases, bringing the overall buyback authorization to $14.2 billion.

"In 2010, Intel achieved its best and most profitable year ever," said Intel president and CEO Paul Otellini in a press release. "Today's announcement signals confidence in our fundamental business strategies both today and looking forward, allowing us to return more cash to shareholders."

Earlier this month, the tech bellwether topped

fourth-quarter earnings expectations

and offered healthy guidance for 2011.

--Written by Olivia Oran in New York.

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