DEERFIELD, Ill. Walgreens' board of directors on Wednesday announced the authorization of a new $1 billion share repurchase program, which will expire at the end of 2012.

The board also declared a regular quarterly dividend of 17.5 cents per share, a 27.3% increase over the year-ago dividend. The dividend is payable Dec. 11, to shareholders of record Nov. 15, Walgreens said. Walgreens has paid a dividend in 312 straight quarters (78 years) and has raised its dividend for 35 consecutive years.

“We are proud of our track record of delivering on our commitment to return cash to our shareholders, and today’s announcement of our new share repurchase program continues that commitment,” said Walgreens president and CEO Greg Wasson. “In our last fiscal year, we returned a record $2.2 billion to shareholders in the form of dividends and share repurchases. And last month, we completed our previous $2 billion share repurchase program that was announced in October 2009.”