Miami-based World Fuel Services Corp. announced May 29 that its board of directors approved an increase in its share buyback program by $100 million, increasing the program's remaining authorization to $150 million.

The 2017 program originally aimed to purchase up to $100 million in common stock and replaced a previous program announced in September 2016. The program has no expiration date and may be suspended or discontinued at any time without prior notice.

In addition, the board declared a quarterly dividend, which it previously announced would increase to 10 cents per share. The dividend will be payable July 5 to shareholders of record June 10.