Carnival Corporation today confirmed a 14 percent increase in its quarterly dividend to $0.40 per share from the previous dividend amount of $0.35 per share.

Additionally, the company’s board approved the re-authorization of up to $1 billion in share repurchases covering both Carnival Corporation common stock and Carnival plc ordinary shares. Since resuming the share repurchase program in late 2015 the company has repurchased more than 56 million shares valued at $2.7 billion.

“The increased dividend, along with another $1 billion share repurchase authorization, reflects continued confidence in our outlook and our ongoing commitment to return value to our shareholders,” said David Bernstein, chief financial officer for Carnival Corporation & plc.

The board approved a record date for the quarterly dividend of May 26, 2017 with a payment date of June 16, 2017. Holders of Carnival Corporation common stock and Carnival plc ADSs will receive the dividend payable in U.S. dollars. The dividend for Carnival plc ordinary shares will be payable in U.S. dollars or sterling. In the absence of instructions or elections to the contrary, holders of Carnival plc ordinary shares will automatically receive the dividend in sterling.

Dividends payable in sterling will be converted from U.S. dollars at the exchange rate quoted by the Bank of England in London at 12 noon on June 1, 2017. Holders of Carnival plc ordinary shares wishing to receive their dividend in U.S. dollars or participate in the Carnival plc Dividend Reinvestment Plan must elect to do so by May 26, 2017.