The Board of Directors of Royal Caribbean Cruises today declared a quarterly dividend of $0.60 per common share payable on July 3, 2018, to shareholders of record at the close of business on June 4, 2018, according to a statement.

The company also announced today that its Board of Directors has approved the repurchase of $1 billion of the company’s common stock over the next two years.

“Over the past five years, we have increased our dividends fivefold and repurchased close to $1.25 billion in common stock,” said Richard D. Fain, chairman and CEO. “We are very pleased to be in a position to improve returns for our shareholders, which remains one of our top priorities.”