WASHINGTON — Boeing's board of directors approved additional share buybacks and increased its dividend, the company announced Monday.

The board authorized $14 billion for share buybacks and a quarterly dividend of $1.09 per share, a 20 percent increase. Last December, Boeing's board authorized $12 billion for share buybacks, and completed $6.75 billion during 2015, leaving $5.25 billion remaining.

The buyback plan announced Monday is expected to take two to three years to complete.

"We are demonstrating our commitment to a balanced cash deployment strategy that fuels investments in our people, innovation and growth, and returns significant value to our shareholders," said Boeing President and CEO Dennis Muilenburg in a prepared statement.

"We continue to take a disciplined approach to managing our financial strength, channeling our strong cash flow generation toward continued investments in the business and consistent returns for our shareholders," added Greg Smith, Boeing executive vice president of Business Development and Strategy and CFO.

Boeing's shares closed Monday at 143.00, closer to its 52-week high of 158.83 than its 52-week low of 115.14.

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