Deere & Co.'s board of directors today authorized the repurchase of up to $8 billion of additional common stock. The repurchase program will supplement the existing $5 billion share authorization announced in May 2008, the company said in a release. The Moline, Ill.-based manufacturer had approximately $1 billion remaining under the prior authorization on Oct. 31, and approximately 375 million shares outstanding. The board also declared a regular quarterly dividend of 51 cents per share on the company's common stock, payable Feb. 3 to shareholders of record on Dec. 31. "Today's action reflects our confidence in the company's long-term future growth opportunities," said Samuel Allen, Deere's chairman and CEO.