Apple CEO Tim Cook just announced the company's plans on what to do with their cash balance at this morning's conference call. Tim Cook announced that the Cupertino company plans to initiate a dividend and share repurchase program beginning later this year.
Cook said the company will offer a quarterly dividend of $2.65 a share in the fourth quarter of its fiscal 2012 beginning in July. Additionally, Apple announced its Board of Directors has authorized a $10 billion share repurchase program starting in fiscal 2013, which begins September 30. Apple said it expected the move to take place over three years and said its goal was "neutralizing the impact of dilution from future employee equity grants and employee stock purchase programs."