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On Thursday September 22, 2011, 5:04 pm EDT

MORRISTOWN, N.J. (AP) — Renewable-energy company Covanta Holding Corp. said Thursday that its board of directors has authorized an additional $ 100 million in share buybacks.

The new amount brings the authorized repurchase total to $ 400 million.

Covanta already bought back more than 13.5 million of its shares between the third quarter of 2010 and the second quarter of 2011 at a cost of about $ 219 million.

The company also said the board declared a quarterly dividend of 7.5 cents per share, payable Oct. 14 to shareholders of record as of Oct. 3. It started paying the dividend in the first quarter.

Shares in the company gained 33 cents, or 2.4 percent, to $ 3.91 in extended-hours trading after declining the same amount during the regular session.

Yahoo! Finance: Waste Management Industry News

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