ISSAQUAH, Wash. — The board of directors at Costco Wholesale Corp. has approved a common stock repurchase program of up to $4 billion.

The board of directors at Costco Wholesale Corp. has approved a common stock repurchase program of up to $4 billion.

The warehouse club chain said late Tuesday that the share buyback program is set to expire in April 2015 and replaces the current program, which has unused authorization of about $800 million and is scheduled to lapse in July 2011.

In addition, Costco said its board has declared a quarterly cash dividend on its common stock and approved a quarterly increase from 20.5 cents to 24 cents per share, or 96 cents per share on an annualized basis. The dividend is payable on May 27 to shareholders of record at the close of business on May 13.

Costco currently operates 581 wholesale clubs, including 425 in the United States and Puerto Rico, 80 in Canada, 22 in the United Kingdom, seven in Korea, six in Taiwan, eight in Japan, one in Australia and 32 in Mexico.

The retailer said it plans to open up to 12 new clubs — including the relocation of a warehouse to a larger, better-located facility and the reopening of San Marcos, Calif., store, previously closed for an on-site relocation — by the end of its 2011 fiscal year in late August.