REDMOND, Wash. — Microsoft said on Tuesday that its board had approved a 22 percent increase in the company’s quarterly dividend, to 28 cents, along with a new $40 billion stock buyback program.

The new dividend is an increase of 5 cents over its previous dividend and will be paid on Dec. 12 to shareholders of record as of Nov. 21.

The increase will cost Microsoft, the world’s largest software company, an extra $416 million a quarter, based on the 8.33 billion shares that FactSet says the company has outstanding.

The new stock buyback program has no expiration date and replaces Microsoft’s previous $40 billion stock buyback program, which was set to expire on Sept. 30.