Mastercard Inc. /zigman2/quotes/207581792/composite MA +0.71% said late Tuesday its board of directors authorized an 11% dividend increase and an $8 billion share buyback program. The dividend of 49 cents a share will be paid on Feb. 9 to shareholders of record as of Jan. 7, the company said. The new share repurchase program will become effective at the end of the company's previously announced $6 billion program. Mastercard said it had about $4.4 billion remaining under the current program authorization. Shares of Mastercard rose 1% in the extended session Tuesday after ending the regular trading day down 2.5%.