The Finish Line, Inc. announced that its board of directors has authorized a new share repurchase program to buy back up to 5 million shares of the companys Class A common shares, or approximately 9 percent of the aggregate Class A and Class B common shares outstanding.

Under the new share repurchase program, the company may repurchase shares through December 31, 2014. The new program was needed as the company has repurchased 1.24 million shares to date in the current fiscal quarter for an aggregate amount of $27.1 million, which left only 0.3 million shares available under the previous program.

The board of directors also declared a quarterly cash dividend of $0.05 per share of outstanding Class A and Class B common shares. The quarterly cash dividend will be payable September 12, 2011 to shareholders of record as of August 26, 2011.

The new share repurchase authorization as well as our dividend program demonstrates a strong belief in the future of our company and our ongoing commitment to driving value for our shareholders, said Finish Line Chairman and Chief Executive Officer Glenn Lyon. In fiscal 2011, we returned $22.2 million to shareholders through share repurchase and returned $8.6 million through dividends. Consistent with our capital allocation strategy, we have repurchased 1.68 million shares totaling $36.7 million in company stock in the current fiscal year.

In other board activity, the independent directors appointed William P. Carmichael lead director of the board for the coming year. Carmichael has been a Finish Line board member since 2003 and will continue to serve as chairman of the audit committee.