Rayonier's (RYN) board approved a special dividend of $1.80 a share, consisting of a combination of cash and common shares

The dividend is payable Jan. 30 to shareholders of record Dec. 12, the company said Monday in a statement.

Separately, the company said the board approved a new $300 million share repurchase program.

The new program replaces and supersedes the current $100 million buyback authorization.

Shares of the company rose 4.9% in recent after-hours activity.

Price: 33.00, Change: +1.53, Percent Change: +4.86