CorVel (CRVL) said Friday that its board has authorized a three-for-one forward stock split of its shares.

The board also approved a proportionate increase in the number of authorized shares to accommodate the split, the company said, adding the board did not authorize an increase in the number of authorized shares of preferred stock.

The split and share increase is subject to the filing of an amendment to CorVel's certificate of incorporation with the Secretary of State of Delaware, which CorVel expects to file on Dec. 24, the company said.

Trading on a split-adjusted basis is expected to start on Dec. 26, subject to Nasdaq approval, CorVel said.