This excerpt taken from the GPS 8-K filed Feb 23, 2006.
Share Repurchases and Dividend
In a separate release today, the company announced that its Board of Directors has authorized an additional $500 million for its share repurchase program, effective immediately. The company expects to repurchase $250 million of this authorization within the first half of fiscal year 2006. Since 2004, the company has completed $3 billion of share repurchases for about 146 million shares.
The company and its Board of Directors intend to significantly increase the annual dividend per share from $0.18 in fiscal year 2005 to $0.32 for fiscal year 2006. The dividend is expected to be paid quarterly in late April, July, October and January.