This excerpt taken from the VZ 8-K filed Oct 29, 2007.
Dividends, Repurchase Program Reflect Confidence
Reflecting confidence in Verizons business model and continued strong cash flows, Verizons Board of Directors announced during the third quarter that it had increased the companys quarterly dividend 6.2 percent, beginning with the Nov. 1 dividend.
Verizon also repurchased nearly $800 million of its shares in the quarter, for a total of $1.7 billion in the last nine months. Verizon is increasing the 2007 target for its share repurchase program to $2.5 billion, up $500 million from the original target.
Verizon News Release, page 4