Goodrich Corp.’s board of directors today approved increasing the company’s share-repurchase plan by $500 million, bringing the total authorization to $1.1 billion.

From November 2006 through last month, the company repurchased 8.9 million shares, for a total of $537 million.

The primary purpose of the plan is to offset dilution to shareholders from the company’s stock-based compensation plans, the company said.

As of Jan. 31, the Charlotte-based company had 125.6 million shares outstanding.

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