Lennar Corp. said late Thursday that its board more than tripled the homebuilder’s dividend as part of its program to increase returns to shareholders. Lennar will pay a quarertly dividend of 12.5 cents a share on Feb. 7, up from its previous dividend of 4 cents a share, to shareholders as of Jan. 24. “Given our focus on operational excellence, land strategy and cash flow, we believe a diversified program of debt reduction, stock repurchase and now an increased dividend, is appropriate,” said Stuart Miller, Lennar chairman, in a statement. Shares of Lennar rose 0.9% after hours, following a 0.2% rise to close the regular session at $57.69.

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