SAN FRANCISCO (AP) -- Dolby Laboratories Inc.'s board of directors on Tuesday approved a stock repurchase program of up to $250 million common stock.

The company said the purpose of the buyback was to offset dilution of the company's equity compensation programs.

Shares added 63 cents to $44.81 in after-hours trading, after adding $1.73, or 4.1 percent, to close at $44.18.