Yum! Brands Inc. (NYSE: YUM – News) announced that its board of directors authorized the repurchase of up to an additional $1.25 billion of the company’s outstanding common stock over a period of up to twelve months. This authorization is part of the company’s overall share-repurchase plan, announced on October 8, 2007, to buy back a total of up to $4 billion of the company’s outstanding common stock over a two-year period. At the time this plan was announced, the Board authorized the repurchase of an initial $1.25 billion of the company’s stock toward the $4 billion goal. As of January 23, there was approximately $450 million remaining under the October 2007 share-repurchase authorization.

Repurchases of common stock may be made from time to time in the open market or privately negotiated transactions and will be subject to market conditions and other factors. Since the company began its repurchase program in 1999, about 250 million shares have been repurchased for approximately $5.4 billion at an average price of $21.73 through January 23. Over the past two years, the company’s regular share-repurchase program has reduced average diluted share count by 9 percent.