The Monroe, La., company (CTL) raised its quarterly common payout to 70 cents a share from 6.75 cents, effective in the third quarter. To bring its second-quarter dividend, which was paid June 24, up to the new 70-cent rate, it declared a one-time disbursement of 63.25 cents a share. Stockowners of record July 7 will receive the bonus payout July 21. The ex-dividend date is July 2. Distributions have been made without interruption since 1974 and increased every year. That's not all. CenturyTel is accelerating its stock-repurchase program. It expects to complete the remaining approximately $385 million of its current $750 million authorization by the end of 2008 or early '09. Once that's done, it plans to utilize more buybacks, plus maybe more dividend hikes, to continue to return substantially all its free cash flow to shareholders.

Uncle Sam helped bring about a Kodak moment last Tuesday. Eastman Kodak (EK) will use a $581 million tax refund to partially pay for a buyback of up to $1 billion, or some 25%, of its outstanding common stock through 2009. The rest will come from cash on hand, of which the photography company had $2.2 billion at March 31. Kodak's last buyback program was completed in 2001. CEO Antonio M. Perez said that "with our significant liquidity and strong balance sheet, we continue to pursue a variety of long-term, value-creating growth initiatives that are well funded." Perez has been working to return Kodak to profitability by focusing on digital cameras and inkjet printers. The company pays a semiannual common dividend of 25 cents a share (slashed from 90 cents in September 2003).

Formed by the 2007 merger of the Chicago Mercantile Exchange and the Chicago Board of Trade, CME Group (CME) is the world's largest futures exchange. A top performer since its public debut, CME last Monday announced a $1.1 billion stock buyback through 2009, and plans to pay a $5 special dividend whether or not its pending acquisition of NYMEX Holdings (NMX), the parent company of the New York Mercantile Exchange, succeeds. CME pays a current quarterly dividend of $1.15 a share and yields 1.18%. Recent price: 388.