NEW YORK (AP) -- Research In Motion Ltd. said Thursday its board of directors authorized a $1.2 billion stock buyback program.

The program aims to repurchase about 21 million shares, or 3.6 percent of the current outstanding stock.

The program starts Nov. 9 and will remain in place for 12 months, until the purchases are completed, or the program is terminated.

The company said it will pay the prevailing market price at the time of purchase.

Shares of the company, based in Canada, closed at $57.61 Wednesday.