updated 10/20/2005 8:28:14 AM ET 2005-10-20T12:28:14

JetBlue Airways Corp.’s board has declared a three-for-two stock split of the company’s common stock.

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In a press release Wednesday, the low-cost passenger airline said the split will be distributed Dec. 23 to stockholders of record at the close of business Dec. 12.

JetBlue said cash will be paid in lieu of fractional shares and once the stock split is completed, the number of issued and outstanding shares of common stock will increase by 50 percent.

In addition, the airline said its board approved the acceleration of the vesting for all unvested stock options awarded under the stock incentive plan before Dec. 31, excluding those held by some officers and board members. As a result, options to buy up to about 13 million shares of common stock may become exercisable immediately effective Dec. 9, representing 65 percent of JetBlue’s total current outstanding options.

Stock options granted by New York-based JetBlue typically vest over five or seven years.

© 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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