COLUMBUS, Ohio – Bob Evans Farms Inc.’s board of directors has approved a quarterly cash dividend of 20 cents per share on the company's outstanding common stock. The dividend is payable on March 21 to stockholders of record at the close of business on March 7.

In the third quarter of fiscal 2011, Bob Evans reduced its total debt by $23.0 million and has reduced its total debt by $40.9 million in fiscal 2011. The company's board of directors has previously authorized share repurchases of up to $25 million for fiscal 2011, which ends April 29.

In the third quarter of fiscal 2011, the company repurchased 60,200 shares for a total of $1.8 million and has repurchased 555,200 shares for a total of $15.1 million in the fiscal year to date.