NEW YORK (AP) — Billionaire investor Carl Icahn's Icahn Enterprises is more than doubling its annual dividend to $4 per depositary unit.

Depositary unit holders will have the choice of having the distribution paid in either cash or additional depositary units.

The company's prior annual dividend was $1.40, comprised of 40 cents in cash and the rest in depositary units.

Icahn Enterprises will distribute the dividend on a quarterly basis, with a $1 dividend payable on April 15 to depositary unit holders of record on Feb. 21.

Carl Icahn holds approximately 93 percent of Icahn Enterprises' outstanding depositary units.

Shares of Icahn Enterprises L.P., a diversified holding company, jumped $3.52, or 5.9 percent, to $63.47 in Monday morning trading. The stock has traded between $37.22 and $65.17 over the past year.