NEW YORK (CNN/Money) - Apple Computer Inc., whose shares have almost quadrupled in value over the last year on the success of its iPod music player, said Friday it has set a 2-for-1 split of its common stock.

Apple continues to shine after gaining more than 200 percent last year, one of the best performers in the S&P 500.

The company is up another 22 percent so far this year.

Last month, Apple, considered the world's most influential brand by industry watchers, reported that its first-quarter earnings grew to 70 cents per share from 17 cents a share in the prior year.

With the iPod currently capturing more than 90 percent of the music-player market, the company continues to one-up itself with new products to broaden its appeal.

Apple recently unveiled the iPod Shuffle, a teeny version of the iPod for much less, but still complete with the trademark white headphones along with a new Mini Mac, without monitor, mouse and keyboard.

Shares of Apple (up $3.00 to $81.36, Research), which said trading will begin on a split-adjusted basis on Feb. 28, rose over 4 percent in early afternoon trading, undeterred by Dell's (down $1.53 to $40.04, Research) disappointing first-quarter sales outlook.

Shareholders of record at the close of business Feb. 18 will receive one additional share for every outstanding share held.

Apple said there will be a proportional increase in the number of its shares authorized from 900 million to 1.8 billion.

Over the last 52 weeks Apple shares have traded in a wide range of from $21.88 a share to $81.99 a share.