* To buy back up to 9.5 mln shares

* Sees Q1 rev of $21.6 mln

* Shares rise 10 pct

March 7 (Reuters) - Wi-LAN Inc hiked its quarterly dividend and said it would buy back shares this year, sending its shares up as much as 10 percent.

Wi-LAN, which increased its quarterly dividend by 20 percent to three Canadian cents per share, also said it expects to buy back up to 9.5 million shares this year, which represents about eight percent of the company's outstanding shares.

The Canadian patent licensing firm expects first-quarter revenue of at least $21.6 million and adjusted earnings of $11 million to $14 million.

Fourth-quarter net income was 15 cents per share and revenue was $24.2 million, according to Thomson Reuters data.

The company revised its policy to no longer give annual forecast and issue quarterly outlook instead, like peers Interdigital Inc, Rambus Inc and Tessera Inc .

Late last year, Wi-LAN walked away from its bid for Mosaid Technologies after U.S. private equity firm Sterling Partners topped its offer.

CIBC analyst Todd Coupland said the company is likely to regroup after its failed attempt for Mosaid and look to sign new agreements.

"We look at these results and the outlook as a baseline for their business. I see the numbers growing from here, but it's going to take some time," he said.

Shares of the dual-listed company were up 9 percent at C$5.29 on Wednesday morning on the Toronto Stock Exchange and up 9 percent at $5.35 on the Nasdaq.

• A Permanent Economic Emergency