A dividend is a distribution of a portion of a company's earnings to its shareholders, typically paid in cash on a regular schedule. In the US, dividends are most commonly paid quarterly, while some international companies pay semi-annually or annually. The dividend yield, calculated by dividing the annual dividend by the stock price, is a key metric for income-focused investors. Companies on the NYSE and NASDAQ with histories of increasing dividends for 25+ consecutive years are called 'Dividend Aristocrats,' and those with 50+ years are 'Dividend Kings.' Dividend payments follow a specific calendar: the declaration date (when the board announces the dividend), ex-dividend date (the cutoff for eligibility), record date (when the company checks its shareholder list), and payment date (when cash is distributed). The ex-dividend date is critical for traders because buying shares on or after this date means you won't receive the upcoming dividend payment, and the stock price typically drops by approximately the dividend amount on the ex-date.