Business Day
A day on which the stock exchanges
and the banks, agencies & depositories for securities in New York State are open for business. Any day on which the stock exchanges are open but the banks are closed is not counted as a business day for the purpose of calculating dividend ex-dates.

Conditional Dividend/Distribution A dividend or distribution conditional upon an event or circumstance that has not yet happened at the time of declaration.

Declaration Date                           The date a dividend is declared by the company.  The amount of the dividend is also declared except in some cases of a conditional dividend.

Deferred Ex-Dividend Date
An ex-dividend date that occurs one business day after the payment date.

The payment of cash or securities that are not part of a company's earnings

A payment of earnings to shareholders.

Due Bill
A statement of money owed.

Ex-Dividend/Distribution Date     The first day on which a stock trades without the right to receive the dividend/distribution.

Normal Dividend/Distribution
A dividend/distribution amounting to less than 25% of a company's stock price.

Owner of record
The registered owner of a security on the Record Date.

Payment Date                               The day the dividend payment is

Record Date                                 The day a buyer of a stock must be the registered owner (owner of record) to receive a dividend.

Special Dividend                           A dividend that is not regularly scheduled.

T+3 Settlement Rule
The requirement that securities transactions be settled in three business days.  (Before June 7, 1995, securities transactions were settled in five business days.)