dividends in arrears

Dividends in Arrears

Dividends on preferred stock that are past due. Because preferred stock has guaranteed dividends, a company is legally required to pay the dividends before it makes any dividend payments at all on common stock. Dividends in arrears go to the current owners of preferred stock when they are paid; the person who owned it when the dividends originally should have been paid receives nothing. They are also called accumulated dividends.

dividends in arrears

Dividend payments on cumulative preferred stock that have been passed by a firm's directors. These dividends must be brought up to date before any payments are made to common stockholders. Any payments of dividends in arrears go to the current holders of the preferred stock regardless of who held the stock when the dividend was passed. Also called accumulated dividend.
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They will serve as trustees until the company's annual meeting of shareholders in 2011 or until their respective successors are duly elected and qualified, or, if earlier, the date on which the full dividends in arrears on the outstanding Series B preferred shares have been paid in full and dividends thereon for the current quarterly dividend period have been paid in full or declared and a sum of money sufficient for the payment thereof set aside for payment.
COEUR D'ALENE, Idaho -- On December 1, 2009, Hecla Mining Company (HL:NYSE) announced that its Board of Directors had elected to declare and pay all dividends in arrears and the next scheduled quarterly dividend for each of its outstanding series of preferred stock.
The Hecla Series B Cumulative Convertible Preferred Stock will be paid in cash for the dividends in arrears of $3.
COEUR D'ALENE, Idaho -- (HL:NYSE) Hecla Mining Company today announced that its Board of Directors has elected to declare and pay all dividends in arrears and the next scheduled quarterly dividend for each of its outstanding series of preferred stock.
The decision by the Board to declare and set apart for payment the dividends in arrears eliminated the two preferred director positions.
Also, Hecla announced that its Board of Directors has opted to pay the outstanding Series B Cumulative Convertible Preferred Stock dividends in arrears, amounting to a total of approximately $2.
The exchange offer and the approvals being sought from Dynex Capital's preferred and common stockholders involve separate components of a plan designed to eliminate the dividends in arrears on the three series of Preferred Stock and to recapitalize Dynex Capital.
As indicated in previous releases, under the terms of the Series B Preferred Stock, the Company was required to pay quarterly dividends in arrears, when and as declared by the Company's board of directors, in additional shares of Series B Preferred Stock at a rate of 12 percent per year for the first three years following the issuance of the shares, or through September 2003.
Under the terms of the Series B Preferred Stock, the Company is required to pay quarterly dividends in arrears, when and as declared by the Company's board of directors, in additional shares of Series B Preferred Stock at a rate of 12% per year for the first three years following the issuance of the shares, or through September 2003.
The ratings affirmation follows several credit positive events including the IPO of 28% of Gulf Indonesia Resources and the company's intention to pay preferred dividends in arrears on both its series 1 and 2.