Energy East declares 31 cent dividend

The dividend was announced today and is payable to shareholders of record on May 15. The dividend is 31 cents a share. The dividend is up 77 percent since 1997, when it was a split adjusted 17 1/2 cents a share. Energy East has been steadily raising the dividend over the past 11 years. See the dividend history here.

But the company's dividend is still be below the split-adjusted 37 1/2 cents a share the company paid in 1988. In subsequent years, the utility, then known has New York State Electric & Gas Corp., twice shaved its dividend to conserve cash in the face of an uncertain outlook, mainly because of utility industry restructuring.

The company has a dividend payout ratio (percent of earnings paid as dividends) of 75 percent.