On February 28, 2011, the company announced we are converting from a special dividend program to a regular dividend program. The company will now pay regular, quarterly dividends until further notice.
It was announced on February 28 that a $0.15 dividend would be paid on March 15, June 15, September 15, and December 15 to shareholders of record on March 8, June 8, September 8, and December 8, respectively.
To receive a dividend you must be a stockholder of record and have purchased your shares of PDLI common stock before the ex-dividend date . You should consult your broker to determine this date.
The ex-dividend date is set by NASDAQ and is usually two business days before the record date. We recommend that you check with your broker to make sure you have purchased your shares BEFORE the ex-dividend date to be a stockholder of record on the record date. The ex-dividend date is the first date that a buy of a stock is not entitled to receive the next dividend payment.
On the ex-dividend date, the stock generally trades downward because people purchasing the stock on the ex-dividend date will not receive the upcoming dividend payment. The downward move may be offset by other market related movements in the stock.
Qualified dividends, as defined by the United States Internal Revenue Code, are ordinary dividends that meet specific criteria to be taxed at the lower long-term capital gains tax rate rather than at higher tax rate for an individual's ordinary income.
You must have held the stock for more than 60 days during the 121-day period that begins 60 days before the ex-dividend date for the dividend payment to categorized as a qualified dividend. When counting the number of days you held the stock, include the day you disposed of the stock, but not the day you acquired it.
In 2008 and 2009, a portion of the dividends paid by the Company were categorized as return of capital rather than dividend income. This did not occur in 2010, and is not likely to occur in the foreseeable future. However, you should consult your tax advisor or broker as to how the dividends will be treated in your particular case. We cannot provide tax advice.
A dividend reinvestment program or dividend reinvestment plan (DRIP) is an equity investment option offered directly by a company in which an investor's dividends are directly reinvested in the company's stock. PDL does not offer a DRIP.
On the date that the dividend is to be paid by the Company, the Company transfers the aggregate amount of the dividend payment to its transfer agent, The Bank of New York Mellon Trust Company, N.A., who then transfers the payment to the Depository Trust Corporation or DTC. Next, the DTC allocates and deposits the aggregate dividend payment among the various brokerage firms for payment to your individual account. This process generally takes 2 or 3 days.
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