FORTUNE — Apple (AAPL) announced April 23 that it was increasing its stock repurchase plan five-fold and raising its annual dividend 15%.
The first dividend pay date under the new formula is May 16 for shares on record as of May 13. Which means the stock goes ex-dividend on May 9.
All that is a long, complicated and unnecessarily obscure way to say that if you want to collect this quarter’s dividend of $3.05 a share, today is your last chance to buy the stock.
Since Apple announced the increased dividend and stock buyback plan, its shares have climbed more than 18%.
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