For those who are still in question like I was:
Investopedia explains 'Ex-Dividend'
A stock trades ex-dividend on or after the ex-dividend date (ex-date). At this point, the person who owns the security on the ex-dividend date will be awarded the payment, regardless of who currently holds the stock. After the ex-date has been declared, the stock will usually drop in price by the amount of the expected dividend.
It would be nice if AOL can go back to $42 by the end of this year. That's all I want for Christmas. :-)