You misunderstood it. The 20 cents ex dividend on 1/2/2013 and paid 2/1/2013 was for the 3rd quarter 2012. The 23 cents ex dividend on 2/2/2013 and paid 3/1/2013 was for the 4th quarter 2012, 2 months earlier than all of the prior dividends. The dividend that will be paid on 6/3/2013 continues the new schedule which is 2 months EARLIER than previously in effect which would have had it payable August 1 and not June 1. However you calculated the 15% to be actually 7% I think all on this thread will be interested to see the result of your re-calculation to recalibrate for August to June where May to June was an error.