MIAMI (AP) -- Royal Caribbean Cruises Ltd. has increased its quarterly dividend by 20 percent.
The Miami-based cruise line said Wednesday that it will pay a dividend of 12 cents per share Oct. 9 to shareholders of record as of Sept. 25.
That's up from its previous 10 cent payout but below the 15 cent quarterly dividend Royal Caribbean paid in 2008. It discontinued the dividend during the financial crisis, saving it $125 million a year, and reinstated a 10 cent dividend last year.
CEO Richard D. Fain said that the company wants to balance rational growth, leverage reduction and shareholder return improvement. Fain said the increased dividend is evidence that these goals can coexist harmoniously.
Royal Caribbean owns Celebrity Cruises, Pullmantur, Azamara Club Cruises, CDF Croisieres de France and its namesake cruise line. It also holds a stake in TUI Cruises through a 50 percent joint venture.
The company's shares fell 18 cents to close at $29.61. The stock has rallied nearly 20 percent in the year to date.