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Tomorrow, Tuesday, July 8, 2014, 4:00 AM ET, 22 U.S. common stocks are scheduled to go ex-dividend. The dividend yields on these stocks range from 0.4% to 8.6%. All of these stocks can be found on our stocks going ex-dividend section of our dividend calendar.

Highlighted Stocks Going Ex-Dividend Tomorrow:

Eaton Vance NY Muni Income

Owners of Eaton Vance NY Muni Income (AMEX: EVY) shares, as of market close today, will be eligible for a dividend of 7 cents per share. At a price of $13.97 as of 9:30 a.m. ET, the dividend yield is 6.2%.

The average volume for Eaton Vance NY Muni Income has been 10,300 shares per day over the past 30 days. Eaton Vance NY Muni Income has a market cap of $76.3 million and is part of the financial services industry. Shares are up 12.1% year-to-date as of the close of trading on Thursday.

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The company has a P/E ratio of 14.66.

Calamos Convertible Opportunities and Incom

Owners of Calamos Convertible Opportunities and Incom (NASDAQ: CHI) shares, as of market close today, will be eligible for a dividend of 10 cents per share. At a price of $14.07 as of 9:36 a.m. ET, the dividend yield is 8.1%.

The average volume for Calamos Convertible Opportunities and Incom has been 162,700 shares per day over the past 30 days. Calamos Convertible Opportunities and Incom has a market cap of $947.7 million and is part of the financial services industry. Shares are up 5.8% year-to-date as of the close of trading on Thursday.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

The company has a P/E ratio of 9.35.

OGE Energy

Owners of OGE Energy (NYSE: OGE) shares, as of market close today, will be eligible for a dividend of 22 cents per share. At a price of $37.97 as of 9:36 a.m. ET, the dividend yield is 2.4%.

The average volume for OGE Energy has been 914,100 shares per day over the past 30 days. OGE Energy has a market cap of $7.6 billion and is part of the utilities industry. Shares are up 12.3% year-to-date as of the close of trading on Thursday.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

OGE Energy Corp., together with its subsidiaries, operates as an energy and energy services provider that offers physical delivery and related services for electricity and natural gas primarily in the south central United States. The company has a P/E ratio of 18.39.

TheStreet Ratings rates OGE Energy as a buy. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, largely solid financial position with reasonable debt levels by most measures, notable return on equity and increase in stock price during the past year. We feel these strengths outweigh the fact that the company shows weak operating cash flow. You can view the full OGE Energy Ratings Report now.

More About Dividends:

One benefit of owning a stock is the potential that you will be paid a dividend. The distribution of dividend payments is another way for a company to share its profit with you. A dividend means that the company pays you a certain amount of money, either as a one-time payment or more commonly on a quarterly basis, for each share of stock you own.

Many times, dividends come at the expense of greater price appreciation, because the company is distributing its profits to shareholders rather than reinvesting the profits back into the growth of the company. However, companies that pay dividends can be very attractive to investors when they offer a steady stream of income. There are some important terms and dates an investor should be familiar with before purchasing any dividend-paying companies. Let's work through an example to help better explain some of these terms:

On March 1, ABC Widget Company has decided that because it holds excess cash and lacks investment opportunities, it would like to reward shareholders with a regular quarterly dividend payment. The date for this particular announcement is known as the declaration date. It is on this date that the company announces the specific dividend payment along with the holder-of-record date (aka record date) and the payment date. The company announces that a dividend payment of 25 cents per share will be payable March 31, 2012 (the payment date) to all shareholders of record at the close of business on March 16, 2012 (holder-of-record date). What does this all mean? Well the short story is that the company looks at its records on March 16 and anyone listed on the books as an owner of ABC Widget company will be eligible for the dividend payment (on March 31).

The one other important term to remember is the ex-dividend date. The ex-dividend date (typically two trading days before the holder-of-record date for U.S. securities) is the day in which a company begins trading without the dividend. In order to have a claim on a dividend, shares must be purchased no later than the last business day before the ex-dividend date. A company trading ex-dividend will have the upcoming dividend subtracted from the share price at the start of the trading day. Many times, the price of a stock will increase in anticipation of the upcoming dividend as the ex-dividend date approaches, yet will fall back by the amount of the dividend on the ex-dividend date.

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