On 12/22/14, Power Corp. of Canada's Non-Cumulative First Preferred Shares, Series C (TSX: POW-PRC.TO) will trade ex-dividend, for its quarterly dividend of $0.3625, payable on 1/15/15. As a percentage of POW.PRC's recent share price of $25.55, this dividend works out to approximately 1.42%, so look for shares of POW.PRC to trade 1.42% lower — all else being equal — when POW.PRC shares open for trading on 12/22/14. On an annualized basis, the current yield is approximately 5.70%.As of last close, POW.PRC was trading at a 1.92% premium to its liquidation preference amount. Investors should keep in mind that the shares are not cumulative, meaning that in the event of a missed payment, the company does not have to pay the balance of missed dividends to preferred shareholders before resuming a common dividend. The chart below shows the one year performance of POW.PRC shares, versus POW: Below is a dividend history chart for POW.PRC, showing historical dividends prior to the most recent $0.3625 on Power Corp. of Canada's Non-Cumulative First Preferred Shares, Series C: In Thursday trading, Power Corp. of Canada's Non-Cumulative First Preferred Shares, Series C (TSX: POW-PRC.TO) is currently up about 0.3% on the day, while the common shares (TSX: POW.TO) are trading flat.