Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer.

Tomorrow, Thursday, April 30, 2015, 24 U.S. common stocks are scheduled to go ex-dividend. The dividend yields on these stocks range from 0.6% to 8.3%. All of these stocks can be found on our stocks going ex-dividend section of our dividend calendar.

Highlighted Stocks Going Ex-Dividend Tomorrow:

Dolby Laboratories

Owners of Dolby Laboratories (NYSE: DLB) shares, as of market close today, will be eligible for a dividend of 10 cents per share. At a price of $40.95 as of 9:36 a.m. ET, the dividend yield is 1%.

The average volume for Dolby Laboratories has been 348,800 shares per day over the past 30 days. Dolby Laboratories has a market cap of $2.1 billion and is part of the electronics industry. Shares are down 4.5% year-to-date as of the close of trading on Tuesday.

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Dolby Laboratories, Inc. creates audio, imaging, and communication technologies that transform entertainment and communications at the cinema, at home, at work, and on mobile devices. The company has a P/E ratio of 23.13.

TheStreet Ratings rates Dolby Laboratories as a buy. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income. You can view the full Dolby Laboratories Ratings Report now.

Hexcel

Owners of Hexcel (NYSE: HXL) shares, as of market close today, will be eligible for a dividend of 10 cents per share. At a price of $51.08 as of 9:36 a.m. ET, the dividend yield is 0.8%.

The average volume for Hexcel has been 513,900 shares per day over the past 30 days. Hexcel has a market cap of $4.9 billion and is part of the aerospace/defense industry. Shares are up 23.3% year-to-date as of the close of trading on Tuesday.

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Hexcel Corporation, together with its subsidiaries, develops, manufactures, and markets structural materials for use in commercial aerospace, space and defense, and industrial markets in the United States and internationally. The company has a P/E ratio of 21.89.

TheStreet Ratings rates Hexcel 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, revenue growth, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel these strengths outweigh the fact that the company shows weak operating cash flow. You can view the full Hexcel Ratings Report now.

Pinnacle West Capital

Owners of Pinnacle West Capital (NYSE: PNW) shares, as of market close today, will be eligible for a dividend of 60 cents per share. At a price of $62.91 as of 9:36 a.m. ET, the dividend yield is 3.8%.

The average volume for Pinnacle West Capital has been 839,000 shares per day over the past 30 days. Pinnacle West Capital has a market cap of $7.0 billion and is part of the utilities industry. Shares are down 7.8% year-to-date as of the close of trading on Tuesday.

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Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the State of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar resources. The company has a P/E ratio of 17.59.

TheStreet Ratings rates Pinnacle West Capital as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance and reasonable valuation levels. We feel these strengths outweigh the fact that the company has had sub par growth in net income. You can view the full Pinnacle West Capital 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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