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, Friday, May 01, 2015, 31 U.S. common stocks are scheduled to go ex-dividend. The dividend yields on these stocks range from 0.7% to 10.6%. All of these stocks can be found on our stocks going ex-dividend section of our dividend calendar.

Highlighted Stocks Going Ex-Dividend Tomorrow:

Whitestone REIT

Owners of Whitestone REIT (NYSE: WSR) shares, as of market close today, will be eligible for a dividend of 10 cents per share. At a price of $14.86 as of 9:37 a.m. ET, the dividend yield is 7.3%.

The average volume for Whitestone REIT has been 72,700 shares per day over the past 30 days. Whitestone REIT has a market cap of $354.5 million and is part of the real estate industry. Shares are up 2.7% year-to-date as of the close of trading on Wednesday.

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The company has a P/E ratio of 70.55.

Voya Global Equity Dividend and Premium Opp

Owners of Voya Global Equity Dividend and Premium Opp (NYSE: IGD) shares, as of market close today, will be eligible for a dividend of 8 cents per share. At a price of $8.60 as of 9:37 a.m. ET, the dividend yield is 10.6%.

The average volume for Voya Global Equity Dividend and Premium Opp has been 283,100 shares per day over the past 30 days. Voya Global Equity Dividend and Premium Opp has a market cap of $838.9 million and is part of the financial services industry. Shares are up 3.4% year-to-date as of the close of trading on Wednesday.

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MPLX

Owners of MPLX (NYSE: MPLX) shares, as of market close today, will be eligible for a dividend of 41 cents per share. At a price of $79.15 as of 9:35 a.m. ET, the dividend yield is 2.1%.

The average volume for MPLX has been 132,200 shares per day over the past 30 days. MPLX has a market cap of $3.3 billion and is part of the energy industry. Shares are up 3.9% year-to-date as of the close of trading on Wednesday.

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MPLX LP owns, operates, develops, and acquires pipelines and other midstream assets related to the transportation and storage of crude oil, refined product, and other hydrocarbon-based products in the United States. The company has a P/E ratio of 49.26.

TheStreet Ratings rates MPLX as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, impressive record of earnings per share growth, compelling growth in net income and good cash flow from operations. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated. You can view the full MPLX 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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