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, Wednesday, July 29, 2015, 56 U.S. common stocks are scheduled to go ex-dividend. The dividend yields on these stocks range from 0.8% to 23%. All of these stocks can be found on our stocks going ex-dividend section of our dividend calendar.

Highlighted Stocks Going Ex-Dividend Tomorrow:

Student Transportation

Owners of Student Transportation (NASDAQ: STB) shares, as of market close today, will be eligible for a dividend of 4 cents per share. At a price of $4.41 as of 9:41 a.m. ET, the dividend yield is 9.7%.

The average volume for Student Transportation has been 170,200 shares per day over the past 30 days. Student Transportation has a market cap of $434.0 million and is part of the transportation industry. Shares are down 29.5% year-to-date as of the close of trading on Monday.

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Student Transportation Inc., together with its subsidiaries, provides school bus transportation services in the United States and Canada. It offers contracted, managed, special needs transportation, direct-to-parent, and charter services. The company has a P/E ratio of 226.50.

TheStreet Ratings rates Student Transportation as a sell. The company's weaknesses can be seen in multiple areas, such as its generally disappointing historical performance in the stock itself, feeble growth in its earnings per share, deteriorating net income, disappointing return on equity and poor profit margins. You can view the full Student Transportation Ratings Report now.

Legacy Reserves

Owners of Legacy Reserves (NASDAQ: LGCY) shares, as of market close today, will be eligible for a dividend of 35 cents per share. At a price of $8.94 as of 9:41 a.m. ET, the dividend yield is 23%.

The average volume for Legacy Reserves has been 457,800 shares per day over the past 30 days. Legacy Reserves has a market cap of $578.6 million and is part of the energy industry. Shares are down 24.3% year-to-date as of the close of trading on Monday.

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Legacy Reserves LP owns and operates oil and natural gas properties in the United States.

TheStreet Ratings rates Legacy Reserves as a sell. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself. You can view the full Legacy Reserves Ratings Report now.

Genesis Energy

Owners of Genesis Energy (NYSE: GEL) shares, as of market close today, will be eligible for a dividend of 62 cents per share. At a price of $45.76 as of 9:41 a.m. ET, the dividend yield is 5.6%.

The average volume for Genesis Energy has been 522,000 shares per day over the past 30 days. Genesis Energy has a market cap of $4.4 billion and is part of the energy industry. Shares are up 7.2% year-to-date as of the close of trading on Monday.

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Genesis Energy, L.P. operates in the midstream segment of the oil and gas industry in the Gulf Coast region of the United States. Its Onshore Pipeline Transportation segment transports crude oil and carbon dioxide (CO2). The company has a P/E ratio of 42.47.

TheStreet Ratings rates Genesis Energy as a buy. The company's strongest point has been its expanding profit margins. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself. You can view the full Genesis 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.