Defense giant General Dynamics, parent of Groton submarine builder Electric Boat, increased its quarterly dividend to 47 cents per share, a 12-percent increase from 42 cents paid out last quarter, The Associated Press reports.
The defense contractor, based in Falls Church, Va., said that its board approved the payout on May 6 to shareholders of record as of April 8.
The last time General Dynamics declared such a large dividend was in September 1993, when it paid $1.50. The stock has split three times since then.
General Dynamics  also makes heavy machines such as Gulfstream jets and Bradley and Stryker combat vehicles. Its four business segments are aerospace, combat systems, marine systems and information systems.
