Yesterday, a day before Rockwell Collins (NYSE:COL) unveiled its latest quarterly results, the company declared a quarterly dividend of $0.30 per share of its common stock. This amount matches Rockwell Collins' previous four quarterly distributions.

The latest payment will be on June 3 to shareholders of record as of May 13. Prior to paying $0.30 per share, the company maintained a payout of $0.24 per share from mid-2008 until early 2012.

The company today reported second-quarter earnings per share of $1.17,  a 7% increase over the prior year. Rockwell Collins attributed the EPS increase to "the favorable effect of the company's share repurchase program." Net income for the second quarter was $161 million, the same as the second quarter last year.

The company also announced today that Chairman and CEO Clay Jones, 64, will retire July 31 after almost 34 years of service. Rockwell Collins President Kelly Ortberg, 52, is expected to succeed Jones as CEO at that time. Jones will remain on the company’s board of directors as non-executive chairman.

Although the firm dispenses a dividend on a regular basis, it does not raise it very often. Since the summer of 2001, only four increases have been enacted. The new dividend annualizes to $1.20 per share. That yields 2% at Rockwell Collins' current stock price of $59.68.

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Fool contributor Eric Volkman has no position in Rockwell Collins. The Motley Fool has no position in Rockwell Collins. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.