Silver streaming specialist Silver Wheaton (NYSE:SLW) announced today its third-quarter dividend of $0.10 per share, a 17% drop in the payout to investors made last quarter of $0.12 per share.

The board of directors said the quarterly dividend is payable on Sept. 12 to the holders of record at the close of business on Aug. 30.

As the silver streamer announced in May, the quarterly dividend will be equal to 20% of the average cash generated by operating activities in the previous four quarters divided by the company's outstanding shares at the time the dividend is approved, rounded to the nearest cent.

However, the third quarterly dividend this year is calculated using the average cash generated by operating activities for the trailing three quarters (i.e., the fourth quarter of 2012, first quarter of 2013, and second quarter of 2013), after which future quarterly dividends will be calculated using the average cash generated by operating activities for the trailing four quarters.

The regular dividend payment equates to a $0.40-per-share annual dividend, yielding 1.6% based on the closing price today of Silver Wheaton's stock.

SLW Dividend Chart

SLW Dividend data by YCharts

Fool contributor Rich Duprey and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't 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.