Ford (NYSE:F) announced today that it will increase its quarterly dividend to $0.10 per share, double what it paid out in each quarter of 2012.

At the automaker's current share price of $13.80, this news moves the company's annual dividend yield to approximately 3%. That beats GM's (NYSE:GM) 0% yield, Toyota's (NYSE:TM) 1.4% yield, and Honda's (NYSE:HMC) 2.7% yield.

According to Ford CFO Bob Shanks, "Our ability to double our dividend in one year is a testament to our One Ford plan, which has enabled us to maintain a solid balance sheet, while at the same time growing our business to provide our shareholders with more return on their investments."

The new Q1 2013 dividend will be payable on March 1 to all shareholders of record on Jan. 30

Before the Great Recession and corporate car troubles, Ford had offered shareholders $0.10 quarterly dividends, but halved that amount in late 2006. It paid no dividend from 2007 through 2011 and kicked back in with $0.05 per share in March 2012.