Harley-Davidson (NYSE:HOG) has declared a dividend for its first quarter of 2013 of $0.21 per share, to be paid on March 1 to stockholders of record as of Feb. 19. That amount is 35.5% higher than the preceding quarter's $0.155.

This marks the company's highest payout since December 2008, when it distributed $0.33 per share.

The increase comes on the back of a robust Q4 for the company, in which it reported a 29% year-over-year rise in earnings per share income on continuing operations. At an annualized rate, the new dividend equates to a yield of 1.6% on the current stock price.