Cracker Barrel Old Country Store (NASDAQ:CBRL) investors will be slathering an extra schmear of dividend onto their snacks. The company has declared a quarterly distribution of $0.75 per share, to be paid on August 5 to shareholders of record as of July 19. That amount is 50% higher than each of the firm's previous three payouts of $0.50 apiece, the most recent of which was disbursed at the beginning of May.

In the press release announcing the move, Cracker Barrel pointed out that it has tripled its payout since November 2011.

The new dividend annualizes to an even $3.00 per share. That yields 3.1% at Cracker Barrel's most recent closing stock price of $95.28.

Fool contributor Eric Volkman has no position in Cracker Barrel Old Country Store. The Motley Fool recommends Cracker Barrel Old Country Store. 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.