Astronics Corp. is paying a 15 percent stock dividend to its shareholders, the East Aurora aircraft lighting and electronics manufacturer said Tuesday.
The stock dividend does not increase the value of a shareholder’s investment in Astronics. Instead, shareholders receive additional shares of the company’s stock, while the price of the stock is adjusted downward by a corresponding amount. The distribution is a way for the company to increase the number of shares in circulation.
Shareholders will receive three shares of Astronics Class B stock for every 20 shares of Class A or Class B stock that they own. Shareholders will receive cash for any fractional shares.
The Class B shares, which convert to Class A shares if they are traded, have 10 times the voting power of Class A shares.
The additional shares will be distributed Nov. 12 to shareholders of record on Oct. 29.
The stock distribution is the sixth that Astronics has made since 1988 and follows a 10 percent stock distribution that it made last year.