TD Ameritrade to pay special dividend of 50 cents

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OMAHA, Neb. (AP) — Online brokerage TD Ameritrade plans to pay its shareholders a special dividend of 50 cents per share.

The Omaha-based company announced the one-time dividend Monday. It will be paid to investors on Dec. 31, so it will avoid any possible changes in tax law associated with the so-called fiscal cliff.

Ameritrade's special dividend announcement comes less than two months after it increased its regular dividend to 9 cents per share from 6 cents.

The special dividend allows Ameritrade to reward investors when it can't repurchase stock because doing so would push its largest shareholder, TD Bank, over its current 45 percent ownership limit.

Ameritrade CEO Fred Tomczyk (TOM-zick) says the company is fortunate to have the resources to offer a special dividend to investors of record on Dec. 21.

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