It has no direction relation to book value . This income in normally only paid out to investors twice a year. When a new investor buys into the fund part of his purchase is represented by accrued dividends. At his or her first distribution payment, part of the sum will represent the return of capital equal to the accrued dividends. This amount is regarded as capital, not income, and is called an equalisation payment.
Equities are essentially shares of stock.
Because they represent a proportional share in the business, they are equitable claims on the business itself. A share sold without the right to receive the dividend payment which is marked as due to those shareholders who are on the share register at a pre-announced date. They are typically profits or losses recorded by selling businesses, or charges incurred in closing activities down. They make interpreting of accounts, especially earnings per share, more difficult. It is one reason why companies also produce adjusted figures to show the underlying performance of the company.