Record date: When a dividend is declared, the Company's Board of Directors sets the “record date” for that dividend. You must be a “shareholder of record” (on the company's books) as of the “record date” in order to receive the dividend.
Ex-dividend date: “Ex-dividend” is a financial expression meaning without dividend.
In order to be a “shareholder of record” who is entitled to receive the dividend, you must purchase shares before the ex-dividend date. The ex-dividend date is typically one business day prior to the record date. If you purchase stock on the ex-dividend date or after, you will not receive the next dividend payment. If you purchase before the ex-dividend date, you will receive the dividend.
Payable date: The “payable date” is the date the dividend is paid to the Company's “shareholders of record.”