La-Z-Boy Incorporated (LZB) is gearing up to report second-quarter earnings after the closing bell on Tuesday, November 18. Wall Street analysts are forecasting earnings of 54 cents per share, marking a decline from the 71 cents reported in the same period last year. Revenue estimates sit at $517.61 million, compared to $521.03 million a year earlier.

The setup isn't particularly rosy. Back on August 19, La-Z-Boy delivered first-quarter results that missed expectations and issued second-quarter sales guidance that fell short of what analysts were hoping for. Not exactly the kind of momentum you want heading into earnings season.

But here's where things get interesting for income-focused investors: La-Z-Boy currently offers an annual dividend yield of 3.00%. The company pays a quarterly dividend of 22 cents per share, which adds up to 88 cents annually. In a market where reliable income streams are increasingly valuable, that yield might catch your attention.

So let's do some practical math. If you're looking to generate $500 in monthly income—that's $6,000 annually—purely from La-Z-Boy dividends, you'd need to invest approximately $200,040. At current prices, that translates to around 6,818 shares. If $500 a month sounds ambitious, consider a more modest goal: $100 monthly, or $1,200 per year. That would require an investment of about $40,020, or roughly 1,364 shares.

The calculation is straightforward: Take your desired annual income and divide it by the annual dividend payment. So $6,000 divided by $0.88 equals 6,818 shares for $500 monthly. Similarly, $1,200 divided by $0.88 gets you 1,364 shares for $100 monthly.

Now, an important caveat: dividend yields aren't static. They shift as both the stock price and dividend payments fluctuate over time. The yield itself is calculated by dividing the annual dividend by the current share price.

Here's how that dynamic works in practice. Imagine a stock paying a $2 annual dividend trading at $50—that's a 4% yield. If the share price climbs to $60, the yield drops to 3.33% even though the dividend payment hasn't changed. Flip the scenario: if the stock falls to $40, your yield jumps to 5%. The same principle applies to changes in the dividend itself. An increased payout boosts the yield (assuming the stock price holds steady), while a dividend cut reduces it.

Recent price action: Shares of La-Z-Boy fell 3.4% on Monday, closing at $29.34. With earnings around the corner, investors will be watching closely to see whether the company can stabilize its revenue trajectory and maintain its dividend in a challenging environment.