FedEx Corporation (FDX) is set to report second quarter earnings results after the closing bell Thursday, and while everyone's focused on the quarterly numbers, there's another angle worth considering: the dividend income potential.

Wall Street analysts are expecting the Memphis-based logistics giant to post earnings of $4.10 per share, a modest increase from $4.05 per share in the same period last year. Revenue estimates sit at $22.79 billion compared to $21.97 billion a year ago. Worth noting: FedEx has been on a roll lately, beating revenue estimates in four consecutive quarters and five of the past ten quarters overall.

But let's talk dividends. FedEx currently offers an annual dividend yield of 2.06%, paying out $1.45 per share quarterly, which works out to $5.80 annually. Not exactly eye-popping, but steady income is steady income.

So how much FedEx stock would you need to collect $500 every month? The math is straightforward. First, multiply that monthly goal by 12 to get your annual target: $6,000. Then divide by the annual dividend of $5.80 per share.

The result: You'd need to own approximately 1,034 shares of FedEx, worth about $291,805 at current prices, to generate $500 in monthly dividend income.

Aiming for something more modest? To earn $100 monthly (or $1,200 annually), you'd need about 207 shares, which would cost around $58,417.

Now, here's the thing about dividend yields: they're not static. The yield moves in two ways. When the stock price climbs, the yield drops even if the dividend payment stays the same. When the stock price falls, the yield increases. It's simple division.

Think of it this way: if a stock pays $2 annually and trades at $50, that's a 4% yield. If the stock rallies to $60, that same $2 dividend now yields just 3.33%. If the stock drops to $40, suddenly you're looking at a 5% yield.

The dividend payment itself can also change, of course. Companies can raise dividends, cut them, or eliminate them entirely based on business performance and cash flow priorities. An increased dividend boosts your yield even if the stock price doesn't budge. A cut does the opposite.

FDX Price Action: Shares of FedEx slipped 0.1% to close at $282.21 on Wednesday.