Designer Brands Inc. (NYSE: DBI ) will release earnings for its third quarter, before the opening bell on Tuesday, Dec. 10 .

Analysts expect the Columbus, Ohio-based company to report quarterly earnings at 35 cents per share, up from 24 cents per share in the year-ago period. Designer Brands projects to report quarterly revenue of $802.14 million, compared to $786.33 million a year earlier, according to data from Benzinga Pro .

On Dec. 4, Telsey Advisory Group analyst Dana Telsey maintained Designer Brands with a Market Perform and maintained a $6 price target.

With the recent buzz around Designer Brands, some investors may be eyeing potential gains from the company's dividends, too. Currently, Designer Brands — the parent company of Designer Shoe Warehouse and Topo Athletic — offers an annual dividend yield of 3.44%, a quarterly dividend amount of 5 cents per share (20 cents a year).

So, how can investors exploit its dividend yield to pocket a regular $500 monthly?

To earn $500 per month or $6,000 annually from dividends alone, you would need an investment of approximately $174,600 or around 30,000 shares. For a more modest $100 per month or $1,200 per year, you would need $34,920 or around 6,000 shares.

To calculate: Divide the desired annual income ($6,000 or $1,200) by the dividend ($0.20 in this case). So, $6,000 / $0.20 = 30,000 ($500 per month), and $1,200 / $0.20 = 6,000 shares ($100 per month).

View more earnings on DBI

Note that dividend yield can change on a rolling basis, as the dividend payment and the stock price both fluctuate over time.

How that works: The dividend yield is computed by dividing the annual dividend payment by the stock’s current price.

For example, if a stock pays an annual dividend of $2 and is currently priced at $50, the dividend yield would be 4% ($2/$50). However, if the stock price increases to $60, the dividend yield drops to 3.33% ($2/$60). Conversely, if the stock price falls to $40, the dividend yield rises to 5% ($2/$40).

Similarly, changes in the dividend payment can impact the yield. If a company increases its dividend, the yield will also increase, provided the stock price stays the same. Conversely, if the dividend payment decreases, so will the yield.

Price Action: Shares of Designer Brands gained 1.2% to close at $5.82 on Friday.

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