The board of lodging and entertainment-focused company The Marcus Corp. approved a 20.0% increase in the company's quarterly cash dividend to 15 cents per share.

The previous quarterly dividend rate was 12.50 cents per share. In addition to strong financial performance, Chairman Stephen Marcus said the increase comes as the company expects a "meaningful impact" from the enactment of the recent tax reform legislation.

The company also increased matching contributions in its 401(k) plan and contributions to its charitable organization, the Marcus Corp. Foundation. "We expect to identify additional opportunities to utilize the additional cash to benefit all of our stakeholders in 2018," Marcus said.

The first dividend at the revised rate will be paid March 15 to shareholders of record March 5.