Ex dividend :

This literally means "without dividend." The buyer of shares when they are quoted ex-dividend is not entitled to receive a declared dividend. It is the interval between the record date and the payment date during which the stock trades without its dividend-the buyer of a stock selling ex-dividend does not receive the recently declared dividend. Antithesis of cum dividend (with dividend).

ex-dividend :

A stock that does not have a right to receive most recently declared dividends any longer. A security becomes ex-dividend on the ex-dividend date. It is usually sold at lower price after or on the ex-dividend date, as the seller but not the buyer of the security remains the right to receive the dividends.