A stock dividend, also known as a "scrip dividend," is a dividend payment made with stock instead of cash. Sometimes when companies are tight on cash, they will declare and pay a stock dividend in lieu of a cash dividend. Most shareholders feel like they are getting something. But are they really?

In short, a stock dividend is nothing more than a glorified stock split. At the end of the process, the shareholder has more shares that are worth less. Like a stock split, you cannot create value by issuing paper and getting nothing in exchange.

Below are several select companies that recently decided to create real value for their shareholders by raising their cash dividends:

Stanley Black & Decker, Inc. (NYSE:SWK) provides power and hand tools, mechanical access solutions, and electronic security and monitoring systems for various industrial applications. July 23rd the company increased its quarterly dividend 5.8% to $0.55 per share. The dividend is payable September 22, 2015 to stockholders of record on September 4, 2015, with an ex-dividend date of September 2, 2015. The yield based on the new payout is 2.1%.

Phillips 66 Partners LP (NYSE:PSXP) owns, operates, develops, and acquires crude oil, refined petroleum products, and natural gas liquids pipelines and terminals, as well as other transportation and midstream assets in the United States. On July 22 the company increased its quarterly dividend 8.1% to $0.40 per share. The dividend is payable August 12, 2015 to stockholders of record on August 3, 2015, with an ex-dividend date of July 30, 2015. The yield based on the new payout is 2.7%.

Global Partners LP (NYSE:GLP), a midstream logistics and marketing company, distributes gasoline, distillates, residual oil, and renewable fuels to wholesalers, retailers, and commercial customers in the New England states and New York. On July 22 the company increased its quarterly dividend 1.8% to $0.6925 per share. The dividend is payable August 14, 2015 to stockholders of record on August 5, 2015, with an ex-dividend date of August 3, 2015. The yield based on the new payout is 8.6%.

Shell Midstream Partners, L.P. (NYSE:SHLX) owns, operates, develops, and acquires pipelines and other midstream assets in the United States.  On July 22 the company increased its quarterly dividend 8.6% to $0.19 per share. The dividend is payable August 13, 2015 to stockholders of record on August 3, 2015, with an ex-dividend date of July 30, 2015. The yield based on the new payout is 1.8%.

MarkWest Energy Partners, L.P. (NYSE:MWE) engages in the gathering, processing, and transportation of natural gas.  O(n July 21 the company increased its quarterly dividend 1.1% to $0.92 per share. The dividend is payable August 14, 2015 to stockholders of record on August 6, 2015, with an ex-dividend date of August 4, 2015. The yield based on the new payout is 5.6%.

Targa Resources Partners LP (NYSE:NGLS) owns, operates, acquires, and develops midstream energy assets in the United States. On July 21 the company increased its quarterly dividend 0.6% to $0.825 per share. The dividend is payable August 17, 2015 to stockholders of record on August 3, 2015, with an ex-dividend date of July 30, 2015. The yield based on the new payout is 8.6%.

Targa Resources Corp. (NYSE:TRGP) provides midstream natural gas and natural gas liquid services in the United States.  On July 21 the company increased its quarterly dividend 5.4% to $0.875 per share. The dividend is payable August 17, 2015 to stockholders of record on August 3, 2015, with an ex-dividend date of July 30, 2015. The yield based on the new payout is 4.0%.

Enlink Midstream Partners, LP (NYSE:ENLK) provides midstream energy services.  On July 21 the company increased its quarterly dividend 1.3% to $0.385 per share. The dividend is payable August 13, 2015 to stockholders of record on July 31, 2015, with an ex-dividend date of July 29, 2015. The yield based on the new payout is 7.6%.

Prologis Inc. (NYSE:PLD) is an independent equity real estate investment trust that engages in the ownership, development, management, and leasing of industrial distribution and retail properties. July 21th the company increased its quarterly dividend 11.1% to $0.40 per share. The dividend is payable September 30, 2015 to stockholders of record on September 18, 2015, with an ex-dividend date of September 16, 2015. The yield based on the new payout is 4.0%.

BBCN Bancorp, Inc. (NASDAQ:BBCN) operates as the bank holding company for BBCN Bank that provides commercial banking services primarily to small- to medium-sized businesses and individuals in the United States. July 20th the company increased its quarterly dividend 10% to $0.11 per share. The dividend is payable September 1, 2015 to stockholders of record on August 14, 2015, with an ex-dividend date of August 12, 2015. The yield based on the new payout is 1.2%.

Selecting stocks with increasing dividends is critical for an income growth strategy. The above list contains stocks that recently raised their dividends; it is not a list of recommend buys. As always, due diligence should be performed before buying or selling any stock. For a list of stocks with a long string of consecutive cash dividend increases, see this list.