Two-thirds of the world s countries generate less in yearly economic output than is sitting in the combined savings accounts of Google (GOOG) and Apple (AAPL). That sort of corporate cash hoarding is a fairly new phenomenon. Companies historically have returned the bulk of their profits to shareholders as dividends (except for start-ups, which tend to spend everything they earn on expansion). Today, so long as stock price gains come easily, shareholders of prosperous firms don t seem to mind forgoing quarterly payments.

Those who do mind, or those who worry that future price gains will prove less generous than recent ones, might consider an investment in companies like the three below. Each has a dividend yield of at least 3%, versus 2% for the broad market, and each pays much more if we add in money spent over the past year on share repurchases.

Share repurchases reduce a company s number of outstanding shares, increasing its earnings per share, so they should make the company s remaining shares more valuable over time. Thirty years ago, companies spent little on share repurchases, but three years ago they spent about as much as they spent on dividends. As company financial officers know, after-tax profits paid as dividends are taxed again as shareholder income, but profits spent on share repurchases aren t taxed again. So technically, repurchases should be a better deal. There s one problem, though. During the financial panic of the past two years, dividend payments underlying the S&P 500 index of large American companies shrank only about 17% from their high quarter to their low one, but share repurchases plunged more than 80%. To me, that says dividends are more valuable than repurchases when it matters most during a crash, when stock bargains abound. Still, considering the handsome dividends on the companies below, repurchases seem a welcome extra.

McDonald s

Dividend yield: 3.3%
Dividend & repurchase yield: 7.1%

McDonald's (MCD) had planned to return $15 billion to shareholders over the three years ended 2009. The company spent $5.1 billion last year, bringing its three-year total to $16.6 billion. Business is strong; February sales at longstanding stores increased 4.8% from a year earlier. Snack wraps, premium coffees and items from a new $1 breakfast menu are all selling well. Recently, the company has experimented with store makeovers, adding upholstered furniture, flat-screen televisions and even fireplaces at some locations. Managers at upgraded stores have reported sales boosts and higher traffic among professionals. This year, McDonald s is planning makeovers for 2,000 of its 32,00 stores.

Philip Morris International

Dividend yield: 4.6%
Dividend & repurchase yield: 10.2%

Cigarette company shareholders, if not customers, breathed easier than most stock investors during the worst part of the 2008 and 2009 market plunge. Big dividends payments and limited economic sensitivity for smokes kept share prices relatively stable. With Philip Morris now split into two companies, Altria (MO) for U.S operations and Philip Morris International for non-U.S. ones, investors have a tricky choice. The international company has much better growth prospects but also a smaller dividend yield. Of course, that s partly because the international stock has risen much faster than its sibling of late. Add recent share repurchases into the mix and the choice might be easier. The international stock ends up with a higher yield. Philip Morris International has spent $10.9 billion on stock since May 2008, and the firm recently approved another $12 billion for repurchases over three years beginning this May.

Campbell Soup

Dividend yield: 3.2%
Dividend & repurchase yield: 6.4%

Campbell Soup (CPB) is growing slowly but steadily. Wall Street expects the maker of Pepperidge Farm cookies, Prego sauce and its namesake soups to increase sales by 2.4% during its fiscal year ending Aug. 2. However, with cost-cutting and share repurchases, management can increase earnings per share faster 10% this year, judging by forecasts. Investors shouldn t expect much excitement from the stock; one of management s key plans for the coming year involves a promotional push for condensed soup. But at least with stock valuations broadly high, Campbell shares seem affordable at 14 times earnings.