Dividends look unreliable lately, unless we compare them with just about everything else. In the first quarter of 2009, more members of the 500 index cut payments than in any other quarter since Standard & Poor s began keeping records in 1955. Overall, dividends shrank by 16% from a year earlier. That s nothing next to the profit plunge that made dividend cuts necessary. Last year, earnings for the 500 index fell 40%.

That other means of returning company profits to shareholders -- stock repurchases -- hasn t proved nearly as reliable. In the fourth quarter of 2008, spending on repurchases plummeted 66% versus a year earlier. Companies usually announce fixed dividend rates but spend varied amounts to buy back shares. When stockholders reinvest their dividends, they buy more shares during downturns than at peaks, thereby buying low. Companies that favor share repurchases over dividends, it s beginning to seem, buy high when profits are fat, and clutch cash when profits shrink.

Fortunately, plenty of companies are still increasing their dividend payments. In ordinary years, that s a sign of financial strength and management confidence in continued prosperity. This year, dividend increases are perhaps also a sign that companies can be relied on in a difficult economy. Below are listed five S&P 500 members that have either introduced or boosted payments this month.

Coach (COH) shares jumped 15% Tuesday when the handbag maker beat Wall Street s profit estimates for its third fiscal quarter and initiated a dividend. The yield works out to about 1.4%. Sales are still slipping, but the pace has slowed and management says business in North America is stabilizing. The company plans to increase the number of bags it offers for less than $300 in coming quarters in reaction to newfound frugality among shoppers. Shares go for 11 times forecast earnings.

Procter & Gamble (PG) recently increased its yearly dividend rate to $1.76 from $1.60, for a current yield of 3.4%. Sales for the personal products maker are seen falling 4% in its fiscal year ending June 30, since customers have traded down to less expensive products and stores have sold off inventory. But profits are forecast to increase, helped in part by falling commodity prices, and last year s retail de-stock should provide for a sales-boosting restock once conditions improve.

Like many discount retailers, TJX Companies (TJX), which operates T.J. Maxx and Marshalls stores, isn t struggling. Its recent sales are flat, and profits are beating expectations. Shares don t carry much of a discount, at 15 times earnings, but a recent dividend boost puts the yield at 1.7%.

People s United Financial (PBCT) is a bank, but don t hold that against it. It has better asset quality than peers and plenty of excess capital. Its recent dividend increase was as small as they come -- to 61 cents a year from 60. Still, it speaks volumes compared with some big-name banks that have forsaken payments altogether in recent months.

Finally, Southern Company (SO) just raised its dividend for an eighth consecutive year. Current yield: 5.8%. Profits for the Altanta-based electric utility are expected to rise modestly this year and next. Fresh quarterly results are scheduled to be announced April 29.