XM Satellite Radio declared a regular quarterly dividend on its 8.25-percent Series B Convertible Redeemable Preferred Stock, payable in shares of the company’s Class A Common Stock at a rate of $1.0303 per share of Series B Preferred Stock; fractional shares will be paid in cash. The shares of Class A Common Stock to be issued will be valued at 95 percent of the average daily price of Class A Common Stock for the 10 consecutive trading days ending July 16. The dividend is payable as of Aug. 1, to Series B Preferred stockholders of record July 22.