The Alaska Permanent Fund dividend for eligible Alaskans will be $878 this year.

State officials announced this year’s payout from Alaska’s oil savings account Tuesday morning. This year’s amount is significantly less than last year’s dividend of $1,174, which was the smallest amount since 2006. The payout will be distributed Oct. 4.

The annual distribution of the dividends is calculated on a five-year average of the earnings of the Alaska permanent fund.

According to state officials the stock market took a hard hit in 2008 and that market year is still a part of that calculation. Next year will be the last year that down years will be factored in.

Money will be direct deposited into bank accounts and checks will be mailed Thursday, Oct. 4.

There were over 646,000 qualified residents this year and the total payout for 2012 is just over $567 million.