The PennyMac Mortgage Investment Trust reported an increase in 2011 first quarter results compared to fourth quarter earnings in 2010. For the first quarter, the company reported net earnings of $7.6 million or $0.35 per diluted share compared to $7.3 million or $0.43 per diluted share for the fourth quarter in 2010. Earnings per share declined as the number of shares outstanding increased with the equity offering completed during the first quarter. In addition, the Board of Trustees of PennyMac has declared a cash dividend of $0.42 per common share of beneficial interest. This dividend is payable on May 31 to common shareholders of record on May 16, 2011, noted the company in a press-issued statement. “The whole loan portfolio performed well in the quarter,” said Stanford Kurland, the company’s CEO.