volatility over the past year and a half, the company focused on preserving cash. As a result, no amounts were expended from inception of the July 2008 authorized program through its conclusion on June 30, 2009. 

During fiscal 2009, the company expended $53.6 million to repurchase and cancel 915,900 common shares, or an average price paid per common share of $58.56 pursuant to a repurchase program authorized by the Board of Directors in July 2007. 

During fiscal 2008, the company expended $310.0 million to repurchase and cancel 5,279,600 common shares, or an average price paid per common shares of $58.73. Of the 5,279,600 shares cancelled, 3,586,200 were pursuant to the July 2007 share repurchase program ($196.4 million, or $54.76 average price per share), while 1,693,400 were pursuant to the July 2006 share repurchase program ($113.7 million, or $67.13 average price per share). 

## Dividends 

In May 2008, the company’s Board of Directors authorized the increase of the company’s quarterly dividend from $0.15 per share to $0.25 per share, a 67 % increase. The declaration of dividends is at the discretion of the company’s Board of Directors. 

The Board of Directors declared dividends of $51.7 million, $51.5 million, and $32.7 million, or $1.00, $1.00 and $0.60 per share, respectively, for the year ended March 31, 2010, 2009 and 2008, respectively. 

## Operating Activities 

Net cash provided by operating activities for any period will fluctuate according to the level of business activity for the applicable period. Fiscal 2010 net cash from operating activities was $328.3 million. Significant components of cash provided by operating activities during fiscal 2010 include net earnings of $259.5 million, adjusted for non-cash items and gain on disposition of assets, net of $115.5 million and changes in working capital balances of $46.7 million. 

Fiscal 2009 net cash from operating activities was $523.9 million. Significant components of cash provided by operating activities during fiscal 2009 include net earnings of $406.9 million, adjusted for non-cash items and gain on asset dispositions, net of $113.2 million and changes in working capital balances of $3.8 million. 

Fiscal 2008 net cash from operating activities was $486.8 million. Significant components of cash provided by operating activities during fiscal 2008 include net earnings of $348.8 million, adjusted for non-cash items and gain on asset dispositions, net of $114.0 million and changes in working capital balances of $24.0 million. 

## Investing Activities 

Investing activities in fiscal 2010 used $298.5 million of cash, which is attributed to $452.0 million of additions to properties and equipment, offset by approximately $153.5 million in proceeds received from the sales of assets (of which $101.8 million resulted from the sale and leaseback of six vessels). Additions to properties and equipment were comprised of approximately $25.6 million in capitalized major repair costs, $423.4 million for the construction, purchase and/or modification of offshore marine vessels and $3.0 million of other properties and equipment purchases. 

Investing activities in fiscal 2009 used $434.1 million of cash, which is attributed to $473.7 million of additions to properties and equipment, offset by approximately $39.4 million in proceeds from the sales of assets. Additions to properties and equipment were comprised of approximately $61.2 million in capitalized major repair costs, $410.6 million for the construction of offshore marine vessels and $1.9 million of other properties and equipment purchases. 

Investing activities in fiscal 2008 used $272.0 million, which is attributed to the $354.0 million additions to properties and equipment partially offset by approximately $82.0 million of proceeds from the sales of assets. Additions to properties and equipment were comprised of approximately $49.8 million in capitalized major repair costs, $285.8 million for the construction of offshore marine vessels, $5.0 million for vessel 

