Let me briefly describe the voting procedures. We will vote by proxies and by written ballot if necessary. Each holder of common stock is entitled to one vote for each share of common stock held in record at the close of this on the record date. If you have completed, if you have a completed proxy that you wish to file with the inspector of election now, please raise your hands so we can collect it at this time.
If you have previously turned in your proxy and you do not intend to change your vote, it's not necessary that you complete another proxy or ballot, your vote will be and probably already have been counted. If you're eligible to vote and have not submitted your proxy or if you want to change your vote, please raise your hand and we will give you a blank proxy to use as a ballot.
I will announce the preliminary results of the voting at the end of the meeting. Does anyone have questions regarding the voting procedures before we begin the voting? Hearing none, it is now 9:05 on April 26 2012 and the polls for each matter to be voted on at this meeting are now open.
The first item of business is the election of directors. The company's Board of Directors presently has eight members and is divided into two classes, each with an overlapping two-year term. There are four Class I directors and four Class II directors. The Class I directors will be elected at this meeting. As indicated in the company's proxy statement, the following four individuals are nominated by the Board of Directors to serve as Class I directors, J. Thomas Bentley; Sunlin Chou [Ph.D.] Harold Hughes and Abraham Sofaer. All of these nominees are currently serving as directors of the company.Read the rest of this transcript for free on seekingalpha.com