Finally, the company’s views, estimates, plans and outlook as described within this call may change subsequent to this discussion. The company is under no obligation to modify or update [Technical Difficulty]
Ladies and gentlemen, please stand by, your conference call will resume momentarily. Again, ladies and gentlemen, please stand by, your conference call will resume momentarily. [Technical Difficulty]
And speakers you may resume.Philip K. Brewer Hello, this is Phil Brewer. sorry, I’m not sure where the line dropped. I apologize for that interruption. So at the risk of boring anyone who may have been listening to the earlier part of the call, I will start again. Welcome to Textainer’s second quarter earnings conference call. Building under the sets of the first quarter, we continued to deliver excellent results during the second quarter. Total revenues of $120 million represent 14% increase over the same quarter in 2011. Adjusted net income of $44.7 million or $0.89 per diluted common share is an increase of 11% compared to the prior year quarter. Our annualized return on equity as of the quarter-end is 26% compared to an average of 23% since we went public in 2007. We believe this is especially impressive given both our low leverage and the low returns generated by most other asset classes over this time. Textainer declared a $0.42 per share dividend, an increase of 5% from the previous quarter. This represents our tenth consecutive increase in dividends, and continues our record of constant or increasing dividends every quarter since going public. Year-to-date we invested more than $760 million in new and used containers. Our fleet now exceeds 2.6 million TEU. Approximately 25% of our new container CapEx this year has been in reefers. We’ve ordered more than 17,000 TEU reefers already exceeding our total 2011 refer investments. We remain focused on growing our position in this very attractive market.