I'd like to take a moment to mention something about our dividend. Those of you who don't know it. The Board of Directors increased the dividend by 1 share, so it is now $0.32 a share beginning with the next quarterly payout.During fiscal 2011, we paid out nearly $450 million in dividends. We returned 80% -- 87% of our net income for fiscal 2011 to our shareholders. Now moving on to the more formal part of the meeting. I am Chairman of the Board; Martin Mucci is President and CEO; and Stephanie Schaeffer is Secretary. The meeting is held pursuant to the printed Notice of Annual Meeting mailed on August 31, 2011, to stockholders of record on August 12, 2011, who are eligible to vote. A list of those stockholders entitled to vote in this meeting and an affidavit attesting to the mailing of the Notice of Annual Meeting to stockholders are available at the inspector's table for any stockholder who wishes to examine them. Todd Card has been appointed to act as Inspector of Election at this meeting. Mr. Card has reported that approximately 90% of the outstanding common stock is present in person or by proxy. I hereby declare a quorum as present at the meeting. In behalf of the Board of Directors of the company, I would like to thank all stockholders who return their proxies. First matter to come before this meeting is the election of 9 Directors, each of whom will hold office for a term of one year. The following persons have been nominated: B. Thomas Golisano, Joseph Doody, David Flaschen, Phil Horsley, Grant Inman, Pamela Joseph, Martin Mucci, Joe Tucci and Joseph Velli. Is there any discussion on these nominations? Yes, sir? Do we have a microphone? It's on its way. Unknown Speaker Yes. I want my fellow stockholders to listen very carefully. I'm not reading from any kind of teleprompter on the left side or the right side, as the 44th President of the United States does. My name, for the record, once again, is Harvy Koerber [ph]. I reside in Yonkers, New York, the fourth largest city in the State of New York. This is my seventh out of the last 9 annual meetings of this great company, which I'm attending and praising this morning. And number two, this is my 1,057th annual meeting I have attended since Tuesday noon, April 19, 1955. So was 56 years ago this past Tuesday, April 19, 2011.
Now, Mr. Chairman, some comments on the Board of Directors. The 43-page proxy statement dated August 31, 2011, on Page 17, it states, "Fiscal 2011 4 director meetings held, plus 2 conference calls, for a total of 6 as compared to 4 for 2010." Where were these 6 meetings held in 2011?B. Thomas Golisano Two of the meetings are held here in Rochester, and this afternoon will be one of those meetings. Another meeting is held in Boston, Massachusetts, and a fourth meeting has been held in Las Vegas, Nevada. The reason coast-to-coast is we have board members that live in California, and we have board members throughout that live in Boston. So to make it easier for them, because they're kind enough to travel here twice a year, we go out to those locations. The other 2 meetings my guess is that they were telephonic. Unknown Speaker Right. B. Thomas Golisano And the reason we have telephonic board meetings, I think, in this particular case this year is the fact we have 2 relatively small acquisitions that we wanted to make. And the process is for the CEO to hold an executive committee meeting telephonically because they're under a certain dollar amount... Unknown Speaker Right. So we do that over the telephone and saves all the travel. Unknown Speaker And my next comments relate to a great American on this board by the name of B. Thomas Golisano, 69 years of age. Read the rest of this transcript for free on seekingalpha.com