And I'm now going to turn the call over to Kevin.M. Kevin McEvoy Good morning, and thanks for joining the call. It is a pleasure to be here today. But before I get into my customary opening remarks, I'd like to summarize 3 key points addressed in our earnings release. First, 2011 was a record earnings year for Oceaneering. Second, we are expecting an even better 2012 and are not changing our previously announced EPS guidance range for the year of $2.45 to $2.65. And third, we are initiating first quarter 2012 EPS guidance of $0.44 to $0.46. We recognize that may appear a little light to some of you. At this time of the year, we always seem to need to remind the investment community of the seasonality of our business especially in the Gulf of Mexico and the North Sea. We usually earn about 19% of our net income in the first quarter and 45% in the first half of the year. Our first quarter guidance is consistent with our historical quarterly earnings distribution. Now, for my opening remarks. Our 2011 earnings of over $235 million and EPS of $2.16 were the highest in Oceaneering's history. These were notable accomplishments, particularly in light of regulatory-constrained activity the U.S. Gulf of Mexico. This performance was largely attributable to our global focus on deepwater and Subsea completion activity. Our results were highlighted by best-ever operating income from our ROV and Subsea Products segments. At $484 million, our 2011 EBITDA was also a record high. In May, we initiated the regular quarterly dividend of $0.15 per common share to return a portion of our earnings to our shareholders, which underscores our confidence in Oceaneering's financial strength and future business prospects. We believe this will not compromise our ability to pursue organic growth and acquisition opportunities to expand Oceaneering's asset base and earnings capability.
In fact, during the year, we continue to fund these opportunities at a record-setting pace. Our 2011 capital expenditures of about $525 million were nearly 2.5x what we invested on average during each of the previous 5 years. Our investment in acquisitions is at around $290 million, was 3x what we spent in total on acquisitions during the 2006 through 2010 period.In addition to our capital expenditures, during 2011, we repurchased 500,000 shares of our common stock for $17.5 million and paid $48.7 million of common stock dividends. Our balance sheet remained conservatively capitalized. At year end, we had over $100 million of cash, $120 million of debt, $180 million available under our revolving credit facility and $1.6 billion of equity. We are forecasting our 2012 EPS to be in the range of $2.45 to $2.65, up 18% at the midpoint over 2011 as we expect another record earnings year. For our services and products, we anticipate continued international demand growth and a moderate rebound in overall activity in the Gulf of Mexico. The price of Oceaneering stock rose by 25% during 2011. We believe this was in recognition of our record financial performance, actions we took to enhance shareholder value and our future business prospects. Our share price percentage increase was larger than any of the other companies in the OSX, which by comparison declined 12%. Our annual year end share price change has outperformed the OSX in 8 of the past 10 years. Over this decade, our stock price has increased on average 32% per year, twice that of the OSX. During 2011, our market capitalization reached $5 billion. This was a great way to start my tenure as President and CEO and I recognize and thank our employees who made this possible. Their commitment to safely provide high-quality solutions to our customers' needs is the foundation for our continued success. Read the rest of this transcript for free on seekingalpha.com