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.

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