The Past Ten Years of Investing

At March 31, 2001, we had net assets of $303.4 million, after repurchasing two-thirds of our stock during 1976 and 1977. Over the next 10 years, $83.3 million was disbursed or accrued for:

$36.7 million

Cash dividends to shareholders

$46.6 million

Federal Tax Payments

As of March 31, 2011, net assets had grown to $539.2 million.