volatility over the past year and a half, the company focused on preserving cash. As a result, no amounts  were expended from inception of the July 2008 authorized program through its conclusion on June 30, 2009. During fiscal 2009, the company expended $53.6 million to repurchase and cancel 915,900 common  shares, or an average price paid per common share of $58.56 pursuant to a repurchase program authorized  by the Board of Directors in July 2007. During fiscal 2008, the company expended $310.0 million to repurchase and cancel 5,279,600 common  shares, or an average price paid per common shares of $58.73. Of the 5,279,600 shares cancelled,  3,586,200 were pursuant to the July 2007 share repurchase program ($196.4 million, or $54.76 average  price per share), while 1,693,400 were pursuant to the July 2006 share repurchase program ($113.7 million,  or $67.13 average price per share). In May 2008, the company’s Board of Directors authorized the increase of the company’s quarterly dividend  from $0.15 per share to $0.25 per share, a 67 % increase. The declaration of dividends is at the discretion of  the company’s Board of Directors. The Board of Directors declared dividends of $51.7 million, $51.5 million, and $32.7 million, or $1.00, $1.00  and $0.60 per share, respectively, for the year ended March 31, 2010, 2009 and 2008, respectively.  Net cash provided by operating activities for any period will fluctuate according to the level of business  activity for the applicable period. Fiscal 2010 net cash from operating activities was $328.3 million.  Significant components of cash provided by operating activities during fiscal 2010 include net earnings of  $259.5 million, adjusted for non-cash items and gain on disposition of assets, net of $115.5 million and  changes in working capital balances of $46.7 million. Fiscal 2009 net cash from operating activities was $523.9 million. Significant components of cash provided  by operating activities during fiscal 2009 include net earnings of $406.9 million, adjusted for non-cash items  and gain on asset dispositions, net of $113.2 million and changes in working capital balances of $3.8 million. Fiscal 2008 net cash from operating activities was $486.8 million. Significant components of cash provided  by operating activities during fiscal 2008 include net earnings of $348.8 million, adjusted for non-cash items  and gain on asset dispositions, net of $114.0 million and changes in working capital balances of  $24.0 million. Investing activities in fiscal 2010 used $298.5 million of cash, which is attributed to $452.0 million of  additions to properties and equipment, offset by approximately $153.5 million in proceeds received from the  sales of assets (of which $101.8 million resulted from the sale and leaseback of six vessels). Additions to  properties and equipment were comprised of approximately $25.6 million in capitalized major repair costs,  $423.4 million for the construction, purchase and/or modification of offshore marine vessels and $3.0 million  of other properties and equipment purchases. Investing activities in fiscal 2009 used $434.1 million of cash, which is attributed to $473.7 million of  additions to properties and equipment, offset by approximately $39.4 million in proceeds from the sales of  assets. Additions to properties and equipment were comprised of approximately $61.2 million in capitalized  major repair costs, $410.6 million for the construction of offshore marine vessels and $1.9 million of other  properties and equipment purchases. Investing activities in fiscal 2008 used $272.0 million, which is attributed to the $354.0 million additions to  properties and equipment partially offset by approximately $82.0 million of proceeds from the sales of  assets. Additions to properties and equipment were comprised of approximately $49.8 million in capitalized  major repair costs, $285.8 million for the construction of offshore marine vessels, $5.0 million for vessel  -51-  Investing Activities  Operating Activities  Dividends