TIDEWATER INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Years ended March 31, 2010, 2009, and 2008  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.  The company established a Grantor Trust Stock Ownership Program on January 29, 1999 in connection  with which the company entered into a trust agreement with a bank providing for the establishment of the  related trust (the "trust"). The trust was designed to acquire, hold and distribute shares of the common stock  of the company to provide for the payment of benefits and compensation under the company's employee  benefit plans, including its stock option plans and 401(k) plan. The trust did not increase or alter the amount  of benefits or compensation that will be paid under these plans. On January 29, 1999, the company sold at market value 5,000,000 shares (the "acquired shares") of  common stock to the trust for $107,187,500, or $21.4375 per share. In payment for the acquired shares, the  trust paid $500,000 in cash and issued a promissory note payable to the company for the remaining  balance. Acquired shares will be released to satisfy the company's obligations to pay benefits under  company benefit plans as the promissory note is paid down or forgiven. As of March 31, 2008, all shares in  the trust were used to satisfy the company’s benefit obligations and accordingly, the trust was dissolved.  For financial reporting purposes the trust is consolidated with the company. Any dividend transactions  between the company and the trust are eliminated. Acquired shares held by the trust remain valued at the  market price at the date of purchase and are shown as a reduction to stockholders' equity in the company's  consolidated financial statements. The difference between the trust share value and the fair market value on  the date shares are released from the trust is included in additional paid-in capital. Common stock held in  the trust is not considered outstanding in the computation of earnings per share. The trustee will vote or  tender shares held by the trust in accordance with the confidential instructions of participants in the  company's stock option plans and 401(k) plan. A summary of accumulated other comprehensive income and related tax effect at March 31 follows:  Dividend Program  Grantors Trust Stock Ownership Plan  Accumulated Other Comprehensive Income  Deferred Compensation – Restricted Stock (In thousands)  2010 2009 Currency translation adjustments  $ 9,811  10,578  Unrealized gains on available-for-sale securities, net of tax of $438 in 2010 and $1,850 in 2009  813  3,435  Benefit plans minimum liabilities, net of tax of $3,396 in 2010 and $3,069 in 2009  6,307  5,700  $ 16,931  19,713  Refer to Note 7 to Notes to Consolidated Financial Statements for a discussion on the company’s Restricted  Stock Plan.  F-32