general cost increases related to a higher volume of business activity especially in the company’s  international markets during fiscal 2009. The company’s current ratio, level of working capital and amount of cash flows from operations for any year  are primarily related to fleet activity, vessel day rates and the timing of collections and disbursements.  Vessel activity levels and vessel day rates are, among other things, dependent upon oil and natural gas  production and ultimately the supply/demand relationship for crude oil and natural gas. Variations from  year-to-year in these items are primarily the result of market conditions. Cash and cash equivalents, future  net cash provided by operating activities and the company’s available line of credit provide the company, in  management’s opinion, with adequate resources to meet its current liquidity requirements, including  required payments on vessel construction currently in progress.  In July 2009, the company executed an amended and restated revolving credit agreement increasing its  size to $450.0 million and extending its maturity to July 2012. Borrowings under the amended revolving  credit facility bear interest at the company’s option at the greater of (i) prime or the federal funds rate plus  2.0 to 3.0%, or (ii) Eurodollar rates plus margins ranging from 3.0 to 4.0%, based on the company’s  consolidated funded debt to total capitalization ratio. Commitment fees on the unused portion of this facility  are in the range of 0.50 to 0.75% based on the company’s funded debt to total capitalization ratio. The  amended facility provides for a maximum ratio of consolidated debt to consolidated total capitalization of  0.45 as compared to a maximum ratio of consolidated debt to total capitalization of 0.55 with the prior  agreement. All other terms, including the financial and negative covenants, are customary for facilities of its  type and consistent with the prior agreement in all material respects. There were no borrowings outstanding  under the revolving credit agreement at March 31, 2010 and 2009, and the full $450.0 million was available  at March 31, 2010.  At March 31, 2010, the company had $300.0 million outstanding of senior unsecured notes that were issued  in July 2003. The multiple series of notes were originally issued with maturities ranging from seven years to  12 years and had a weighted average remaining life of 2.85 years as of March 31, 2010. These notes can  be retired in whole or in part prior to maturity for a redemption price equal to the principal amount of the  notes redeemed plus a make-whole premium. The weighted average interest rate on the notes is 4.35%.  The terms of the notes provide for a maximum ratio of consolidated debt to total capitalization of 55%. The  fair value of this debt at March 31, 2010 and 2009 was estimated to be $314.8 million and $289.4 million,  respectively. The first note matures July 2010 in the amount of $25.0 million.  For additional disclosure regarding the company’s debt, refer to Note 4 of Notes to Consolidated Financial  Statements included in Item 8 of this report.  In July 2009, the company’s Board of Directors authorized the company to spend up to $200.0 million to  repurchase shares of its common stock in open-market or privately-negotiated transactions. The company  announced on May 14, 2010 that its Board of Directors has extended this program. The company will use its  available cash and, when considered advantageous, borrowings under its revolving credit facility, or other  borrowings, to fund any share repurchases. The repurchase program was scheduled to expire on  June 30, 2010, but has now been extended to expire on the earlier of the date that all authorized funds have  been expended or June 30, 2011 unless extended by the Board of Directors. No amounts have been  expended under the July 2009 authorized program through March 31, 2010, and at March 31, 2010,  $200.0 million remained available to repurchase shares under the 2009 program until it expires. During  fiscal 2010, the company did not repurchase shares of its common stock. The company will continue to  evaluate share repurchase opportunities relative to other investment opportunities and in the context of  current conditions in the credit and capital markets The company’s Board of Directors had previously authorized the company in July 2008 to repurchase up to  $200.0 million in shares of its common stock in open-market or privately-negotiated transactions. The Board  of Directors’ authorization for this repurchase program expired on June 30, 2009. Given the credit markets  Share Repurchases  -50-  Debt Liquidity, Capital Resources and Other Matters 