enhancements, $11.1 million for the construction of an aircraft and $2.3 million of other properties and  equipment purchases. Fiscal 2010 financing activities used $57.5 million of cash, which is primarily the result of $51.7 million used  for the payment of common stock dividends of $1.00 per common share and $7.7 million of debt issuance  costs related to the company’s new revolving credit agreement. Uses of cash were slightly offset by  $1.8 million of proceeds from the issuance of common stock resulting from stock option exercises and  $0.1 million tax benefit on stock options exercised during the year. Fiscal 2009 financing activities used $109.2 million of cash, which is primarily the result of $53.6 million used  to repurchase the company’s common stock, $51.5 million used for the payment of common stock dividends  of $1.00 per common share, $10.1 million of principal payments on capitalized lease obligations and  $0.6 million tax liability on stock option exercises. Uses of cash were partially offset by $6.6 million of  proceeds from the issuance of common stock resulting stock option exercises during the year. Fiscal 2008 financing activities used $338.4 million of cash, which is primarily the result of $310.0 million  used to repurchase the company’s common stock, $32.7 million used for the payment of common stock  dividends of $0.60 per common share and $45.7 million of principal payments on capitalized lease  obligations. Uses of cash were partially offset by $46.3 million of proceeds from the issuance of common  stock resulting from stock option exercises and $3.7 million tax benefit on stock options exercised. The company capitalizes a portion of its interest costs incurred on borrowed funds used to construct  vessels. Interest and debt costs incurred, net of interest capitalized for fiscal 2010, 2009 and 2008 was  approximately $1.7 million, $0.7 million, and $7.0 million, respectively. Interest costs capitalized during fiscal  2010, 2009 and 2008 was approximately $15.6 million, $13.8 million, and $10.5 million, respectively. Total interest and debt costs incurred during fiscal 2010 was higher than in fiscal 2009 due to higher  commitment fees on the unused portion of the company’s amended and restated revolving credit agreement  which increased from $300.0 million to $450.0 million in July 2009. Total interest and debt costs incurred in  fiscal 2009 was lower than in fiscal 2008 because the relative-portion of interest cost capitalized during fiscal  2009 was higher than in fiscal 2008 due to a increase in the level of investment in the company’s new  construction program. Interest and Debt Costs  Other Liquidity Matters  Vessel Construction. The company’s vessel construction program has been designed to replace over  time the company’s older fleet of vessels with fewer, larger and more efficient vessels, while also  opportunistically revamping the size and capabilities of the company’s fleet. The majority of the company’s  older vessels, its supply and towing-supply vessels, were constructed between 1976 and 1983. As such,  virtually all of this class exceeds 25 years of age and could require replacement within the next several  years, depending on the strength of the market during this time frame. In addition to age, market conditions  also help determine when a vessel is no longer economically viable. The company anticipates using future  operating cash flows, existing borrowing capacity, new borrowings or lease arrangements to fund current  and future commitments in connection with the fleet renewal and modernization program. The company  continues to evaluate its fleet renewal program, whether through new construction or acquisitions, relative to  other investment opportunities and uses of cash, including the current share repurchase authorization, and  in the context of current conditions in the credit and capital markets. At March 31, 2010, the company had approximately $223.1 million of cash and cash equivalents. In  addition, at March 31, 2010, the entire amount of the company’s $450.0 million revolving credit facility was  available for future financing needs.  The company has experienced occasional delays in the expected deliveries of equipment for vessels  currently under construction (as has the offshore supply vessel industry in general). While the frequency of  these equipment delays has abated, similar delays in the future are possible. Currently, the company is  -52-  Financing Activities 