CIRI’s dividend policy states that the total CIRI dividend payment to shareholders in any given year is equal to 3.50 percent of the total shareholders’ equity, calculated as of Dec. 31 of the prior year. The CIRI Board is expected to set the dates of record for 2011 shareholder distributions in late February. 2011 dividend amounts will be calculated shortly before the date of record for the first quarter dividend distribution, which generally falls within the last two weeks of March.
As the first step in the process, the company’s 2010 accounting books must be “closed” (i.e., all 2010 expenses and income must be received and either paid or properly accounted for). Next, the accounting and finance department will prepare CIRI’s 2010 financial statements, after which an independent accounting firm is retained by CIRI to review its financial statements and confirm their accuracy. This process will determine CIRI’s total shareholders’ equity upon which the 2011 dividends will be based. As in the past, once the Board declares a dividend, shareholders will be notified via the newsletter, CIRI’s website and the dividend hotline, which can be accessed by dialing (907) 263-5100 in Anchorage or toll-free outside of Anchorage by dialing 1-800-764-2435 (CHEK).
Once calculated, a table containing the dates and amounts for each type of payment CIRI expects to issue to shareholders in 2011 will be published in the newsletter and posted on CIRI’s website. Information on CIRI’s dividend policy may also be found on the CIRI website.