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In 2009, we used $162 million in investing activities, including $147 million on growing andupgrading our ROV operations.In 2010 and 2009, we received $0.7 million and $1.9 million, respectively, in cash flow fromfinancing activities as proceeds from the sale of our common stock pursuant to the exercise ofemployee stock options. At December 31, 2010, we no longer had any stock optionsoutstanding, and we have had no further stock option activity since then. In addition, in 2011,2010 and 2009, we received $1.3 million, $1.7 million and $2.5 million, respectively, of taxbenefit realized from tax deductions in excess of financial statement expense related to ourstock-based compensation plans. For a description of our incentive plans, see Note 8 to ourConsolidated Financial Statements.In February 2010, our Board of Directors approved a plan to repurchase up to 12,000,000shares of our common stock. The timing and amount of any repurchases will be determined byour management. We expect that any shares repurchased under the new plan will be held astreasury stock for future use. The plan does not obligate us to repurchase any particularnumber of shares. Through December 31, 2011, we repurchased 2,700,000 shares at a cost of$67 million under the plan, including the 500,000 shares we repurchased for $17.5 millionduring 2011. As of December 31, 2011, we retained 2,799,118 shares we had repurchasedunder this and a prior plan. We expect that shares we reissue will be primarily in connectionwith our stock-based compensation plans.Because of our significant foreign operations, we are exposed to currency fluctuations andexchange rate risks. We generally minimize these risks primarily through matching, to theextent possible, revenue and expense in the various currencies in which we operate.Cumulative translation adjustments as of December 31, 2011 relate primarily to our netinvestments in, including long-term loans to, our foreign subsidiaries. A stronger U.S. dollaragainst the U.K. pound sterling and the Norwegian kroner would result in lower operatingincome. See Item 7A – "Quantitative and Qualitative Disclosures About Market Risk."Results of OperationsInformation on our business segments is shown in Note 7 of the Notes to ConsolidatedFinancial Statements included in this report.16 Oceaneering International, Inc.