U-Haul 2011 Annual Report Download - page 18

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13
Environmental
Compliance with environmental requirements of federal, state and local governments may significantly
affect Real Estate’s business operations. Among other things, these requirements regulate the discharge
of materials into the air, land and water and govern the use and disposal of hazardous substances. Real
Estate is aware of issues regarding hazardous substances on some of its properties. Real Estate
regularly makes capital and operating expenditures to stay in compliance with environmental laws and
has put in place a remedial plan at each site where it believes such a plan is necessary. Since 1988, Real
Estate has managed a testing and removal program for underground storage tanks.
Based upon the information currently available to Real Estate, compliance with the environmental laws
and its share of the costs of investigation and cleanup of known hazardous waste sites are not expected
to result in a material adverse effect on AMERCO’s financial position or results of operations.
Other
The Company is named as a defendant in various other litigation and claims arising out of the normal
course of business. In management’s opinion, none of these other matters will have a material effect on
the Company’s financial position and results of operations.
Item 4. (Removed and Reserved)
PART II
Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities
As of June 1, 2011, there were approximately 3,400 holders of record of our common stock. We derived
the number of our stockholders using internal stock ledgers and utilizing Mellon Investor Services
Stockholder listings. AMERCO’s common stock is listed on the NASDAQ Global Select Market under the
trading symbol “UHAL”.
The following table sets forth the high and the low sales price of the common stock of AMERCO for the
periods indicated:
Year Ended March 31,
2011 2010
High Low High Low
First quarter $ 64.42 $ 43.43 $ 46.48 $ 30.59
Second quarter $83.83 $53.04 $50.20 $ 34.13
Third quarter $ 109.11 $ 76.02 $ 55.41 $ 40.71
Fourth quarter $104.00 $86.29 $56.88 $ 35.59
Dividends
AMERCO does not have a formal dividend policy. The Board periodically considers the advisability of
declaring and paying dividends to common stockholders in light of existing circumstances.
See Note 21, Statutory Financial Information of Insurance Subsidiaries of the Notes to Consolidated
Financial Statements for a discussion of certain statutory restrictions on the ability of the insurance
subsidiaries to pay dividends to AMERCO.
See Note 12, Stockholders Equity of the Notes to Consolidated Financial Statements for a discussion of
AMERCO’s preferred stock and restrictions on the ability to pay dividends on common stock prior to
dividends on AMERCO preferred stock.