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  "notes": "Uses direct quotes from 2010 Investor Day to build a case against management's current capital allocation.",
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      "text": "Elliott Believes Recent Corporate Actions Are Insufficient",
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      "text": "Increased quarterly dividend in 4Q 2010 from $0.0625/share to only $0.1875/share. Increased amount authorized under share repurchase program from $150MM to only $350MM. In 2010, repurchased only 4.8MM shares for $112MM.",
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      "text": "Quotes from investors regarding stock buybacks, dividend size, and payout ratios.",
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      "text": "“With your stock price near an all-time low, with interest rates near all-time lows...you could basically buy back 25% of the company and still be within your [target leverage] range. Have you thought about that?” — Investor at 2010 Investor Day; “You’ve got a rather miniscule dividend. With lack of big acquisition opportunities, no need to reduce debt, why not establish a really significant payout ratio? You’re a slow growth company.” — Investor at 2010 Investor Day; “On the dividend strategy...it’s basically $50MM. Your business throws off $300MM of cash, just seems like a very small amount given the growth nature of the business.” — Investor at 2010 Investor Day",
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      "text": "Source: Iron Mountain Incorporated disclosures",
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