and Australia. Earnings grew at the compound rate of 19% for the 20 years ending in 1976, 23% for the last 15 years, 28% for the last 10 years, and 37% for the last five years. In 1951 we were not listed among American mining companies. By 197 6, among all mining companies headquartered in the United States, we ranked first in earnings and first in the total market value of our shares. None of the companies rivaled Utah's record for uninterrupted growth or over time Utah's rate of growth. Let me touch on some of the reasons that caused Utah to outperform its competition. The record suggests that we did the right thing at the right time. We sold our construction assets when this division had achieved the highest profitability in its history. At the time of its sale the construction Division accounted for over 60% of our gross revenues, 48% of our salaried employment, and 69% of our total employment. It was the traditional business of the company but we were convinced that it had to go because its earnings and cash flow were volatile and unpredictable. We were about to borrow heavily to expand our mining activities and needed a reliable and predictable cash flow. Furthermore, the stock market has never liked construction companies very much. We took risks along the way and we made our share of mistakes but these we were quick to recognize and correct. 7