Transcript of Arpey's comments to shareholders at meeting in Los Angeles on 5/18/2011. Nothing groundbreaking, but interesting if you want to take the time to read through it. LINK. Excerpts: "The number of 737s in our fleet will surpass the number of MD-80s in the second half of next year." "Turning to our long-range widebody aircraft, we recently announced that we have exercised options for two additional Boeing 777-300 aircraft, to be delivered in 2012 and 2013, bringing the total number of new 777s on the way to five. These airplanes will complement the 42 787 Dreamliners we have scheduled for delivery, beginning in 2014 -- and we also have options for 58 more of those next-generation long range airplanes." "I know most of you are aware that we have been evaluating a different ownership structures for our regional carrier.....Our evaluation, which is ongoing, has included many scenarios, including spinning off the enterprise to our shareholders, selling the company to third parties, or retaining ownership while still diversifying our regional feed network." "While we acknowledge that having the highest labor costs in the industry has hurt our relative financial performance, it’s important to bear in mind that we have leveraged the unmatched experience and know-how of our team to contain, and in many cases reduce, American’s non-labor costs throughout our operation. In fact, our cost per available seat mile, when you take labor out of the equation, is among the best of the network carriers, and has been for some time."