Y Corporation has a single class of voting common stock outstanding. Y Corporation maintains a "dividend reinvestment program" by which any shareholder may elect to receive additional shares of common stock in lieu of cash dividends. If a shareholder elects to receive stock instead of cash, the stock dividend will consist of a number of whole or fractional shares having a fair market value equal to 110% of the dollar value of the declared cash dividend. Thus, for example, if the declared cash dividend is $1 per share at a time when shares are trading at $10 per share, a holder of 500 shares who elected to receive stock would receive 55 shares instead of a cash dividend of $500.