annual shareholder meeting. they demanded a $15 an hour wage and the right to unionize. scott, let me come out to you first and ask you what's wall street's reaction to raising the minimum wage in l.a. and are there other ways to raise wages for low-wage workers? >> wages obviously have remained very weak for quite some time. we're seeing average hourly earnings rise in the average of 2% every year. yet inflation is at about 1.8%. those two are really not working for most of the middle class, but the concerns with raising the minimum wage are putting restrictions on small businesses who provide the bulk of the jobs in the country and there are concerns that if you raise the minimum wage you'll see more layoffs in that space. there are studies that show the opposite. but wall street is obviously looking at this from a shareholder point of view and they're trying to maximize value for their shareholders. and if they see costs rise, that