Dearing Company, a competitor of Merritt Company, is also in the process of electing three directors. In this case, however, each share of common stock entitles the holder to three votes, which may be voted in any manner desired. Again, there are 1,000 shares outstanding, and management controls 600. It therefore has a total of 1,800 votes (3×600), while the minority shareholders have 1,200 votes (3×400). In this situation the majority shareholders can elect only two directors, and the minority shareholders can elect at least one director. The majority shareholders can split their votes evenly among the three candidates (give them 600 votes each); but if the minority shareholders give all their votes to one of their candidates, he or she will win.