CUPERTINO, Calif. — Apple CEO Tim Cook knows this much: the world's most valuable company has more money than it needs. But he and the rest of Apple's board are still trying to figure out whether it makes sense to dip into the nearly $100 billion cash hoard to pay shareholders a dividend this year.

Cook indicated the board is nearing a decision during a question-and-answer session Thursday at Apple's annual shareholders' meeting. After acknowledging Apple Inc. doesn't need to hold on to so much cash, he said the board is thinking "very deeply" about how to spend the money.

The hour-long meeting was a mostly jovial affair, even though it marked the first time Apple shareholders have gathered since the company's revered co-founder and former CEO, Steve Jobs, died in October.