2006 ANNUAL REPORT
CHAIR’S LETTER
TO SHAREHOLDERS
CEO’S LETTER
TO SHAREHOLDERS
STATEMENT OF CORPORATE
GOVERNANCE PRACTICES
2006 MANAGEMENT’S
DISCUSSION AND ANALYSIS
FINANCIALS
Management Statement
Auditors’ Report to Shareholders
Consolidated Balance Sheets
Consolidated Statements of Income
Consolidated Statements of Changes in Shareholders’ Equity
Consolidated Statements of Cash Flows
Notes to Consolidated Financial Statements
Three-Year Review
CORPORATE INFORMATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Years ended December 31, 2006 and 2005 (in thousands of dollars, except per share amounts)

12. LEASE COMMITMENTS:

The Company is committed under long-term leases as follows:

  (a) The rental of office space, under various long-term operating leases with remaining terms of up to 12 years and a capital lease for an initial term of 25 years with an additional 10-year renewal option.
  (b) The rental of computer hardware and software for terms of one to three years.

Current lease obligations over the remaining terms of the operating leases are as follows:
Years ending December 31:
2007
$ 13,006
2008
7,976
2009
7,128
2010
6,397
2011
6,049
Thereafter
29,216
$ 69,772


The obligations under capital leases are as follows:
2006
2005
Total minimum lease payments
$ 977
$ 1,893
Less amounts representing interest
(54)
(157)
923
1,736
Less current portion
(778)
(833)
$ 145
$   903

Interest on the obligations under capital leases amounted to $110 (2005 - $160).


Current lease obligations over the remaining terms of the capital leases are as follows:
Years ending December 31:
2007
$  830
2008
143
2009
4
2010
–
Thereafter
–
$ 977