| Years ended December 31, 2007 and 2006 (In thousands of dollars) |
|
2007 |
|
2006 |
| Common shares: |
|
|
|
|
| Balance, beginning of year |
$ |
387,501 |
$ |
380,925 |
| Proceeds on options exercised |
|
4,416 |
|
5,296 |
| Cost of exercised options |
|
1,165 |
|
1,280 |
| Purchased under normal course issuer bid (note 12) |
|
(13,712) |
|
- |
| Balance, end of year |
|
379,370 |
|
387,501 |
| Share option plan: |
|
|
|
|
| Balance, beginning of year |
|
3,942 |
|
2,669 |
| Cost of exercised options |
|
(1,165) |
|
(1,280) |
| Cost of share option plan |
|
2, 283 |
|
2,553 |
| Balance, end of year |
|
5,060 |
|
3,942 |
| Deficit: |
|
|
|
|
| Balance, beginning of year |
|
(164,488) |
|
(205,799) |
| Transitional adjustment (note 1) |
|
621 |
|
- |
| Net income |
|
148,697 |
|
131,524 |
| Dividends on common shares |
|
(103,465) |
|
(90,213) |
| Purchased under normal course issuer bid (note 12) |
|
(93,885) |
|
- |
| Balance, end of year |
|
(212,520) |
|
(164,488) |
| Shareholders’ equity, end of year |
$ |
171,910 |
$ |
226,955 |
| |
|
|
|
|
| See accompanying notes to consolidated financial statements. |
|
|
|
|
