| Years ended December 31, 2008 and 2007 (In thousands of dollars) |
|
2008 |
|
2007 |
| |
|
|
|
|
| Common shares: |
|
|
|
|
| Balance, beginning of period |
$ |
379,370 |
$ |
387,501 |
| Issuance of common shares (note 2) |
|
806,573 |
|
- |
| Proceeds on options exercised |
|
6,959 |
|
4,416 |
| Cost of exercised options |
|
1,731 |
|
1,165 |
| Purchased under normal course issuer bid (note 12) |
|
(110,234) |
|
(13,712) |
| Balance, end of period |
|
1,084,399 |
|
379,370 |
| |
|
|
|
|
| Share option plan: |
|
|
|
|
| Balance, beginning of period |
|
5,060 |
|
3,942 |
| Options issued (note 2) |
|
735 |
|
- |
| Cost of exercised options |
|
(1,731) |
|
(1,165) |
| Cost of share option plan |
|
1,905 |
|
2,283 |
| Balance, end of period |
|
5,969 |
|
5,060 |
| |
|
|
|
|
| Deficit: |
|
|
|
|
| Balance, beginning of period |
|
(212,520) |
|
(164,488) |
| Transitional adjustment (note 1) |
|
- |
|
621 |
| Net income |
|
181,952 |
|
148,697 |
| Dividends on common shares |
|
(114,099) |
|
(103,465) |
| Shares purchased under normal course issuer bid (note 15) |
|
(175,176) |
|
(93,885) |
| Balance, end of period |
|
(319,843) |
|
(212,520) |
| |
|
|
|
|
| Accumulated other comprehensive income: |
|
|
|
|
| Balance, beginning of period |
|
- |
|
- |
| Unrealized gain on translating financial statements of a self-sustaining |
|
|
|
|
| foreign operation (note 1) |
|
24,104 |
|
- |
| Balance, end of period |
|
24,104 |
|
- |
| |
|
|
|
|
| Shareholders’ equity, end of period |
$ |
794,629 |
$ |
171,910 |
| |
|
|
|
|
| See accompanying notes to consolidated financial statements. |
|
|
|
|
