Outstanding Share Data
The weighted average number of shares outstanding at December 31, 2010 was 32,729,000 (2009 – 32,972,000). As of this date, there are 26,373,372 Class A shares and 3,771,702 Class B shares outstanding.
Effective on November 25, 2009, the Class A shares and Class B shares were split on a three-for-one basis. Accordingly, the comparative number of shares and per share amounts have been retroactively adjusted to reflect the three-for-one split.
The Board of Directors declared dividends of $0.12 per share on each of its Class A shares and Class B shares. This represents a 20% increase over the 2009 amount of $0.10 per share.
In 2010, pursuant to the Normal Course Issuer Bid which expired February 8, 2011, the Company repurchased for cancellation 1,459,978 of its outstanding Class A shares for $9,227,000. As a result of these share repurchases, capital stock was reduced by $2,100,000 and retained earnings by $7,127,000. The Company did not repurchase for cancellation any of its outstanding shares during 2009. Subsequent to year end, the Company received approval under a Normal Course Issuer Bid to repurchase up to 1,388,072 Class A shares and 75,434 Class B shares. This bid expires February 8, 2012. On February 15, 2011 the Company repurchased 1,388,072 Class A shares pursuant to this Normal Course Issuer Bid for $8,745,000.