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## 8. Share capital (continued): 

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605,387 options were excluded from the calculation as they were anti-dilutive at December 31, 2013. 

## Dividends 

The following dividends were declared and paid by the Corporation: 

In the first five months of 2013, the Corporation declared a dividend of $0.105 per common share. In June the Corporation declared a dividend of $0.115 per common share and in July through December the Corporation declared a dividend of $0.12 per common share ($36,746,211 in aggregate). For the year ended December 31, 2012, dividends of $24,959,880 were declared. 

## 9. DEBT: 

The Corporation has a $75,100,000 secured revolving credit facility with a syndicate of Canadian chartered banks. On December 31, 2013, the facility was extended from $50.1 million to $75.1 million. At December 31, 2013, the Corporation has $44.5 million in senior debt outstanding. Interest is payable at the lenders’ prime rate plus 3.0% (6.0% at December 31, 2013). The term out date under the credit facility is December 31, 2014. If monies are drawn, and if an extension is not received by December 31, 2014, the facility will be repaid in thirty-six equal monthly installments commencing January 31, 2015. There are financial covenants under this facility and at December 31, 2013, the Corporation is in compliance with each of the covenants based on a letter received by the Corporation from the lending syndicate clarifying the exclusion of certain non-cash and extraordinary amounts in the calculation of the covenants for the remainder of the term of the agreement. 

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## 10. SHARE-BASED PAYMENTS: 

The Corporation has a Restricted Share Unit Plan (“RSU Plan”) and a Stock Option Plan as approved by shareholders at a special shareholders meeting on July 31, 2008 that authorizes the Board of Directors to grant awards of RSUs and Options subject to a maximum of ten percent of the issued and outstanding common shares of the Corporation. 

The RSU Plan will settle in voting common shares which may be issued from treasury or purchased on the Toronto Stock Exchange. The Corporation has reserved 674,636 and issued 233,207 RSUs to management and Directors as of December 31, 2013. The RSUs issued to directors vest over a three-year period. The RSUs issued to management (154,457) do not vest until the end of the three- year period (111,431 in September 2015 and 43,026 in July 2016) and are subject to certain performance conditions relating to operating cash flow per share. The stock-based compensation expense relating to the RSU Plan is based on the issue price at the time of grant and management’s estimate of the future performance conditions and will be amortized over the thirty-six month vesting period. Payments in lieu of dividends on the unvested RSUs are made monthly in cash in accordance with the Corporation’s dividend policy. 

