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## 16. SHARE CAPITAl 

The share capital of the Company is as follows: 

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A summary of the Company’s common share transactions is as follows: 

In the fourth quarter of 2010, the Company wound up a wholly-owned subsidiary company that had previously held a common share balance of 1,238,418 in the amount of $12,468,552. 

Upon windup, the subsidiary’s cost to repurchase the common shares was $10.07 per share for a total cost of $12.5 million. All shares held by the subsidiary were cancelled at the time of wind up at an average cost per common share of $4.84 resulting in an increase to share capital and a reduction to retained earnings of $6.5 million. 

A summary of the Company’s non-voting equity share transactions is as follows: 

In addition to the cancellation of the 800 shares held by a subsidiary company in the second quarter of 2010, the Company repurchased 3,185,030 of its non-voting common shares for $8.00 per share for a total cost of $25.5 million. In the fourth quarter of 2010, these shares, in addition to the 800 subsidiary company’s shares, which were purchased for $5.10 per share with an average cost per share of $8.00 upon cancellation, were also cancelled, resulting in a net reduction of the non-voting equity share capital and increase in contributed surplus in the amount of $8.9 million. 

During the first quarter of 2011, the Company repurchased 50,000 non-voting equity shares for $13.80 per share for a total cost of $0.7 million resulting in a decrease to contributed surplus of $0.3 million. 

During the second quarter of 2011, the Company repurchased 31,958 non-voting equity shares for $13.81 per share for a total cost of $0.4 million resulting in a decrease to contributed surplus of $0.2 million. 

During the third quarter of 2011, the Company repurchased 6,800 non-voting equity shares for $13.18 per share for a total cost of $89 thousand resulting in a decrease to contributed surplus of $35 thousand. 

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