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The following dividends were declared and paid by the Company: 

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## 17. EARNINgS PER SHARE 

The following is the reconciliation of the numerators and the denominators of basic and diluted earnings per share computations: 

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For the fifty-two weeks ended December 31, 2011 all options outstanding were dilutive. For the fifty-two weeks ended January 1, 2011 options to purchase 103,000 common shares at an average price of $11.67 per share were outstanding and exercisable at year end but were not included in the compilation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common shares for the year. 

## 18. SHARE-bASED PAymENTS 

## common Share option plan 

The Company has a common share option plan for designated directors, officers and certain managers of the Company and of subsidiary companies. Stock options issued are awarded with Tandem Stock Appreciation Rights (SARs). The SARs have the same vesting, expiry and exercise terms and conditions as the underlying options. The option holder has the choice to either exercise the option or forfeit the option and receive a cash payment equal to the difference between the market value of the shares on the date of exercise and the exercise price. 

Under the terms of the plan the Company’s Human Resources and Corporate Governance Committee of the Board (the HR Committee) designates eligible participants to whom options will be granted, and the number of Common Shares to be optioned to each. The eligible participants are directors, members of management committee, and senior managers of the Company and subsidiaries of the Company. Common shares to be optioned were not to exceed the aggregate number of 1,500,000 as of February 20, 2007, representing less than 10% of the issued and outstanding Common shares. The option price for the Common shares is determined by the Committee at the time of granting of the option but cannot be less than either the closing price of the Common shares on the last trading day immediately preceding the date of grant or a price per share equal to the simple average price per Common share at which the Common shares have traded during a period not exceeding 20 consecutive trading days ending on the trading day immediately preceding the date of grant. The term during which any option granted may be exercised is determined by the Committee at the time the option is granted but may not exceed ten years from the date of grant. The purchase price is payable in full at the time the option is exercised. The number of Common shares issuable to insiders, at any time, shall not exceed 10% of the issued and outstanding Common shares, and the number of Common shares issued to insiders, within a one-year period, shall not exceed 10% of the issued and outstanding Common shares. Options are not assignable. 

