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The authorized common share capital consists of an unlimited number of shares. Shares issued and outstanding changed as follows: 

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1. Net of 9,550,000 (2012 – 5,450,000) Class A shares held by the company to satisfy long-term compensation agreements 

2. Includes management share option plan and restricted stock plan 

## i. Earnings Per Share 

The components of basic and diluted earnings per share are summarized in the following table: 

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1. Subject to the approval of the Toronto Stock Exchange, the Series 12 preferred shares, unless redeemed by the company for cash, are convertible into Class A shares at a price equal to the greater of 95% at the market price at the time of conversion and C$2.00, at the option of either the company or the holder. The Series 21 preferred shares were redeemed by the company during 2013 

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1. Subject to the approval of the Toronto Stock Exchange, the Series 12 preferred shares, unless redeemed by the company for cash, are convertible into Class A shares at a price equal to the greater of 95% at the market price at the time of conversion and C$2.00, at the option of either the company or the holder. The Series 21 preferred shares were redeemed by the company during 2013 

2. The number of shares is based on 95% of the quoted market price at year end 

## ii. Stock-Based Compensation 

The expense recognized for stock-based compensation is summarized in the following table: 

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The share-based payment plans are described below. There have been no cancellations or modifications to any of the plans during 2013 or 2012. 

## 1) Equity – Settled Share-Based Awards 

## a) Management Share Option Plan 

Options issued under the company’s Management Share Option Plan (“MSOP”) vest over a period of up to five years, expire 10 years after the grant date, and are settled through issuance of Class A shares. The exercise price is equal to the market price at the grant date. 

