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## Notes to Consolidated Financial Statements 

[in thousands of Canadian dollars, except per share amounts] 

December 31, 2012 and 2011 

## [C] BASIC AND DILUTED EARNINGS PER SHARE 

The following table presents the calculation of basic and diluted earnings per common share for the years ended December 31: 

<img src='content_image/211068.jpg'>

<img src='content_image/211069.jpg'>

(*) The determination of the weighted average number of common shares – diluted excludes nil shares related to stock options that were anti-dilutive for the year ended December 31, 2012 [and 3,393 thousand shares for the year ended December 31, 2011]. 

## [D] MAXIMUM SHARE DILUTION 

The following table presents the maximum number of shares that would be outstanding if all the outstanding options as at January 31, 2013 were exercised and outstanding: 

<img src='content_image/211073.jpg'>

