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## 16 Per Share Calculations 

The Company’s future income tax liabilities are summarized as follows: 

<img src='content_image/122841.jpg'>

At December 31, 2003, the Company has tax-loss carry-forwards for Canadian income tax purposes of approximately $32 million (2002 – $20 million), which have been recognized as future income tax assets and are available to reduce future Canadian taxable income. These tax-loss carry-forwards expire at various dates between December 31, 2006 and December 31, 2010. 

The following tables set forth the computation of per share amounts. 

<img src='content_image/122845.jpg'>

The following securities were not included in the diluted per share calculation as the effect would have been anti-dilutive. 

<img src='content_image/122844.jpg'>

