content_image/199022.jpg content_image/199023.jpg content_image/199024.jpg
## Weighted average number of shares 

<img src='content_image/199022.jpg'>

## Diluted earnings per share 

The calculation of diluted earnings per share for the year ended December 31, 2011, was based on profit attributable to Class A shares of $5.8 million (2010 – $4.9 million) and Class B shares of $78.3 million (2010 – $66.2 million) and a weighted average number of Class A shares outstanding of 2,374,025 (2010 – 2,374,025) and Class B shares outstanding of 31,284,006 (2010 – 31,037,907). 

## Weighted average number of shares (diluted) 

<img src='content_image/199023.jpg'>

The average market value of the Company’s shares for purposes of calculating the dilutive effect of share options was based on quoted market prices for the year that the options were outstanding. 

## 20. LOANS AND BORROWINGS 

This note provides information about the contractual terms of the Company’s interest-bearing loans and borrowings, which are measured at amortized cost. For more information about the Company’s exposure to interest rate, foreign currency and liquidity risk, see note 26. 

<img src='content_image/199024.jpg'>

