| (millions
of U.S dollars, except number of shares) |
Common
Shares (Issued and Outstanding) |
Contributed Surplus |
Accumulated Other Comprehensive Income |
Reinvested Earnings (Deficit) |
Total | ||||||||||||||
| Shares | (1) | Amount | |||||||||||||||||
Balance
at December 31, 2004 |
84,268,293 | $499 | $11 | $353 | $ 621 | $ | 1,484 | ||||||||||||
Net
loss |
— | — | — | — | (101 | ) | (101 | ) | |||||||||||
Other
comprehensive loss Unrealized loss on translation of self-sustaining foreign operations |
— | — | — | (29 | ) | — | (29 | ) | |||||||||||
Comprehensive
loss |
(130 | ) | |||||||||||||||||
Stock
option expense (Note 11) |
— | — | 8 | — | — | 8 | |||||||||||||
Issued
for cash on exercise of stock options (Note 11) |
570,547 | 13 | (3 | ) | — | — | 10 | ||||||||||||
Issued
on exercise of stock options as share appreciation
rights (Note 11) |
124,610 | — | — | — | — | — | |||||||||||||
Stock
options retired for cash (Note 11) |
— | — | — | — | (5 | ) | (5 | ) | |||||||||||
Common
share dividends |
— | — | — | — | (27 | ) | (27 | ) | |||||||||||
Common
shares repurchased(2) |
(2,598,551 | ) | (18 | ) | — | — | (107 | ) | (125 | ) | |||||||||
Balance
at December 31, 2005 |
82,364,899 | $494 | $16 | $324 | $ 381 | $ | 1,215 | ||||||||||||
Net
loss |
— | — | — | — | (703 | ) | (703 | ) | |||||||||||
Other
comprehensive income Unrealized gain on translation
of self-sustaining foreign operations |
— | — | — | 54 | — | 54 | |||||||||||||
Comprehensive
loss |
(649 | ) | |||||||||||||||||
Stock
option expense (Note 11) |
— | — | 9 | — | — | 9 | |||||||||||||
Issued
for cash on exercise of stock options (Note 11) |
129,007 | 3 | — | — | — | 3 | |||||||||||||
Issued
on exercise of stock options as share appreciation
rights (Note 11) |
67,366 | — | — | — | — | — | |||||||||||||
Stock
options retired for cash (Note 11) |
— | — | — | — | (3 | ) | (3 | ) | |||||||||||
Common
share dividends |
— | — | — | — | (29 | ) | (29 | ) | |||||||||||
Balance
at December 31, 2006 |
82,561,272 | $497 | $25 | $378 | $(354 | ) | $ | 546 | |||||||||||
Net
income |
— | — | — | — | 347 | 347 | |||||||||||||
Other
comprehensive income Unrealized loss on available-for-sale securities |
— | — | — | (1 | ) | — | (1 | ) | |||||||||||
Unrealized
gain on translation of self-sustaining foreign
operations |
— | — | — | 235 | — | 235 | |||||||||||||
Comprehensive
income |
581 | ||||||||||||||||||
Stock
option expense (Note 11) |
— | — | 2 | — | — | 2 | |||||||||||||
Issued
for cash on exercise of stock options (Note 11) |
357,683 | 8 | — | — | — | 8 | |||||||||||||
Issued
on exercise of stock options as share appreciation
rights (Note 11) |
135,573 | — | — | — | — | — | |||||||||||||
Stock
options retired for cash (Note 11) |
— | — | — | — | (5 | ) | (5 | ) | |||||||||||
Common
share dividends |
— |
— |
— |
— |
(31 | ) | (31 | ) | |||||||||||
Balance
at December 31, 2007(3) |
83,054,528 | $505 | $27 | $612 | $ (43 | ) | $ | 1,101 | |||||||||||
(1) Unlimited number of authorized voting
common shares without par value, non-voting first preferred shares, and
non-voting second preferred shares.
Currently only common shares are issued and outstanding.
Currently only common shares are issued and outstanding.
(2) In 2007 and 2006, the Corporation
did not repurchase any common shares. In 2005, the Corporation repurchased
2,598,551 of its common shares, with a
carrying value of $18 million, on the Toronto Stock Exchange for cash of $125 million. The difference between the cash paid and the carrying value of the
shares was charged to reinvested earnings.
carrying value of $18 million, on the Toronto Stock Exchange for cash of $125 million. The difference between the cash paid and the carrying value of the
shares was charged to reinvested earnings.
(3) Stated common share capital for
legal purposes at Dec. 31, 2007, is $1,640 million.
See accompanying Notes to Consolidated Financial Statements.
