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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Common Shares
Treasury Stock
Additional Paid-in Capital
Retained Earnings (Accumulated Deficit)
Accumulated Other Comprehensive Income
Equity (Deficits) Attribute to Canadian Solar Inc.
Non-Controlling Interest
Total
Balance at Dec. 31, 2018 $ 702,931   $ 10,675 $ 622,016 $ (110,149) $ 1,225,473 $ 47,372 $ 1,272,845
Balance (in shares) at Dec. 31, 2018 59,180,624              
Increase (Decrease) in Stockholders' Equity                
Net Income (loss)       171,585   171,585 (5,030) 166,555
Foreign currency translation adjustment         6,389 6,389 (6,070) 319
Acquisition of non-controlling interest's ownership     (4,178)     (4,178) (9,998) (14,176)
Repurchase of common shares [1]   $ (11,845)       (11,845)   (11,845)
Repurchase of common shares (in shares) [1] (609,516) 609,516,000            
Repurchase of treasury stock (shares)   609,516,000            
Share-based compensation     10,682     10,682   10,682
Exercise of share options and RSUs $ 875         875   875
Exercise of share options and RSUs (in shares) 800,576              
Proceeds from non-controlling interests             5,650 5,650
Fair value change on derivatives         (5,847) (5,847)   (5,847)
Balance at Dec. 31, 2019 $ 703,806 $ (11,845) 17,179 793,601 (109,607) 1,393,134 31,924 1,425,058
Balance (in shares) at Dec. 31, 2019 59,371,684              
Increase (Decrease) in Stockholders' Equity                
Net Income (loss)       146,703   146,703 543 147,246
Foreign currency translation adjustment         74,319 74,319 1,869 76,188
Acquisition of non-controlling interest's ownership     (8,414)     (8,414)   (8,414)
Repurchase of common shares [2]   $ (5,963)       (5,963)   (5,963)
Repurchase of common shares (in shares) [2] (381,330) 381,330            
Share-based compensation     12,350     12,350   12,350
Transfer of equity interest in subsidiaries to non-controlling shareholders     (49,351)     (49,351) 273,904 224,553
Exercise of share options and RSUs $ 1,035         1,035   1,035
Exercise of share options and RSUs (in shares) 830,030              
Retirement of treasury stock (in shares) [3]   (990,846,000)            
Retirement of treasury stock [3] $ 17,808 $ 17,808            
De-recognition of derivatives         10,724 10,724   10,724
Proceeds from non-controlling interests             14,123 14,123
Fair value change on derivatives         (4,115) (4,115)   (4,115)
Balance at Dec. 31, 2020 $ 687,033   (28,236) 940,304 (28,679) 1,570,422 322,363 $ 1,892,785
Balance (in shares) at Dec. 31, 2020 59,820,384             59,820,384
Increase (Decrease) in Stockholders' Equity                
Net Income (loss)       95,248   95,248 14,628 $ 109,876
Foreign currency translation adjustment         (21,964) (21,964) (4,332) (26,296)
Acquisition of non-controlling interest's ownership             (10,719) (10,719)
Share-based compensation     8,808     8,808   8,808
Exercise of share options and RSUs (in shares) 562,376              
Issuance of ordinary shares, net of issuance costs [4] $ 148,510         148,510   148,510
Issuance of ordinary shares, net of issuance costs (in shares) [4] 3,639,918              
Proceeds from non-controlling interests             10,003 10,003
Disposal of subsidiaries             6,588 6,588
Fair value change on derivatives         59 59   59
Balance at Dec. 31, 2021 $ 835,543   $ (19,428) $ 1,035,552 $ (50,584) $ 1,801,083 $ 325,355 $ 2,126,438
Balance (in shares) at Dec. 31, 2021 64,022,678             64,022,678
[1] Following the share repurchase plan authorized by the Board Directors on December 9, 2019, the Company repurchased 609,516 outstanding shares with total costs of $11,845 in December 2019. The Company retired all outstanding shares repurchased during 2020.
[2] Following the share repurchase plan authorized by the Board Directors on December 9, 2019, the Company repurchased 91,424 and 289,906 outstanding shares with total costs of $2,000 and $3,963 in January 2020 and March 2020, respectively. The Company retired all outstanding shares repurchased during 2020.
[3] The Company completed capital raising RMB1.78 billion (approximately $261,332) for CSI Solar Co., Ltd., to qualify it for the planned carve-out IPO in China and bring in leading institutional investors and strategic partners. Refer to Note 1 to the consolidated financial statements for further information.
[4] Represents proceeds from “at-the-market” offering of 3,639,918 shares of common shares in 2021, net of commissions and offering expenses of $1,490.