SHAREHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2013

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

6.     SHAREHOLDERS' EQUITY

• In 2009, the Company implemented the restricted share unit ("RSU") plan for certain employees. Effective January 1, 2012, the RSU plan was amended to include directors and senior executives of the Company.

  A deferred compensation balance is recorded for the total grant date value on the date of each RSU plan grant. The deferred compensation balance is recorded as a reduction of shareholders' equity and is amortized as compensation expense over the applicable vesting period.

  During the first quarter of 2013, the Company funded the RSU plan by transferring $19.0 million (first quarter of 2012 — $12.0 million) to an employee benefit trust (the "Trust") that then purchased shares of the Company in the open market. For accounting purposes, the Trust is treated as a variable interest entity and consolidated in the accounts of the Company. The common shares purchased and held by the Trust are treated as not outstanding for the basic earnings per share ("EPS") calculations. They are included in the basic EPS calculations once they have vested. All of the unvested common shares held by the Trust are included in the diluted EPS calculations.

  The following table summarizes the maximum number of common shares that would be outstanding if all instruments outstanding at September 30, 2013 were exercised:

Common shares outstanding at September 30, 2013	173,428,331
Employee stock options	11,495,535
Warrants	8,600,000
RSU plan	302,454
	193,826,320

• The following table provides the weighted average number of common shares used in the calculation of basic and diluted net income per share:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Net income for the period	$	47,311	$	106,326	$	46,790	$	228,146
Weighted average number of common shares outstanding — basic (in thousands)		173,102		171,341		172,651		171,055
Add: Dilutive impact of employee stock options		—		—		—		—
Dilutive impact of warrants		—		—		—		—
Dilutive impact of shares related to RSU plan		350		255		379		242
Weighted average number of common shares outstanding — diluted (in thousands)		173,452		171,596		173,030		171,297
Net income per share — basic	$	0.27	$	0.62	$	0.27	$	1.33
Net income per share — diluted	$	0.27	$	0.62	$	0.27	$	1.33

• Diluted net income per share has been calculated using the treasury stock method. In applying the treasury stock method, outstanding employee stock options and warrants with an exercise price greater than the average quoted market price of the common shares for the reporting period are not included in the calculation of diluted net income per share as the impact would be anti-dilutive.

  For the three and nine months ended September 30, 2013, all employee stock options and warrants were excluded from the calculation of diluted net income per share as their effect would have been anti-dilutive.

  For the three and nine months ended September 30, 2012, all employee stock options and warrants were excluded from the calculation of diluted net income per share as their effect would have been anti-dilutive.

  Accumulated other comprehensive loss

  The following table details the changes in accumulated other comprehensive loss by component for the nine months ended September 30, 2013:

	Cumulative Translation Adjustment			Available-for-sale Securities and Other Investments			Derivative Financial Instruments			Pension Benefits			Total
Accumulated other comprehensive (loss) income, December 31, 2012	$	(16,206	)	$	(7,680	)	$	137		$	(3,562	)	$	(27,311	)
Other comprehensive loss before reclassifications		—			(9,445	)		(152	)		—			(9,597	)
Income tax expense impact		—			—			41			—			41
Reclassifications from accumulated other comprehensive (loss) income to the Consolidated Statements of Income		—			28,607			(189	)		393			28,811
Income tax expense impact		—			—			50			(103	)		(53	)
Other comprehensive income (loss) for the period		—			19,162			(250	)		290			19,202
Accumulated other comprehensive (loss) income, September 30, 2013	$	(16,206	)	$	11,482		$	(113	)	$	(3,272	)	$	(8,109	)