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11. CONTRIBUTED SURPLUS
Contributed surplus consists of accumulated stock option expense less the fair value of the options at the grant date that have been exercised and reclassified to share capital. Changes in contributed surplus were as follows:
2012 2011----------------------------------------------------------------------------Contributed surplus, beginning of year $ 5,890 $ 10,882Stock-based compensation, net of forfeitures 1,659 1,001Value of compensation cost associated with exercised options (1,592) (912)Enerflex spinoff - (5,081)----------------------------------------------------------------------------Contributed surplus, end of year $ 5,957 $ 5,890--------------------------------------------------------------------------------------------------------------------------------------------------------
12. FINANCIAL INSTRUMENTS
Financial Assets and Liabilities - Classification and Measurement
Financial assets and financial liabilities are measured on an ongoing basis at cost, fair value or amortized cost, depending on the classification. The following table highlights the carrying amounts and classifications of financial assets and liabilities:
Cash, loans Derivatives OtherAs at December 31, and used for financial 2012 receivables hedging liabilities Total----------------------------------------------------------------------------Cash and cash equivalents $ 2,383 $ - $ - $ 2,383Accounts receivable 231,518 - - 231,518Accounts payable and accrued liabilities - - (203,468) (203,468)Current portion of long-term debt - - (1,372) (1,372)Derivative financial instruments - (346) - (346)Long term debt - - (158,395) (158,395)----------------------------------------------------------------------------Total $ 233,901 $ (346) $ (363,235) $ (129,680)-------------------------------------------------------------------------------------------------------------------------------------------------------- Cash, loans Derivatives OtherAs at December 31, and used for financial2011 receivables hedging liabilities Total----------------------------------------------------------------------------Cash and cash equivalents $ 75,319 $ - $ - $ 75,319Accounts receivable 209,243 - - 209,243Accounts payable and accrued liabilities - - (280,735) (280,735)Current portion of long-term debt - - (1,280) (1,280)Derivative financial instruments - (210) - (210)Long term debt - - (132,815) (132,815)----------------------------------------------------------------------------Total $ 284,562 $ (210) $ (414,830) $ (130,478)--------------------------------------------------------------------------------------------------------------------------------------------------------
