The aggregate amount of temporary differences associated with investments in subsidiaries for which deferred tax assets have not been recognized as at December 31, 2012 was $39,512 (December 31, 2011 - $31,270).
16. EARNINGS PER SHARE
Basic earnings per share ("EPS") are calculated by dividing net earnings for the year by the weighted average number of common shares outstanding during the year.
Diluted EPS is calculated by dividing net earnings by the weighted average number of common shares outstanding during the year plus the weighted average number of common shares that would be issued on conversion of all dilutive stock options to common shares.
EPS amounts for continuing and discontinued operations is calculated by dividing net earnings from continuing and discontinued operations respectively by the weighted average number of common shares for both basic and diluted amounts.
2012 2011----------------------------------------------------------------------------Net earnings available to common shareholders $ 120,553 $ 246,459Net earnings from discontinued operations - 143,781----------------------------------------------------------------------------Net earnings from continuing operations $ 120,553 $ 102,678--------------------------------------------------------------------------------------------------------------------------------------------------------Weighted average common shares outstanding 76,549,792 77,013,509Dilutive effect of stock option conversion 537,137 379,744----------------------------------------------------------------------------Diluted weighted average common shares outstanding 77,086,929 77,393,253--------------------------------------------------------------------------------------------------------------------------------------------------------Basic earnings per shareContinuing operations $ 1.57 $ 1.33Discontinued operations - 1.87---------------------------------------------------------------------------- $ 1.57 $ 3.20--------------------------------------------------------------------------------------------------------------------------------------------------------Diluted earnings per shareContinuing operations $ 1.56 $ 1.32Discontinued operations - 1.86---------------------------------------------------------------------------- $ 1.56 $ 3.18--------------------------------------------------------------------------------------------------------------------------------------------------------
There were no anti-dilutive options for the year ended December 31, 2012 and 2011.
17. EMPLOYEE BENEFITS EXPENSE
2012 2011----------------------------------------------------------------------------Wages and salaries $ 264,360 $ 251,693Other employment benefit expenses 43,013 38,945Share options granted to directors and employees 1,659 1,001Pension costs 9,627 8,768---------------------------------------------------------------------------- $ 318,659 $ 300,407----------------------------------------------------------------------------
