(1) The numbers in this table differ from Consolidated Financial Statements of Cash Flows because the numbers above do not reflect the net change in working capital related to capital asset accruals.
Total capital expenditures were $57.4 million for the three months ended December 31, 2012. Growth capital expenditures for the quarter relate primarily to facility and service expansion at our Western Facilities and equipment for contract work in our Heavy Oil business unit. Maintenance capital expenditures relate primarily to process equipment improvements at our facilities. Capital expenditures were funded from funds from operations and our Credit Facility.
Total capital spending for 2012 was $172.3 million compared to $117.7 million in 2011. The increase over prior year was driven by additional equipment purchases primarily for our project and contract related work, facility and service expansion at our Western Facilities.
Our 2013 capital budget is $190 million, comprised of growth capital of $155 million and maintenance capital of $35 million. We expect to spend approximately 40% of the capital budget in the first half of 2013. We may revise the capital budget, from time-to-time, in response to changes in market conditions that materially impact our financial performance and/or investment opportunities. The capital program will be funded by cash flow from operations and the proceeds from the equity financing completed in the fourth quarter of 2012.
Our $155 million in growth capital investment for 2013 will be allocated among the following areas:
New Markets $70 millionOilfield $40 millionIndustrial $30 millionTechnical Development andCorporate $15 million
Dividends and Share Capital
In determining the dividend to be paid to our shareholders, the Board of Directors considers a number of factors, including: the forecasts for operating and financial results; maintenance and growth capital requirements; as well as market activity and conditions. After a review of all factors, the Board declared $5.4 million in dividends or $0.10 per share, paid January 15, 2013, to shareholders of record as at December 31, 2012.
During the quarter we implemented a Dividend Reinvestment Plan ("DRIP"). The DRIP provides eligible Newalta shareholders with the opportunity to reinvest their quarterly cash dividend to acquire additional shares at a purchase price equal to 95% of the average market price (defined as the volume weighted average trading price of the shares for the five trading days immediately preceding the dividend payment date). The dividend paid to shareholders of record on December 31, 2012 was the first dividend eligible to be reinvested under the DRIP. The full text of the DRIP and an Enrollment Form are available from Valiant Trust at www.valianttrust.com or on Newalta's website at www.newalta.com.
As at February 13, 2013, Newalta had 54,410,235 shares outstanding, and outstanding options to purchase up to 4,308,459 shares.
Contractual Obligations
Our contractual obligations, as at December 31, 2012 were:
---------------------------------------------------------------------------- Less than($000s) Total one year 1-3 years 4-5 years Thereafter----------------------------------------------------------------------------Office leases 57,680 9,048 25,233 7,335 16,064Operating leases(1) 23,705 6,226 17,372 107 -Surface leases 2,500 465 1,395 465 175Senior long-term debt(2) 76,500 - 76,500 - -Senior unsecured debentures 363,230 19,219 57,657 143,226 143,128Purchase obligations 3,251 3,160 84 7 -Other obligations(3) 187,302 187,302 - - -----------------------------------------------------------------------------Total commitments 714,168 225,420 178,241 151,140 159,367----------------------------------------------------------------------------
