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The calculation of diluted earnings per share does not include anti-dilutive options. These options would not be exercised during the period because their exercise price is higher than the average market price for the period. The inclusion of these options would cause the diluted earnings per share to be overstated. The number of excluded options for the year ended December 31, 2012 was 680,000 (1,019,000 for the year ended December 31, 2011).
For the three months For the year ended ended December 31, December 31,---------------------------------------------------------------------------- 2012 2011 2012 2011----------------------------------------------------------------------------Weighted average number of shares 52,741 48,569 49,690 48,569Net additional shares if options exercised 732 717 833 685----------------------------------------------------------------------------Diluted weighted average number of shares 53,473 49,286 50,523 49,254----------------------------------------------------------------------------NOTE 15. DIVIDENDS DECLARED For the three months For the year ended ended December 31, December 31,---------------------------------------------------------------------------- 2012 2011 2012 2011----------------------------------------------------------------------------Total dividends declared per share 0.100 0.080 0.380 0.305----------------------------------------------------------------------------
On December 17, 2012 Newalta declared a dividend of $0.10 per share to holders of shares of record on December 31, 2012. This dividend was paid on January 15, 2013.
NOTE 16. COMMITMENTS
a) Debt and Lease Commitments
Newalta has annual commitments for senior long-term debt, debentures, leased property and equipment and short-term amounts payable as follows:
---------------------------------------------------------------------------- 2013 2014 2015 2016 2017 Thereafter Total----------------------------------------------------------------------------Amount drawn on credit facility(1) (Note 7) - - 76,500 - - - 76,500Senior unsecured debentures (Note 8) 19,219 19,219 19,219 19,219 143,226 143,128 363,230----------------------------------------------------------------------------Total debt commitments 19,219 19,219 95,719 19,219 143,226 143,128 439,730----------------------------------------------------------------------------Office leases 9,048 8,646 8,470 8,117 7,335 16,064 57,680Operating leases 6,226 5,083 2,590 9,699 107 - 23,705Surface leases 465 465 465 465 465 175 2,500Accounts payable and accrued liabilities 181,876 - - - - - 181,876Dividends payable 5,426 - - - - - 5,426Purchase obligation 3,160 41 36 7 7 - 3,251----------------------------------------------------------------------------Total debt and other commitments 225,420 33,454 107,280 37,507 151,140 159,367 714,168----------------------------------------------------------------------------(1) Gross of transaction costs. Interest payments are not reflected.
