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As at February 14, 2013, December 31, 2012 and December 31, 2011, the following common shares and securities convertible into common shares were issued and outstanding:
February 14, 2013 December 31, 2012 December 31, 2011 (millions) Convertible Convertible Convertible Securities Shares Securities Shares Securities Shares----------------------------------------------------------------------------Common shares outstanding (1) 112.9 112.8 110.85.75% Debentures (2) - - - - $49.9 1.45.85% Debentures (3) $25.0 0.8 $75.0 2.4 $75.0 2.47.50% Debentures (4) $69.0 5.3 $69.0 5.3 $69.0 5.35.75% Debentures (5) $172.5 9.1 $172.5 9.1 $172.5 9.16.00% Debentures (6) $150.0 9.9 $150.0 9.9 $150.0 9.97.50% Debentures (7) $75.0 6.6 $75.0 6.6 $75.0 6.6----------------------------------------------------------------------------Shares outstanding and issuableupon conversion of Debentures 144.6 146.1 145.5--------------------------------------------------------------------------------------------------------------------------------------------------------(1) Common shares outstanding as at February 14, 2013, includes 114,704 common shares issued under Superior's DRIP program in January.(2) Convertible at $36.00 per share.(3) Convertible at $31.25 per share.(4) Convertible at $13.10 per share.(5) Convertible at $19.00 per share.(6) Convertible at $15.10 per share.(7) Convertible at $11.35 per share.
Dividends Paid to Shareholders
Dividends paid to Superior's shareholders depend on its cash flow from operating activities with consideration for Superior's changes in working capital requirements, investing activities and financing activities. See "Summary of Adjusted Operating Cash Flow" and "Summary of Cash Flow" for additional details.
Dividends paid to shareholders in the fourth quarter were $67.1 million (before DRIP proceeds of $3.6 million) or $0.15 per share, a decrease of $10.7 million due to the reduction of Superior's dividend rate to $0.05 per share per month effective with the November 2011 dividend. On November 2, 2011, Superior announced that the monthly dividend has been reduced to $0.05 per share or $0.60 per share on an annualized basis which decreased from the prior level of $0.10 per share per month or $1.20 per share on an annualized basis. Superior deemed it prudent to accelerate its debt reduction plan by reducing its monthly dividend during 2011. See "Debt Management Update" for further details. Dividends to shareholders are declared at the discretion of Superior's Board of Directors.
Superior's primary sources and uses of cash are detailed below:Summary of Cash Flow (1)---------------------------------------------------------------------------- Three months ended Twelve months ended December 31, December 31,(millions of dollars) 2012 2011 2012 2011----------------------------------------------------------------------------Cash flow (used in) from operating activities (8.1) (20.0) 273.3 212.0Investing activities(2): Purchase of property, plant and equipment (22.1) (14.6) (43.8) (38.2) Proceeds on disposal of property, plant and equipment 0.4 1.0 4.5 3.2 Other acquisitions - (1.1) (5.5) (14.8)----------------------------------------------------------------------------Cash flow (used in) from investing activities (21.7) (14.7) (44.8) (49.8)----------------------------------------------------------------------------Financing activities: Net proceeds (repayment) of of revolving term bank credits and other debt 78.9 125.4 (74.4) 132.3 Repayment of senior secured notes (31.8) (32.5) (31.8) (32.5) Repayment of finance lease obligation (4.1) (3.4) (16.4) (14.2) Net proceeds (repayment) of accounts receivable securitization program - - - (90.1) Redemption of the 5.75% convertible debentures - (125.0) (49.9) (125.0) Proceeds from the issuance of 7.50% convertible Debentures - 75.0 - 75.0 Costs incurred for the issuance of 7.50% convertible Debentures - (3.4) - (3.4) Proceeds from the dividend reinvestment plan 3.6 5.5 14.2 28.9 Dividends paid to shareholders (16.9) (27.6) (67.1) (136.7)----------------------------------------------------------------------------Cash flow from (used in) financing activities 29.7 14.0 (225.4) (165.7)--------------------------------------------------------------------------------------------------------------------------------------------------------Net (decrease) increase in cash and cash equivalents (0.1) (20.7) 3.1 (3.5)Cash and cash equivalents, beginning of period 7.7 26.0 5.2 7.8Effect of translation of foreign denominated cash and cash equivalents - (0.1) (0.7) 0.9----------------------------------------------------------------------------Cash and cash equivalents, end of period 7.6 5.2 7.6 5.2----------------------------------------------------------------------------(1) See the consolidated statement of cash flow for additional details.(2) See "Consolidated Capital Expenditure Summary" for additional details.
