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As at May 1, 2013, March 31, 2013 and December 31, 2012, the following common shares and securities convertible into common shares were issued and outstanding:
May 1, 2013 March 31, 2013 December 31, 2012 Convertible Convertible Convertible (millions) Securities Shares Securities Shares Securities Shares----------------------------------------------------------------------------Common shares outstanding (1) 126.2 126.1 112.85.85% Debentures (2) - - $25.0 0.8 $75.0 2.47.50% Debentures (3) $69.0 5.3 $69.0 5.3 $69.0 5.35.75% Debentures (4) $172.5 9.1 $172.5 9.1 $172.5 9.16.00% Debentures (5) $150.0 9.9 $150.0 9.9 $150.0 9.97.50% Debentures (6) $75.0 6.6 $75.0 6.6 $75.0 6.6----------------------------------------------------------------------------Shares outstanding and issuable upon conversion of Debentures 157.1 157.8 146.1--------------------------------------------------------------------------------------------------------------------------------------------------------(1) Common shares outstanding as at May 1, 2013, includes 109,040 common shares issued under Superior's DRIP program in April.(2) Convertible at $31.25 per share.(3) Convertible at $13.10 per share.(4) Convertible at $19.00 per share.(5) Convertible at $15.10 per share.(6) 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 first quarter were $16.9 million (before DRIP proceeds of $3.6 million) or $0.15 per share, an increase of $0.2 million due to the issuance of shares under Superior DRIP during the past 12 months. Superior's monthly dividend is $0.05 per share or $0.60 per share on an annualized basis. 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 March 31,(millions of dollars) 2013 2012----------------------------------------------------------------------------Cash flow from operating activities 90.6 116.4Investing activities(2): Purchase of property, plant and equipment (11.7) (6.0) Proceeds on disposal of property, plant and equipment 0.5 0.9----------------------------------------------------------------------------Cash flow used in investing activities (11.2) (5.1)----------------------------------------------------------------------------Financing activities: Net proceeds (repayment) of of revolving term bank credits and other debt (123.6) (92.2) Repayment of finance lease obligation (3.9) (3.6) Redemption of 5.75% convertible debentures (50.0) - Issuance of common shares 143.9 - Issue costs on issuance of common shares (6.1) - Proceeds from the dividend reinvestment plan 3.6 3.6 Dividends paid to shareholders (16.9) (16.7)----------------------------------------------------------------------------Cash flow used in financing activities (53.0) (108.9)--------------------------------------------------------------------------------------------------------------------------------------------------------Net (decrease) increase in cash and cash equivalents 26.4 2.4Cash and cash equivalents, beginning of period 7.6 5.2Effect of translation of foreign denominated cash and cash Equivalents (0.1) (0.3)----------------------------------------------------------------------------Cash and cash equivalents, end of period 33.9 7.3----------------------------------------------------------------------------(1) See the consolidated statement of cash flow for additional details.(2) See "Consolidated Capital Expenditure Summary" for additional details.
