Rogers 2005 Annual Report Download - page 134

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130 ROGERS 2005 ANNUAL REPORT . NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 15. Loss per share:
The following table sets forth the calculation of basic and diluted loss per share:
2005 2004
Numerator:
Loss for the year, basic and diluted $ (44,658) $ (67,142)
Denominator (in thousands):
Weighted average number of shares outstanding – basic and diluted 288,668 240,435
Loss per share:
Basic and diluted $ (0.15) $ (0.28)
For 2005 and 2004, the effect of potentially dilutive securities, including the Convertible Debentures and the Convertible
Preferred Securities, were excluded from the computation of diluted loss per share as their effect was anti-dilutive. In
addition, options totalling approximately 13.2 million (2004 – 18.1 million) that are anti-dilutive are excluded from the
calculation for the year ended December 31, 2005.
Note 16. Pensions:
The Company maintains both contributory and non-contributory defined benefit pension plans that cover most of its
employees. The plans provide pensions based on years of service, years of contributions and earnings. The Company
does not provide any non-pension post-retirement benefits.
Actuarial estimates are based on projections of employees’ compensation levels at the time of retirement.
Maximum retirement benefits are primarily based upon career average earnings, subject to certain adjustments. The
most recent actuarial valuations were completed as at January 1, 2004 for certain of the plans and January 1, 2005 for one
of the plans. The next actuarial valuation for funding purposes must be of a date no later than January 1, 2006 for
one of the plans. For certain other plans, the next actuarial valuation for funding purposes must be of a date no later
than January 1, 2007.
The Company also provides supplemental unfunded pension benefits to certain executives. The accrued benefit
obligation relating to these supplemental plans amounted to approximately $18.0 million at December 31, 2005 (2004 –
$14.1 million) and related expense for 2005 was $3.4 million (2004 – $2.9 million).
The estimated present value of accrued plan benefits and the estimated market value of the net assets
available to provide for these benefits measured at September 30 for the year ended December 31 are as follows:
2005 2004
Plan assets, at fair value $ 483,822 $ 402,433
Accrued benefit obligations 574,388 453,318
Deficiency of plan assets over accrued benefit obligations (90,566) (50,885)
Employer contributions after measurement date 6,165 4,851
Unrecognized transitional obligation (38,234) (48,108)
Unamortized past service 4,145 4,974
Unamortized net actuarial loss 150,601 113,352
Deferred pension asset $ 32,111 $ 24,184