Shaw 2009 Annual Report Download - page 102

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fixed charges. At August 31, 2009, the Company is in compliance with these covenants and based
on current business plans and economic conditions, the Company is not aware of any condition or
event that would give rise to non-compliance with the covenants.
The Company’s overall capital structure management strategy remains unchanged from the prior
year.
22. UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
The consolidated financial statements of the Company are prepared in Canadian dollars in
accordance with Canadian GAAP. The following adjustments and disclosures would be required
in order to present these consolidated financial statements in accordance with US GAAP.
(a) Reconciliation to US GAAP
2009
$
2008
$
2007
$
Net income using Canadian GAAP 535,239 671,562 388,479
Add (deduct) adjustments for:
Deferred charges and credits
(2)
6,235 (18,808) 5,672
Foreign exchange gains on hedged long-term
debt
(3)
–– 47,382
Reclassification of hedge losses from other
comprehensive income
(7)
–– (47,382)
Capitalized interest
(10)
1,337 4,133 2,244
Income taxes
(11)
(4,036) (2,048) (10,461)
Net income using US GAAP 538,775 654,839 385,934
Other comprehensive income (loss) using Canadian
GAAP 19,040 (759) (18)
Adjustment to fair value of derivatives
(7)
–– 5,730
Reclassification of derivative losses to income to
offset foreign exchange gains on hedged long-
term debt
(7)
–– 40,215
Change in funded status of non-contributory
defined benefit pension plan
(9)
11,315 (3,135) –
Minimum liability for defined benefit pension
plan
(9)
–– 5,813
30,355 (3,894) 51,740
Comprehensive income using US GAAP 569,130 650,945 437,674
Earnings per share using US GAAP
Basic $ 1.26 $ 1.52 $ 0.89
Diluted $ 1.25 $ 1.51 $ 0.89
98
Shaw Communications Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
August 31, 2009, 2008 and 2007
[all amounts in thousands of Canadian dollars except share and per share amounts]