Shaw 2010 Annual Report Download - page 118

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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
2010
$
2009
$
2008
$
Net income using Canadian GAAP 532,732 536,475 673,201
Add (deduct) adjustments for:
Deferred charges and credits
(2)(8)
14,539 4,576 (21,501)
Business acquisition costs
(3)
(12,739) ––
Fair value of derivatives
(7)
10,002 ––
Capitalized interest
(10)
8,195 1,337 4,133
Income taxes
(11)
(13,839) (3,613) (994)
Net income using US GAAP 538,890 538,775 654,839
Other comprehensive income (loss) using
Canadian GAAP 47,610 19,040 (759)
Fair value of derivatives
(7)
(8,627) ––
Change in funded status of non-contributory
defined benefit pension plan
(9)
(38,167) 11,315 (3,135)
816 30,355 (3,894)
Comprehensive income using US GAAP 539,706 569,130 650,945
Earnings per share using US GAAP
Basic $ 1.25 $ 1.26 $ 1.52
Diluted $ 1.24 $ 1.25 $ 1.51
114
Shaw Communications Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
August 31, 2010, 2009 and 2008
[all amounts in thousands of Canadian dollars except share and per share amounts]