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S
haw
C
ommunications Inc
.
N
O
TE
S
T
OCO
N
SO
LIDATED FINAN
C
IAL
S
TATEMENT
S
August 31, 2013 and 201
2
[all amounts in millions of Canadian dollars exce
p
t share and
p
er share amounts
]
The changes in options are as follows:
2013
2012
Nu
m
be
r
Weighted
a
v
erage
exercis
e
p
r
i
ce
$
Number
Weighte
d
a
v
erage
exercise
p
r
i
ce
$
O
utstanding, beginning of yea
r
2
1,162,672 21.09 21,970,400 20.91
G
r
a
n
ted
2
,777,
000 23
.
07
1,229,000 21
.
05
Forfeited (819
,
375) 21.0
6
(
1,066,925) 20.9
6
Ex
e
r
cised
(1)
(3
,5
6
4,
8
5
6) 19
.
2
4
(969,803) 1
7.
09
O
utstand
i
n
g
, end o
fy
ea
r
19
,555,44
121
.7
1
21,162,6
7
221
.
09
(1) The wei
g
hted avera
g
e Class B Non-Votin
g
Share
p
rice for the o
p
tions exercised was $23.96.
The
f
ollow
i
ng table summar
i
zes
i
n
f
ormat
i
on about the opt
i
ons outstand
i
ng at August
31
,
2013:
Op
t
i
ons outstand
i
n
g
Op
t
i
ons exerc
i
seable
Ran
g
eo
fp
r
i
ce
s
Nu
m
ber
outstand
i
n
g
W
e
i
ghte
d
avera
ge
r
ema
i
n
i
n
g
co
n
t
r
actual
l
ife
We
ig
hted
a
vera
g
e
e
x
e
r
cise
p
r
i
ce
Nu
m
be
r
e
x
e
r
cisab
l
e
W
e
ig
hte
d
avera
ge
e
x
e
r
cise
p
r
i
c
e
$16.30 – $22.27 10,736,278 5.98 19.57 6,976,778 19.2
0
$
22.28 –
$
26.20 8
,
819
,
163 5.34 24.32 6
,
685
,
663 24.5
5
The weighted average estimated fair value at the date of the grant for common share options
g
ranted for the
y
ear ended Au
g
ust 31, 2013 was $2.53 (2012 – $2.72)
p
er o
p
tion. The fai
r
value o
f
each opt
i
on granted was est
i
mated on the date o
f
the grant us
i
ng the Black-
S
choles
o
ption pricing model with the following weighted-average assumptions:
2
013 201
2
Dividend yiel
d
4
.37%
4
.48
%
R
is
k-
f
r
ee i
n
te
r
est
r
ate
1
.
3
7
%
1
.4
2%
Ex
p
ected life of o
p
tions 5 years
5y
ears
Expected volat
i
l
i
ty
f
actor o
f
the
f
uture expected market pr
i
ce o
fC
lass B
Non-Voting Share
s
21.7%
2
4.7
%
E
xpected volatility has been estimated based on the historical share price volatility of the
Com
p
an
y
’s Class B Non-Votin
g
Shares
.
Restricted share unit
p
lan
The Com
p
an
y
has an RSU
p
lan whereb
y
RSUs are
g
ranted to eli
g
ible em
p
lo
y
ees and officers o
f
t
he
C
om
p
an
y
.AnR
S
U
i
sar
ig
ht that tracks the value o
f
one
C
lass B Non-Vot
i
n
gS
hare an
d
permits the holder to receive a cash payment equal to the market value once RSUs are vested
.
M
arket value is determined b
y
the avera
g
e of the closin
gp
rices of the Class B Non-Votin
g
S
hares on the Toronto
S
tock Exchan
g
e
f
or the
fi
ve trad
i
n
g
da
y
s
p
reced
i
n
g
the a
pp
l
i
cabl
e
97