Shaw 2013 Annual Report Download - page 49

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S
haw
C
ommunications Inc
.
MANA
G
EMENT’
S
DI
SCUSS
I
O
N AND ANALY
S
I
S
August
,
E
arn
i
ngs per s
h
are
(
In $millions Cdn except per share amounts) 2013 201
2
C
han
g
e
%
Net income 784 761 3.0
Weighted average number of participating
shares outstandin
g
durin
gp
eriod (millions
)
4
4
8
441 1.6
Earn
i
ngs per share
Basic 1.64 1.62 1.2
Dil
uted
1.
63
1.
6
1 1.2
Net income from continuin
g
o
p
erations
N
et income was
$
784 million in 2013 compared to
$
761 million in 2012. The year-over-year
chan
g
es are summarized in the table below
.
N
et income increased
$
23 million over the
p
rior
y
ear. The current
y
ear benefited from hi
g
her
op
eratin
g
income before amortization of $93 million, im
p
roved net other costs and revenue o
f
$
23 million, and lower interest expense of
$
21 million, the total of which was partially reduced
b
y
increased amortization of
$
45 million and hi
g
her income taxes of
$
69 million. The im
p
rove
d
n
et other costs and revenue
i
ncluded the
g
a
i
n on the sale o
f
Mounta
i
n
C
able. The h
ig
he
r
income taxes resulted as the comparable period benefited from a tax recovery related to th
e
resolution of certain tax matters.
(
In $millions Cdn
)
Increased o
p
erat
i
n
gi
ncome be
f
ore amort
i
zat
i
o
n
93
Increased amortizatio
n
(45)
Decreased
i
nterest ex
p
ens
e
21
C
hange in other net costs and revenu
e
(
1
)
23
D
ec
r
eased i
n
co
m
eta
x
es
(69)
23
(1) Net other costs and revenue includes gain on sale of cablesystem, acquisition an
d
d
ivestment costs, gain on sale of associate, gain on remeasurement on interests in equity
i
nvestments,
C
RT
C
bene
fi
t obl
ig
at
i
ons,
g
a
i
n on der
i
vat
i
ve
i
nstruments, accret
i
on o
f
lon
g
-
term liabilities and provisions and other losses as detailed in the Consolidated Statement
s
o
f Income
.
45