Tucows 2014 Annual Report Download - page 189
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14. Earnings per common share:
The following table reconciles the numerators and denominators of the basic and diluted earnings per common
share computation:
Year ended
December 31,
2014
Year ended
December 31,
2013
Year ended
December 31,
2012
Numerator for basic and diluted earnings per common share:
Net income for the year $ 6,374,096 $ 4,180,464 $ 4,424,142
Denominator for basic and diluted earnings per common share:
Basic weighted average number of common shares
outstanding 11,220,874 10,468,250 11,458,216
Effect of stock options 509,524 813,159 825,520
Diluted weighted average number of shares outstanding 11,730,398 11,281,409 12,283,736
Basic earnings per common share $ 0.57 $ 0.40 $ 0.39
Diluted earnings per common share $ 0.54 $ 0.37 $ 0.36
Options to purchase 95,762 common shares were outstanding during 2014 (2013: 136,812; 2012: 188,797) but
were not included in the computation of diluted income per common share because the options’ exercise price was greater
than the average market price of the common shares. The options which expire in years 2018 to 2020 were still
outstanding at the end of 2014.
15. Commitments and contingencies:
(a) The Company has several non-cancelable lease and purchase obligations primarily for general office
facilities, service contracts for mobile telephone services and equipment that expire over the next ten years. Future
minimum payments under these agreements are as follows:
Contractual Obligations for the year ending December 31,
Contractual
Lease
Obligations
Purchase
Obligations Total
Obligations
2015 $ 659,000 $ 3,951,000 $ 4,610,000
2016 608,000 8,051,000 8,659,000
2017 642,000 12,688,000 13,330,000
2018 642,000 — 642,000
2019 642,000 — 642,000
Thereafter 1,731,000 — 1,731,000
$ 4,924,000 $24,690,000 $29,614,000
Rental expense under operating lease agreements was $0.9 million, $0.8 million and $0.9 million for the years
ended December 31, 2014, 2013 and 2012, respectively.
(b) In the normal course of its operations, the Company becomes involved in various legal claims and
lawsuits. The Company intends to vigorously defend these claims. While the final outcome with respect to any actions
outstanding or pending as of December 31, 2014 cannot be predicted with certainty, it is the opinion of management that
their resolution will not have a material effect on the Company’s financial position.
16. Subsequent events:
(1)
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