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PAGE 44 WESTJET ANNUAL REPORT 2007
WestJet Airlines Ltd.
Years ended December 31
(Stated in thousands of Canadian dollars)
CONSOLIDATED STATEMENT OF
SHAREHOLDERS’ EQUITY
2007 2006
Share capital:
Balance, beginning of year $ 431,248 $ 429,613
Issuance of shares pursuant to stock option plans (note 9(b)) 1,551 —
Stock-based compensation on stock options exercised (note 9(b)) 20,040 1,642
Shares repurchased (note 9(b)) (4,271) —
Share issuance costs, net of tax (note 9(b)) —(7)
448,568 431,248
Contributed surplus:
Balance, beginning of year 58,656 39,093
Stock-based compensation expense (note 9(e)) 19,273 21,205
Stock-based compensation on stock options exercised (note 9(b)) (20,040) (1,642)
57,889 58,656
Accumulated other comprehensive loss:
Balance, beginning of year ——
Change in accounting policy (note 2(a)) (13,420) —
Other comprehensive income 1,506 —
(11,914) —
Retained earnings:
Balance, beginning of year 316,123 201,447
Change in accounting policy (note 2(a)) (36,612) —
Net earnings 192,833 114,676
Shares repurchased (note 9(b)) (16,979) —
455,365 316,123
Total shareholders’ equity $ 949,908 $ 806,027
The accompanying notes are an integral part of the consolidated fi nancial statements.
2007 2006
Net earnings $ 192,833 $ 114,676
Other comprehensive income:
Amortization of hedge settlements to aircraft leasing 1,400 —
Unrealized period change in fair value on cash fl ow hedges 88 —
Reclassifi cation of net realized losses on cash fl ow hedges to net earnings 18 —
1,506 —
Total comprehensive income $ 194,339 $ 114,676
The accompanying notes are an integral part of the consolidated fi nancial statements.
WestJet Airlines Ltd.
Years ended December 31
(Stated in thousands of Canadian dollars)
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME