Westjet 2009 Annual Report Download - page 79

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WestJet 2009 Annual Report 49
CONSOLIDATED STATEMENT
OF SHAREHOLDERS’ EQUITY
For the years ended December 31
(Stated in thousands of Canadian dollars)
2009 2008
Restated – see note 2
Share capital: (note 10(b))
Balance, beginning of year $ 452,885 $ 448,568
Issuance of shares pursuant to stock option plans — 227
Stock-based compensation expense on stock options exercised 1,561 11,181
Stock-based compensation expense on executive share units exercised 569 —
Issued on public offering 172,463 —
Issuance of shares pursuant to employee share purchase plan 11,071 —
Share issue costs (7,468) —
Tax effect of share issue costs 1,994 —
Shares repurchased — (7,091)
633,075 452,885
Contributed surplus:
Balance, beginning of year 60,193 57,889
Stock-based compensation expense (note 10(e)(g)) 13,440 13,485
Stock-based compensation expense on stock options exercised (note 10(b)) (1,561) (11,181)
Stock-based compensation expense on executive share units exercised (note 10(b)) (569) —
71,503 60,193
Accumulated other comprehensive loss: (note 14(c))
Balance, beginning of year (38,112) (11,914)
Other comprehensive income (loss) 23,260 (26,198)
(14,852) (38,112)
Retained earnings:
Balance, beginning of year 611,171 455,365
Change in accounting policy (note 2) (10,147) (10,518)
Shares repurchased — (22,329)
Net earnings 98,178 178,506
699,202 601,024
Total accumulated other comprehensive loss and retained earnings 684,350 562,912
Total shareholders’ equity $ 1,388,928 $ 1,075,990
The accompanying notes are an integral part of the consolidated fi nancial statements.