Westjet 2009 Annual Report Download - page 95

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WestJet 2009 Annual Report 65
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
For the years ended December 31, 2009 and 2008
(Stated in thousands of Canadian dollars, except share and per share data)
10. Share capital (continued)
(a) Authorized (continued)
Unlimited number of variable voting shares (continued)
In either of the above-noted circumstances, the voting rights attached to each variable voting share will decrease automatically without further
act of formality, such that the variable voting shares as a class do not carry more than 25% (or any greater percentage the Governor in Council
may specify pursuant to the Canada Transportation Act) of the total voting rights attached to (i) the aggregate number of issued and outstanding
variable voting shares and common voting shares of the Corporation or (ii) the total number of votes that may be cast at the meeting.
Each issued and outstanding variable voting share shall be automatically converted into one common voting share without any further intervention
on the part of the Corporation or of the holder if (i) the variable voting share is or becomes owned and controlled by a Canadian or if (ii) the provisions
contained in the Canada Transportation Act relating to foreign ownership restrictions are repealed and not replaced with other similar provisions
in applicable legislation.
Unlimited number of non-voting shares and unlimited number of non-voting fi rst, second and third preferred shares
The non-voting shares and non-voting preferred shares may be issued, from time to time on one or more series, each series consisting of such
number of non-voting shares and non-voting preferred shares as determined by the Corporation’s Board of Directors who may also fi x the
designations, rights, privileges, restrictions and conditions attaching to the shares of each series of non-voting shares and non-voting preferred
shares. There are no non-voting shares or non-voting preferred shares issued and outstanding.
(b) Issued and outstanding
As at December 31, 2009, the number of common voting shares outstanding was 138,763,891 (2008 – 124,291,677) and the number of variable
voting shares outstanding was 5,595,492 (2008 – 3,621,903).
During the year ended December 31, 2009, the Corporation completed an equity offering under which it issued an aggregate of 15,398,500 common
and variable voting shares at a share price of $11.20 per share for total gross proceeds of $172,463. The Corporation incurred a total of $5,474,
net of tax, in share issue costs on the offering.
2009 2008
Number Amount Number Amount
Common and variable voting shares:
Balance, beginning of year 127,913,580 $ 452,885 129,571,570 $ 448,568
Issuance of shares pursuant to stock
option plans 29,685 — 347,094 227
Stock-based compensation expense
on stock options exercised — 1,561 — 11,181
Issuance of shares pursuant to executive share
unit plan 40,159 — — —
Stock-based compensation expense on executive
share units exercised — 569 — —
Issued on public offering 15,398,500 172,463 — —
Issuance of shares pursuant to employee share
purchase plan 977,459 11,071 — —
Share issue costs — (7,468) — —
Tax effect of share issue costs — 1,994 — —
Shares repurchased — — (2,005,084) (7,091)
Balance, end of year 144,359,383 $ 633,075 127,913,580 $ 452,885