Westjet 2014 Annual Report Download - page 82

Notes to Consolidated Financial Statements
As at and for the years ended December 31, 2014 and 2013
(Stated in thousands of Canadian dollars, except percentage, ratio, share and per share amounts)
WestJet Annual Report 2014 │ 80
14. Earnings per share
Share data used in the computation of basic and diluted earnings per share:
2014
2013
Weighted average number of shares outstanding – basic
127,858,259
130,974,532
Effect of dilution:
Employee stock options 680,507
454,574
Key employee – RSUs 320,162
380,470
Executive – RSUs 118,449
129,077
Executive – PSUs
165,563 135,349
Weighted average number of shares outstanding – diluted 129,142,940
132,074,002
For the year ended December 31, 2014, 36,499 employee stock options (2013 – 372,349) and 849 (2013 – nil) restricted share
units were not included in the calculation of dilutive potential shares as the result would have been anti-dilutive.
15. Financial instruments and risk management
(a) Fair value of financial assets and financial liabilities
The Corporation’s financial assets and liabilities consist primarily of cash and cash equivalents, accounts receivable, derivatives
designated in an effective hedging relationship, interest bearing deposits, accounts payable and accrued liabilities and long-term
debt. The following tables set out the Corporation’s classification and carrying amount, together with the fair value, for each
type of financial asset and financial liability at December 31, 2014 and 2013:
Fair value Amortized cost Total
December 31, 2014 Through profit or loss Derivatives Loans and receivables Other financial liabilities Carrying amount Fair value
Asset (liability): −
Cash and cash equivalentsP
(i)
1,416,220 − − − 1,416,220 1,416,220
Accounts receivable
− − 54,950 − 54,950 54,950
Foreign exchange derivativesP
(ii)
− 6,360 − − 6,360 6,360
Interest rate derivativesP
(iii)
− (7,654) − − (7,654) (7,654)
DepositsP
(iv)
25,204 − − − 25,204 25,204
Accounts payable and accrued
liabilitiesP
(v) − − − (412,704) (412,704) (412,704)
Long-term debtP
(vi) − − − (1,188,663) (1,188,663) (1,225,907)
1,441,424 (1,294) 54,950 (1,601,367) (106,287) (143,531)
Fair value Amortized cost Total
December 31, 2013
Through profit
or loss Derivatives
Loans and
receivables
Other financial
liabilities
Carrying
amount
Fair
value
Asset (liability):
Cash and cash equivalentsP
(i)
1,314,111
–
–
–
1,314,111
1,314,111
Accounts receivable – – 42,164 – 42,164 42,164
Foreign exchange derivativesP
(ii)
– 4,158 – – 4,158 4,158
Interest rate derivativesP
(iii)
– 883 – – 883 883
DepositsP
(iv)
32,021 – – – 32,021 32,021
Accounts payable and accrued
liabilitiesP
(v) – – – (480,836) (480,836) (480,836)
Long-term debtP
(vi)
– – – (878,395) (878,395) (924,570)
1,346,132 5,041 42,164 (1,359,231) 34,106 (12,069)
(i) Includes restricted cash of $58,149 (2013 – $58,106).
(ii) Includes $6,409 (2013 – $4,187) classified in prepaid expenses, deposits and other, and $49 (2013 – $29) classified in accounts payable and accrued
liabilities.
(iii) Includes $2,809 (2013 – $3,220) classifed in accounts payable and accrued liabilities and $4,845 classified in other long-term liabilitiess (2013 – $4,103
in long-term assets).
(iv) Includes $17,585 (2013 – $19,355) classified in prepaid expenses, deposits and other, and $7,619 (2013 – $12,666) classified in other long-term
assets.
(v) Excludes deferred WestJet Rewards program revenue of $86,870 (2013 – $59,082), foreign exchange derivative liabilities of $49 (2013 – $29), and
interest rate derivative liabilities of $2,809 (2013 – $3,220).
(vi) Includes current portion of long-term debt of $159,843 (2013 – $189,191) and long-term debt of $1,028,820 (2013 – $689,204).