Notes to Financial Statements Annual Report  2013  8.  Share capital (continued):  Dividends  9. DEBT:  10. SHARE-BASED PAYMENTS:  The RSU Plan will settle in voting common shares which may be issued from treasury or purchased on the Toronto Stock Exchange.  The Corporation has reserved 674,636 and issued 233,207 RSUs to management and Directors as of December 31, 2013. The RSUs  issued to directors vest over a three-year period. The RSUs issued to management (154,457) do not vest until the end of the three- year period (111,431 in September 2015 and 43,026 in July 2016) and are subject to certain performance conditions relating to  operating cash flow per share. The stock-based compensation expense relating to the RSU Plan is based on the issue price at the  time of grant and management’s estimate of the future performance conditions and will be amortized over the thirty-six month vesting  period. Payments in lieu of dividends on the unvested RSUs are made monthly in cash in accordance with the Corporation’s dividend  policy. The Corporation has a Restricted Share Unit Plan (“RSU Plan”) and a Stock Option Plan as approved by shareholders at a special  shareholders meeting on July 31, 2008 that authorizes the Board of Directors to grant awards of RSUs and Options subject to a  maximum of ten percent of the issued and outstanding common shares of the Corporation.  The Corporation has a $75,100,000 secured revolving credit facility with a syndicate of Canadian chartered banks. On December 31,  2013, the facility was extended from $50.1 million to $75.1 million. At December 31, 2013, the Corporation has $44.5 million in senior  debt outstanding. Interest is payable at the lenders’ prime rate plus 3.0% (6.0% at December 31, 2013). The term out date under the  credit facility is December 31, 2014. If monies are drawn, and if an extension is not received by December 31, 2014, the facility will be  repaid in thirty-six equal monthly installments commencing January 31, 2015. There are financial covenants under this facility and at  December 31, 2013, the Corporation is in compliance with each of the covenants based on a letter received by the Corporation from  the lending syndicate clarifying the exclusion of certain non-cash and extraordinary amounts in the calculation of the covenants for the  remainder of the term of the agreement.  In the first five months of 2013, the Corporation declared a dividend of $0.105 per common share. In June the Corporation declared a  dividend of $0.115 per common share and in July through December the Corporation declared a dividend of $0.12 per common share  ($36,746,211 in aggregate). For the year ended December 31, 2012, dividends of $24,959,880 were declared.  The following dividends were declared and paid by the Corporation:  605,387 options were excluded from the calculation as they were anti-dilutive at December 31, 2013.  2013  2012  Weighted average shares outstanding, basic  26,695,896  20,934,869  Effect of outstanding options  478,968  335,943  Effect of outstanding RSUs  233,207  205,181  Weighted average shares outstanding, fully diluted  27,408,071  21,475,993  Total Debt Continuity Amount  Balance at January 1, 2013  $ 50,000,000  Senior debt repayment, January 2013  $ (44,000,000)  Senior debt repayment, February 2013  (2,000,000) Senior debt advance, March 2013  15,000,000  Senior debt repayment, March 2013  (5,000,000)  Senior debt repayment, April 2013  (4,000,000)  Senior debt repayment, May 2013  (10,000,000)  Senior debt advance, May 2013  31,000,000  Senior debt repayment, June 2013  (7,000,000)  Senior debt advance, June 2013  72,000,000  Senior debt repayment, July 2013  (96,000,000)  Senior debt advance, October 2013  6,000,000  Senior debt advance, November 2013  33,500,000  Senior debt advance, December 2013  5,000,000  Balance at December 31, 2013   $ 44,500,000  62 