NOTE 15 Commitments NOTE 16 Share capital Operating lease commitments for the next five years are as follows: Operating lease commitments result principally from leases for cold storage facilities, office equipment, premises and production  equipment. Operating lease payments recognized as an expense during the year are $4.7 million (December 29, 2012: $3.3 million). The Company’s lease arrangements do not contain restrictions concerning dividends; additional debt and further leasing imposed by the  lessor and on aggregate contain the option to renew the contract for at least one additional term. The Company has letters of credit outstanding as at December 28, 2013, relating to the procurement of inventories and the security of  certain contractual obligations of $1.4 million (December 29, 2012: $1.2 million) that are denominated in USD. The Company also had a  letter of credit outstanding as at December 28, 2013 relating to the securitization of the Company’s SERP benefit plan ( note 14 ) in the amount  of $11.2 million (December 29, 2012: $11.1 million). A summary of the Company’s equity share transactions are as follows: Operating lease (Amounts in $000s) payments 2014 $ 4,857 2015 4,223 2016 3,726 2017 3,609 2018 1,147 The share capital of the Company is as follows: December 28, December 29,  2013  2012 Authorized: Preference shares, par value of CAD$25 each, issuable in series 5,999,994 5,999,994 Subordinated redeemable preference shares, par value of CAD$1 each, redeemable at par  1,025,542 1,025,542 Non-voting equity shares  198,123,180  198,123,180 Common shares, without par value   200,000,000  200,000,000 December 28, 2013 December 29, 2012 Shares ($000s) Shares ($000s) Common shares: Balance, beginning of period 15,128,769 $ 75,169 13,298,784 $ 60,958 Stock options exercised  (note 18) 156,941 1,395 71,023 650 Equity-settled reclassification from contributed surplus or liability  (note 18) — 3,696 — 814 156,941 5,091 71,023 1,464 Share redemption (non-voting to common) — — 1,758,962 12,747 Balance, end of period  15,285,710 $ 80,260 15,128,769 $ 75,169 Non-voting equity shares: Balance, beginning of period — $ — 1,788,062 $ 12,973 Shares repurchased — — (29,100) (226) Share redemption (non-voting to common) — — (1,758,962) (12,747) Balance, end of period  — $ — — $ — ANNUAL REPORT 2013 83