NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Expressed in United States dollars) 21. Non-cash transactions The Company made the following non-cash transactions: 2000 1999 1998 Redemption of preferred stock and issue of replacement ordinary shares of common stock at $Nil consideration (10,639, 14,835, and 210 shares respectively) (Note 8) $ 12,767 $ 17,802 $ 252 Preferred stock issued to employees at $Nil consideration (2,279, 9,768, and 7,590 shares respectively) (Note 8 and 16) $ 2,735 $ 11,722 $ 9,108 Redemption of preferred stock at $Nil consideration (200, nil, and nil shares respectively) (Note 8) ( 240) - - Ordinary shares of common stock issued under the Directors Share Plan at $Nil consideration (6,890, 2,400, and nil respectively) (Note 16) 49,084 14,850 - Additional paid in capital from stock options  - 350,688 40,498 $ 51,579 $ 377,260 $ 49,606 Reduction in additional paid in capital from cancellation of treasury shares (Note 8) $ 1,315,678 $ - $ - Dividends declared but not paid (Note 6) $ 401,965 $ 266,585 $ 257,117 Depreciation charges capitalized (Note 5) $ 33,682 $ 35,749 $ 30,319 CONSOLIDATED WATER CO. LTD.