CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY Years ended December 31, 2011 and 2010 (In thousands of Canadian dollars) See accompanying explanatory notes to the consolidated financial statements. 2011 2010 Share capital Class A shares, beginning of year $ 4,517 $ 4,517 Class A shares, end of year 4,517 4,517 Class B shares, beginning of year 213,691 206,874 Stock options exercised 9,749 6,817 Class B shares, end of year 223,440 213,691 Executive share purchase plan loans, beginning of year (233) (916) Repayment of executive share purchase plan loans — 683 Executive share purchase plan loans, end of year (233) (233) Shares held in trust, beginning of year (9,309) (9,136) Shares redeemed from trust 425 — Shares purchased and held in trust (177) (173) Shares held in trust, end of year (9,061) (9,309) Share capital, end of year (note 18) 218,663 208,666 Accumulated other comprehensive income (loss) Accumulated other comprehensive income (loss), beginning of year (19,816) 3,896 Other comprehensive loss (20,857) (23,712) Accumulated other comprehensive loss, end of year (note 29) (40,673) (19,816) Contributed surplus Contributed surplus, beginning of year 7,688 4,676 Stock option expense 1,190 1,550 Stock options exercised (1,313) (1,118) Stock-based compensation plan 1,856 2,580 Contributed surplus, end of year 9,421 7,688 Retained earnings, beginning of year 572,789 525,316 Net earnings 84,126 71,093 Defined benefit plan actuarial losses, net of tax (4,350) (2,197) Dividends: Class A (1,543) (1,436) Class B (21,553) (19,987) Total dividends to shareholders (23,096) (21,423) Retained earnings, end of year 629,469 572,789 Total shareholders’ equity, end of year $ 816,880 $ 769,327 CCL Industries Inc. 2011 Annual Report 45