Weighted average number of shares Diluted earnings per share Weighted average number of shares (diluted) 20. LOANS AND BORROWINGS 68 CCL Industries Inc. 2011 Annual Report The calculation of diluted earnings per share for the year ended December 31, 2011, was based on profit attributable to Class A shares of $5.8 million (2010 – $4.9 million) and Class B shares of $78.3 million (2010 – $66.2 million) and a weighted average number of Class A shares outstanding of 2,374,025 (2010 – 2,374,025) and Class B shares outstanding of 31,284,006 (2010 – 31,037,907). The average market value of the Company’s shares for purposes of calculating the dilutive effect of share options was based on quoted market prices for the year that the options were outstanding. This note provides information about the contractual terms of the Company’s interest-bearing loans and borrowings, which are measured at amortized cost. For more information about the Company’s exposure to interest rate, foreign currency and liquidity risk, see note 26. 2011 2010 Class A shares Class B shares Class A shares Class B shares Issued and outstanding shares at January 1 2,374,025 30,621,521 2,374,025 30,333,621 Effect of stock options exercised — 113,785 — 78,700 Effect of repayment of share purchase loans — — — 43,750 Effect of shares released from trust — 1,213 — — Weighted average number of shares at December 31 2,374,025 30,736,519 2,374,025 30,456,071 Dec 31, 2011 Dec 31, 2010 Weighted average number of shares (basic) 33,110,544 32,830,096 Effect of share loans 17,607 16,849 Effect of deferred share units on issue 69,201 51,229 Effect of reciprocal shareholdings 262,795 265,000 Effect of share options on issue 197,884 248,758 Weighted average number of shares (diluted) 33,658,031 33,411,932 Dec 31, 2011 Dec 31, 2010 Jan 1, 2010 Current liabilities Current portion of unsecured senior notes $ 9,512 $ 68,989 $ 42,331 Current portion of finance lease liabilities 413 665 415 Current portion of other loans 9,825 5,974 2,227 $ 19,750 $ 75,628 $ 44,973 Short-term operating credit lines available $ 31,277 $ 30,677 $ 30,039 Short-term operating credit lines used $ — $ 497 $ — Non-current liabilities Unsecured senior notes $ 323,603 $ 325,617 $ 416,824 Finance lease liabilities 1,796 2,143 239 Other loans 8,819 18,014 18,105 $ 334,218 $ 345,774 $ 435,168 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Years ended December 31, 2011 and 2010 (In thousands of Canadian dollars, except share and per share information)