Caribbean Utilities Company, Ltd.  2011  Annual Report Financial Statements 32 Statements of Retained Earnings (Expressed in thousands of United States dollars) Twelve  Twelve months ended months ended December 31, 2011 December 31, 2010 $ $ Balance at beginning of period  96,170 95,955 Earnings for the period  20,390 19,879 Dividends declared  (19,733) (19,664) Balance at end of period  96,827 96,170 See accompanying Notes to Financial Statements