The aggregate amount of temporary differences associated with investments in subsidiaries and joint ventures for which deferred tax liabilities have not been recognized as at December 31, 2011, is $350 million (2010 – $325 million). The aggregate amount of temporary differences associated with investments in subsidiaries and joint ventures for which deferred tax assets have not been recognized as at December 31, 2011, is $21.5 million (2010 – $16.2 million). At December 31, 2011, the authorized share capital comprised an unlimited number of Class A voting shares and an unlimited number of Class B non-voting shares. The Class A and B shares have no par value. All issued shares are fully paid. Both Class A and Class B shares are classified as equity. The annual dividends per share were as follows: During 2010, the Company granted awards totalling 251,820 Class B shares of the Company. Shares to be used to satisfy this obligation had been purchased in prior years in the open market and are restricted in nature. These awards will vest in 2013 dependent on the Company’s performance and continuing employment. The fair value of these stock awards are being amortized over the vesting period and recognized as compensation expense as they are earned. The calculation of basic earnings per share for the year ended December 31, 2011, was based on profit attributable to Class A shares of $5.9 million (2010 – $5.0 million) and Class B shares of $78.2 million (2010 – $66.1 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 30,736,519 (2010 – 30,456,071). CCL Industries Inc. 2011 Annual Report 67 Basic earnings per share 19. EARNINGS PER SHARE Shares held in trust Dividends 18. SHARE CAPITAL Shares issued: The holders of Class A shares receive dividends set at $0.05 per share per annum less than Class B shares, are entitled to one vote per share at meetings of the Company and their shares are convertible at any time into Class B shares. Class B shares rank equally in all material respects with Class A shares, except as follows: (ii) Class B (i) Class A (a) The holders of Class B shares are entitled to receive material and attend, but not to vote at, regular shareholder meetings. (b) Holders of Class B shares are entitled to voting privileges when consideration for the Class A shares, under a takeover bid when voting control has been acquired, exceeds 115% of the market price of the Class B shares. (c) Holders of Class B shares are entitled to receive, or have set aside for payment, dividends declared by the Board of Directors from time to time, set at $0.05 per share per annum greater than Class A shares. 2011 2010 Class A share $ 0.650 $ 0.605 Class B share $ 0.700 $ 0.655 Class A Class B Shares (000s) Amount Shares (000s) Amount Total Balance, January 1, 2010 2,374 $ 4,517 30,674 $ 206,874 $ 211,391 Stock options exercised — — 238 6,817 6,817 Balance, December 31, 2010 2,374 4,517 30,912 213,691 218,208 Stock options exercised — — 403 9,749 9,749 Balance, December 31, 2011 2,374 $ 4,517 31,315 $ 223,440 $ 227,957