Share Equity Fair Value Tran slation Retained Total Notes Capital Warrants Reserve Reserve Reserve Earnings Equity Balance at January 1, 2011  $157,402,328 $405,306 $3,174,831 $22,350,157 - $12,451,862 $195,784,484 Total comprehensive income for the year  Earnings for the period  - - - - - 34,712,444 34,712,444  Other comprehensive income  Net change in fair value of available-for-sale  financial assets 5 - - - 1,093,437 - - 1,093,437 Tax impact of change in fair value  (136,679) - (136,679) Realized gain on reduction of partnership interest  - - - (24,015,973) - - (24,015,973) Tax impact of realized gain  - - - 3,001,997 - - 3,001,997 Foreign currency translation differences  - - - - (124,94 7) - (124,947) Total other comprehensive income  - - - (20,057,218) (124,94 7) - (20,182,165) Total comprehensive income for the year  $- $- $- $(20,057,218) $(124,9 47)  $34,712,444 $14,530,279  Transactions with shareholders of the Company,  recognized directly in equity  Contributions by and distributions to shareholders  of the Company  Non-cash stock based compensation  10 $- $- $1,826,178 $- $- $- $1,826,178 Warrants exercised in the period  8 3,988,875 - - - - - 3,988,875 Fair value of warrants exercised in the period  8 390,794 (390,794) - - - - - Fair value of warrants expired in the period  - (14,512) 14,512 - - - - Dividends to shareholders  8 - - - - - (18,014,242) (18,014,242)  Options exercised in the period  8 126,696 - (14,021) - - - 112,675 Payments in lieu of dividends on RSUs  10 - - - - - (248,653) (248,653)  Shares issued after director RSU vesting  375,000 - (375,000) - - - - Shares issued in the period  40,053,000 - - - - - 40,053,000 Share issue costs, net of tax  (1,667,083) - - - - (4,303) (1,671,386) Shares issued in lieu of dividends on RSUs  10 152,550 - - - - - 152,550  Total transactions with Shareholders of the  Company  43,419,832  (405,306)  1,451,669  -  - (18,267,198)  26,198,997  Balance at December 31, 2011  $200,822,160  $ -  $4,626,500  $2,292,939  $(124,9 47)  $28,897,018  $236,513,760  Alaris Royalty Corp. 2011 Annual Report   21  Alaris Royalty Corp.  Consolidated statement of changes in equity For the year ended December 31, 2011 