21. CAPITAL AND OTHER COMPONENTS OF EQUITY (CONTINUED):   On May 2, 2012, the Company announced an increase in its quarterly dividend from $0.085 to $0.09 per share  effective immediately. On January 30, 2013, the Company declared an additional dividend of $0.36 per share to  Shareholders of record on February 8, 2013 and paid on February 28, 2013. The following dividends were declared  by the Company:  Capital management: The Company’s objectives when managing capital are:  The Company typically invests in its operations between $6.0 million and $9.0 million yearly in capital expenditures.  Management believes that these investments, combined with approximately $25.0 million spent on average annually  on maintenance expenses, allow for the stability of the manufacturing operations and improve its cost competitiveness  through new technology or process procedures.  The Board of Directors aims to ensure proper cash reserves are in place to maintain the current dividend level.  Dividends to shareholders will only be raised after the Directors have carefully assessed a variety of factors that include  the overall competitive landscape, volume and selling margin sustainability, the operating performance and capital  requirements of the manufacturing plants and the sustainability of any increase.  The Company has a $150.0 million revolving credit facility.The Company estimates to use between $50.0 million and  $80.0 million of its revolving credit facility to finance its normal operations during the year. The Company monitors, on a quarterly basis, the ratio of total debt to earnings before interest, income taxes,  depreciation and amortization, adjusted for the impact of all derivative financial instruments (“adjusted EBITDA”) of  the operating company.Through required lenders’ covenants, the debt ratio must be kept below 3.5:1 in order to have  no restrictions on interest payment from Lantic to the Company.At year end, the operating company’s ratio was below  1.00:1 for both fiscal 2013 and 2012. • To ensure proper capital investment is done in the manufacturing infrastructure to provide stability and  competitiveness of the operations. • To have stability in the dividends paid to shareholders. • To have appropriate cash reserves on hand to protect the level of dividends made to shareholders. • To maintain an appropriate debt level so that there is no financial constraint on the use of capital. • To have an appropriate line of credit. • To repurchase shares or convertible debentures when trading values do not reflect fair values. For the years ended September 28, September 29,  2013 2012 $ $ Dividends 67,751 32,915 91 Annual Report 2013 (In thousands of dollars except as noted and per share amounts) Notes to CoNsolidated FiNaNCial statemeNts