The Company’s future income tax liabilities are summarized as follows: At December 31, 2003, the Company has tax-loss carry-forwards for Canadian income tax purposes of approximately $32 million (2002 – $20 million), which have been recognized as future income tax assets and are available to reduce future Canadian taxable income. These tax-loss carry-forwards expire at various dates between December 31, 2006 and December 31, 2010. (thousands of dollars) 2003 2002 Investments  $ 12,750 $ 6,034 63 First Capital Realty Annual Report 2003 Number of shares if  converted or exercised Exercise Price 2003 2002 Common share options $ 12.42 – 774,500 Advisory warrants $ 13.53 – 1,000,000 Common share options $ 13.82 – 425,000 Common share options $ 15.59 11,500 – Common share options $ 15.65 239,000 – (thousands of dollars, except per share) 2003 2002 Basic income Net income $ 44,026 $ 29,634 Accretion on equity component of convertible debentures, net of tax (21,877) (17,159) Basic net income available to common shareholders $ 22,149 $ 12,475 Diluted income Net income for the period $ 44,026 $ 29,634 Interest expense recorded on liability portion of convertible debentures, net of tax 2,231 2,525 Diluted net income available to common shareholders $ 46,257 $ 32,159 Denominator Weighted average shares outstanding for basic  per share amounts 24,323,968 16,833,910 Conversion of outstanding convertible debentures 20,560,914 19,386,382 Outstanding share purchase warrants 1,405,870 205,976 Outstanding options  86,959 – Denominator for diluted net income available to  common shareholders 46,377,711 36,426,268 Basic and diluted earnings per share $ 0.91 $ 0.74 The following securities were not included in the diluted per share calculation as the effect would have been anti-dilutive. The following tables set forth the computation of per share amounts. 16 Per Share Calculations