112 For the year ended December 31, 2012, dividends of $85 million or $1.26 per share have been declared and dividends of $81 million or $1.26 per share have been paid by the Company to the common shareholders (year ended December 31, 2011 - $60 million or $1.26 per share declared and $51 million or $1.26 per share paid). Dividends paid to common shareholders included cash payments of $62 million (year ended December 31, 2011 - $51 million) and dividends reinvested of $19 million (year ended December 31, 2011 – nil). For the year ended December 31, 2012, dividends of $6 million or $1.15 per share have been declared and paid by the Company to preferred shareholders (year ended December 31, 2011 - $6 million or $1.19 per share declared and paid). The special voting share holders are entitled to nominate and elect four Directors to the Company's Board of Directors, provided that they own not less than 20% of the aggregate number of outstanding CPC common shares and CPLP exchangeable LP units (exchangeable for CPC common shares). The special voting share holders are entitled to nominate and elect two Directors to the Company's Board of Directors, provided that they own less than 20% but not less than 10% of the aggregate number of outstanding CPC common shares and CPLP exchangeable LP units. The special voting shares and special limited voting shares were issued to a related party, EPCOR (including subsidiaries of EPCOR). The special limited voting share entitles holders the right to vote as a class on any matter that would: (i) change the location of Capital Power’s head office to a place other than the City of Edmonton in the Province of Alberta; (ii) amend the articles of Capital Power to, or result in a transaction that would, in each case, impact the location of the head office or its meaning as defined in Capital Power’s articles; or (iii) amend the rights attaching to the special limited voting share. Holders of Series 1 Shares will have the right to convert all or any part of their shares into Cumulative Floating Rate Preference Shares, Series 2 (Series 2 Shares), subject to certain conditions, on December 31, 2015 and on December 31 of every fifth year thereafter. Holders of Series 2 Shares will be entitled to receive a cumulative quarterly floating dividend at a rate equal to the sum of the then 90-day Government of Canada Treasury Bill yield plus 2.17%, as and when declared by the board of directors of Capital Power. The Company’s 5 million Cumulative Rate Reset Preferred Shares, series 1 (Series 1 Shares) pay fixed cumulative dividends of $1.15 per share per annum, yielding 4.60% per annum, payable on the last business day of March, June, September and December of each year, as and when declared by the board of directors of Capital Power, for the initial five-year period ending December 31, 2015. The dividend rate will be reset on December 31, 2015 and every five years thereafter at a rate equal to the sum of the then five- year Government of Canada bond yield and 2.17%. The Series 1 Shares are redeemable by Capital Power, at its option, on December 31, 2015 and on December 31 of every fifth year thereafter. Holders of Series 3 Shares will have the right to convert all or any part of their shares into Cumulative Floating Rate Preference Shares, Series 4 (Series 4 Shares), subject to certain conditions, on December 31, 2018 and on December 31 of every fifth year thereafter. Holders of Series 4 Shares will be entitled to receive a cumulative quarterly floating dividend at a rate equal to the sum of the then 90-day Government of Canada Treasury Bill yield plus 3.23%, as and when declared by the board of directors of Capital Power. 24. Share capital, continued: CAPITAL POWER CORPORATION Notes to the Consolidated Financial Statements (Tabular amounts in millions of Canadian dollars, except share and per share amounts)