The following table shows the impact of foreign currency on the conversion of our U.S. operations into Canadian dollars. As can be seen above, sales decreased $12.7 million in 2011 due to a stronger Canadian dollar. Adjusted EBITDA was reduced by $0.9 million for the same reason. The reason for the increase in Adjusted EBITDA from 2010 is discussed by business in Section 5.4 below. Net income for 2011 was $18.2 million, or $1.20 per basic share, compared to $20.0 million, or $1.24 per basic share for last year.  However, the results for both 2010 and 2011 included unusual and one-time costs. The following table shows the impact of one-time acquisition costs, integration costs and stock option expense on our diluted  earnings per share for 2010 and 2011. It also calculates earnings per share for both 2010 and 2011 using the shares outstanding at  the end of 2011 to normalize the non-voting share retraction that occurred partway through 2010 and to better compare the two years. The above table shows that excluding the impact of one-time acquisition and integration costs, stock option expense, and  adjusting income taxes for withholding tax paid on an intercompany dividend, net income in 2011 increased by $2.8 million, or 11.2%, and diluted earnings per share calculated using shares outstanding at the end of 2011 increased by $0.18 per share.  38 HIGH LINER FOODS INCORPORATED 2011 2010 Diluted Earnings Per Share Diluted Earnings Per Share Based on Based on Average  Year-end Average  Year-end Shares  Shares Shares 2011 Shares ($000s)  Outstanding Outstanding  Outstanding Outstanding Net Income $ 18,180 $  1.19 $  1.19 $ 19,985 $  1.23 $  1.30  Add back  – – – –  After-tax business acquisition, integration,  and other costs  8,575 0.56 0.56  544 0.03 0.04  Intercompany dividend withholding tax 800 0.05 0.05  1,006 0.06 0.07  27,555 1.80 1.80 21,535 1.33 1.41  Stock Compensation Expense  (including income tax adjustment in 2010)  651 0.04 0.04  3,833 0.24 0.25  Adjusted Net Income 28,206 1.84 1.84 25,368 1.56 1.66  Shares outstanding – as reported (000s)  15,087  15,087  Dilutive effect of stock options outstanding at year-end (000s)  232  232  Year-end 2011 dilutive shares (000s)  15,341 15,319  16,244   15,319  Net Income Change over 2011 2010  2011 2010  2010 (In $000s)  Canadian $ Canadian $  Domestic $  Domestic $ Domestic $ External Sales Canada   $ 296,009  $ 284,356  $ 296,009  $ 284,356 4.1% USA  372,580 300,359 376,284 291,386 29.1% 668,589  584,715 672,293  575,742 16.8% Conversion  – – (3,704) 8,973 668,589  584,715 668,589 584,715 14.3% Adjusted EBITDA Canada  25,418  24,978 25,418 24,978 1.8% USA  29,279  22,207 29,498  21,528 37.0% 54,697 47,185 54,916 46,506 18.1% Conversion  – – (219) 679 54,697 47,185 54,697  47,185 15.9% Adjusted EBITDA as % of sales In Canadian dollars  8.2%  8.1%  In domestic dollars  8.2%  8.1% 