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Note 12 - Redeemable Non-controlling Interests

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Noncontrolling Interest Disclosure [Text Block]

12. Redeemable non-controlling interests

The minority equity positions in the Company’s subsidiaries are referred to as redeemable non-controlling interests (“RNCI”). The following table provides a reconciliation of the beginning and ending RNCI amounts:

			2017				2016
Balance, January 1		$	134,803			$	139,592
RNCI share of earnings			16,497				15,943
RNCI redemption increment			22,583				3,521
Distributions paid to RNCI			(12,870	)			(14,428	)
Purchases of interests from RNCI, net			(31,782	)			(9,825	)
RNCI recognized on business acquisitions			16,258				-
Balance, December 31		$	145,489			$	134,803

The Company has shareholders’ agreements in place at each of its non-wholly owned subsidiaries. These agreements allow the Company to “call” the RNCI at a price determined with the use of a formula price, which is usually equal to a fixed multiple of average annual net earnings before income taxes, interest, depreciation, and amortization. The agreements also have redemption features which allow the owners of the RNCI to “put” their equity to the Company at the same price subject to certain limitations. The formula price is referred to as the redemption amount and

may

be paid in cash or in Subordinate Voting Shares. The redemption amount as of

December 31, 2017

was

$129,087

(

2016

-

$126,007

). The redemption amount is lower than that recorded on the balance sheet as the formula price of certain RNCI are lower than the amount initially recorded at the inception of the minority equity position. If all put or call options were settled with Subordinate Voting Shares as at

December 31, 2017,

approximately

2,100,000

such shares would be issued. The pro forma annual impact of such a settlement would be an increase of approximately

$0.88

to diluted earnings per share.

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- References

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X

- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-URI http://asc.fasb.org/topic&trid=2197479

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