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Note 13 - Capital Stock
 12 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
13.
Capital stock
 
The authorized capital stock of the Company is as follows:
 
An unlimited number of Preferred Shares, issuable in series;
An unlimited number of Subordinate Voting Shares having
one
vote per share; and
An unlimited number of Multiple Voting Shares having
20
votes per share, convertible at any time into Subordinate Voting Shares at a rate of
one
Subordinate Voting Share for each Multiple Voting Share outstanding.
 
 
The following table provides a summary of total capital stock issued and outstanding:
 
    Subordinate Voting Shares     Multiple Voting Shares     Total Common Shares  
    Number     Amount     Number     Amount     Number     Amount  
                                     
Balance, December 31, 2016    
37,322,767
      
399,401
      
1,325,694
      
373
      
38,648,461
      
399,774
  
Balance, December 31, 2017    
37,608,467
      
406,611
      
1,325,694
      
373
      
38,934,161
      
406,984
  
 
During the year ended
December 31, 2017,
the Company declared dividends on its Common Shares of
$0.10
per share (
2016
-
$0.10
).
 
Pursuant to an agreement approved in
February 2004
and restated on
June 1, 2015,
the Company agreed that it will make payments to Jay S. Hennick, its Chief Executive Officer (“CEO”), that are contingent upon the arm’s length acquisition of control of the Company or upon a distribution of the Company’s assets to shareholders. The payment amounts will be determined with reference to the price per Subordinate Voting Share received by shareholders upon an arm’s length sale or upon a distribution of assets. The right to receive the payments
may
be transferred among members of the CEO’s family, their holding companies and trusts. The agreement provides for the CEO to receive each of the following
two
payments. The
first
payment is an amount equal to
5%
of the product of: (i) the total number of Subordinate and Multiple Voting Shares outstanding on a fully diluted basis at the time of the sale and (ii) the per share consideration received by holders of Subordinate and Multiple Voting Shares minus a base price of
C$3.324.
The
second
payment is an amount equal to
5%
of the product of (i) the total number of shares outstanding on a fully diluted basis at the time of the sale and (ii) the per share consideration received by holders of Subordinate Voting Shares minus a base price of
C$6.472.
Assuming an arm’s length acquisition of control of the Company took place on
December 31, 2017,
the amount required to be paid to the CEO, based on a market price of
C$75.87
per Subordinate Voting Share, would be
US$230,185.