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Note 19 - Capital Stock
 12 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
19.
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
  
                                                 
Balances as at:                                                
December 31, 2019    
38,519,517
     $
441,780
      
1,325,694
     $
373
      
39,845,211
     $
442,153
  
December 31, 2020    
38,863,742
      
457,620
      
1,325,694
      
373
      
40,189,436
      
457,993
  
 
During the year ended
December 31, 2020,
the Company declared dividends on its Common Shares of
$0.10
per share (
2019
-
$0.10
).
 
Pursuant to an agreement approved in
February 2004
and restated on
June 1, 2015 (
the “Long Term Arrangement”), the Company agreed that it will make payments to Jay S. Hennick, its Chairman & 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 Chairman & CEO's family, their holding companies and trusts. The agreement provides for the Chairman & 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, 2020,
the amount required to be paid to the Chairman & CEO, based on a market price of
C$113.28
per Subordinate Voting Share, would be
US$393,850.