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Shareholders' Equity

12 Months Ended

Dec. 31, 2022

Note 17. Shareholders’ Equity

Capital Stock

The authorized share capital of Scully is US$450,000 divided into 300,000,000 common shares of US$0.001 par value each and 150,000,000 preference shares divided into US$0.001 par value each.

Holders of common shares may receive dividends declared by the Company in accordance with the Company’s memorandum and articles of association, subject to any preferential dividend rights of any other classes or series of preference shares issued and outstanding. Holders of common shares are entitled to one vote per share at any general or special meeting of shareholders. The holders of common shares have the right on the winding up or dissolution of the Company to participate in the surplus assets of the Company in accordance with the provisions of the memorandum and articles of association of the Company, subject to the rights of any issued and outstanding preference shares.

The movements of total capital stock for the years ended December 31, 2022 and 2021 were as follows:


	Number	Capital Stock		Additional		Total
	of Shares	at Par Value		Paid-in Capital		Capital Stock
Balance, January 1	12,620,448	$	16	$	312,471	$	312,487
Stock dividends*	2,236,133		3		(3)		—
Balance, December 31, 2021	14,856,581		19		312,468		312,487
Exercise of stock options	42,949		—		602		602
Balance, December 31, 2022	14,899,530	$	19	$	313,070	$	313,089

* 9% stock dividends were distributed on May 31, 2021 to shareholders of record as at May 14, 2021 and 8% stock dividends were distributed on November 30, 2021 to shareholders of record as at November 15, 2021.

Note 17. Shareholders’ Equity (continued)

Treasury Stock


As at December 31:	2022		2021
Total number of common shares held as treasury stock		77,279		77,279
Total carrying amount of treasury stock	$	2,643	$	2,643

All of the Company’s treasury stock is held by the Company itself.