MANAGEMENT’S DISCUSSION AND ANALYSIS
DIVIDENDS AND SHARE INFORMATION
Dividends
In February 2014, the Board approved an increase in the annualized
dividend rate to $1.83 per Class A Voting and Class B Non-Voting
share, a dividend increase to be paid in quarterly amounts of $0.4575
per share. In February 2013 the Board increased the annualized
dividend rate from $1.58 to $1.74 per Class A Voting and Class B Non-
Voting share. Quarterly dividends are only paid as declared by our
Board.
ANNUALIZED DIVIDENDS PER SHARE AT YEAR END
2013
2012
2011
$1.74
$1.58
$1.42
($)
The table below shows when dividends have been declared and paid on both classes of shares over the past two years:
Declaration date Record date Payment date
Dividend
per share
Dividends paid
(in millions)
February 21, 2012 March 19, 2012 April 2, 2012 $0.395 $207
April 25, 2012 June 15, 2012 July 3, 2012 $0.395 $205
August 15, 2012 September 14, 2012 October 3, 2012 $0.395 $204
October 24, 2012 December 14, 2012 January 2, 2013 $0.395 $204
February 14, 2013 March 15, 2013 April 2, 2013 $0.435 $224
April 23, 2013 June 14, 2013 July 3, 2013 $0.435 $224
August 15, 2013 September 13, 2013 October 2, 2013 $0.435 $224
October 23, 2013 December 13, 2013 January 2, 2014 $0.435 $224
We expect that the record and payment dates for the 2014 declaration
of dividends to be as follows, subject to the declaration by our Board
each quarter at their sole discretion:
Record date Payment date
March 14, 2014 April 4, 2014
June 13, 2014 July 4, 2014
September 12, 2014 October 3, 2014
December 11, 2014 January 2, 2015
Outstanding Common Shares
The table below shows our outstanding common shares at
December 31, 2013 and 2012.
In 2013, we purchased a total of 546,674 Class B Non-Voting shares for
cancellation according to our normal course issuer bid for
approximately $22 million. See Note 23 to our 2013 audited
consolidated financial statements for more information.
At December 31 shares outstanding 2013 2012
Common shares 1
Class A Voting 112,462,000 112,462,014
Class B Non-Voting 402,281,178 402,788,156
Total common shares 514,743,178 515,250,170
Options to purchase Class B Non-
Voting shares
Outstanding options 6,368,403 8,734,028
Outstanding options exercisable 4,066,698 4,638,496
1 Holders of our Class B Non-Voting shares are entitled to receive notice of and to
attend shareholder meetings; however, they are not entitled to vote at these meetings
except as required by law or stipulated by stock exchanges. If an offer is made to
purchase outstanding Class A Voting shares, there is no requirement under applicable
law or our constating documents that an offer be made for the outstanding Class B
Non-Voting shares, and there is no other protection available to shareholders under
our constating documents. If an offer is made to purchase both classes of shares, the
offer for the Class A Voting shares may be made on different terms than the offer to
the holders of Class B Non-Voting shares.
We use the weighted average number of shares outstanding to
calculate earnings per share. See “Non-GAAP Measures” for more
information.
End of period weighted average number of shares
outstanding
(Number of shares outstanding in millions)
Years ended December 31
2013 2012
Basic weighted average number of shares outstanding 515 519
Diluted weighted average number of shares outstanding 518 522
2013 ANNUAL REPORT ROGERS COMMUNICATIONS INC. 65