Orbit Garant 2012 annual rep O rt 37 C ONSOLIDATED STATEMENTS OF C h ANGES IN EQUITY For the years ended June 30 2012 and 2011 Share Equity settled Retained Total shareholders capital reserve earnings equity in thousands of Canadian dollars note 14 note 14 note 22 Balance as of July 1 2010 51898 1703 35991 89592 Net earnings and comprehensive earnings 11446 11446 Issuance of shares related to business acquisitions 1482 1482 Issuance of shares related to options exercised 6 6 Sharebased compensation 819 819 Fair value of stock option exercised 2 2 Balance as of June 30 2011 53386 2520 47437 103343 Net earnings and comprehensive earnings 10360 10360 Issuance of shares related to business acquisitions 989 989 Issuance of shares related to purchase fnancing 20 20 Issuance of shares related to options exercised 16 16 Sharebased compensation 1009 1009 Fair value of stock option exercised 5 5 Balance as of June 30 2012 54411 3524 57797 115732 See accompanying notes to consolidated fnancial statements