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 51,898 1,703 35,991 89,592 Net earnings and comprehensive earnings — — 11,446 11,446 Issuance of shares related to business acquisitions 1,482 — — 1,482 Issuance of shares related to options exercised 6 — — 6 Share-based compensation — 819 — 819 Fair value of stock option exercised — (2) — (2) Balance as of June 30, 2011 53,386 2,520 47,437 103,343 Net earnings and comprehensive earnings — — 10,360 10,360 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 Share-based compensation — 1,009 — 1,009 Fair value of stock option exercised — (5) — (5) Balance as of June 30, 2012 54,411 3,524 57,797 115,732 See accompanying notes to consolidated fnancial statements.