As at December 31, 2019, TL had the following in Shareholders' Equity: Share Capital: Preferred shares, $1.25, no-par, cumulative, fully $3,200,000 participating 200,000 shares authorized; 40,000 shares issued and outstanding Common shares, no-par 925,000 1,000,000 shares authorized; 145,000 issued; 141,500 outstanding Common share subscriptions 200,000 Subscriptions receivable 30,000 Common stock conversion rights 260,000 Accumulated other comprehensive income Contributed surplus: retirement of common shares Contributed surplus: retirement of preferred shares Contributed surplus: employee stock options Retained earnings Treasury shares, common 3,500 shares 90,000 8,000 150,000 1,800,000 80,000 (150,000) Total Shareholders' Equity $6,593,000 Note 1: Preferred dividends were not declared for the year ended December 31, 2019. Note 2: Participation applies to cash dividend distributions only, if applicable in any given year, after common shares have received $0.30 per share. Should participatic be activated, dividends are distributed on the relative dividend pay-out ratio basis determined to one percentage place. Note 3: This plan is fully vested and comprises 30,000 stock options and entitles th option holders, after paying $6.00 per option, to 5 common shares for each option.