On December 31, 2010, Berclair Inc. had 200 million shares of ordinary shares and 3 million shares of 9%, $100 par value cumulative preference shares declare and outstanding. On March 1, 2011, Berclair purchased 24 million shares of its ordinary shares as treasury stock. Berclair declare a 5% bonus issue on July 1, 2011. Four million treasury shares were sold on October 1. Net income for the year ended December 31, 2011, was $150 million. The income tax rate is 40%. Also outstanding at December 31 were incentive stock options granted to key executives on September 13, 2006. The options are exercisable as of September 13, 2010, for 30 million ordinary shares at an exercise price of $56 per share. During 2011, the market price of the ordinary shares averaged $70 per share. Bonds, convertible into 6 million ordinary shares had an effective interest rate of 8% and an unamortized balance of $62.5 million as January 1, 2011.