The Company is authorized to issue an unlimited number of voting common shares, an unlimited number of non-voting, redeemable, retractable Class A common shares and an unlimited number of non-voting, cumulative, redeemable, retractable preferred shares. As at February 28, 2026 and February 28, 2025, there were no Class A common shares or preferred shares outstanding.


	Capital Stock and Additional Paid-in Capital
	Stock Outstanding (000s)	Amount
Common shares outstanding as at February 28, 2023	582,157	$	2,908.6
Exercise of stock options	106	0.3
Common shares issued for restricted share unit settlements	5,636	—
Stock-based compensation	—	33.1


Common shares issued on the redemption of deferred share units	297	0.9
Common shares issued for employee share purchase plan	1,037	4.8

Common shares outstanding as at February 29, 2024	589,233	2,947.7
Exercise of stock options	12	—
Common shares issued for restricted share unit settlements	5,823	—
Stock-based compensation	—	25.6




Common shares issued for employee share purchase plan	1,163	3.1
Common shares outstanding as at February 28, 2025	596,231	2,976.4
Exercise of stock options	28	—
Common shares issued for restricted share unit settlements	6,142	—
Stock-based compensation	—	23.1








Common shares issued for employee share purchase plan	580	2.5
Share repurchase	(15,550)	(77.6)
Common shares outstanding as at February 28, 2026	587,431	$	2,924.4

The Company had 588 million voting common shares outstanding, 13.7 million RSUs and 1.8 million DSUs outstanding as at April 6, 2026. In addition, 51.5 million common shares are issuable upon conversion in full of the Notes as described in Note 7.

On May 8, 2025, the Company announced that it received acceptance from the Toronto Stock Exchange with respect to a normal course issuer bid (“NCIB”) share buyback program to purchase for cancellation up to 27.9 million common shares of the Company, or approximately 4.7% of the outstanding public float at May 5, 2025. The NCIB share buyback program commenced on May 12, 2025, and will terminate on the earliest of May 11, 2026, such date as the Company may determine, or the date on which the maximum number of common shares that may be purchased under the NCIB share buyback program has been reached. The Company is not obligated to repurchase any common shares under the NCIB share buyback program. During the year ended February 28, 2026, the Company repurchased 15.6 million common shares, at a cost of $60.7 million including $0.7 million in share buyback tax. The Company recorded a reduction of $77.6 million to capital stock and the amount paid below the per share paid-in capital of the common shares of $16.9 million was recorded to deficit. All common shares repurchased by the Company pursuant to the NCIB share buyback program have been canceled.


	RSUs Outstanding
	Number (000’s)	Weighted Average Grant Date Fair Value		Average Remaining Contractual Life in Years	Aggregate Intrinsic Value (millions)








Balance as at February 28, 2025	11,504	$	3.10
Granted during the year	9,649	3.25
Vested during the year	(6,142)	3.77
Forfeited/cancelled during the year	(1,414)	3.00
Performance adjustment (1)	148	2.90
Balance as at February 28, 2026	13,745	$	2.91	1.42 years	$	47
Expected to vest February 28, 2026	12,840	$	2.88	1.45 years	$	44

(1) The Company includes only the target number of PBRSUs in the granted amount. During the period, actual performance results exceeded target for certain PBRSUs, resulting in incremental shares being earned. These additional shares are presented separately as “Performance adjustment” to reflect the impact of the above-target performance.

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the aggregate closing share price of the Company’s common shares on February 28, 2026 that would have been received by RSU holders if all RSUs had been vested on February 28, 2026).

As at February 28, 2026, there was $29.0 million of unrecognized compensation expense related to RSUs that will be expensed over the vesting period, which, on a weighted average basis, results in a period of approximately 1.47 years.

During the year ended February 28, 2026, the weighted average fair value for RSUs granted was $3.25 (February 28, 2025 - $1.53; February 29, 2024 - $3.51). During the year ended February 28, 2026, the fair value of RSUs that vested was $23.2 million (February 28, 2025 - $29.2 million; February 29, 2024 - $38.1 million).

The Company issued 510,923 DSUs and redeemed 356,666 DSUs during the year ended February 28, 2026. There were 1.8 million DSUs outstanding as at February 28, 2026 (February 28, 2025 - 1.6 million). The Company had a liability of $6.0 million in relation to the DSU Plan as at February 28, 2026 (February 28, 2025 - $7.7 million) included in accrued liabilities.