20. Share capital

Authorized share capital:

• Unlimited number of first preferred shares
• Unlimited number of second preferred shares
• Unlimited number of voting common shares, no stated par value, and
• One Class B share

• A. Common shares

Number Issued (Number of Shares)	2012	2011
Beginning of year	394,745,423	392,351,043
Issued:
Stock option plan [note 27]	604,971	394,380
Total	395,350,394	394,745,423

All issued shares are fully paid.

• B. Class B share

One Class B share issued during 1988 and assigned $1 of share capital entitles the shareholder to vote separately as a class in respect of any proposal to locate the head office of Cameco to a place not in the province of Saskatchewan.

• C. Dividends

Dividends on Cameco Corporation common shares are declared in Canadian dollars. For the year ended December 31, 2012, the dividend declared per share was $0.40 (December 31, 2011 - $0.40).