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Danier Leather Inc. manufactures and retails leather products, earning international recognition as a leader n leather and suede design. The company's annual report for the fiscal y ear ended June 30, 2012 ncluded the following (all amounts are in thousands) (d) Normal course issuer bids During the past several y the Company has received approval from the TSX to commence arious ears, normal course issuer bids (NCIBs On May 5, 2011, the Company received approval from the TSX to commence its fifth normal course issuer bid (the "2011 NCIB") The 2011 NCIB permitted the Company to acquire up to 176,440 Subordinate Voting Shares, representing approximately 5% of the Company's issued and outstanding Subordinate Voting Shares at the date of acceptance of the notice of intention in respect of the 2011 NCIB filed with the TSX during the period from May 9, 2011, to May 8, 2012, or such earlier date as the Company may have completed its purchases under the 2011 NCIB. The 2011 NCIB expired on May 8, 2012, without being renewed. During the fourth quarter of fiscal 2011 and the first quarter of fiscal 2012, the Company repurchased an aggregate of 125,000 Subordinate Voting Shares for cancellation at a weighted average price of $11.44. The following Subordinate Voting Shares were repurchased for cancellation under the NCIBs n effect during year ended June 30, 2012, and June 25, 2011, respectively June 30, 2012 June 25, 201 69,000 78,800 Number of shares repurchased under NCIBs Amount charged to share capital Amount charged to retained earnings representing the excess over the average paid-in value 409 338.5 425 Total cash consideration 834 1.00 Source: Danier Leather Inc., Annual Report 2012. Required 1. What was the average price that the company paid to repurchase shares in fiscal year 2012? (Round your answer to 2 decimal places. verage repurchase price

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