Canadian Pacific Railway Limited reported unaudited consolidated earnings results for the fourth quarter and full year December 31, 2011. For the quarter, total revenues were CAD 1,408 million, operating income was CAD 303 million, income before income tax expense was CAD 232 million and net income was CAD 221 million or CAD 1.30 per diluted share against total revenues of CAD 1,294 million, operating income of CAD 298 million, income before income tax expense of CAD 238 million and net income of CAD 186 million or CAD 1.09 per diluted share for the same period a year ago. Cash used in operating activities was CAD 161 million and additions to properties was CAD 400 million against cash provided by operating activities of CAD 381 million and additions to properties of CAD 282 million a year ago. For the full year, revenues were CAD 5,177 million, operating income was CAD 967 million, income before income tax expense was CAD 697 million and net income was CAD 570 million or CAD 3.34 per diluted share against revenues of CAD 4,981 million, operating income of CAD 1,116 million, income before income tax expense of CAD 871 million and net income of CAD 651 million or CAD 3.85 per diluted share for the same period a year ago. Cash provided by operating activities was CAD 512 million and additions to properties was CAD 1,104 million against cash provided by operating activities of CAD 502 million and additions to properties of CAD 726 million a year ago. The company plans to spend in the range of CAD 1.1 billion to CAD 1.2 billion on capital programs in 2012. CP expects its tax rate to be in the 25% to 27% range in 2012.