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For options and share awards granted for stock-based compensation, $3.3 million (2010 - $3.9 million) has been recognized in the financial statements as an expense with a corresponding offset to contributed surplus. The fair value of options granted has been estimated using the Black-Scholes model and the following assumptions: 

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The expected life of the stock options is estimated by observing general historical stock option holder behaviour. Expected volatility is estimated based on the historical patterns of volatility of the Company’s shares. 

A summary of the status of the Company’s employee stock option plan as of December 31, 2011 and 2010 and changes during the years ended on those dates is presented below. 

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The weighted average share price at the date of exercise in 2011 was $29.69 (2010 - $29.17). 

The following table summarizes information about the employee stock options outstanding at December 31, 2011. 

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