Share-Based Compensation

9 Months Ended

Sep. 30, 2011

Share-Based Compensation

Share-Based Compensation

12.  Share-Based Compensation

Lifeco, of which the Company is an indirect wholly-owned subsidiary, has a stock option plan that provides for the granting of options on its common shares to certain of its officers and employees and those of its subsidiaries, including the Company.  During the three-month periods ended September 30, 2011 and 2010, the Company recognized $506 and $492, respectively, in its condensed consolidated statements of income related to share-based compensation expense under the Lifeco stock option plan.  During the nine-month periods ended September 30, 2011 and 2010, the Company recognized $1,289 and $1,386, respectively, related to share-based compensation expense.

During the nine months ended September 30, 2011, Lifeco granted 550,700 stock options to employees of the Company.  The stock options vest evenly over a five-year period from the date of the grant.  Compensation expense of $2,472, computed using the accelerated method of recognition, will be recognized in the Company’s financial statements over the vesting period of these stock option grants.