Sun Life 2012 Annual Report Download - page 148
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18. Fee Income
Fee income for the years ended December 31, consists of the following:
2012 2011
Income associated with administration and contract guarantees $ 422 $ 400
Fund management and other asset based fees 1,806 1,624
Commissions 542 506
Service contract fee income 193 191
Other fee income 65 75
Total fee income $ 3,028 $ 2,796
19. Operating Expenses
Operating expenses for the years ended December 31, consist of the following:
2012 2011
Employee expenses(1) $ 1,909 $ 1,729
Premises and equipment 164 156
Capital asset depreciation (Note 9) 62 54
Service fees 493 517
Amortization of intangibles (Note 10) 54 46
Restructuring costs (Note 21) –17
Other expenses 825 743
Total operating expenses $ 3,507 $ 3,262
(1) See table below for further details
Employee expenses for the years ended December 31, consist of the following:
2012 2011
Salaries, bonus, employee benefits $ 1,579 $ 1,475
Share-based payments (Note 20) 305 232
Other personnel costs 25 22
Total employee expenses $ 1,909 $ 1,729
20. Share-Based Payments
20.A Stock Option Plans
SLF Inc. granted stock options to certain employees and directors under the Executive Stock Option Plan and the Director Stock
Option Plan and to all eligible employees under the Special 2001 Stock Option Award Plan. These options are granted at the closing
price of the common shares on the TSX on the grant date for stock options granted after January 1, 2007, and the closing price of the
trading day preceding the grant date for stock options granted before January 1, 2007. The options granted under the stock option
plans generally vest over a four-year period under the Executive Stock Option Plan; two years after the grant date under the Special
2001 Stock Option Award Plan; and over a two-year period under the Director Stock Option Plan. All options have a maximum exercise
period of 10 years. The maximum numbers of common shares that may be issued under the Executive Stock Option Plan, the Special
2001 Stock Option Award Plan and the Director Stock Option Plan are 29,525,000 shares, 1,150,000 shares and 150,000 shares,
respectively. Effective April 2, 2003, grants under the Director Stock Option Plan were discontinued.
146 Sun Life Financial Inc. Annual Report 2012 Notes to Consolidated Financial Statements