Sun Life 2015 Annual Report Download - page 153
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18. Fee Income
Fee income for the years ended December 31 consists of the following:
2015 2014
Contract administration and guarantee fees $ 563 $ 501
Fund management and other asset based fees 3,461 2,863
Commissions 952 820
Service contract fees 242 212
Other fees 106 57
Total fee income $ 5,324 $ 4,453
19. Operating Expenses
Operating expenses for the years ended December 31 consist of the following:
2015 2014
Employee expenses(1) $ 2,841 $ 2,624
Premises and equipment 212 194
Capital asset depreciation (Note 9) 83 78
Service fees 711 637
Amortization of intangible assets (Note 10) 83 72
Impairment of intangible assets (Note 10) 43
Other expenses(2) 1,103 929
Total operating expenses $ 5,037 $ 4,537
(1) See table below for further details.
(2) Includes costs relating to the restructuring of our International wealth business in the U.S. in 2015.
Employee expenses for the years ended December 31 consist of the following:
2015 2014
Salaries, bonus, employee benefits $ 2,457 $ 2,111
Share-based payments (Note 20) 348 481
Other personnel costs 36 32
Total employee expenses $ 2,841 $ 2,624
20. Share-Based Payments
20.A Stock Option Plans
SLF Inc. has granted stock options to certain employees under the Executive Stock Option Plan. These options are granted at the
closing price of the common shares on the Toronto Stock Exchange (“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. 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 are 29,525,000
shares.
The activities in the stock option plans for the years ended December 31 are as follows:
2015 2014
Number of
stock
options
(thousands)
Weighted
average
exercise
price
Number of
stock
options
(thousands)
Weighted
average
exercise
price
Balance, January 1, 6,359 $ 33.39 9,226 $ 32.99
Granted 390 $ 39.02 352 $ 39.12
Exercised (1,556) $ 27.97 (2,329) $ 29.10
Forfeited (261) $ 44.78 (890) $ 42.72
Expired (123) $ 40.80 –$ –
Balance, December 31, 4,809 $ 34.79 6,359 $ 33.39
Exercisable, December 31, 3,550 $ 35.98 4,511 $ 35.74
Notes to Consolidated Financial Statements Sun Life Financial Inc. Annual Report 2015 151