Employee deferred compensation (Tables)

12 Months Ended

Dec. 31, 2011

Employee deferred compensation

Deferred compensation expense

in	2011	2010	2009
Deferred compensation expense (CHF million)
Share awards	767	294	331
Adjustable Performance Plan awards	1,106	963	–
Restricted Cash Awards	253	–	–
Scaled Incentive Share Units	415	561	–
Incentive Share Units	174	723	1,526
Cash Retention Awards	0	578	822
Performance Incentive Plans (PIP I and PIP II) 1	0	(1)	(21)
2008 Partner Asset Facility awards 2	3	45	629
Other cash awards	334	422	431
Total deferred compensation expense	3,052	3,585	3,718
Total shares delivered (million)
Total shares delivered	24.2	47.3	39.1
1    Includes claw backs.   2    Represents the change in the underlying fair value of the indexed assets during the period. 2009 also included the vesting of the remaining 33.3% in the first quarter.

Additional information

end of	2011
Estimated unrecognized compensation expense (CHF million)
Share awards	1,100
Adjustable Performance Plan awards	569
Restricted Cash Awards	167
Scaled Incentive Share Units	211
Incentive Share Units	85
Other cash awards	87
Total	2,219
Aggregate remaining weighted-average requisite service period (years)
Aggregate remaining weighted-average requisite service period	1.5
Does not include the estimated unrecognized compensation expense relating to grants made in 2012 for 2011.

Significant fair value assumptions

in	2010		2009
	SISU	ISU	ISU
Significant fair value assumptions
Expected volatility, in %	33.42	33.52	62.97
Expected dividend cash flows, in CHF
2009	–	–	0.10
2010	1.45	1.45	0.60
2011	1.55	1.55	1.00
2012	1.65	1.65	–
2013	1.75	–	–
Expected risk-free interest rate, in %	1.26	1.00	1.24
Expected term, in years	4	3	3

Share awards

Share-based compensation disclosures

Share-based award activities

in	2011		2010		2009
	Number of share awards in million	Weighted- average grant-date fair value in CHF	Number of share awards in million	Weighted- average grant-date fair value in CHF	Number of share awards in million	Weighted- average grant-date fair value in CHF
Share award
Balance at beginning of period	17.3	43.86	15.5	45.67	20.8	61.83
Granted	40.5	41.08	7.2	45.38	8.3	40.37
Settled	(7.6)	43.32	(5.0)	48.43	(12.8)	69.07
Forfeited	(2.1)	43.39	(0.4)	51.65	(0.8)	53.33
Balance at end of period	48.1	41.91	17.3	43.86	15.5	45.67
of which vested	1.8	–	1.3	–	1.2	–
of which unvested	46.3	–	16.0	–	14.3	–

Scaled Incentive Share Unit (SISU)

Share-based compensation disclosures

Share-based award activities

in	2011	2010
Number of awards (million)
Balance at beginning of period	20.4	–
Granted	–	21.1
Settled	(5.1)	(0.2)
Forfeited	(0.6)	(0.5)
Balance at end of period	14.7	20.4
of which vested	1.0	0.2
of which unvested	13.7	20.2

Incentive Share Unit (ISU)

Share-based compensation disclosures

Share-based award activities

in	2011	2010	2009
Number of awards (million)
Balance at beginning of period	37.7	41.5	59.8
Granted 1	–	6.0	26.4
Settled	(23.3)	(8.4)	(43.6)
Forfeited	(1.1)	(1.4)	(1.1)
Balance at end of period	13.3	37.7	41.5
of which vested	1.4	3.9	2.7
of which unvested	11.9	33.8	38.8
1    Includes ISUs granted in January and through out the year.

Performance Incentive Plans (PIP I and PIP II)

Share-based compensation disclosures

Share-based award activities

in	2011	2010		2009
	PIP II	PIP II	PIP I	PIP II	PIP I
Number of awards (million)
Balance at beginning of period	6.1	6.2	11.9	6.4	12.2
Settled	(6.1)	0.0	(11.7)	0.0	0.0
Forfeited	0.0	(0.1)	(0.2)	(0.2)	(0.3)
Balance at end of period	0.0	6.1	0.0	6.2	11.9
of which vested	–	5.3	0.0	4.5	10.2
of which unvested	–	0.8	0.0	1.7	1.7

Share options

Share-based compensation disclosures

Share-based award activities

in	2011		2010		2009
	Number of share options in million	Weighted- average exercise price in CHF	Number of share options in million	Weighted- average exercise price in CHF	Number of share options in million	Weighted- average exercise price in CHF
Share options
Balance at beginning of period	29.8	64.58	34.9	63.49	39.0	62.19
Exercised	(0.1)	31.78	(0.8)	40.12	(0.7)	40.80
Settled	0.0	0.00	0.0	0.00	(0.3)	68.36
Forfeited	0.0	0.00	0.0	0.00	0.0	70.95
Expired	(12.8)	82.61	(4.3)	60.37	(3.1)	52.05
Balance at end of period	16.9	51.00	29.8	64.58	34.9	63.49
of which exercisable at end of period	16.9	51.00	29.8	64.58	34.8	63.49