During the first half of 2011 and 2010, we recognized share-based compensation expense related to the following Class B common stock awards to certain directors, officers and other eligible employees, pursuant to the Molson Coors Brewing Company Incentive Compensation Plan ("Incentive Compensation Plan"): restricted stock units ("RSU"), deferred stock units ("DSU"), performance units ("PU"), stock options and stock-only stock appreciation rights ("SOSAR").

The following table summarizes components of the share-based compensation expense:

		Thirteen Weeks Ended						Twenty-Six Weeks Ended

		June 25, 2011			June 26, 2010			June 25, 2011			June 26, 2010
		(In millions)
Stock options and SOSARs
	Pre-tax compensation expense	$	1.1		$	0.9		$	3.9		$	4.7
	Tax benefit		(0.3	)		(0.2	)		(1.1	)		(1.3	)

	After-tax compensation expense	$	0.8		$	0.7		$	2.8		$	3.4

RSUs and DSUs
	Pre-tax compensation expense	$	3.1		$	4.3		$	5.4		$	8.3
	Tax benefit		(0.8	)		(1.1	)		(1.3	)		(2.2	)

	After-tax compensation expense	$	2.3		$	3.2		$	4.1		$	6.1

PUs
	Pre-tax compensation expense	$	2.0		$	2.3		$	5.0		$	3.7
	Tax benefit		(0.6	)		(0.6	)		(1.5	)		(0.9	)

	After-tax compensation expense	$	1.4		$	1.7		$	3.5		$	2.8

	Total after-tax compensation expense	$	4.5		$	5.6		$	10.4		$	12.3

During the first half of 2011, we granted 0.7 million stock options, 0.2 million RSUs and 0.6 million PUs, all of which were outstanding as of June 25, 2011.

The mark-to-market share-based compensation expense before tax, related to our share-based awards granted to former CBC employees now employed by MillerCoors, recorded during the second quarter and first half of 2011, was a $0.1 million expense and $0.1 million benefit, respectively. For the second quarter and first half of 2010, the amounts were expenses of $0.7 million and $1.1 million, respectively. These amounts are included in the table above.

As of June 25, 2011, there was $34.9 million of total unrecognized pre-tax compensation expense related to non-vested shares from share-based compensation arrangements granted under the Incentive Compensation Plan. This compensation expense is expected to be recognized over a weighted-average period of approximately 1.2 years.

The following table represents the summary of stock options and SOSARs outstanding as of June 25, 2011, and the activity during the first half of 2011:

		Outstanding options			Weighted-average exercise price per share			Aggregate intrinsic value

		(In millions, except per share amounts and years)
Outstanding as of December 25, 2010			6.8		$	37.92	4.89	$	91.6
	Granted		0.7		$	44.24
	Exercised		(0.2	)	$	36.24
	Forfeited		(0.1	)	$	43.42

Outstanding as of June 25, 2011			7.2		$	38.53	4.74	$	49.2

Excercisable at June 25, 2011			5.9		$	37.38	3.78	$	48.2

The total intrinsic value of options exercised during the first half of 2011 and 2010 was $2.1 million and $2.2 million, respectively. During the twenty-six weeks ended June 25, 2011, cash received from stock option exercises was $6.3 million and the total net tax benefit to be realized for the tax deductions from these option exercises was $0.6 million.

The following table represents non-vested RSUs, DSUs and PUs as of June 25, 2011, and the activity during the first half of 2011:

		RSUs and DSUs					PUs

		Units			Weighted-average grant date fair value per unit		Units			Weighted-average grant date fair value per unit
		(In millions, except per unit amounts)					(In millions, except per unit amounts)
Non-vested as of December 25, 2010			0.8		$	49.41		2.2		$	9.45
	Granted		0.2		$	40.87		0.6		$	13.51
	Vested		(0.3	)	$	53.59		(0.7	)	$	6.98
	Forfeited		—		$	—		(0.1	)	$	11.33

Non-vested as of June 25, 2011			0.7		$	42.97		2.0		$	11.87

The fair values of each option granted in the first half of 2011 and 2010, respectively, were determined on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:

	For the Twenty-Six Weeks Ended

	June 25, 2011	June 26, 2010
Risk-free interest rate	2.55%	2.95%
Dividend yield	2.52%	2.22%
Volatility range	25.26% - 28.11%	27.2% - 29.5%
Weighted-average volatility	26.37%	27.86%
Expected term (years)	4.0 - 7.7	5.0 - 7.0
Weighted-average fair market value	$9.66	$10.95

The risk-free interest rates utilized for periods throughout the contractual life of the options are based on a zero-coupon U.S. Treasury security yield at the time of grant. Expected volatility is based on historical volatility of our stock. The expected term of options is estimated based upon observations of historical employee option exercise patterns and trends. The range on the expected term results from separate groups of employees who exhibit different historical exercise behavior.

As of June 25, 2011, there were 3.7 million shares of our Class B common stock available for the issuance of stock options, SOSARs, RSUs, DSUs, PUs and performance share units under the Incentive Compensation Plan.