Note 11 - Goodwill

12 Months Ended

Dec. 31, 2011

11.

Goodwill

	Commercial Real Estate Services			Residential Property Management			Property Services			Consolidated

Balance, December 31, 2009	$	125,502		$	128,071		$	86,654		$	340,227
Goodwill arising from contingent acquisition consideration		-			626			-			626
Goodwill acquired during the period		18,776			13,691			-			32,467
Other items		-			(1,723	)		(757	)		(2,480	)
Foreign exchange		8,540			227			250			9,017
Balance, December 31, 2010		152,818			140,892			86,147			379,857
Goodwill acquired during the period		279			19,748			-			20,027
Other items		(289	)		(787	)		(215	)		(1,291	)
Foreign exchange		(2,093	)		(911	)		(102	)		(3,106	)
Balance, December 31, 2011		150,715			158,942			85,830			395,487
Goodwill		180,298			158,942			85,830			425,070
Accumulated impairment loss		(29,583	)		-			-			(29,583	)
	$	150,715		$	158,942		$	85,830		$	395,487

A test for goodwill impairment is required to be completed annually, in the Company’s case as of August 1, or more frequently if events or changes in circumstances indicate the asset might be impaired. No goodwill impairments were identified in 2011 or 2010.

In 2009, the Company was required to perform goodwill impairment tests due to a continuing deterioration of economic conditions negatively impacting the performance of the Commercial Real Estate segment. The Company determined that there were impairments in the North America and Central Europe & Latin America reporting units within the reportable segment driven by adverse economic conditions and sharply reduced brokerage activity. The fair values of the reporting units were determined using discounted cash flow models, which fell within Level 3 of the fair value hierarchy and were based on management’s forecast and current economic trends. The amount of the impairment loss related to the two reporting units was $29,583 (net of income tax of nil).