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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2012

Share Based Compensation Expense by Type of Award

The following table presents the Company’s share-based compensation expense by type of award:

		Years Ended December 31,
		2010				2011				2012
		$				$				$
Share options			794,665				2,014,692				1,437,201
Non-vested restricted shares			1,425,502				142,018				2,561,347
Total share-based compensation			2,220,167				2,156,710				3,998,548

Black Scholes Pricing Model Assumptions used to Estimate Fair Value of Options Granted

The Group uses the Black-Scholes pricing model and the following assumptions to estimate the fair value of the options granted or modified:

		2010				2011				2012
Average risk-free rate of return			2.63	%			2.52	%			2.00	%
Weighted average expected option life			6 years				6 years				5.3 years
Estimated volatility			42.63	%			49.7	%			53.7	%
Average dividend yield			Nil				Nil				Nil

Summary of Stock Option Activity

The following table summarizes option activity during 2012:

		Number of options				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term				Aggregate Intrinsic Value of Options
						$								$
Outstanding as of January 1, 2012			1,353,059				11.78				8.6 years				5,363,141
Exercised			(75,694	)			4.23
Forfeited			(91,598	)			6.94
Replaced by restricted shares			(783,688	)			14.27
Outstanding as of December 31, 2012			402,079				9.44				7.0 years				2,226,146
Vested and expected to vest as of December 31, 2012			402,079				9.44				7.0 years				2,226,146
Exercisable as of December 31, 2012			402,079				9.44				7.0 years				2,226,146

Summary of Non Vested Restricted Share Activity

A summary of non-vested restricted share activity during the year ended December 31, 2012 is presented below:

Non-vested restricted shares		Number of non-vested restricted shares				Weighted-average grant-date fair value
						$
Non-vested as of January 1, 2012			84,375				3.95
Shares granted upon conversion of options			632,500				9.50
Granted			11,000				9.90
Vested			(241,248	)			8.89
Forfeited			(18,740	)			9.50
Non-vested as of December 31, 2012			467,887				8.82

X

- Definition

Tabular disclosure of the amount of total share-based compensation cost, including the amounts attributable to each share-based compensation plan and any related tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (h)(1)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

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- Definition

Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

+ References

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- Definition

Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(1)

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- Definition

Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (f)(2)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

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