Year ended December 31, 2011  Notes to Consolidated Financial Statements  9. Debt (continued):  lending syndicate clarifying the exclusion of certain non-cash and extraordinary amounts in the  calculation of the covenants for the remainder of the term of the agreement. During 2010, the Corporation repaid in full a $6,500,000 unsecured demand facility with a company  controlled by its largest shareholder. Interest was payable at 13.00% per annum. Total Debt Continuity Amount Balance at January 1, 2010  $ 29,050,000  Senior debt repayment, March 2010  (950,000) Subordinate debt repayment, May 2010  (5,300,000)  Senior debt repayment, June 2010  (950,000)  Senior debt repayment, September 2010  (950,000)  Subordinated debt repayment, December 2010  (1,200,000)  Senior debt advance, December 2010  9,500,000  Balance at December 31, 2010 $ 29,200,000  Senior debt repayment, February 2011  $ (3,000,000)  Senior debt repayment, June 2011  (26,200,000) Senior debt advance, October 2011  14,500,000  Senior debt advance, November 2011  29,500,000  Senior debt repayment, December 2011  (37,500,000)  Balance at December 31, 2011  $ 6,500,000  10. Share-based payments:  The Corporation has a Restricted Share Unit Plan (“RSU Plan”) and a Stock Option Plan as approved  by shareholders at a special shareholders meeting on July 31, 2008 that authorizes the Board of  Directors to grant awards of RSUs and Options subject to a maximum of ten percent of the issued  and outstanding common shares of the Corporation.  The RSU Plan will settle in voting common shares which may be issued from treasury or purchased  on the Toronto Stock Exchange. The Corporation has reserved 867,667 and issued 384,400 RSUs to  management and Directors as of December 31, 2011. The RSUs issued to directors vest over a three- year period. The RSUs issued to management (290,650) do not vest until the end of the three-year  period and are subject to certain performance conditions relating to operating cash flow per share. The stock-based compensation expense relating to the RSU Plan is based on the issue price at the  time of grant and management’s estimate of the future performance conditions and will be  amortized over the thirty-six month vesting period. Payments in lieu of dividends on the unvested  RSUs are made monthly in accordance with the Corporation’s dividend policy. Payments to  management are split evenly between cash and common shares.  For the year ended December 31, 2011, the Corporation incurred stock-based compensation  expenses of $1,978,727 (2010 - $1,817,981) which includes: $1,247,452 (non-cash expense) for the  RSU Plan expense that is to be amortized over the thirty-six month vesting period of the plan (2010 -  $1,521,424); $152,550 (non-cash expense) for shares issued in the year in lieu of dividends under  the RSU Plan (2010 - $138,050); and $578,725 (non-cash expense) for the amortization of the fair 44  2011 Annual Report  Alaris Royalty Corp.