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4. Employee benefit expenses      
€ ('000)   2011 2010
Salaries and wages   18,484 20,609
Pension expenses - defined contribution plans   2,528 3,000
Share-based compensation expenses   591 602
Other personnel expenses   746 1,030
Total   22,349 25,241
Employee benefit expenses include costs for sabbatical.    
Remuneration of the management is presented in Table 31. Related party disclosures.
The shared based compensations recognized in the income statement are based on the fair value of the instrument which is measured using the Black & Scholes option pricing model. The counter-entry to the expenses entered in the income statement is retained earnings, and therefore the expense has no effect on total equity.
The terms of the stock option programs are presented in Table 30. Share-based payments.
Personnel   2011 2010
By country      
Finland   79 103
Denmark   2 3
Sweden   18 22
Norway   8 7
Russia   14 14
Luxembourg   1 1
In total   122 150
By team      
CapMan Private Equity   54 64
CapMan Real Estate   21 43
CapMan Platform   47 43
In total   122 150
Average number of people employed   136 148