Stock options (Tables)

12 Months Ended

Dec. 31, 2014

Stock Options Tables

Summary of stock options

					average remaining
Exercise price	# of options		# of options		contractual
per share	outstanding		exercisable		life (in years)
$0.45		74,600		74,600		0.8
$0.75		355,000		236,664		2.5
$0.76		303,335		131,110		3.1
$0.86		707,500		454,163		2.6
$1.16		411,000		411,000		1.6
$1.20		300,000		300,000		2.6
$1.35		55,000		55,000		5.0
$1.39		55,000		55,000		4.5
$1.55		40,000		-		4.2
$1.61		25,000		-		4.1
$1.67		150,000		-		4.9
$1.83		65,000		65,000		4.0
$1.02		2,541,435		1,782,537		2.7

Number of stock options outstanding

	For the year ended					For the year ended
	December 31, 2014					December 31, 2013
				weighted					weighted
	# of stock			average		# of stock			average
	options			exercise price		options			exercise price
Options outstanding, start of the year		2,888,100		$	0.88		2,890,600		$	0.86
Granted		325,000		$	1.55		542,500		$	0.91
Exercised		(482,665	)	$	0.60		(16,667	)	$	0.79
Forfeited		(35,000	)	$	1.42		(423,333	)	$	0.79
Expired		(154,000	)	$	0.71		(105,000	)	$	0.75
Options outstanding, end of the year		2,541,435		$	1.02		2,888,100		$	0.88
Options exercisable, end of the year		1,782,537		$	1.01		1,733,930		$	0.90

Stock based compensation expense

	2014			2013			2012
Expected dividends paid per common share	Nil			Nil			Nil
Expected life in years		5.0			5.0			4.0
Expected volatility in the price of common shares		113	%		74	%		79	%
Risk free interest rate		1.5	%		1.0	%		1.0	%
Weighted average fair market value per share at grant date	$	1.24		$	0.55		$	0.52
Intrinsic (or "in-the-money") value per share of options exercised	$	0.85		$	0.76		$	0.13

SBCE amounts

	2014			2013			2012
SBCE recognized related to:
Stock options		$	432,000		$	492,000		$	265,000
Preferred Share Rights (see note 8)			226,000			-			-
Total SBCE			658,000			492,000			265,000

SBCE related to the non-vested portion

As at December 31	2014		2013
Unamortized SBCE related to:
Stock options	$	367,000	$	475,000
Preferred Share Rights (see note 8)		234,000		-
		601,000		475,000