Share-based Payment Arrangement [Text Block] |
NOTE 11 – SHARE-BASED COMPENSATION
| | Three months ended August 31, | | | Nine months ended August 31, | |
| | 2020 | | | 2019 | | | 2020 | | | 2019 | |
Stock options | | $ | 1,095 | | | $ | 928 | | | $ | 3,196 | | | $ | 2,765 | |
Performance share unit plan | | | 636 | | | | 585 | | | | 1,913 | | | | 1,738 | |
Deferred share unit plan | | | 52 | | | | 39 | | | | 150 | | | | 122 | |
| | $ | 1,783 | | | $ | 1,552 | | | $ | 5,259 | | | $ | 4,625 | |
Stock options
A summary of stock options outstanding as of August 31, 2020 and activity during the nine months ended August 31, 2020 are as follows:
| | Number of stock options (thousands) | | | Weighted- average exercise price per share | | | Weighted- average remaining contractual term (years) | | | Aggregate intrinsic value | |
November 30, 2019 | | | 12,527 | | | $ | 3.98 | | | | | | | | | |
Granted | | | 1,781 | | | | 7.27 | | | | | | | | | |
Exercised | | | (2,661 | ) | | | 4.01 | | | | | | | | | |
August 31, 2020 | | | 11,647 | | | $ | 4.51 | | | | 2.33 | | | $ | 71,012 | |
Vested and exercisable as of August 31, 2020 | | | 6,966 | | | $ | 4.05 | | | | 1.58 | | | $ | 45,163 | |
The following table summarizes other stock option-related information:
| | Nine months ended August 31, | |
| | 2020 | | | 2019 | |
Weighted-average assumptions used to value stock option awards: | | | | | | | | |
Expected volatility | | | 46.2 | % | | | 46.9 | % |
Expected term of options (years) | | | 4 | | | | 4 | |
Expected dividend rate | | | — | | | | — | |
Risk-free interest rate | | | 1.5 | % | | | 2.7 | % |
Expected forfeiture rate | | | 3.1 | % | | | 3.1 | % |
Weighted-average grant-date fair value | | $ | 2.71 | | | $ | 1.46 | |
Intrinsic value of options exercised | | $ | 15,198 | | | $ | 14,872 | |
Cash received from options exercised | | $ | — | | | $ | — | |
As of August 31, 2020, the Company had $3,810 of unrecognized compensation cost related to 4,681,000 non-vested stock options expected to be recognized and vest over a period of approximately 2.25 years.
Performance share units
A summary of PSU awards outstanding as of August 31, 2020 and activity during the nine months ended August 31, 2020 is as follows:
| | Number of PSU awards (thousands) | | | Weighted- average grant day fair value per award | | | Aggregate intrinsic value | |
November 30, 2019 | | | 1,664 | | | $ | 3.76 | | | | | |
Granted | | | 452 | | | | 6.92 | | | | | |
Vested | | | (648 | ) | | | 6.96 | | | | | |
Performance adjustment | | | 216 | | | | 6.96 | | | | | |
August 31, 2020 | | | 1,684 | | | $ | 4.59 | | | $ | 23,041 | |
As of August 31, 2020, the Company had $3,779 of unrecognized compensation cost related to 1,684,000 non-vested PSU awards expected to be recognized and vest over a period of approximately 2.25 years.
The following table summarizes other PSU-related information:
| | Nine months ended August 31, | |
| | 2020 | | | 2019 | |
Performance multiplier on PSUs vested | | | 150 | % | | | 82 | % |
Common shares issued (thousands) | | | 648 | | | | 438 | |
Total fair value of common shares issued | | $ | 2,855 | | | $ | 1,607 | |
Withholding tax paid on PSUs vested | | $ | 1,652 | | | $ | 1,197 | |
|