SHAREHOLDERS' EQUITY |
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SHAREHOLDERS' EQUITY | 6. SHAREHOLDERS’ EQUITY Stock-based compensation As of June 30, 2022, the Company had 4,010,000 options outstanding that were issued under the 10% Rolling Stock Option Plan, as amended and restated (the “RSOP”). The fair value of stock option awards granted to directors, officers, employees and/or consultants of the Company are estimated on the grant date using the Black-Scholes option valuation model and the closing price of our common shares on the business day prior to the grant date. There were 1,830,000 and 855,000 options granted during the six months ended June 30, 2022 and 2021, respectively. The significant assumptions used to estimate the fair value of stock option awards using the Black-Scholes option valuation model are as follows for the six months ended June 30, 2022 and 2021:
The following table summarizes our stock option activity for each of the six months ended June 30, 2022 and 2021:
(1) The 425,000 stock options exercised during the six months ended June 30, 2021 resulted in 413,200 common shares being issued on a net settlement basis pursuant to the terms of the RSOP. The following table summarizes the intrinsic value and weighted average remaining life for stock options as of June 30, 2022:
For the three months ended June 30, 2022 and 2021, the Company recognized compensation expense related to stock option awards of $1,033 and $452, respectively. For the six months ended June 30, 2022 and 2021, the Company recognized compensation expense related to stock option awards of $2,028 and $525, respectively. As of June 30, 2022, there was approximately $956 of total unrecognized compensation cost related to the 2,257,500 unvested stock options that is expected to be recognized over a weighted-average remaining vesting period of approximately 0.6 years. The weighted-average grant-date fair value of options granted during the six months ended June 30, 2022 was $1.40. |