Share capital (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Common Stock and Treasury Stock Outstanding

The following table presents a summary of the common shares issued and outstanding as of and for the years ended December 31, 2019, 2018 and 2017:



Common shares	2019	2018		2017
Common shares issued, beginning of period	93,639,610	107,227,347		106,501,299
Options exercised	187,678	—		150,802
Restricted shares granted, net of forfeitures	366,453	50,644		(35,011	)
Performance restricted shares granted, net of forfeitures and shares withheld	31,757	256,106		610,257
Retirement of treasury shares and shares repurchased (1)	—	(14,256,043	)	—
Warrants exercised, net (2)	—	361,556		—
Common shares issued, end of period	94,225,498	93,639,610		107,227,347
Treasury shares, end of year	—	—		(3,944,920	)
Common shares outstanding, end of year	94,225,498	93,639,610		103,282,427


(1)	Prior to December 31, 2017, common shares repurchased by the Company were not canceled and were classified as treasury shares. Effective January 1, 2018, all treasury shares were retired and subsequent shares repurchased are retired.


(2)	During the year ended December 31, 2018, 1,156,184 warrants were exercised. As a result of the warrant holder electing net settlement, 794,628 of those common shares were withheld by the Company and were subsequently retired, resulting in a net issuance of 361,556 common shares.

Schedule of summary of warrants

The following is a summary of warrants as of December 31, 2019:



	Exercise price		Authorized and issued	Aggregated fair value of warrants

Founders	$	10.00	2,913,684	$	10,884
Advisor	$	10.00	581,295	2,171
			3,494,979	$	13,055

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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