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Stock Option Plan
 9 Months Ended
Sep. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock option plan

9.

Stock option plan:

The following table presents stock option activity for the period:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Outstanding, beginning of period

 

 

1,745,018

 

 

 

1,442,741

 

 

 

1,484,218

 

 

 

1,333,099

 

Granted

 

 

4,100

 

 

 

6,273

 

 

 

384,538

 

 

 

163,504

 

Exercised(1)

 

 

(110,039

)

 

 

(1,028

)

 

 

(209,850

)

 

 

(1,800

)

Forfeited and expired

 

 

(1,905

)

 

 

(4,411

)

 

 

(21,732

)

 

 

(51,228

)

Outstanding, end of period

 

 

1,637,174

 

 

 

1,443,575

 

 

 

1,637,174

 

 

 

1,443,575

 

Exercisable, end of period

 

 

1,052,955

 

 

 

1,078,009

 

 

 

1,052,955

 

 

 

1,078,009

 

 

 

(1)

During the nine months ended September 30, 2015, 62,469 stock options were exercised for the same number of common shares for cash. In the same period, the Company issued 100,465 common shares for the cashless exercise of 147,381 stock options.

The fair value of each option issued to employees and non-employees is estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Average risk-free interest rate

 

 

1.74

%

 

 

1.95

%

 

 

1.71

%

 

 

1.97

%

Average expected term (in years)

 

 

6.25

 

 

 

6.25

 

 

 

6.23

 

 

 

6.20

 

Expected volatility

 

 

67

%

 

 

74

%

 

 

75

%

 

 

74

%

Expected dividend yield

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

Expected forfeiture rate

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

The weighted-average fair value of options granted during the nine months ended September 30, 2015 was $11.50 (nine months ended September 30, 2014 - $6.58) per option.