Stock Option Activity |
The following table presents stock option activity for the period:
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Outstanding, beginning of period |
|
|
2,667,449 |
|
|
|
2,795,941 |
|
|
|
2,671,906 |
|
|
|
2,339,905 |
|
Granted |
|
|
— |
|
|
|
122,750 |
|
|
|
21,900 |
|
|
|
686,450 |
|
Exercised(1) |
|
|
(3,461 |
) |
|
|
(34,051 |
) |
|
|
(25,863 |
) |
|
|
(118,719 |
) |
Forfeited, cancelled or expired |
|
|
(200 |
) |
|
|
(52,655 |
) |
|
|
(4,155 |
) |
|
|
(75,651 |
) |
Outstanding, end of period |
|
|
2,663,788 |
|
|
|
2,831,985 |
|
|
|
2,663,788 |
|
|
|
2,831,985 |
|
Exercisable, end of period |
|
|
1,913,129 |
|
|
|
1,560,573 |
|
|
|
1,913,129 |
|
|
|
1,560,573 |
|
|
(1) |
During the six months ended June 30, 2019, 23,472 stock options were exercised for the same number of common shares for cash (six months ended June 30, 2018 – 36,007). In the same period, the Company issued 863 common shares (six months ended June 30, 2018 – 34,524) for the cashless exercise of 2,391 stock options (six months ended June 30, 2018 – 82,712). |
|
Fair Value Assumptions for Stock Options |
The fair value of each stock option granted is estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2019 (1) |
|
2018 |
|
|
2019 |
|
|
2018 |
|
Average risk-free interest rate |
|
N/A |
|
|
2.88 |
% |
|
|
2.58 |
% |
|
|
2.79 |
% |
Expected volatility |
|
N/A |
|
|
75 |
% |
|
|
76 |
% |
|
|
75 |
% |
Average expected term (in years) |
|
N/A |
|
|
7.65 |
|
|
|
6.27 |
|
|
|
7.41 |
|
Expected dividend yield |
|
N/A |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
Weighted average fair value of stock options granted |
|
N/A |
|
$ |
4.54 |
|
|
$ |
5.34 |
|
|
$ |
3.61 |
|
|
(1) |
No stock options were granted during the three months ended June 30, 2019. |
|