XML 34 R23.htm IDEA: XBRL DOCUMENT v3.19.2
Share Capital (Tables)
6 Months Ended
Jun. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
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.