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Share-based Compensation Plans (Tables)
3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Total Share-Based Payments Expense

Total share-based payments expense was as follows:

 

 

For the Three Months Ended

 

 

 

March 31, 2024

 

 

March 31, 2023

 

Stock options

 

$

904

 

 

$

1,260

 

Restricted share units

 

 

581

 

 

 

453

 

Total share-based payments

 

$

1,485

 

 

$

1,713

 

Summary of Stock Option Activity

The following table summarizes the stock option activity for the three months ended March 31, 2024:

 

 

Number of Stock Options

 

 

Weighted average remaining contractual life (in years)

 

Weighted Average Exercise Price (per share) $

 

Aggregate intrinsic value

 

Outstanding, December 31, 2023

 

16,278,380

 

 

 

4.74

 

$

3.35

 

$

658

 

Granted

 

495,000

 

 

 

 

 

1.86

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

Forfeited

 

(219,312

)

 

 

 

 

1.67

 

 

 

Expired

 

(1,256,315

)

 

 

 

 

2.55

 

 

 

Outstanding, March 31, 2024

 

15,297,753

 

 

 

5.64

 

$

3.48

 

$

1,917

 

 

 

 

 

 

 

 

 

 

 

Exercisable, March 31, 2024

 

10,437,578

 

 

 

4.25

 

$

3.78

 

$

636

 

 

 

 

 

 

 

 

 

 

 

Nonvested, March 31, 2024

 

4,860,175

 

 

 

8.63

 

$

2.82

 

$

1,281

 

 

The total pre-tax intrinsic value (the difference between the market price of the Common Shares on the exercise date and the price paid by the option holder to exercise the option) related to stock options exercised is presented below:

 

 

For the Three Months Ended

 

 

 

March 31, 2024

 

 

March 31, 2023

 

Exercised

 

$

 

 

$

551

 

Summary of Weighted-average Assumptions used to Estimate Fair Value of Various Stock Options

The fair value of the various stock options granted were estimated using the Black-Scholes Model with the following assumptions:

 

 

 

March 31, 2024

 

 

March 31, 2023

 

Volatility

 

77.70% - 77.79%

 

 

80.04% - 80.16%

 

Risk-free interest rate

 

3.18% - 3.50%

 

 

2.85% - 3.21%

 

Expected life (years)

 

10.01

 

 

10.01

 

Dividend yield

 

 

0.00

%

 

 

0.00

%

Forfeiture rate

 

 

26.11

%

 

 

26.11

%

Summary of Activities for Unvested RSUs

The following table summarizes the activities for the RSUs for the three months ended March 31, 2024:

 

 

 

Number of RSUs

 

Outstanding, December 31, 2023

 

 

1,078,584

 

Granted

 

 

3,750

 

Vested

 

 

(82,365

)

Forfeited

 

 

 

Outstanding, March 31, 2024

 

 

999,969