Equity (Tables)

12 Months Ended

Dec. 31, 2014

A summary of stock option activity during the three years ended December 31, 2014 is as follows:


	Number of options			Weighted average exercise price		Weighted average fair value per option
Outstanding and exercisable at January 1 , 2012		180,000		$	4.93	$	1.45
Granted		1,503,000		$	6.03	$	1.26
Expired		(60,000	)	$	4.41	$	0.89

Outstanding and exercisable at December 31, 2012		1,623,000		$	5.97	$	1.29
Granted		60,000		$	7.50	$	1.88
Exercised		(469,000	)	$	5.54	$	1.13
Expired		(30,000	)	$	4.45	$	1.58

Outstanding and exercisable at December 31, 2013		1,184,000		$	6.26	$	1.62

Granted		60,000		$	8.05	$	2.55
Exercised		(15,000	)	$	5.92	$	1.87
Expired		(53,500	)	$	5.93	$	1.68

Outstanding and exercisable at December 31, 2014		1,175,500		$	6.37	$	1.66

Option Granted by Company

Details of the options granted by the Company in 2012, 2013 and 2014 are as follows:


Number of options granted		Vesting period	Exercise price		Exercisable period	Weighted remaining contractual life in months

	In 2012
	600,000	100% vested in April 2013	$	6.66	April 1, 2013 to April 30, 2016*		16.0
	831,000	50% vested in January 2013, 40% vested in 2014 and 10% will vest after 2014	$	5.63	January 1, 2013 to April 26, 2015		3.9
	60,000	100% vested at date of grant	$	5.34	June 6, 2012 to June 5, 2015		5.2

	In 2013
	60,000	100% vested at date of grant	$	7.50	May 31, 2013 to May 31, 2016		17.0

	In 2014
	60,000	100% vested at date of grant	$	8.05	June 6, 2014 to June 5, 2017		29.2

*	Exercisable period modified in 2013

Weighted Average Fair Value Options Granted, Assumptions

The weighted average fair value of options granted during 2012, 2013 and 2014 was $1.26, $1.88 and $2.55, respectively, using the Black-Scholes option-pricing model based on the following assumptions:


Year ended December 31,	2012	2013			2014
Risk-free interest rate	0.30% to 0.39%		0.52	%		0.86	%
Expected life	2 years to 4.2 years		3 years			3 years
Expected volatility	38.57% to 48.23%		52.36	%		58.86	%
Expected dividend yield	3.30% to 4.49%		5.87	%		4.22	%