Equity (Tables)

12 Months Ended

Dec. 31, 2015

A summary of stock option activity during the three years ended December 31, 2015 is as follows:


	Number of options			Weighted average exercise price		Weighted average fair value per option
Outstanding and exercisable at January 1, 2013		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

Granted		851,869		$	7.53	$	1.78
Exercised		(600,000	)	$	6.66	$	1.98
Expired		(296,500	)	$	5.60	$	1.09

Outstanding and exercisable at December 31, 2015		1,130,869		$	7.29	$	1.68

Option Outstanding by Company

Details of the options outstanding and exercisable at December 31, 2015 are as follows:


Number of options granted	Vesting period	Exercise price		Exercisable period	Weighted remaining contractual life in months
In 2012
159,000	vested in 2014	$	5.63	June 1, 2014 to April 24, 2017*		15.8
In 2013
60,000	100% vested at date of grant	$	7.50	May 31, 2013 to May 31, 2016		5.0
In 2014
60,000	100% vested at date of grant	$	8.05	June 6, 2014 to June 5, 2017		17.2
In 2015
50,000	100% vested at date of grant	$	3.97	April 14, 2015 to April 13, 2018		27.4
75,000	100% vested at date of grant	$	5.33	June 5, 2015 to June 4, 2018		29.1
631,869	100% vested at date of grant	$	8.00	October 30, 2015 to October 29, 2020		58.0
30,000	100% vested at date of grant	$	8.00	November 2, 2015 to October 29, 2020		58.0
15,000	100% vested at date of grant	$	8.00	December 1, 2015 to October 29, 2020		58.0
50,000	100% vested at date of grant	$	8.00	December 17, 2015 to October 29, 2020		58.0

*	Exercisable period modified in 2015

Weighted Average Fair Value Options Granted, Assumptions

The weighted average fair value of options granted during 2013, 2014 and 2015 was $1.88, $2.55 and $1.78, respectively, using the Black-Scholes option-pricing model based on the following assumptions:


Year ended December 31,	2013			2014			2015
Risk-free interest rate		0.52	%		0.86	%	0.85% to 1.73%
Expected life		3 years			3 years		3 years to 5 years
Expected volatility		52.36	%		58.86	%	49.50% to 55.94%
Expected dividend yield		5.87	%		4.22	%	1.35% to 2.02%