Equity (Tables)

12 Months Ended

Dec. 31, 2016

A summary of stock option activity during the three years ended December 31, 2016 is as follows:


	Number of options			Weighted average exercise price		Weighted average fair value per option
Outstanding at January 1, 2014		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 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 at December 31, 2015		1,130,869		$	7.29	$	1.68

Granted		2,740,000		$	5.92	$	1.16
Exercised		(471,869	)	$	6.97	$	1.31
Expired		(535,000	)	$	6.62	$	1.49

Outstanding at December 31, 2016		2,864,000		$	6.16	$	1.28

Option Outstanding by Company

Details of the options outstanding at December 31, 2016 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*		3.8
In 2014
60,000	100% vested at date of grant	$	8.05	June 6, 2014 to June 5, 2017		5.2
In 2015
75,000	100% vested at date of grant	$	5.33	June 5, 2015 to June 4, 2018		17.1
305,000	100% vested at date of grant	$	8.00	October 30, 2015 to October 29, 2020		46.0
15,000	100% vested at date of grant	$	8.00	December 1, 2015 to October 29, 2020		46.0
In 2016
150,000	100% vested at date of grant	$	6.22	July 29, 2016 to July 28, 2017		6.9
310,000	vested in January 2017	$	6.22	January 1, 2017 to December 31, 2017		12.0
310,000	vested in January 2018	$	6.22	January 1, 2018 to December 31, 2018		24.0
310,000	vested in January 2019	$	6.22	January 1, 2019 to December 31, 2019		36.0
310,000	vested in January 2020	$	6.22	January 1, 2020 to December 31, 2020		48.0
172,000	100% vested at date of grant	$	5.41	July 29, 2016 to July 28, 2017		6.9
172,000	vested in January 2017	$	5.41	January 1, 2017 to December 31, 2017		12.0
172,000	vested in January 2018	$	5.41	January 1, 2018 to December 31, 2018		24.0
172,000	vested in January 2019	$	5.41	January 1, 2019 to December 31, 2019		36.0
172,000	vested in January 2020	$	5.41	January 1, 2020 to December 31, 2020		48.0

*	Exercisable period modified in 2015

Weighted Average Fair Value Options Granted, Assumptions

The weighted average fair value of options granted during 2014, 2015 and 2016 was $2.55, $1.78 and $1.16, respectively, using the Black-Scholes option-pricing model based on the following assumptions:


Year ended December 31,	2014			2015	2016
Risk-free interest rate		0.86	%	0.85% to 1.73%	0.50% to 1.24%
Expected life		3 years		3 years to 5 years	1 years to 5 years
Expected volatility		58.86	%	49.50% to 55.94%	34.64% to 50.61%
Expected dividend yield		4.22	%	1.35% to 2.02%	1.31% to 1.48%