Equity (Tables)

12 Months Ended

Dec. 31, 2017

A summary of stock option activity during the three years ended December 31, 2017 is as follows:

	Number of options			Weighted average exercise price		Weighted average fair value per option
Outstanding and exercisable at January 1, 2015		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
Granted		3,070,000		$	5.87	$	1.18
Exercised		(471,869	)	$	6.97	$	1.31
Expired		(535,000	)	$	6.62	$	1.49
Outstanding and exercisable at December 31, 2016		3,194,000		$	6.08	$	1.28
Granted		875,000		$	11.10	$	0.95
Exercised		(1,104,500	)	$	6.25	$	0.91
Expired		(732,100	)	$	7.42	$	1.11
Outstanding and exercisable at December 31, 2017		2,232,400		$	7.52	$	1.40

Option Outstanding and Exercisable by Company

Number of options granted	Vesting period	Exercise price		Exercisable period	Weighted remaining contractual life in months
In 2015
45,000	100% vested at date of grant	$	5.33	June 5, 2015 to June 4, 2018		5.1
115,000	100% vested at date of grant	$	8.00	October 30, 2015 to October 29, 2020		34.0
In 2016
280,000	vested in January 2018	$	6.22	January 1, 2018 to December 31, 2018		12.0
280,000	vested in January 2019	$	6.22	January 1, 2019 to December 31, 2019		24.0
280,000	vested in January 2020	$	6.22	January 1, 2020 to December 31, 2020		36.0
190,800	vested in January 2018	$	5.41	January 1, 2018 to December 31, 2018		12.0
190,800	vested in January 2019	$	5.41	January 1, 2019 to December 31, 2019		24.0
190,800	vested in January 2020	$	5.41	January 1, 2020 to December 31, 2020		36.0
In 2017
15,000	vested in January 2018	$	7.10	January 1, 2018 to December 31, 2018		12.0
15,000	vested in January 2019	$	7.10	January 1, 2019 to December 31, 2019		24.0
15,000	vested in January 2020	$	7.10	January 1, 2020 to December 31, 2020		36.0
15,000	vested in January 2021	$	7.10	January 1, 2021 to December 31, 2021		48.0
100,000	vested in January 2018	$	7.95	January 1, 2018 to December 31, 2018		12.0
100,000	vested in January 2019	$	7.95	January 1, 2019 to December 31, 2019		24.0
100,000	vested in January 2020	$	7.95	January 1, 2020 to December 31, 2020		36.0
100,000	vested in January 2018	$	15.00	January 1, 2018 to December 31, 2018		12.0
100,000	vested in January 2019	$	15.00	January 1, 2019 to December 31, 2019		24.0
100,000	vested in January 2020	$	15.00	January 1, 2020 to December 31, 2020		36.0

Weighted Average Fair Value Options Granted, Assumptions

The weighted average fair value of options granted during 2015, 2016 and 2017 was $1.78, $1.18 and $0.95, respectively, using the Black-Scholes option-pricing model based on the following assumptions:

Year ended December 31,	2015	2016	2017
Risk-free interest rate	0.85% to 1.73%	0.50% to 1.24%	0.98% to 2.02%
Expected life	3 years to 5 years	1 years to 5 years	0.67 years to 4.83 years
Expected volatility	49.50% to 55.94%	34.64% to 50.61%	31.37% to 49.63%
Expected dividend yield	1.35% to 2.02%	1.31% to 1.48%	2.26% to 2.54%