Equity (Tables)

12 Months Ended

Dec. 31, 2019

A summary of stock option activity during the three years in the period ended December 31, 2019 is as follows:

	Number of options			Weighted average exercise price		Weighted average fair value per option
Outstanding and exercisable at January 1, 2017		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
Granted		1,590,000		$	13.02	$	2.01
Exercised		(635,800	)	$	6.22	$	1.11
Expired		(1,079,600	)	$	13.25	$	1.64
Outstanding and exercisable at December 31, 2018		2,107,000		$	9.13	$	1.82
Granted		120,000		$	9.57	$	0.82
Exercised		(578,000	)	$	6.29	$	1.58
Expired		(723,000	)	$	12.94	$	1.95
Outstanding and exercisable at December 31, 2019		926,000		$	7.98	$	1.72

Option Outstanding and Exercisable by Company

Details of the options outstanding and exercisable as of December 31, 2019 are as follows:

Number of options granted	Vesting period	Exercise price		Exercisable period	Weighted remaining contractual life in months
In 2015
110,000	100% vest at date of grant	$	8.00	October 30, 2015 to October 29, 2020		10.0
In 2016
280,000	vest in January 2020	$	6.22	January 1, 2020 to December 31, 2020		12.0
186,000	vest in January 2020	$	5.41	January 1, 2020 to December 31, 2020		12.0
In 2017
15,000	vest in January 2020	$	7.10	January 1, 2020 to December 31, 2020		12.0
15,000	vest in January 2021	$	7.10	January 1, 2021 to December 31, 2021		24.0
100,000	vest in January 2020	$	7.95	January 1, 2020 to December 31, 2020		12.0
100,000	vest in January 2020	$	15.00	January 1, 2020 to December 31, 2020		12.0
In 2018
30,000	vest in January 2020	$	12.20	January 1, 2020 to December 31, 2020		12.0
30,000	vest in January 2020	$	10.55	January 1, 2020 to December 31, 2020		12.0
In 2019
60,000	vest in January 2020	$	9.57	January 1, 2020 to December 31, 2020		12.0

Weighted Average Fair Value Options Granted, Assumptions

The weighted average fair values of options granted during 2017, 2018 and 2019 were $0.95, $2.01 and $0.82, respectively, using the Black-Scholes option-pricing model based on the following assumptions:

Year ended December 31,	2017	2018	2019
Risk-free interest rate	0.98% to 2.02%	1.80% to 2.78%	1.71% to 2.10%
Expected life	0.67 years to 4.83 years	0.42 years to 2.58 years	0.52 years to 1.52 years
Expected volatility	31.37% to 49.63%	20.53% to 35.40%	23.14% to 25.46%
Expected dividend yield	2.26% to 2.54%	2.11% to 2.65%	2.93%