Note 7 - Other Equity |
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Disclosure of share-based payment arrangements [text block] |
7. Other equity(a) Stock options transactions for the period:
(b) Stock options outstanding at September 30, 2018:
(c) Fair value assumptions The following table presents the weighted average assumptions that were used in the Black-Scholes option pricing model to determine the fair value of stock options granted during the period, and the resultant weighted average fair values:
The Company uses historical data to estimate the expected dividend yield and expected volatility of its common shares in determining the fair value of stock options. The expected life of the options represents the estimated length of time the options are expected to remain outstanding. Stock options granted by the Company during the nine months ended September 30, 2018 vest 50% after one year and 16.67% three anniversaries, except for 166,000 options which vest 50% after one year and
25% two anniversaries and 850,000 options which vested immediately on the grant date. During the three -month and nine -month periods ending September 30, 2018, the Company recorded share-based payment expense of $515 thousand (2017 - $156 thousand) and $3.258 million (2017 - $495 thousand), respectively, related to issued stock options.Refer to note 9 for a breakdown of stock-based compensation expense by function related to both issued stock options and restricted share units.The Company has available up to 6,127,965 common shares for issuance relating to outstanding options, rights and other entitlements under the stock-based compensation plans of the Company as of September 30, 2018.
(d) Restricted share units The Company has a stock incentive plan (SIP) pursuant to which the Board
may grant stock-based awards comprised of restricted stock units or dividend equivalents to employees, officers, consultants, independent contractors, advisors and non-employee directors of the Corporation or any affiliate. Each restricted unit is automatically redeemed for one common share of the Company upon vesting. The following table presents the activity under the SIP plan for the nine months ended September 30, 2018, and the units outstanding.
On March 28, 2017 the Company granted 150,000 restricted share units (RSUs) with a vesting term of three months. On July 13, 2018, the Company granted 150,000 restricted share units with a vesting term of three months. During the three -month and nine -month period ending September 30, 2018, the Company recorded share-based payment expense of approximately $437 thousand (2017 - nil ) and $437 thousand (2017 - $171 thousand), respectively, related to the issued RSUs.The grant date fair value of the
July 13, 2018 RSUS was determined as the closing value of the common shares of the Company on the Nasdaq Stock Exchange on the date prior to the date of grant; and for March 28, 2017 RSUs, the grant date fair value was determined as the closing value of the common shares of the Company on the Toronto Stock Exchange on the date prior to the date of grant. |