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SHAREHOLDERS’ EQUITY (Tables)
 12 Months Ended
Dec. 31, 2017
Disclosure of Shareholder's Equity [Line Items]  
Disclosure of number and weighted average exercise prices of share options [text block]
The following table summarizes information about the stock options outstanding and exercisable:
 
 
 
December 31, 2017
 
December 31, 2016
 
 
 
Number of
options
 
Weighted average
exercise price
 
Number of
options
 
Weighted average
exercise price
 
Balance at beginning of year
 
 
3,020,000
 
$
4.68
 
 
3,100,000
 
$
4.58
 
Granted during the year
 
 
1,110,000
 
 
3.69
 
 
200,000
 
 
6.66
 
Exercised during the year
 
 
(355,000)
 
 
4.44
 
 
(130,000)
 
 
3.72
 
Expired during the year
 
 
(135,000)
 
 
4.84
 
 
(150,000)
 
 
6.13
 
Balance at end of the year
 
 
3,640,000
 
$
4.40
 
 
3,020,000
 
$
4.68
 
Options exercisable at the end of the year
 
 
2,530,000
 
$
4.70
 
 
2,920,000
 
$
4.65
 
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period [text block]
The fair values of the stock options granted have been estimated on the date of grant using the Black-Scholes option pricing model. The assumptions are presented below. Expected volatility is calculated by reference to the weekly closing share price for a period that reflects the expected life of the options. The 100,000 stock options issued on February 6, 2017 vested 1/3 immediately. The remaining 1/3 vest on February 6, 2018 and 1/3 on February 6, 2019. The 1,010,000 stock options issued on December 22, 2017 vest 1/3 on December 22, 2018, 1/3 on December 22, 2019, and 1/3 on December 22, 2020.
 
 
 
 
December 31,
 
 
December 31,
 
 
 
 
2017
 
 
2016
 
Exercise price
 
 
$3.48 - $5.86
 
 
$6.35 - $6.96
 
Expected volatility
 
 
31.03% - 31.14%
 
 
29.27% - 34.06%
 
Expected option life
 
 
5 years
 
 
2.5 - 5 years
 
Contractual option life
 
 
5 years
 
 
5 years
 
Expected forfeiture
 
 
none
 
 
none
 
Expected dividend yield
 
 
0%
 
 
0%
 
Risk-free interest rate
 
 
1.11% - 1.82%
 
 
0.58% - 0.66%
 
Disclosure of number and weighted average exercise prices of other equity instruments [text block]
The following table shows the RSU awards which have been granted and settled during the year:
 
 
 
December 31, 2017
 
December 31, 2016
 
RSU
 
Number of units
 
Weighted average value
 
Number of units
 
Weighted average value
 
Balance at beginning of year
 
 
320,000
 
$
6.48
 
 
-
 
$
-
 
Awards and payouts during the year (net):
 
 
 
 
 
 
 
 
 
 
 
 
 
RSUs awarded
 
 
265,000
 
 
3.52
 
 
330,000
 
 
6.47
 
RSUs vested and common shares issued
 
 
(79,668)
 
 
6.45
 
 
(10,000)
 
 
6.17
 
RSUs forfeited
 
 
(16,667)
 
 
6.49
 
 
-
 
 
-
 
Balance at end of the year
 
 
488,665
 
$
4.88
 
 
320,000
 
$
6.48
 
Explanation of effect of share-based payments on entity's profit or loss [text block]
The share-based payments recognized as an expense for the years ended December 31, 2017 and 2016 are as follows:
 
 
 
Year ended
 
Year ended
 
 
 
December 31, 2017
 
December 31, 2016
 
Expense recognized in the year for share-based payments
 
$
1,582
 
$
469
 
Earnings per share [text block]
The following table sets forth the computation of basic and diluted earnings per share:
 
 
 
Year ended
 
Year ended
 
 
 
December 31, 2017
 
December 31, 2016
 
Numerator
 
 
 
 
 
 
 
Net income for the year
 
$
17,152
 
$
4,798
 
 
 
 
 
 
 
 
 
Denominator
 
 
 
 
 
 
 
For basic - weighted average number of shares outstanding
 
 
160,189,858
 
 
159,743,601
 
Effect of dilutive securities
 
 
834,496
 
 
630,697
 
For diluted - adjusted weighted average number of shares outstanding
 
 
161,024,354
 
 
160,374,298
 
 
 
 
 
 
 
 
 
Earnings Per Share
 
 
 
 
 
 
 
Basic
 
$
0.11
 
$
0.03
 
Diluted
 
$
0.11
 
$
0.03
 
Black scholes [Member]  
Disclosure of Shareholder's Equity [Line Items]  
Disclosure of number and weighted average exercise prices of share options [text block]
The following tables reflect the number of stock options outstanding, the weighted average of options outstanding, and the exercise price of stock options outstanding at December 31, 2017. The Black-Scholes values are measured at the grant date.
 
At December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Black-Scholes
 
Number of
 
Number of
 
Exercise
 
Expiry Date
 
Value
 
Options
 
Exercisable Options
 
Price
 
March 10, 2018
 
$
129
 
 
100,000
 
 
100,000
 
 
4.06
 
March 17, 2018
 
 
64
 
 
50,000
 
 
50,000
 
 
4.11
 
May 13, 2018
 
 
157
 
 
100,000
 
 
100,000
 
 
5.00
 
July 2, 2018
 
 
803
 
 
500,000
 
 
500,000
 
 
5.28
 
February 13, 2019
 
 
206
 
 
150,000
 
 
150,000
 
 
5.29
 
April 13, 2020
 
 
1,242
 
 
785,000
 
 
785,000
 
 
4.66
 
October 14, 2020
 
 
133
 
 
100,000
 
 
100,000
 
 
4.21
 
December 10, 2020
 
 
614
 
 
545,000
 
 
545,000
 
 
3.57
 
June 30, 2021
 
 
120
 
 
100,000
 
 
66,667
 
 
6.35
 
November 3, 2021
 
 
214
 
 
100,000
 
 
100,000
 
 
6.96
 
February 5, 2022
 
 
171
 
 
100,000
 
 
33,333
 
 
5.86
 
December 21, 2022
 
 
1,075
 
 
1,010,000
 
 
-
 
 
3.48
 
 
 
$
4,928
 
 
3,640,000
 
 
2,530,000
 
$
4.40