Stock Options (Tables)

12 Months Ended

Dec. 31, 2013

Stock Options

Schedule of assumptions used in determining stock based compensation costs under the Black-Scholes option pricing model

	2011		2012		2013
Expected volatility	86.91	%	82.89	%	—
Risk-free interest rate	0.36	%	0.39	%	—
Expected life (years)	3.24		2.95		—
Dividend yield	Nil		Nil		—
Estimated forfeiture rate	10	%	10	%	—

Summary of stock options activity

			Weighted Average		Aggregate Intrinsic
	Number		Exercise Price		Value
	of Options		($/option)		($)
Outstanding as at December 31, 2012	1,448,200		$	2.02	1,617,138
Granted	—		—		—
Exercised	(478,800	)	1.79		—
Forfeited	(65,000	)	2.15		—
Outstanding as at December 31, 2013	904,400		$	2.14	$	3,603,712
Vested and expected to vest as at December 31, 2013	841,520		$	2.12	$	3,367,912
Exercisable as at December 31, 2013	520,900		$	1.96	$	2,165,587

Schedule of stock options by range of exercise prices

As at December 31, 2013

				Average				Average
Exercise		Number of	Remaining	Exercise		Number	Remaining	Exercise
Prices		Options	Contractual	Price		of Options	Contractual	Price
($/option)		Outstanding	Life (years)	($/option)		Exercisable	Life (years)	($/option)
$	1.60	275,600	0.05	$	1.60	275,600	0.05	$	1.60
$	2.37	628,800	2.99	$	2.37	245,300	2.99	$	2.37
		904,400	2.09	$	2.14	520,900	1.44	$	1.96