NOTE 9. SHARE-BASED COMPENSATION

6 Months Ended

May 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

NOTE 9. SHARE-BASED COMPENSATION

	Three months ended May 31,					Six months ended May 31,
	2016		2015			2016		2015
Stock options	$	736	$	(488	)	$	4,404	$	3,616
Performance share unit plan		1,076		1,163			2,065		2,333
Deferred share unit plan		57		53			108		108
	$	1,869	$	728		$	6,577	$	6,057

In the first six months of 2016, the Company granted 4,586,700 share options to employees and directors with an exercise price of C$5.02 per share and a fair value of C$1.83 per share. The Company also granted 1,241,900 performance share units (PSUs) to employees with a fair value of C$4.65 per unit. PSU grants made on January 4, 2014 vested and were paid out on December 1, 2015 in common shares of the Company at 140% of the PSU grant amount. The Company elected to remit PSU withholding taxes of $4,275 using cash and issued the net amount of 1,377,364 shares to holders.

In the first six months of 2015, the Company granted 4,359,450 share options to employees and directors with an exercise price of C$3.18 per share and a fair value of C$1.28 per share. The Company also granted 1,377,250 PSUs to employees with a fair value of C$3.86 per unit. PSU grants made on December 5, 2012 vested and were paid out on December 5, 2014 in common shares of the Company at 137% of the PSU grant amount. The Company elected to remit PSU withholding taxes of $827 using cash and issued the net amount of 506,175 shares to holders.

In the second quarter of 2015, stock option expense was decreased by a non-cash out-of-period adjustment of $1,048 in respect of an overstatement of stock option expense in the first quarter of 2015.