Note 12 - Share-based Compensation

3 Months Ended

Feb. 28, 2022

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

NOTE 12 – SHARE-BASED COMPENSATION

	Three months ended February 28,
	2022		2021
Stock options	$	1,193	$	1,193
Performance share unit plan		836		796
Deferred share unit plan		62		53
	$	2,091	$	2,042

Stock options

A summary of stock options outstanding and activity during the three months ended February 28, 2022 are as follows:

	Number of stock options (thousands)			Weighted- average exercise price per share		Weighted- average remaining contractual term (years)		Aggregate intrinsic value
November 30, 2021		8,602		$	5.43
Granted		1,887			6.76
Exercised		(365	)		4.21
Cancelled		(2	)		7.59
February 28, 2022		10,122		$	5.73		2.51	$	17,002
Vested and exercisable as of February 28, 2022		6,718		$	4.75		1.69	$	16,471

The following table summarizes other stock option-related information:

	Three months ended February 28,
	2022			2021
Weighted-average assumptions used to value stock option awards:
Expected volatility		46.4	%		47.3	%
Expected term of options (years)		4			4
Expected dividend rate		—			—
Risk-free interest rate		1.04	%		0.3	%
Expected forfeiture rate		2.9	%		3.0	%
Weighted-average grant-date fair value	$	3.21		$	3.66
Intrinsic value of options exercised	$	1,001		$	3,505
Cash received from options exercised	$	—		$	—

As of February 28, 2022, the Company had $6,048 of unrecognized compensation cost related to 3,404,000 non-vested stock options expected to be recognized and vest over a period of approximately 2.75 years.

Performance share units

A summary of PSU awards outstanding and activity during the three months ended February 28, 2022 are as follows:

	Number of PSU awards (thousands)			Weighted- average grant day fair value per award		Aggregate intrinsic value
November 30, 2021		1,583		$	5.94
Granted		517			6.75
Vested		(745	)		3.69
Performance adjustment		(56	)		3.69
Cancelled		(1	)		7.78
February 28, 2022		1,298		$	7.65	$	3,089

As of February 28, 2022, the Company had $6,077 of unrecognized compensation cost related to 1,298,300 non-vested PSU awards expected to be recognized and vest over a period of approximately 2.75 years.

The following table summarizes other PSU-related information:

	Three months ended February 28,
	2022			2021
Performance multiplier on PSUs vested		93	%		150	%
Common shares issued (thousands)		430			574
Total fair value of common shares issued	$	2,903		$	5,723
Withholding tax paid on PSUs vested	$	2,122		$	731