Note 12 - Share-based Compensation

3 Months Ended

Feb. 29, 2024

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

NOTE 12 – SHARE-BASED COMPENSATION 

	Three months ended
	February 29,		February 28,
	2024		2023
Stock options	$	1,322	$	1,166
Performance share unit plan		1,027		941
Deferred share unit plan		60		54
	$	2,409	$	2,161

Stock options

A summary of stock options outstanding and activity during the three months ended February 29, 2024 are as follows:

	Number of stock options			Weighted- average exercise price per share		Weighted- average remaining contractual term (years)		Aggregate intrinsic value
November 30, 2023		7,606,200		$	6.59
Granted		3,088,900			4.12
Exercised		(890,000	)		3.67
Cancelled		—			—
February 29, 2024		9,805,100		$	6.07		3.18	$	—
Vested and exercisable as of February 29, 2024		4,532,950		$	7.46		1.93	$	—

The following table summarizes other stock option-related information:

	Three months ended
	February 29,			February 28,
	2024			2023
Weighted-average assumptions used to value stock option awards:
Expected volatility		48.7	%		48.5	%
Expected term of options (years)		4			4
Expected dividend rate		—			—
Risk-free interest rate		4.29	%		3.86	%
Expected forfeiture rate		3.0	%		2.8	%
Weighted-average grant-date fair value	$	1.76		$	2.43
Intrinsic value of options exercised	$	471		$	1,177
Cash received from options exercised	$	—		$	—

As of February 29, 2024, the Company had $6,820 of unrecognized compensation cost related to 5,272,150 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 29, 2024 are as follows:

	Number of PSU awards			Weighted- average grant day fair value per award		Aggregate intrinsic value
November 30, 2023		1,605,500		$	6.89
Granted		886,800			4.20
Vested		—			—
Expired		(319,300	)		9.92
February 29, 2024		2,173,000		$	5.34	$	449

As of February 29, 2024, the Company had $6,410 of unrecognized compensation cost related to 2,173,000 non-vested PSU awards expected to be recognized and vest over a period of approximately 2.75 years.