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Share Capital (Tables)
3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock Based Compensation Expenses

The following table presents the components of stock-based compensation expense for the three months ended March 31, 2025 and 2024:

 

 

 

Three Months Ended March 31,

 

 

2025

 

 

2024

 

 

Stock-based compensation expense by award type:

 

 

 

 

 

 

 

Stock options

 

$

11,666

 

 

$

9,221

 

 

Performance share units (PSUs)

 

 

361

 

 

 

179

 

 

RSUs

 

 

147

 

 

 

 

 

Total

 

$

12,174

 

 

$

9,400

 

 

 

Stock Option Activity

The following table presents stock option activity for the three months ended March 31, 2025 and 2024:

 

 

 

Three Months Ended March 31,

 

 

2025

 

Weighted Average
Exercise Price ($)

 

 

2024

 

Weighted Average
Exercise Price ($)

 

 

Outstanding, beginning of period

 

 

10,709,289

 

 

29.90

 

 

 

8,894,502

 

 

23.56

 

 

Granted

 

 

1,873,045

 

 

35.57

 

 

 

1,983,525

 

 

44.53

 

 

Exercised(1)

 

 

(259,815

)

 

17.31

 

 

 

(180,424

)

 

23.42

 

 

Forfeited, cancelled or expired

 

 

(226,034

)

 

38.97

 

 

 

(18,911

)

 

30.87

 

 

Outstanding, end of period

 

 

12,096,485

 

 

30.88

 

 

 

10,678,692

 

 

27.45

 

 

Exercisable, end of period

 

 

6,547,609

 

 

24.92

 

 

 

5,419,295

 

 

18.27

 

 

 

(1)
During the three months ended March 31, 2025, 80,086 (2024 nil) stock options were exercised for the same number of common shares in exchange for cash. In the same period, the Company issued 90,187 (202488,704) common shares for the cashless exercise of 179,729 (2024180,424) stock options.
Fair Value Assumptions for Stock Options

The fair value of each stock option granted is estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Average risk-free interest rate

 

 

4.09

%

 

 

4.05

%

Expected volatility

 

 

61

%

 

 

67

%

Average expected term (in years)

 

 

5.69

 

 

 

5.92

 

Expected dividend yield

 

 

0

%

 

 

0

%

Weighted average fair value of stock options granted

 

$

20.81

 

 

$

27.89

 

Schedule of PSU activity

The following table presents PSU activity for the three months ended March 31, 2025 and 2024:

 

 

 

Three Months Ended March 31,

 

 

2025

 

Weighted Average
Grant Date
Fair Value ($)

 

 

2024

 

Weighted Average
Grant Date
Fair Value ($)

 

 

Outstanding, beginning of period

 

 

210,000

 

 

43.90

 

 

 

 

 

 

 

Granted

 

 

88,550

 

 

35.48

 

 

 

192,000

 

 

44.37

 

 

Vested

 

 

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(16,000

)

 

44.37

 

 

 

 

 

 

 

Outstanding, end of period

 

 

282,550

 

 

41.23

 

 

 

192,000

 

 

44.37