XML 48 R31.htm IDEA: XBRL DOCUMENT v2.4.1.9
Stock Option Plans (Tables)
 12 Months Ended
Dec. 31, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Schedule of Share-based Compensation, Stock Options, Activity

Summary of stock option activity is as follows:

 

 

 

Number of

Options

 

 

Weighted Average Exercise

Price

 

 

Weighted

Average

Remaining Contractual

Life

 

 

Aggregate

Intrinsic

Value

 

 

 

 

 

 

 

CAD $

 

 

U.S. $

 

 

In Years

 

 

U.S. $

 

Outstanding, January 1, 2012

 

 

1,059,510

 

 

 

4.27

 

 

 

4.22

 

 

 

6.07

 

 

 

 

 

Granted

 

 

150,102

 

 

 

3.64

 

 

 

3.64

 

 

 

 

 

 

 

 

 

Forfeited  and expired

 

 

(81,175

)

 

 

5.24

 

 

 

5.24

 

 

 

 

 

 

 

 

 

Outstanding, December 31, 2012

 

 

1,128,437

 

 

 

4.13

 

 

 

4.17

 

 

 

5.81

 

 

 

 

 

Granted

 

 

292,418

 

 

 

3.74

 

 

 

3.64

 

 

 

 

 

 

 

 

 

Exercised

 

 

(8,329

)

 

 

6.07

 

 

 

5.88

 

 

 

 

 

 

 

37

 

Forfeited  and expired

 

 

(79,427

)

 

 

4.90

 

 

 

4.76

 

 

 

 

 

 

 

 

 

Outstanding, December 31, 2013

 

 

1,333,099

 

 

 

3.98

 

 

 

3.88

 

 

 

5.80

 

 

 

8,300

 

Granted

 

 

205,170

 

 

 

10.84

 

 

 

9.35

 

 

 

 

 

 

 

 

 

Exercised

 

 

(2,417

)

 

 

6.07

 

 

 

5.23

 

 

 

 

 

 

 

23

 

Forfeited  and expired

 

 

(51,634

)

 

 

5.96

 

 

 

5.14

 

 

 

 

 

 

 

 

 

Outstanding, December 31, 2014

 

 

1,484,218

 

 

 

4.88

 

 

 

4.20

 

 

 

5.70

 

 

 

15,551

 

Exercisable as of December 31, 2014

 

 

1,116,564

 

 

 

3.99

 

 

 

3.44

 

 

 

4.73

 

 

 

12,554

 

 
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding

The following table summarizes the stock options outstanding and exercisable at December 31, 2014:

 

 

 

Options Outstanding

 

 

Options exercisable

 

Exercise Prices

 

Number of

Options

 

 

Weighted

Average

Remaining

Option Life

 

 

Weighted Average

Exercise Price

 

 

Number of

Options

 

 

Weighted Average

Exercise Price

 

 

 

 

 

 

 

(years)

 

 

CAD $

 

 

U.S. $

 

 

 

 

 

 

CAD $

 

 

U.S. $

 

CAD $2.67

 

 

252,353

 

 

 

8.04

 

 

 

2.67

 

 

 

2.30

 

 

 

133,053

 

 

 

2.67

 

 

 

2.30

 

CAD $3.74

 

 

878,149

 

 

 

4.74

 

 

 

3.74

 

 

 

3.22

 

 

 

851,569

 

 

 

3.74

 

 

 

3.22

 

CAD$ 6.07

 

 

107,013

 

 

 

0.19

 

 

 

6.07

 

 

 

5.23

 

 

 

107,013

 

 

 

6.07

 

 

 

5.23

 

CAD$ 9.76

 

 

42,592

 

 

 

8.59

 

 

 

9.76

 

 

 

8.41

 

 

 

15,085

 

 

 

9.76

 

 

 

8.41

 

CAD$ 10.78

 

 

156,172

 

 

 

9.04

 

 

 

10.78

 

 

 

9.29

 

 

 

7,525

 

 

 

10.78

 

 

 

9.29

 

CAD$ 11.22

 

 

6,273

 

 

 

9.59

 

 

 

11.22

 

 

 

9.67

 

 

 

—

 

 

 

—

 

 

 

—

 

USD$ 9.00

 

 

36,008

 

 

 

9.85

 

 

 

10.44

 

 

 

9.00

 

 

 

—

 

 

 

—

 

 

 

—

 

USD$ 12.65

 

 

5,658

 

 

 

9.90

 

 

 

14.68

 

 

 

12.65

 

 

 

2,319

 

 

 

14.68

 

 

 

12.65

 

 

 

 

1,484,218

 

 

 

5.70

 

 

 

4.88

 

 

 

4.20

 

 

 

1,116,564

 

 

 

3.99

 

 

 

3.44

 

 
Schedule of Nonvested Restricted Stock Units Activity

A summary of the Company’s non-vested stock option activity and related information for the year ended December 31, 2014 is as follows:

 

 

 

Number of Options

 

 

Weighted Average Grant Date Fair Value

 

 

 

 

 

 

 

CAD $

 

 

U.S. $

 

Non-vested, January 1, 2014

 

 

388,230

 

 

 

3.79

 

 

 

3.54

 

Granted

 

 

205,170

 

 

 

7.08

 

 

 

6.10

 

Vested

 

 

(223,589

)

 

 

3.76

 

 

 

3.24

 

Forfeited and cancelled

 

 

(2,157

)

 

 

3.88

 

 

 

3.35

 

Non-vested, December 31, 2014

 

 

367,654

 

 

 

5.64

 

 

 

4.86

 

 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of each option issued to employees and non-employees is estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:

 

 

 

Years ended December 31

 

 

 

2014

 

 

2013

 

 

2012

 

Average risk-free interest rate

 

 

1.94

%

 

 

1.03

%

 

 

1.14

%

Average expected term (in years)

 

 

6.13

 

 

 

6.20

 

 

 

6.20

 

Expected volatility

 

 

73

%

 

 

70

%

 

 

70

%

Expected dividend yield

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

Expected forfeiture rate

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan

Stock-based compensation expense is classified in the statements of operations as follows:

 

 

 

Years ended December 31,

 

 

 

2014

 

 

2013

 

 

2012

 

Research and development

 

$

194

 

 

$

147

 

 

$

112

 

General and administrative

 

 

566

 

 

 

428

 

 

 

294

 

 

 

$

760

 

 

$

575

 

 

$

406