Share Capital (Tables)

12 Months Ended

Dec. 31, 2015

Summary of stock option activity is as follows:

	Number of			Weighted Average Exercise Price				Aggregate
	Options			CAD $		U.S. $		Intrinsic Value
Outstanding, January 1, 2013		1,128,437			4.13		4.17
Granted		292,418			3.74		3.64
Exercised		(8,329	)		6.07		5.88		37
Forfeited, cancelled or expired		(79,427	)		4.90		4.76
Outstanding, December 31, 2013		1,333,099			3.98		3.88		8,300
Granted		205,170			10.84		9.35
Exercised		(2,417	)		6.07		5.23		23
Forfeited, cancelled or expired		(51,634	)		5.96		5.14
Outstanding, December 31, 2014		1,484,218			4.88		4.20		15,551
Granted		529,288			18.73		14.67
Exercised⁽¹⁾		(270,254	)		4.66		3.65		2,426
Forfeited, cancelled or expired		(21,780	)		11.21		8.78
Outstanding, December 31, 2015		1,721,472			9.62		6.95		1,880
Exercisable, December 31, 2015		1,034,576			4.42		3.20		5,010

(1)	During the year ended December 31, 2015, 70,438 stock options were exercised for the same number of common shares in exchange for cash. In the same period, the Company issued 133,565 common shares for the cashless exercise of 199,816 stock options.

The following table summarizes the stock options outstanding and exercisable at December 31, 2015:

	Options Outstanding								Options Exercisable
Range of Exercise Prices	Number of Options Outstanding		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price				Number of Options Exercisable		Weighted Average Exercise Price
			(years)		CAD $		U.S. $				CAD $		U.S. $
$1.93 - $2.31		236,759		5.70		2.67		1.93		181,768		2.67		1.93
$2.32 - $4.86		728,895		3.51		3.74		2.70		728,416		3.74		2.70
$4.87 - $7.72		179,842		9.41		10.43		7.54		25,732		9.76		7.05
$7.73 - $7.91		150,173		7.17		10.78		7.79		81,949		10.78		7.79
$7.92 - $17.70		86,533		8.77		15.69		11.34		16,598		13.87		10.02
$17.71 - $18.23		338,200		8.60		24.58		17.76		—		24.58		17.76
$18.24 - $21.82		1,070		9.11		27.58		19.92		113		30.20		21.82
		1,721,472		6.01		9.62		6.95		1,034,576		4.42		3.20

A summary of the Company’s non-vested stock option activity and related information for the year ended December 31, 2015 is as follows:

	Number of Options			Weighted Average Grant Date Fair Value
				CAD $		USD $
Non-vested, January 1, 2015		367,654			5.64		4.86
Granted		529,288			12.55		9.83
Vested		(190,477	)		6.72		5.27
Forfeited and cancelled		(19,569	)		7.90		6.19
Non-vested, December 31, 2015		686,896			10.60		8.54

The weighted-average option pricing assumptions are as follows:

	Years ended December 31
	2015			2014			2013
Average risk-free interest rate		1.75	%		1.94	%		1.03	%
Expected volatility		75	%		73	%		70	%
Average expected term (in years)		6.23			6.13			6.20
Expected dividend yield		0.00	%		0.00	%		0.00	%
Weighted average fair value of options granted	$	9.83		$	6.10		$	4.13

Stock-based compensation expense is classified in the statements of operations and comprehensive income (loss) as follows: