Share Capital (Tables)

9 Months Ended

Sep. 30, 2016

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Option Activity

The following table presents stock option activity for the period:

	ThreeMonths Ended September 30,						NineMonths Ended September 30,
	2016			2015			2016			2015
Outstanding, beginning of period		1,983,674			1,745,018			1,721,472			1,484,218
Granted		22,044			4,100			321,444			384,538
Exercised(1)		(42,012	)		(110,039	)		(72,541	)		(209,850	)
Forfeited and expired		(4,753	)		(1,905	)		(11,422	)		(21,732	)
Outstanding, end of period		1,958,953			1,637,174			1,958,953			1,637,174
Exercisable, end of period		1,200,614			1,052,955			1,200,614			1,052,955

⁽¹⁾ During the nine months ended September 30, 2016, 30,176 stock options were exercised for the same number of common shares for cash (nine months ended September 30, 2015 – 62,469). In the same period, the Company issued 27,421 common shares (nine months ended September 30, 2015 – 100,465) for the cashless exercise of 42,365 stock options (nine months ended September 30, 2015 – 147,381).

Fair Value Assumptions for Stock Options

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Average risk-free interest rate		1.33	%		1.74	%		1.58	%		1.71	%
Average expected term (in years)		6.19			6.25			6.22			6.23
Expected volatility		75	%		67	%		75	%		75	%
Expected dividend yield		0.00	%		0.00	%		0.00	%		0.00	%