XML 46 R24.htm IDEA: XBRL DOCUMENT v3.7.0.1
Share Capital (Tables)
12 Months Ended
Dec. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Schedule of Stock-based Compensation, Stock Options, Activity

Summary of stock option activity is as follows: 

 

 

 

Number of

 

 

Weighted Average Exercise Price

 

 

Aggregate

 

 

 

Options

 

 

CAD $

 

 

U.S. $

 

 

Intrinsic Value

 

Outstanding, January 1, 2014

 

 

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

 

 

(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

 

Granted

 

 

323,794

 

 

 

9.79

 

 

 

7.39

 

 

 

 

 

Exercised(1)

 

 

(121,292

)

 

 

3.67

 

 

 

2.77

 

 

 

568

 

Forfeited, cancelled or expired

 

 

(13,151

)

 

 

14.98

 

 

 

11.31

 

 

 

 

 

Outstanding, December 31, 2016

 

 

1,910,823

 

 

 

9.84

 

 

 

7.32

 

 

 

4,464

 

Exercisable, December 31, 2016

 

 

1,292,012

 

 

 

7.77

 

 

 

5.78

 

 

 

4,351

 

 

(1)

During the year ended December 31, 2016, 47,413 (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 47,841 (2015 - 133,565) common shares for the cashless exercise of 73,879 (2015 - 199,816) stock options.

 

Summary of Stock Option Outstanding and Exercisable

The following table summarizes the stock options outstanding and exercisable at December 31, 2016:

 

 

 

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

 

 

228,570

 

 

 

4.90

 

 

 

2.67

 

 

 

1.99

 

 

 

227,222

 

 

 

2.67

 

 

 

1.99

 

$2.32 - $4.86

 

 

615,475

 

 

 

2.98

 

 

 

3.74

 

 

 

2.78

 

 

 

615,475

 

 

 

3.74

 

 

 

2.78

 

$4.87 - $7.72

 

 

467,592

 

 

 

8.90

 

 

 

9.98

 

 

 

7.42

 

 

 

118,964

 

 

 

10.06

 

 

 

7.48

 

$7.73 - $7.91

 

 

1,200

 

 

 

9.79

 

 

 

10.62

 

 

 

7.90

 

 

 

 

 

 

 

 

 

 

$7.92 - $17.70

 

 

263,116

 

 

 

7.16

 

 

 

12.24

 

 

 

9.10

 

 

 

162,924

 

 

 

11.84

 

 

 

8.81

 

$17.71 - $18.23

 

 

333,800

 

 

 

7.61

 

 

 

23.88

 

 

 

17.76

 

 

 

166,891

 

 

 

23.88

 

 

 

17.76

 

$18.24 - $21.82

 

 

1,070

 

 

 

8.10

 

 

 

26.79

 

 

 

19.92

 

 

 

536

 

 

 

26.85

 

 

 

19.97

 

 

 

 

1,910,823

 

 

 

6.05

 

 

 

9.84

 

 

 

7.32

 

 

 

1,292,012

 

 

 

7.77

 

 

 

5.78

 

 

Schedule of Nonvested Stock Option Activity

A summary of the Company’s non-vested stock option activity and related information for the year ended December 31, 2016 is as follows:

 

 

 

Number of Options

 

 

Weighted Average Grant Date Fair Value

 

 

 

 

 

 

 

CAD $

 

 

USD $

 

Non-vested, January 1, 2016

 

 

686,896

 

 

 

10.60

 

 

 

8.54

 

Granted

 

 

323,794

 

 

 

6.54

 

 

 

4.94

 

Vested

 

 

(382,491

)

 

 

11.15

 

 

 

8.42

 

Forfeited and cancelled

 

 

(9,388

)

 

 

10.25

 

 

 

7.73

 

Non-vested, December 31, 2016

 

 

618,811

 

 

 

9.58

 

 

 

7.13

 

 

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

The weighted-average option pricing assumptions are as follows:

 

 

 

Years ended December 31

 

 

 

2016

 

 

2015

 

 

2014

 

Average risk-free interest rate

 

 

1.58

%

 

 

1.75

%

 

 

1.94

%

Expected volatility

 

 

75

%

 

 

75

%

 

 

73

%

Average expected term (in years)

 

 

6.22

 

 

 

6.23

 

 

 

6.13

 

Expected dividend yield

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

Weighted average fair value of options granted

 

$

4.94

 

 

$

9.83

 

 

$

6.10

 

 

Stock Based Compensation Expenses

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

 

 

 

Years ended December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

Research and development

 

$

874

 

 

$

624

 

 

$

194

 

General and administrative

 

 

1,287

 

 

 

3,105

 

 

 

566

 

 

 

$

2,161

 

 

$

3,729

 

 

$

760