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Share Capital (Tables)
 3 Months Ended
Mar. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock Option Activity

The following table presents stock option activity for the period:

 

 

 

Three Months Ended March 31,

 

 

 

2017

 

 

2016

 

Outstanding, beginning of period

 

 

1,910,823

 

 

 

1,721,472

 

Granted

 

 

416,750

 

 

 

233,950

 

Exercised(1)

 

 

(67,921

)

 

 

(16,246

)

Forfeited and expired

 

 

(1,415

)

 

 

(4,442

)

Outstanding, end of period

 

 

2,258,237

 

 

 

1,934,734

 

Exercisable, end of period

 

 

1,293,367

 

 

 

1,151,853

 

 

 

(1)

During the three months ended March 31, 2017, 62,397 stock options were exercised for the same number of common shares for cash (three months ended March 31, 2016 – 16,246). In the same period, the Company issued 3,693 common shares (three months ended March 31, 2016 – nil) for the cashless exercise of 5,524 stock options (three months ended March 31, 2016 – nil).
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 March 31,

 

 

 

2017

 

 

2016

 

Average risk-free interest rate

 

 

2.44

%

 

 

1.64

%

Expected volatility

 

 

81

%

 

 

75

%

Average expected term (in years)

 

 

7.47

 

 

 

6.25

 

Expected dividend yield

 

 

0.00

%

 

 

0.00

%