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Share Capital (Tables)
 3 Months Ended
Mar. 31, 2019
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,

 

 

 

2019

 

 

2018

 

Outstanding, beginning of period

 

 

2,671,906

 

 

 

2,339,905

 

Granted

 

 

21,900

 

 

 

563,700

 

Exercised(1)

 

 

(22,402

)

 

 

(84,668

)

Forfeited, cancelled or expired

 

 

(3,955

)

 

 

(22,996

)

Outstanding, end of period

 

 

2,667,449

 

 

 

2,795,941

 

Exercisable, end of period

 

 

1,769,984

 

 

 

1,505,459

 

 

 

(1)

During the three months ended March 31, 2019, 20,576 stock options were exercised for the same number of common shares for cash (three months ended March 31, 2018 – 13,374). In the same period, the Company issued 657 common shares (three months ended March 31, 2018 – 27,507) for the cashless exercise of 1,826 stock options (three months ended March 31, 2018 – 71,294).
Fair Value Assumptions for Stock Options

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

 

 

 

Three Months Ended March 31,

 

 

 

2019

 

 

2018

 

Average risk-free interest rate

 

 

2.58

%

 

 

2.77

%

Expected volatility

 

 

76

%

 

 

75

%

Average expected term (in years)

 

 

6.27

 

 

 

7.36

 

Expected dividend yield

 

 

0

%

 

 

0

%

Weighted average fair value of stock options granted

 

$

5.34

 

 

$

3.41