Shareholders' Equity and Share Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Fair Value of Stock Option Valuation Assumptions

The following key assumptions were used in the valuation model to value stock option grants for each respective period:

	2022	2021	2020
Expected volatility	84.0% - 89.9%	68.3% - 75.7%		71.1	%
Dividend	$nil	$nil	$nil
Risk-free interest rate	1.41% - 3.28%	1.07% - 1.54%		0.52	%
Expected life	6.5 years	4.5 years - 6.9 years	7.1 years
Fair value	$0.93 - $4.33	$4.29 - $7.31	$	4.65

Summary of Stock Based Compensation Stock Option

Stock option transactions under the Company’s plan for the years ended December 31, 2022, 2021 and 2020 are summarized as follows:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding at January 1, 2020		2,452,666		$	3.93		5.60	$	8,784
Granted during 2020		1,081,488		$	6.54		9.75	$	254
Exercised during 2020		(425,166	)	$	1.01		1.62	$	2,039
Forfeited/expired during 2020		(41,666	)	$	5.17
Outstanding at December 31, 2020		3,067,322		$	5.42		6.82	$	15,735
Exercisable at December 31, 2020		1,618,168		$	3.07		4.58	$	11,865
Granted during 2021		792,236		$	8.47		9.78	$	57
Exercised during 2021		(177,000	)	$	1.07		1.14	$	1,813
Forfeited during 2021		(60,000	)	$	10.70
Outstanding at December 31, 2021		3,622,558		$	6.20		7.89	$	6,530
Exercisable at December 31, 2021		2,042,663		$	4.80		5.14	$	6,001
Granted during 2022		725,360		$	2.74		9.70	$	16
Exercised during 2022		(180,000	)	$	1.30		0.51	$	772
Forfeited during 2022		(78,500	)	$	8.45
Outstanding at December 31, 2022		4,089,418		$	5.76		6.77	$	152
Exercisable at December 31, 2022		2,549,401		$	5.88		5.46	$	133

Schedule of Nonvested Stock Options Activity

A summary of the status of the Company’s non-vested stock options, and the changes during the year ended December 31, 2022 is presented below:

	Number of Options			Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Non-vested at January 1, 2022		1,579,895		$	5.28
Granted		725,360		$	2.06
Vested		(696,238	)	$	5.35
Forfeited		(69,000	)	$	5.75
Non-vested at December 31, 2022		1,540,017		$	3.72	$	19

Summary of Performance Base Restricted Share Unit

Performance-based restricted share unit activity for the years ended December 31, 2022, 2021 and 2020 is as follows:

	Number of Performance-based Restricted Share Units			Weighted Average Grant Date Fair Value
Outstanding at January 1, 2020		739,000		$	6.08
Granted		1,068,000		$	4.75
Issued		(840,000	)	$	4.83
Forfeited/expired		(98,000	)	$	7.16
Outstanding at December 31, 2020		869,000		$	5.89
Exercisable at December 31, 2020		75,000		$	4.79
Granted		158,000		$	7.72
Exercised		(487,000	)	$	5.70
Forfeited		(310,000	)	$	6.66
Outstanding at December 31, 2021		230,000		$	6.83
Exercisable at December 31, 2021		200,000		$	6.49
Granted		—			—
Exercised		(200,000	)	$	6.41
Forfeited/expired		—			—
Outstanding at December 31, 2022		30,000		$	8.31
Exercisable at December 31, 2022		30,000		$	8.31

Summary of Non-Vested Performance-Based Restricted Share Units

A summary of the status of the Company’s non-vested performance-based restricted share units, and the changes during the year ended December 31, 2022, is presented below:

	Number of Performance-based Restricted Share Units			Weighted Average Grant Date Fair Value
Non-vested at January 1, 2022		30,000		$	8.24
Vested		(30,000	)	$	8.31
Non-vested at December 31, 2022		—			—