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Shareholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense
The following table summarizes stock-based compensation for the three and six months ended June 30, 2020 and 2019 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Stock-based compensation - options$933  $705  $1,824  $1,283  
Stock-based compensation - restricted stock units263  329  523  631  
Total$1,196  $1,034  $2,347  $1,914  
Schedule of Option Activity
The following table summarizes stock option activity for the six months ended June 30, 2020:
Number of options
(000's)		Weighted average exercise price (CAD$)Weighted average remaining contractual life
Aggregate Intrinsic Value(1)
Balance December 31, 20192,683  $4.36  6.7 years$7,790  
Issued964  7.44  
Exercised(601) 4.07  
Expired / Forfeited(6) 6.63  
Balance June 30, 20203,040  $5.39  8.2 years$16,999  
(1) The aggregate intrinsic value of options outstanding represents the difference between the exercise price of the option and the closing stock price of our common stock on the last trading day of the period.
Schedule of Stock Options, Valuation Assumptions
The fair value of the stock options has been charged to the Condensed Consolidated Statements of Income and Comprehensive Income and credited to additional paid-in capital over the vesting period, using the Black-Scholes option pricing model calculated using the following assumptions for issuances during the six months ended June 30, 2020:
Exercise price ($CAD)
$7.44 ($CAD)
Risk-free interest rate1.63 %
Expected volatility65.73 %
Expected life of options10 years
Expected dividend yieldNil
Fair value on date of grant ($USD)
$4.10 ($USD)
Schedule of Restricted Stock Units
The following table summarizes restricted stock unit activity for the six months ended June 30, 2020:
Number of Restricted Stock Units (000's)Weighted average grant price (CAD$)Weighted average remaining contractual life
Aggregate Intrinsic Value(1)
Balance December 31, 20191,139  $2.74  0.55 years$7,129  
Issued92  7.44  
Vested(530) 2.54  
Expired / Forfeited—  —  
Balance June 30, 2020701  $3.64  0.65 years$6,699  
(1) The aggregate intrinsic value of time-based restricted stock units outstanding was based on our closing stock price on the last trading day of the period
Schedule of Phantom Share Units
The following table summarizes phantom share unit activity for the six months ended June 30, 2020:
Number of Phantom Share Units (000's)
Balance December 31, 20191,350  
Issued346  
Vested(601) 
Expired / Forfeited(53) 
Balance June 30, 20201,042  
The change in fair value of the phantom share units has been charged to the Condensed Consolidated Statements of Income and Comprehensive Income and recorded as a liability included in accrued liabilities and long-term accrued liabilities, using a valuation method with the following inputs:
Six Months Ended
June 30, 2020
Share price
$ 13.01 (CAD$)
Remaining life of phantom share units
0.86 - 2.86 Years
Calculated fair value of phantom share units$4,699