The Company has only one class of stock outstanding, common shares. The authorized stock consists of an unlimited number of common shares with no stated par value, of which 39,145,182 and 37,952,660 shares were issued and outstanding as of September 30, 2020 and December 31, 2019, respectively.

The purpose of the Company's RSU and Option Plans (collectively, the "Former Plan") is to provide incentive to employees, directors, officers, management companies, and consultants who provide services to the Company or any of its subsidiaries. The Former Plan is a “fixed” stock plan, whereby the maximum number of the Company's shares reserved for issuance, combined with any equity securities granted under all other compensation arrangements adopted by the Company, may not exceed 7,582,000 shares (equal to 20% of the issued and outstanding shares of the Company as of the date of the adoption of the Plan).

Effective June 11, 2020 (the "Effective Date"), the Company’s shareholders approved the Company's 2020 Long Term Incentive Plan (the "Omnibus Plan"), and the Former Plan was frozen. No future awards will be made under the Former Plan, and the common shares that were not settled or awarded under the ‎Former Plan as of the Effective Date are available for awards under the Omnibus Plan. The maximum number of common ‎shares that are available for awards under the Omnibus Plan ‎and under any other security based compensation arrangements adopted by the Company, including the ‎Former Plan, may not exceed 7,758,000 shares (equal to 20% of the issued and outstanding common shares of the Company on the ‎Effective Date). The maximum amount of the foregoing common shares that may be awarded under the Omnibus Plan as “incentive stock options” is 2,600,000 Common Shares.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Stock-based compensation - options	$	945	$	745	$	2,769	$	2,028
Stock-based compensation - restricted stock units	289		319		812		950
Total	$	1,234	$	1,064	$	3,581	$	2,978

At September 30, 2020, there was approximately $3,671,000 of total unrecognized pre-tax stock option expense under our equity compensation plans, which is expected to be recognized over a weighted-average period of 2.16 years. As of September 30, 2020, there was approximately $938,000 of total unrecognized pre-tax compensation expense related to outstanding time-based restricted stock units that is expected to be recognized over a weighted-average period of 0.47 years.


	Number of options (000's)	Weighted average exercise price(1)		Weighted average remaining contractual life	Aggregate Intrinsic Value(2)
Balance December 31, 2019	2,683	$	3.36	6.7 years	$	7,790
Issued	1,053	6.10
Exercised	(603)	3.20
Expired / Forfeited	(65)	4.81
Balance September 30, 2020	3,068	$	4.29	8.1 years	$	13,867

(2) 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.

The aggregate intrinsic value of options outstanding was $13,867,000 and options exercisable were $5,767,000 at September 30, 2020. For the nine months ended September 30, 2020, 603,297 shares of common stock were issued pursuant to the exercise of stock options.

At September 30, 2020, the Company had 1,008,000 exercisable stock options outstanding with a weighted average exercise price of $2.94 and a weighted average remaining contractual life of 6.8 years. At December 31, 2019, the Company had 1,037,000 exercisable stock options outstanding with a weighted average exercise price of $2.95 and a weighted average remaining contractual life of 3.5 years.

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 nine months ended September 30, 2020:

Exercise price

$5.70 - $10.44

Risk-free interest rate

0.39% - 1.63%

Expected volatility

65.73% - 85.38%

Expected term

5.63 - 10 years

Expected dividend yield

Nil

Fair value on date of grant

$4.10 - $7.23

The Company also grants restricted stock units to directors, officers, and employees. The Company accounts for restricted stock units using fair value. The fair value of the restricted stock units has been charged to the Condensed Consolidated Statements of Income and Comprehensive Income and credited to additional paid-in capital over the vesting period, based on the stock price on the date of grant. Restricted stock units vest generally over a one or three-year period. The Company accounts for forfeitures on restricted stock units under ASU 2016-09 and recognizes forfeitures in the period in which they occur.


	Number of Restricted Stock Units (000's)	Weighted average grant price(1)		Weighted average remaining contractual life	Aggregate Intrinsic Value(2)
Balance December 31, 2019	1,139	$	2.16	0.55 years	$	7,129
Issued	134	7.19
Vested	(589)	2.33
Expired / Forfeited	(5)	5.70
Balance September 30, 2020	679	$	2.97	0.47 years	$	5,878

(1) All future equity grants will be awarded in USD, therefore, restricted stock units issued with a CAD grant price have been translated to USD based on the prevailing exchange rate on the date of grant for presentation purposes.

During the three months ended September 30, 2020, the Company issued 42,147 restricted stock units with a fair value of $10.44 per share. During the nine months ended September 30, 2020, the Company issued 134,235 restricted stock units, with a vesting term of one to three years and a fair value between $5.70 and $10.44 per share.

The Company has a phantom share unit plan, which it uses for grants to directors, officers, and employees. Phantom share units granted under the plan are non-assignable and are settled in cash at vesting based on the fair value of the Company's common stock on the vesting date. Phantom share units vest annually over a three-year period.

The cash-settled phantom share units are accounted for as liability awards and are re-measured at fair value each reporting period until they become vested with accrued liability and related expense being recognized over the requisite service period. 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:

Nine Months Ended

September 30, 2020

Share price (Nasdaq closing price on September 30, 2020)

$8.64

Remaining life of phantom share units

0.61 - 2.61 Years

Calculated fair value of phantom share units

5,159

The total liability associated with phantom share units at September 30, 2020 is $5,159,000, with $4,427,000 of this amount included in current accrued liabilities and the remaining portion of $732,000 included in long-term accrued liabilities.

Expense associated with the phantom stock units is recorded in "Selling, general, and administrative" within the unaudited Condensed Consolidated Statements of Income and Comprehensive Income. The following table summarizes expense associated with the phantom stock units for the three and nine months ended September 30, 2020 and 2019 (in thousands):

The Company paid cash settlements of $4,201,000 and $3,386,000 during the nine months ended September 30, 2020 and 2019, respectively, pertaining to vestings of cash-settled phantom stock units.