Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

The following table summarizes stock-based compensation for the three and nine months ended September 30, 2020 and 2019 (in thousands):

	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

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):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Selling, general, and administrative	$	459	$	1,054	$	4,070	$	5,654

Schedule of Option Activity

The following table summarizes stock option activity for the nine months ended September 30, 2020:

	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

(1) For presentation purposes, stock options issued with a CAD exercise price have been translated to USD based on the prevailing exchange rate on the date of grant.

(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.

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 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

Schedule of Restricted Stock Units

The following table summarizes restricted stock unit activity for the nine months ended September 30, 2020:

	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.

(2) 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 nine months ended September 30, 2020:

	Number of Phantom Share Units (000's)
Balance December 31, 2019	1,350
Issued	346
Vested	(601)
Expired / Forfeited	(76)
Balance September 30, 2020	1,019

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