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Share-based compensation (Tables)
 3 Months Ended
Mar. 31, 2022
Share-Based Payment Arrangements [Abstract]  
Expense associated with each component
Three months ended March 31,
2022
2021
$$
Stock options397 262 
DSUs204 116 
RSUs449 — 
ESPP44 — 
1,094 378 
The expense associated with each component is as follows for the three months ended March 31:
Changes in stock options
The changes in the number of stock options during the three months ended March 31, 2022 and 2021 were as follows:
2022
20211
Number of optionsWeighted average exercise priceNumber of optionsWeighted average exercise price
#C$#C$
Options outstanding – January 11,283,088 12.00 1,516,641 6.73 
Options granted1
34,667 54.26 92,551 51.01 
Options forfeited(1,897)16.00 — — 
Options exercised(34,853)34.62 (62,388)1.85 
Options outstanding – March 31
1,281,005 12.52 1,546,804 9.58 
Options exercisable – March 31
891,286 3.84 897,676 2.74 

1 In March 2021, the Company granted stock options to certain executives. Subsequently, the Company identified an error in determining the expected life and volatility inputs used in the Black-Scholes pricing model to calculate the fair value of options, which led to the Company determining that 63,992 excess options were granted in March 2021 to six senior executives (the “Awardees”). The granting of excess options was immaterial to the Company but the error resulted in an award of options to the Awardees that was not reasonable and appropriate to grant. During 2021, the Company amended and restated the option award agreements for those affected Awardees to reflect the issuance of the appropriate number of options.
Stock options outstanding and exercisable by range of exercise prices
The following table is a summary of the Company’s stock options outstanding as at March 31, 2022:
Options outstandingOptions exercisable
Exercise price rangeNumber outstandingWeighted average remaining contractual life (years)Exercise price rangeNumber exercisable
C$##C$#
0.0001 - 1.09
784,368 5.21
0.0001 - 1.09
748,368 
8.86 - 11.06
54,553 8.47
8.86 - 11.06
23,826 
15.79 - 16.00
275,697 7.53
15.79 - 16.00
100,509 
26.43 - 95.12
166,387 9.33
26.43 - 95.12
18,583 
1,281,005 6.39891,286 

The following table is a summary of the Company’s stock options outstanding as at March 31, 2021:
Options outstandingOptions exercisable
Exercise price rangeNumber outstandingWeighted average remaining contractual life (years)Exercise price rangeNumber exercisable
C$##C$#
0.0001 - 1.09
840,418 6.09
0.0001 - 1.09
752,018 
8.86 - 11.06
215,120 9.72
8.86 - 11.06
79,264 
15.79 - 16.00
373,883 8.53
15.79 - 16.00
66,394 
26.43 - 64.19
117,383 9.94
26.43 - 64.19
— 
1,546,804 7.57897,676 
Number and weighted average remaining contractual life of stock options outstanding and exercisable
The following table is a summary of the Company’s stock options outstanding as at March 31, 2022:
Options outstandingOptions exercisable
Exercise price rangeNumber outstandingWeighted average remaining contractual life (years)Exercise price rangeNumber exercisable
C$##C$#
0.0001 - 1.09
784,368 5.21
0.0001 - 1.09
748,368 
8.86 - 11.06
54,553 8.47
8.86 - 11.06
23,826 
15.79 - 16.00
275,697 7.53
15.79 - 16.00
100,509 
26.43 - 95.12
166,387 9.33
26.43 - 95.12
18,583 
1,281,005 6.39891,286 

The following table is a summary of the Company’s stock options outstanding as at March 31, 2021:
Options outstandingOptions exercisable
Exercise price rangeNumber outstandingWeighted average remaining contractual life (years)Exercise price rangeNumber exercisable
C$##C$#
0.0001 - 1.09
840,418 6.09
0.0001 - 1.09
752,018 
8.86 - 11.06
215,120 9.72
8.86 - 11.06
79,264 
15.79 - 16.00
373,883 8.53
15.79 - 16.00
66,394 
26.43 - 64.19
117,383 9.94
26.43 - 64.19
— 
1,546,804 7.57897,676 
The weighted average fair value of share options granted during the three months ended March 31, 2022 and 2021 was estimated at the date of grant using the Black-Scholes option pricing model using the following inputs:

2022
2021
C$C$
Weighted average stock price valuation$54.26 $51.01 
Weighted average exercise price$54.26 $51.01 
Risk-free interest rate2.03 %1.13 %
Expected life in years6.256.25
Expected dividend yield— %— %
Volatility61 %60 %
Weighted average fair value of options issued$31.67 $28.63 
Number of DSUs and RSUs granted
DSUs

The following table presents information concerning the number of DSUs granted by the Company:
#
DSUs – December 31, 2021
59,654 
Granted (at C$86.93 per unit)
751 
DSUs - March 31, 2022
60,405 
RSUs

The following table presents information concerning the number of RSUs granted by the Company:
#
RSUs – December 31, 2021
46,591 
Granted (at C$54.26 per unit)
17,361 
Forfeited (at $86.38 per unit)
(1,261)
RSUs - March 31, 2022
62,691