SHAREHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2017

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

NOTE 8   SHAREHOLDERS’ EQUITY

During the three months ended March 31, 2017, 20,000 shares of common stock were issued upon exercise of stock options under the Equity Incentive Plan, at the weighted average exercise price of $2.34 per share for proceeds of $0.1 million.  This compares to nil shares of common stock issued upon exercise of stock options during the same period of 2016 under the Equity Incentive Plan.

During the three months ended March 31, 2017, the Company paid a semi-annual return of capital distribution of $0.005  (March 31, 2016 - $0.005), per share of common stock, for a total of $1.5 million (March 31, 2016 - $1.5 million).