Note 11 - Stock-based Compensation
|3 Months Ended|
Mar. 31, 2021
|Notes to Financial Statements|
|Share-based Payment Arrangement [Text Block]||
Under the Company's stock option plan, options, rights and other entitlements
maybe granted to directors, officers, employees and consultants of the Company to purchase up to a maximum of
17.5%of the total number of outstanding common shares, estimated at
15.6million options, rights and other entitlements as at
March 31, 2021.Options are granted at the fair market value of the common shares on the closing trading price of the Company's stock on the day prior to the grant if the grant is made during the trading day or the closing trading price on the day of grant if the grant is issued after markets have closed. Options vest at various rates (immediate to
fouryears) and have a term of
Stock option transactions for the
March 31, 2020,are summarized as follows:
March 31, 2021,there was
$11.03million of total unrecognized compensation cost related to non-vested stock options, which is expected to be recognized over an estimated weighted-average period of
The following table presents the weighted average assumptions that were used in the Black-Scholes option pricing model to determine the fair value of stock options granted during the period, and the resultant weighted average fair values:
The Company uses historical data to estimate the expected dividend yield and expected volatility of its common shares in determining the fair value of stock options. The expected life of the options represents the estimated length of time the options are expected to remain outstanding.
The following table presents the vesting terms of options granted in the period:
Restricted share units
The Company has a stock incentive plan (SIP) pursuant to which the Board
maygrant stock-based awards comprised of restricted stock units or dividend equivalents to employees, officers, consultants, independent contractors, advisors and non-employee directors of the Company. Each restricted unit is automatically redeemed for
onecommon share of the Company upon vesting. The following table presents the activity under the SIP plan for the
March 31, 2021and
2020and the units outstanding.
March 10, 2020,the Company granted
645,000restricted share units (RSUs) having a vesting term of
May 5, 2020,the vesting term on the RSUs was extended from
July 10, 2020,all of these restricted share units were vested and were redeemed for
The grant date fair value of the RSUs was determined as the closing value of the common shares of the Company on the Nasdaq Stock Market on the date prior to the date of grant.
The Company recorded share-based payment expense related to stock options as follows:
The entire disclosure for share-based payment arrangement.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef