Share Based Payments
|12 Months Ended|
Dec. 31, 2020
|Disclosure Of Share-based Payment Arrangements [Abstract]|
|Share Based Payments||Share-Based Payments
Stock Option Plan
We have issued stock options to acquire common stock through our stock option plan of which the following are outstanding at December 31:
The following table summarizes information about the stock options outstanding and exercisable at December 31, 2020:
Non-exercisable options vest annually over periods ranging from to three years.
We use the Black-Scholes valuation model to estimate fair value. We use historical data to estimate the expected dividend yield and expected volatility of our stock in determining the fair value of the stock options. The risk-free interest rate is based on the Government of Canada benchmark bond yield rates in effect at the time of grant and the expected life of the options represents the estimated length of time the options are expected to remain outstanding.
The estimated fair value of stock options issued during the year was determined using the following weighted average assumptions:
Incentive Share Award Plan
Restricted Share Units
We have issued RSUs to non-employee directors through our incentive share award plan. Grants of RSUs to non-employee directors vest either immediately, on the third anniversary date from the grant date or when the director ceases to be a member of the board. We have also issued RSUs to certain officers and employees of the Company. Grants of RSUs to certain officers and employees of the Company vest over a year period. The following RSUs are outstanding at December 31:
(1) The weighted average fair value of the RSUs granted was $2.41 in 2020 (2019 - $0.80 ; 2018 - $3.35).
Performance Share Units
We have also issued PSUs to certain officers and employees of the Company. Grants of PSUs require completion of certain performance criteria and cliff vest after 3 years or vest over a year period, depending on the grant. PSU grants to certain officers will vest immediately upon a change of control of the Company. If certain officers cease employment with the Company, vesting occurs on a pro rata basis prior to the third anniversary of the grant but after the first anniversary. The following PSUs are outstanding at December 31:
We have reserved 4,616,698 common shares for issuance relating to our outstanding equity compensation plans. Compensation expense related to stock options, RSUs and PSUs for the year ended December 31, 2020 was $2,558,974 (2019 - $1,470,153; 2018 - $1,415,833).
The entire disclosure for share-based payment arrangements.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef