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Note 14 - Stock-based Compensation | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] |
14. | Stock-based compensation
The Company has a stock option plan for certain officers and key full-time employees of the Company and its subsidiaries. Options are granted at the market price for the underlying shares on the date of grant. Each option vests over a four-year term, expires five years from the date granted and allows for the purchase of one Common Share. All Common Shares issued are new shares. As at December 31, 2023, there were 1,918,740 options available for future grants. Grants under the Company’s stock option plan are equity-classified awards. Stock option activity for the year ended December 31, 2023 is as follows:
|  |  |  |  |  |  |  |  |  | Weighted average |  |  |  |  |
|  |  |  |  |  | Weighted |  |  | remaining |  |  |  |  |
|  | Number of |  |  | average |  |  | contractual life |  |  | Aggregate |
|  | options |  |  | exercise price |  |  | (years) |  |  | intrinsic value |
Shares issuable under options - Beginning of period |  |  | 2,337,573 |  |  | $ | 120.06 |  |  |  |  |  |  |  |  |
Granted |  |  | 615,000 |  |  |  | 142.20 |  |  |  |  |  |  |  |  |
Exercised |  |  | (455,934 | ) |  |  | 73.73 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (75,890 | ) |  |  | 144.43 |  |  |  |  |  |  |  |  |
Shares issuable under options - December 31, 2023 |  |  | 2,420,749 |  |  | $ | 133.65 |  |  |  | 2.5 |  |  | $ | 68,849 |
Options exercisable - End of period |  |  | 1,044,891 |  |  | $ | 120.60 |  |  |  | 1.6 |  |  | $ | 43,351 |
The Company incurred stock-based compensation expense related to these awards of $21,385 during the year ended December 31, 2023 (2022 - $18,046). As at December 31, 2023, the range of option exercise prices was $83.89 to $162.25 per share. The following table summarizes information about option exercises during year ended December 31, 2023:
|  | 2023 |
Number of options exercised |  |  | 455,934 |
Aggregate fair value |  | $ | 66,499 |
Intrinsic value |  |  | 32,883 |
Amount of cash received |  |  | 33,616 |
As at December 31, 2023, there was $21,024 of unrecognized compensation cost related to non-vested awards which is expected to be recognized over the next 4 years. During the year ended December 31, 2023, the fair value of options vested was $16,204 (2022 - $12,623). The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model, utilizing the following weighted average assumptions:
|  | 2023 |
Risk free rate |  |  | 4.0 | %
Expected life in years |  |  | 4.20 |
Expected volatility |  |  | 33.5 | %
Dividend yield |  |  | 0.6 | %
Weighted average fair value per option granted |  | $ | 44.19 |
The risk-free interest rate is based on the implied yield of a zero-coupon US Treasury bond with a term equal to the option’s expected term. The expected life in years represents the estimated period of time until exercise and is based on historical experience. The expected volatility is based on the historical prices of the Company’s shares over the previous four years.

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