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SHARE CAPITAL (Tables) | 12 Months Ended
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Dec. 31, 2019
SHARE CAPITAL |
Schedule of common shares issued and outstanding | (a) No par value common shares issued
|  | Number of shares |  |
(in millions of U.S. dollars, except where noted) |  | (000s) |  | $
NO PAR VALUE COMMON SHARES ISSUED |  |  |  |
Balance at December 31, 2017 |  | 578,636 |  | 3,036.5
Issuance of common shares under First Nations agreements |  | 113 |  | 0.3
Exercise of options and vested performance share units |  | 366 |  | 0.3
Reversal of deferred tax recovery(1) |  | — |  | (1.9)
Balance at December 31, 2018 |  | 579,115 |  | 3,035.2
Issuance of common shares(2) |  | 93,750 |  | 106.7
Issuance of common shares under First Nations agreeements |  | 3,077 |  | 2.6
Exercise of options and vested performance share units |  | 15 |  | —
Balance at December 31, 2019 |  | 675,957 |  | 3,144.5
| 1. |  | In 2017, the Company closed an equity financing and related agreements and recognized a deferred tax recovery of $1.9 million. This deferred tax recovery was reversed in 2018.
| 2. |  | On August 30, 2019, New Gold Inc. closed its offering of common shares of the Company with a syndicate of underwriters. An aggregate of 93,750,000 Common Shares were issued by the Company at a price of C$1.60 per share for net proceeds of $106.7 million (gross proceeds of C$150.0 million less equity issuance costs).
Schedule of share-based payment arrangements | The following table summarizes share-based payment expenses:
|  | Year ended December 31
(in millions of U.S. dollars) |  | 2019 |  | 2018
SHARE-BASED PAYMENT EXPENSES |  |  |  |
Stock option expense (i) |  | 0.5 |  | 1.4
Performance share unit expense |  | 0.3 |  | 0.1
Restricted share unit expense(1) |  | 1.1 |  | (0.3)
Deferred share unit expense |  | 0.8 |  | (0.8)
Shares issued under First Nations agreements(1) |  | — |  | 0.3
Total share-based payment expenses |  | 2.7 |  | 0.7
| 1. |  | For the year ended December 31, 2019 $1.0 million were recognized in operating expenses (2018‑ ($nil) million).
Schedule of number and weighted average exercise prices of share options | The following table presents changes in the Company’s stock option plan:
|  |  |  | Weighted average
|  | Number of options |  | exercise price
|  | (000s) |  | C$/share
CHANGES TO THE COMPANY’S STOCK OPTION PLAN |  |  |  |
Balance at December 31, 2017 |  | 13,087 |  | 5.08
Forfeited |  | (1,925) |  | 4.13
Expired |  | (2,534) |  | 8.22
Balance at December 31, 2018 |  | 8,628 |  | 4.39
Granted |  | 2,360 |  | 1.12
Forfeited |  | (1,417) |  | 3.58
Expired |  | (3,993) |  | 5.01
Balance at December 31, 2019 |  | 5,578 |  | 2.81
Schedule of earnings per share | The following table sets out the calculation of loss per share:
|  | Year ended December 31
(in millions of U.S. dollars, except where noted) |  | 2019 |  | 2018
CALCULATION OF LOSS PER SHARE |  |  |  |
Loss from continuing operations |  | (73.5) |  | (1,085.6)
Net loss |  | (73.5) |  | (1,239.7)
Basic weighted average number of shares outstanding |  | 611.1 |  | 578.7
(in millions) |  |  |  |
Dilution of securities: |  |  |  |
Stock options |  | — |  | —
Diluted weighted average number of shares outstanding |  | 611.1 |  | 578.7
(in millions) |  |  |  |
Loss from continuing operations per share: |  |  |  |
Basic |  | (0.12) |  | (1.88)
Diluted |  | (0.12) |  | (1.88)
Net loss per share: |  |  |  |
Basic |  | (0.12) |  | (2.14)
Diluted |  | (0.12) |  | (2.14)
Schedule of antidilutive securities excluded from computation of earnings per share | The following table lists the equity securities excluded from the calculation of diluted loss per share. All stock options are excluded from the calculation when the Company is in a net loss position.
|  | Year ended December 31
(in millions of units) |  | 2019 |  | 2018
EQUITY SECURITIES EXCLUDED FROM THE CALCULATION OF DILUTED EARNINGS PER SHARE |  |  |  |
Stock options |  | 5.6 |  | 8.6

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