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SHARE CAPITAL AND SHARE-BASED PAYMENTS | 12 Months Ended
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Dec. 31, 2018
Share-Based Payment Arrangements [Abstract] |
SHARE CAPITAL AND SHARE-BASED PAYMENTS | SHARE CAPITAL AND SHARE-BASED PAYMENTS a)Authorized capital We have unlimited authorized common shares with no par value. During 2017, we implemented a new share compensation plan for stock options, performance share units and restricted share units with the first units being issued under the plan in 2018. The new plan provides for treasury settlement up to an aggregate total of 6.5% of our issued and outstanding common shares.
15. | SHARE CAPITAL AND SHARE-BASED PAYMENTS (Continued)
b)Stock options Our existing incentive plan, approved by our shareholders, under which options to purchase common shares may be granted to officers, employees and others at the discretion of the Board of Directors. The exercise price of each option is set at the date of grant and shall not be less than the closing market price of our stock on the award date. The options can be granted for a maximum term of 10 years with vesting provisions determined by the Board of Directors. Currently, the vesting periods range up to three years, and the term is seven years. New shares from treasury are issued on the exercise of stock options. The changes in stock options issued during the years ended December 31, 2018 and December 31, 2017 are as follows:
| 2018 | 2017
| Number of stock options |  | Weighted average exercise price (C$/option) |  | Number of stock options |  | Weighted average exercise price (C$/option) |
Outstanding, beginning of year | 2,976,360 |  | 9.35 |  | 3,038,707 |  | 8.52 |
Granted | 668,664 |  | 11.84 |  | 489,305 |  | 12.50 |
Exercised | (899,050 | ) | (7.79 | ) | (440,317 | ) | (6.60 | )
Expired | (56,700 | ) | (14.15 | ) | — |  | — |
Forfeited | (50,525 | ) | (12.70 | ) | (111,335 | ) | (11.25 | )
Outstanding, end of year | 2,638,749 |  | 10.35 |  | 2,976,360 |  | 9.35 |
During the year ended December 31, 2018, options granted to officers and employees had exercise prices ranging from C$11.07 to C$13.39 (December 31, 2017 - C$12.01 to C$14.12) and expiry dates ranging from January 1, 2025 to April 1, 2025. As of December 31, 2018, incentive stock options constitute 2.2% (2017 - 2.5%) of issued and outstanding common share capital. The aggregate intrinsic value of vested share options (market value less exercise price) at December 31, 2018 was $11,898,000 (December 31, 2017 - $4,076,000). The weighted average fair value of stock options granted during the year ended December 31, 2018 and year ended December 31, 2017 were estimated to be C$5.06 and C$5.97 per stock option, respectively, at the grant date using the Black-Scholes option pricing model, based on the following assumptions:
Years ended December 31 | 2018 | 2017
Forfeiture rate (%) | 3.0 | 3.0
Dividend yield (%) | — | —
Average risk-free interest rate (%) | 1.88 | 1.00
Expected life (years) | 4.2 | 4.2
Volatility (%) | 55.8 | 60.9
Option pricing models require the input of highly subjective assumptions. The expected life of the options considered such factors as the average length of time similar option grants in the past have remained outstanding prior to exercise and the vesting period of the grants. Volatility was estimated based upon historical price observations over the expected term. Changes in the subjective input assumptions can materially affect the estimated fair value of the options. The weighted average share price, at the date of grant, of stock options granted in 2018 was C$11.84 (2017 - C$12.50). The weighted average share price at the date of the exercise of stock options in 2018 was C$14.13 (2017 - C$13.50).
15. | SHARE CAPITAL AND SHARE-BASED PAYMENTS (Continued)
The following table summarizes information about stock options outstanding and exercisable at December 31, 2018:
| Stock options outstanding |  | Stock options exercisable |
Exercise prices (C$) | Stock options outstanding |  | Weighted average remaining contractual life (years) |  | Stock options exercisable |  | Weighted average exercise price (C$/option) |
3.30 - 7.02 | 321,592 |  | 2.5 |  | 321,592 |  | 5.83 |
7.03 - 7.36 | 630,045 |  | 3.4 |  | 401,717 |  | 7.19 |
7.37 - 11.95 | 700,836 |  | 4.3 |  | 324,536 |  | 9.05 |
11.96 - 24.41 | 986,276 |  | 3.7 |  | 443,859 |  | 15.56 |
| 2,638,749 |  | 3.6 |  | 1,491,704 |  | 9.79 |
c)Deferred Share Units Non-executive directors may elect to receive all or a portion of their annual compensation in the form of DSUs which are linked to the value of our common shares. DSUs are issued on a quarterly basis under the terms of the DSU Plan, at the market value of our common shares at the date of grant. DSUs vest immediately and are redeemable in cash on the date the director ceases to be our director.
Years ended December 31 | 2018 |  | 2017 |
| Number of DSUs |  | Number of DSUs |
Outstanding, beginning of year | 608,763 |  | 535,579 |
Granted | 107,318 |  | 73,184 |
Redeemed | (182,383 | ) | — |
Outstanding, end of year | 533,698 |  | 608,763 |
DSUs granted in the year ended December 31, 2018 had a fair value of C$12.49 per unit (2017 - C$12.95). DSUs are cash-settled instruments and, therefore, the fair value of the outstanding DSUs at the end of each reporting period is recognized as an accrued liability with the associated compensation cost recorded in general and administrative expenses. As at December 31, 2018, the fair value was C$16.50 per unit (December 31, 2017 - C$11.07 per unit). At December 31, 2018, an accrued liability of $6,455,000 (2017 - $5,372,000) was outstanding. d) Restricted Share Units RSUs are granted to employees based on the value of our share price at the date of grant. The awards have a graded vesting schedule over a three-year period. The terms of the plan provide the Board of Directors the discretion to elect to settle the units in either cash or shares. To date, all RSUs have been cash-settled and, therefore, are recognized as a liability, with fair value remeasurement at each reporting period. The associated compensation cost is recorded in general and administrative expenses unless directly attributable to our operations, whereby it is included in cost of inventory, or exploration and evaluation costs.
15. | SHARE CAPITAL AND SHARE-BASED PAYMENTS (Continued)
Years ended December 31 | 2018 |  | 2017 |
| Number of RSUs |  | Number of RSUs |
Outstanding, beginning of year | 541,006 |  | 704,055 |
Granted | 322,935 |  | 242,565 |
Settled | (276,983 | ) | (313,003 | )
Forfeited | (161,863 | ) | (92,611 | )
Outstanding, end of year | 425,095 |  | 541,006 |
RSUs granted in the year ended December 31, 2018 had a weighted average fair value of C$11.47 per unit (2017 - C$14.06 per unit). RSUs settled in the year ended December 31, 2018 were settled at a fair value of C$12.33 per unit (2017 - C$13.98). As at December 31, 2018, the fair value was C$16.50 per unit (December 31, 2017 - C$11.07 per unit). At December 31, 2018, an accrued liability of $2,949,000 (2017 - $3,339,000) was outstanding. e) Performance Share Units PSUs are granted to senior executives, and vest after a performance period of three years. The vesting of these awards is based on our total shareholder return in comparison to our peer group and awards vested range from 0% to 200% of initial PSUs granted. The terms of the plan provide the Board of Directors the discretion to elect to settle PSUs in either cash or shares. To date, all PSUs have been cash-settled and, therefore, are recognized as a liability, with fair value remeasurement at each reporting period. The associated compensation cost is recorded in general and administrative expenses.
Years ended December 31 | 2018 |  | 2017 |
| Number of PSUs |  | Number of PSUs |
Outstanding, beginning of year | 391,432 |  | 524,550 |
Granted | 174,900 |  | 159,850 |
Settled | (255,232 | ) | (190,000 | )
Forfeited | — |  | (102,968 | )
Outstanding, end of year | 311,100 |  | 391,432 |
PSUs granted in the year ended December 31, 2018 had a weighted average fair value of C$10.72 per unit (2017 - C$12.62 per unit). PSUs settled in the year ended December 31, 2018 were settled at a value of C$23.09 per unit (December 31, 2017 - C$13.97). As at December 31, 2018, the estimated weighted average value was C$26.76 per unit (2017 - C$9.47 per unit). At December 31, 2018, an accrued liability of $7,230,000 (2017 - $1,299,000) was outstanding.
15. | SHARE CAPITAL AND SHARE-BASED PAYMENTS (Continued)
f) Share-based compensation Total share-based compensation, including all equity and cash-settled arrangements, for the years ended December 31, 2018 and 2017 has been recognized in the consolidated financial statements as follows:
Years ended December 31 | 2018 |  | 2017 |
| $ |  | $ |
Equity-settled |  |
Cost of inventory | 160 |  | 190 |
General and administrative expense | 1,958 |  | 1,988 |
Exploration, evaluation and reclamation expenses | 39 |  | 41 |
Cash-settled |  |
Cost of inventory | 1,024 |  | 1,639 |
General and administrative expense | 11,412 |  | 2,237 |
Exploration, evaluation and reclamation expenses | 125 |  | — |
Total | 14,718 |  | 6,095 |

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