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EQUITY | 12 Months Ended
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Dec. 31, 2022
Equity [Abstract] |
EQUITY | EQUITY The Company has awards outstanding under its 2017, 2020 and 2021 Share Compensation Plans which include stock options, DSUs, RSUs and PSUs up to an aggregate total of 4.5% of the Company’s issued and outstanding common stock. There are 8,177,272 shares available for issuance under the Share Compensation Plans. Stock-based compensation expense Stock-based compensation expense has been recognized as follows (in thousands):
|  | Years Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Cost of sales (1) |  | $ | 797 |  |  | $ | 1,105 |  |  | $ | 2,164 |
General and administrative expense |  |  | 5,579 |  |  |  | 11,867 |  |  |  | 8,500 |
Exploration, evaluation and reclamation expense |  |  | 97 |  |  |  | 105 |  |  |  | 169 |
Other operating expenses, net |  |  | — |  |  |  | 1,722 |  |  |  | 5,018 |
|  | $ | 6,473 |  |  | $ | 14,799 |  |  | $ | 15,851 |
(1) Excludes depreciation, depletion, and amortization. Stock options The Company grants stock options to executives and eligible employees. Stock options issued under the Company’s incentive plans vest over three years and are exercisable over a period of time not to exceed the earlier of seven years after the grant date and the latest date permitted under the rules of the regulatory authorities. The exercise price of each option is set at the date of grant and shall not be less than the closing market price of the Company's common stock at the date of grant. New shares from treasury are issued on the exercise of stock options. The following table summarizes the changes in stock options outstanding during the year ended December 31, 2022 (in thousands except per share amounts):
|  | Number of Options |  | Weighted Average Exercise Price Per Share |  | Weighted Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value
Balance as of January 1, 2022 |  | 261 |  |  | $ | 16.32 |  |  |  |  |  |
Granted |  | — |  |  |  | — |  |  |  |  |  |
Exercised |  | (180) |  |  |  | 13.68 |  |  |  |  |  |
Forfeited |  | (4) |  |  |  | 21.13 |  |  |  |  |  |
Expired |  | (4) |  |  |  | 21.48 |  |  |  |  |  |
Balance as of December 31, 2022 |  | 73 |  |  |  | 18.53 |  |  | 4.0 |  | $ | 60 |
Vested and exercisable at December 31, 2022 |  | 64 |  |  |  | 18.08 |  |  | 3.9 |  | $ | 60 |
There were no stock options granted in 2022 or 2021. The fair value of stock options granted during the year ended December 31, 2020 were determined using the Black-Scholes option pricing model. The following table includes the assumptions used and other information related to stock options during the years ended December 31:
| 2022 |  | 2021 |  | 2020
Expected dividend yield (%) |  | N/A |  |  | N/A |  |  | — |
Risk-free interest rate (%) |  | N/A |  |  | N/A |  |  | 1.31 |
Expected life (years) |  | N/A |  |  | N/A |  |  | 4.20
Expected volatility (%) |  | N/A |  |  | N/A |  |  | 45.80 |
Weighted-average grant-date fair value (per option) |  | N/A |  | $ | N/A |  | $ | 17.76
Intrinsic value of options exercised (in thousands) | $ | 840 |  |  | $ | 4,814 |  |  | $ | 9,780 |
Fair value of options vested (in thousands) | $ | 337 |  |  | $ | 1,430 |  |  | $ | 5,006 |
As of December 31, 2022, there was an insignificant amount of unrecognized compensation cost related to unvested stock options expected to be recognized over a weighted average period of approximately 0.2 years. During the year ended December 31, 2022, the amount of cash received from stock option exercises was $2.6 million and the tax benefit from stock options exercised was $0.2 million. 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 the Company's common stock. DSUs are issued on a quarterly basis at the market value of the Company's common stock at the date of grant. DSUs vest immediately and are redeemable in cash. 50% of a director's DSUs will be automatically redeemed on each of the following dates: (i) three months following the date the eligible director ceases to be a director of the Company and (ii) the earlier of fifteen months following, or December 31 of the calendar year following the date the eligible director ceases to be a director of the Company. In connection with the acquisition of Alacer, the Company issued DSU Replacement Units to replace the outstanding DSUs of Alacer. Each DSU Replacement Unit entitles the director to receive a payment in cash for the equivalent value of one common share on the date the director ceases to be a director. The fair value of the outstanding DSUs and DSU Replacement Units at the end of each reporting period was recognized as a liability and included in Accrued liabilities and other. During the years ended December 31, 2022, 2021, and 2020 total cash paid to settle DSUs and DSU Replacement Units was $3.4 million, $2.7 million, and $3.1 million, respectively. As of December 31, 2022, 2021, and 2020, the fair value of DSUs and DSU Replacement Units granted and vested was $1.2 million, $1.4 million, and $10.7 million, respectively. The following table summarizes the changes in DSUs and DSU Replacement Units outstanding during the year ended December 31, 2022 (in thousands except per share amounts):
|  | Number of Shares |  | Weighted Grant Date Fair Value Per Share |  | Aggregate Intrinsic Value
Balance as of January 1, 2022 |  | 682 |  |  | $ | 23.95 |  |  |  |
Granted |  | 69 |  |  |  | 17.31 |  |  |  |
Exercised/Released |  | (229) |  |  |  | 15.74 |  |  |  |
Canceled/Forfeited |  | — |  |  |  | — |  |  |  |
Reinvested |  | 10 |  |  |  | 15.13 |  |  |  |
Balance as of December 31, 2022 |  | 532 |  |  |  | 26.46 |  |  | $ | 8,331 |
Restricted share units The Company grants RSUs to executives and eligible employees which vest over a period of three years. In connection with the acquisition of Alacer, the Company issued RSU Replacement Units, with terms similar to RSUs, to replace the outstanding unexcercised RSUs of Alacer which vest over a period of three years. On February 10, 2021, the Company’s Board of Directors indicated its intention to settle all RSUs and RSU Replacement Units in common shares when vested. As of the years ended December 31, 2022 and 2021, RSUs and RSU Replacement Units are classified as equity and presented in Common shares. During the years ended December 31, 2022, 2021 and 2020, total cash paid to settle RSUs and RSU Replacement Units was $— million, $0 million, and $4.6 million, respectively. The fair value of RSUs and RSU Replacement Units granted was $7.3 million, $7.2 million, and $25.4 million, for the years ended December 31, 2022, 2021 and 2020, respectively. The fair value of RSUs and RSU Replacement Units vested was $14.0 million, $3.3 million, and $14.1 million, during the years ended December 31, 2022, 2021, and 2020, respectively. As of December 31, 2022, there was $5.3 million of total unrecognized compensation cost related to unvested RSUs and RSU Replacement Units expected to be recognized over approximately 2.7 years. The following table summarizes the changes in RSUs and RSU Replacement Units outstanding during the year ended December 31, 2022 (in thousands except per share amounts):
|  | Number of Shares |  | Weighted Average Grant Date Fair Value |  | Aggregate intrinsic value
Balance as of January 1, 2022 |  | 869 |  |  | $ | 23.10 |  |  |  |
Granted |  | 412 |  |  |  | 17.83 |  |  |  |
Exercised/Released |  | (650) |  |  |  | 21.48 |  |  |  |
Canceled/Forfeited |  | (62) |  |  |  | 17.63 |  |  |  |
Reinvested |  | 10 |  |  |  | 18.18 |  |  |  |
Balance as of December 31, 2022 |  | 579 |  |  |  | 21.49 |  |  | $ | 9,071 |
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 the Company's actual production and return on investment compared to budget and total shareholder return in comparison to its peer group. Awards vested range from 0% to 200% of initial PSUs granted. In connection with the acquisition of Alacer, the Company issued PSU Replacement Units to replace the outstanding unexcercised PSUs of Alacer. Each PSU Replacement Unit entitles the participant, at the end of the applicable performance period, to receive a payment in cash for the equivalent value of common shares earned, provided: (i) the participant continues to be employed or engaged by the Company or any of its affiliates; and (ii) all other terms and conditions of the grant have been satisfied, including the performance metrics associated with each PSU Replacement Unit. The vesting of these awards is based on actual production and costs against budget, and the performance of the Company's share price relative to its peer group. Awards vested range from 0% to 200% of initial PSU Replacement Units granted. On February 10, 2021, the Company's Board of Directors indicated its intention to settle all PSUs and PSU Replacement Units issued under the Company's plans in cash when vested. As of the years ended December 31, 2022 and 2021, PSUs and PSU Replacement Units were classified as liabilities and included in Accrued liabilities and other. During the years ended December 31, 2022, 2021 and 2020, total cash paid to settle PSUs and PSU Replacement Units was $10.5 million, $14.3 million, and $12.0 million, respectively. The fair value of PSUs and PSU Replacement Units granted was $5.5 million, $11.5 million, and $24.8 million for the years ended December 31, 2022, 2021, and 2020, respectively. The fair value of PSUs and PSU Replacement Units vested was $9.4 million, $17.4 million, and $4.4 million, during the years ended December 31, 2022, 2021, and 2020, respectively. As of December 31, 2022, there was $4.7 million of total unrecognized compensation cost related to unvested PSUs and PSU Replacement Units expected to be recognized over approximately 2.2 years. The following table summarizes the changes in PSUs and PSU Replacement Units outstanding during the year ended December 31, 2022:
|  | Number of Shares |  | Weighted Average Grant Date Fair Value |  | Aggregate Intrinsic Value
Balance as of January 1, 2022 |  | 800 |  |  | $ | 25.34 |  |  |  |
Granted |  | 305 |  |  |  | 18.06 |  |  |  |
Exercised/Released |  | (432) |  |  |  | 21.83 |  |  |  |
Canceled/Forfeited |  | (36) |  |  |  | 19.07 |  |  |  |
Reinvested |  | 12 |  |  |  | 18.98 |  |  |  |
Balance as of December 31, 2022 |  | 649 |  |  |  | 24.49 |  |  | $ | 10,182 |
Repurchase of common shares On June 20, 2022, the Company received approval of its Normal Course Issuer Bid (the "NCIB") to purchase for cancellation up to 10.6 million of its common shares through the facilities of the TSX, Nasdaq or other Canadian and U.S. marketplaces over a twelve month period beginning June 20, 2022 and ending June 19, 2023. During the year ended December 31, 2022, the Company purchased 6,053,126 of its outstanding common shares pursuant to the NCIB at an average share price of $16.53 per share for total consideration of $100.0 million. All shares were cancelled upon purchase. The difference of $11.2 million between the total amount paid and the amount deducted from common shares of $88.8 million was recorded as a direct charge to retained earnings. The amount deducted from common shares was determined based on the average paid in capital per common share outstanding prior to the repurchase date. During the year ended December 31, 2021, the Company purchased 8,800,700 of its outstanding common shares pursuant to the NCIB at an average share price of $16.82 per share for total consideration of $148.1 million. All shares were cancelled upon purchase. The difference of $19.0 million between the total amount paid and the amount deducted from common shares of $129.1 million was recorded as a direct charge to retained earnings. The amount deducted from common shares was determined based on the average paid in capital per common share outstanding prior to the repurchase date.

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