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Note 12 - Share-based Compensation
 6 Months Ended
May 31, 2023
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

NOTE 12 – SHARE-BASED COMPENSATION

 

   

Three months ended May 31,

    

Six months ended May 31,

  
   

2023

    

2022

    

2023

    

2022

  

Stock options

   $ 1,096     $ 1,192     $ 2,262     $ 2,385  

Performance share unit plan

     990       859       1,931       1,695  

Deferred share unit plan

     54       54       108       116  
    $ 2,140     $ 2,105     $ 4,301     $ 4,196  

 

Stock options

 

A summary of stock options outstanding and activity during the six months ended May 31, 2023 are as follows:

 

   

Number of stock options (thousands)

    

Weighted- average exercise price per share

    

Weighted- average

remaining

contractual term

(years)

    

Aggregate

intrinsic

value

  

November 30, 2022

     7,717     $ 6.18                  

Granted

     2,292       5.71                  

Exercised

     (997 )     3.79                  

Cancelled

     (246 )     6.60                  

May 31, 2023

     8,766     $ 6.31       2.61     $ 2,805  

Vested and exercisable as of May 31, 2023

     5,027     $ 6.22       1.55     $ 2,805  

 

NOVAGOLD RESOURCES INC.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(Unaudited, US dollars in thousands except per share amounts)

 

The following table summarizes other stock option-related information:

 

   

Six months ended May 31,

  
   

2023

    

2022

  
Weighted-average assumptions used to value stock option awards:                

Expected volatility

     48.4 %     46.5 %

Expected term of options (years)

     4       4  

Expected dividend rate

     —       —  

Risk-free interest rate

     3.85 %     1.13 %

Expected forfeiture rate

     2.8 %     2.9 %

Weighted-average grant-date fair value

   $ 2.40     $ 2.49  

Intrinsic value of options exercised

   $ 1,989     $ 3,630  

Cash received from options exercised

   $ —     $ —  

 

As of May 31, 2023, the Company had $5,095 of unrecognized compensation cost related to 3,739,000 non-vested stock options expected to be recognized and vest over a period of approximately 2.5 years.

 

Performance share units

 

A summary of PSU awards outstanding and activity during the six months ended May 31, 2023 are as follows:

 

   

Number of PSU awards (thousands)

    

Weighted- average grant day fair value per award

    

Aggregate

intrinsic

value

  

November 30, 2022

     1,257     $ 7.65          

Granted

     787       5.74          

Vested

     —       —          

Performance adjustment

     (439 )     6.96          

May 31, 2023

     1,605     $ 6.89     $ 4,259  

 

As of May 31, 2023, the Company had $5,727,000 of unrecognized compensation cost related to 1,605,000 non-vested PSU awards expected to be recognized and vest over a period of approximately 2.5 years.

 

The following table summarizes other PSU-related information:

 

   

Six months ended May 31,

  
   

2023

    

2022

  

Performance multiplier on PSUs vested

     — %     93 %

Common shares issued (thousands)

     —       430  

Total fair value of common shares issued

   $ —     $ 2,903  

Withholding tax paid on PSUs vested

   $ —     $ 2,122