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Share Capital (Tables) | 6 Months Ended
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Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Stock Option Activity | The following table presents stock option activity for the period:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Outstanding, beginning of period |  |  | 5,742,608 |  |  |  | 4,527,992 |  |  |  | 4,758,997 |  |  |  | 3,534,236 |
Granted |  |  | 382,500 |  |  |  | 127,300 |  |  |  | 1,494,450 |  |  |  | 1,245,650 |
Exercised(1) |  |  | (222,331 | ) |  |  | (54,716 | ) |  |  | (344,734 | ) |  |  | (153,042 | )
Forfeited, cancelled or expired |  |  | (131,726 | ) |  |  | (5,144 | ) |  |  | (137,662 | ) |  |  | (31,412 | )
Outstanding, end of period |  |  | 5,771,051 |  |  |  | 4,595,432 |  |  |  | 5,771,051 |  |  |  | 4,595,432 |
Exercisable, end of period |  |  | 2,842,948 |  |  |  | 2,114,647 |  |  |  | 2,842,948 |  |  |  | 2,114,647 |
| (1) | During the six months ended June 30, 2021, 58,179 (six months ended June 30, 2020 – 10,715) stock options were exercised for the same number of common shares in exchange for cash. In the same period, the Company issued 179,129 (six months ended June 30, 2020 – 85,660) common shares for the cashless exercise of 286,555 (six months ended June 30, 2020 – 142,327) stock options.
Fair Value Assumptions for Stock Options | The fair value of each stock option granted is estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Average risk-free interest rate |  |  | 1.27 | % |  |  | 0.48 | % |  |  | 1.18 | % |  |  | 0.77 | %
Expected volatility |  |  | 69 | % |  |  | 68 | % |  |  | 68 | % |  |  | 68 | %
Average expected term (in years) |  |  | 7.09 |  |  |  | 6.86 |  |  |  | 6.67 |  |  |  | 6.75 |
Expected dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Weighted average fair value of stock options granted |  | $ | 12.14 |  |  | $ | 8.27 |  |  | $ | 12.67 |  |  | $ | 7.50 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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