20. Share Based Payments

During the year ended December 31, 2020, the Company recognized share-based payments of $12,388 (December 31, 2019 - $5,471) related to the amortization of deferred, restricted and performance share units and $56 (December 31, 2019 – $542) related to amortization of stock options.

(a)

Deferred Share Units (DSUs)


		Cash Settled
	Number of DSUs		Fair Value
Outstanding, December 31, 2018		850,067	$	3,116
Granted		111,804		455
Changes in fair value		-		347
Outstanding, December 31, 2019		961,871		3,918
Granted		162,648		383
Changes in fair value		-		4,938
Outstanding, December 31, 2020		1,124,519	$	9,239

On April 20, 2020, the Company granted 162,648 deferred share units to its non-executive directors with a fair value of $2.36 (C$3.32) for each DSU (year ended December 31, 2019 - 111,804 DSUs with a fair value of $3.62 (C$4.83) per DSU).

(b) Restricted Share Units (RSUs)


		Cash Settled				Equity Settled
	Number of RSUs		Fair Value		Number of RSUs
Outstanding, December 31, 2018		659,385	$	2,057		734,631
Granted		139,661		506		633,914
Units paid out in cash		(406,611)		(1,466)		-
Vested and paid out in shares		-		-		(201,633)
Changes in fair value and vesting		-		60		-
Outstanding, December 31, 2019		392,435		1,157		1,166,912
Granted		1,056,207		2,489		815,220
Units paid out in cash		(81,152)		(257)		-
Vested and paid out in shares		-		-		(448,766)
Changes in fair value and vesting		-		2,003		-
Outstanding, December 31, 2020		1,367,490		5,392		1,533,366
Less: current portion				(3,128)
Non-current portion			$	2,264

On April 20, 2020, the Company granted to its employees and officers a total of 1,056,207 cash-settled and 815,220 equity-settled RSUs, which vest 20% on the first anniversary, 30% on the second anniversary and 50% on the third anniversary of the date of grant. The fair value on the grant date of the 815,220 equity settled RSUs was $2.36 (C$3.32) per RSU (year ended December 31, 2019- 633,914 with a fair value of $3.62 (C$4.83) per RSU).


	Equity Settled
	Number of PSUs
Outstanding, December 31, 2018		1,002,166
Granted		422,609
Vested and paid out in shares		(150,325)
Outstanding, December 31, 2019		1,274,450
Forfeited or cancelled		(191,498)
Vested and paid out in shares		(243,782)
Outstanding, December 31, 2020		839,170

During the year ended December 31, 2020, no PSUs were granted (year ended December 31, 2019 – 422,609 with a fair value of $3.62 (C$4.83) per share unit) to the Company’s officers.

The PSUs granted during the year ended December 31, 2019 vest 20% on the first anniversary, 30% on the second anniversary and 50% on the third anniversary of the date of grant based on prescribed performance metrics, and are subject to a multiplier ranging from 50% to 200% depending on the achievement level of certain performance targets.

d) Stock Options

The Company’s Stock Option Plan, as amended and approved from time to time, permits the Company to issue up to 12,200,000 stock options. As at December 31, 2020, a total of 2,092,236 stock options are available for issuance under the plan.


	Number of stock options	Weighted average exercise price
		Canadian dollars
Outstanding, December 31, 2018	1,784,029	$	5.85
Outstanding, December 31, 2019	1,784,029		5.85
Exercised	(211,626)		6.28
Expired unexercised	(517,833)		4.79
Outstanding, December 31, 2020	1,054,570	$	6.28
Vested and exercisable, December 31, 2019	1,459,779	$	5.77
Vested and exercisable, December 31, 2020	1,054,570	$	6.28