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SHARE-BASED PAYMENTS | 12 Months Ended
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Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Share-Based Payments | SHARE-BASED PAYMENTS The Company, under the 2018 Omnibus Equity Incentive Compensation Plan (the “Compensation Plan”), maintains a stock incentive plan for directors, executives, eligible employees and consultants. Stock incentive awards include employee stock options, restricted stock units (“RSUs”), and share appreciation rights ("SARs"). The Company issues new shares of common stock to satisfy exercises and vesting under all of its stock incentive awards. At December 31, 2018, a total of 9,144,507 common shares were authorized for stock incentive plan awards. Employee Stock Options The Company, under the Compensation Plan may grant options to directors, executives, employees and consultants to purchase common shares of the Company. The exercise price of the options is set as the higher of the Company’s closing share price on the day before the grant date or the five-day volume weighted average price. Stock options granted under the Compensation Plan generally vest over a period of two years or more and are generally exercisable over a period of five years from the grant date not to exceed 10 years. The value of each option award is estimated at the grant date using the Black-Scholes Option Valuation Model. There were 0.42 million options granted in the year ended December 31, 2018 (December 31, 2017 – 0.74 million, December 31, 2016 - 0.45 million). At December 31, 2018, there were 1.71 million options outstanding with 1.44 million options exercisable, at a weighted average exercise price of $3.85 and $4.21 respectively, with a weighted average remaining contractual life of 3.59 years. The aggregate intrinsic value of the fully vested shares was $0.41 million. The summary of the Company’s stock options at December 31, 2018, 2017 and 2016, respectively, and the changes for the fiscal periods ending on those dates are presented below:
| Range of Exercise Prices $ |  | Weighted Average Exercise Price $ |  | Number of Options
Balance, December 31, 2015 | 2.55 - 32.10 |  | 6.54 |  | 2,122,897
Granted | 2.12 - 2.22 |  | 2.13 |  | 449,537
Exercised | 2.12 |  | 2.12 |  | (8,369)
Forfeited | 2.12 - 18.99 |  | 5.52 |  | (317,960)
Expired | 2.95 - 32.03 |  | 8.03 |  | (200,962)
Balance, December 31, 2016 | 2.12 - 15.61 |  | 5.69 |  | 2,045,143
Granted | 1.77 - 2.35 |  | 2.34 |  | 738,893
Exercised | — |  | — |  | —
Forfeited | 2.12 - 11.94 |  | 2.93 |  | (316,289)
Expired | 4.48 - 12.55 |  | 8.42 |  | (438,900)
Balance, December 31, 2017 | 1.77 - 15.61 |  | 4.48 |  | 2,028,847
Granted | 1.70 - 2.88 |  | 1.75 |  | 442,956
Exercised | 1.70 - 2.55 |  | 2.15 |  | (355,092)
Forfeited | 1.70 - 6.63 |  | 3.96 |  | (213,393)
Expired | 5.86 - 10.36 |  | 8.18 |  | (170,564)
Balance, December 31, 2018 | 1.70 - 15.61 |  | 3.84 |  | 1,732,754
As of December 31, 2018, the outstanding stock options denominated in Cdn$ were as follows:
| Options outstanding |  | Options exercisable
Exercise price | Quantity |  | Weighted average price |  | Weighted average remaining contractual life |  | Intrinsic Value |  | Quantity |  | Weighted average price |  | Weighted average remaining contractual life |  | Intrinsic Value
$5.00 to $9.99 | 210,550 |  |  | 8.01 |  |  | 0.39 |  | — |  |  | 210,550 |  |  | 8.10 |  |  | 0.39 |  | — |
| 210,550 |  |  |  |  |  |  | $ | — |  |  | 210,550 |  |  |  |  |  |  | $ | — |
As of December 31, 2018, the outstanding stock options denominated in USD$ were as follows:
| Options outstanding |  | Options exercisable
Exercise price | Quantity |  | Weighted average price |  | Weighted average remaining contractual life |  | Intrinsic Value |  | Quantity |  | Weighted average price |  | Weighted average remaining contractual life |  | Intrinsic Value
$0.00 to $4.99 | 1,240,177 |  |  | $ | 2.83 |  |  | 3.90 |  | $ | 415 |  |  | 943,133 |  |  | $ | 3.08 |  |  | 3.98 |  | $ | 415 |
$5.00 to $9.99 | 255,762 |  |  | 6.00 |  |  | 3.10 |  | — |  |  | 255,762 |  |  | 6.00 |  |  | 3.10 |  | — |
$10.00 to $14.99 | 13,515 |  |  | 12.59 |  |  | 2.27 |  | — |  |  | 13,515 |  |  | 12.59 |  |  | 2.27 |  | — |
$15.00 to $19.99 | 12,750 |  |  | $ | 15.61 |  |  | 2.03 |  | — |  |  | 12,750 |  |  | $ | 15.61 |  |  | 2.03 |  | — |
| 1,522,204 |  |  |  |  |  |  | $ | 415 |  |  | 1,225,160 |  |  |  |  |  |  | $ | 415 |
In the year ended December 31, 2018, the Company issued 355,092 shares upon exercise of stock options at an average exercise price of $2.15 for proceeds of $0.76 million. These options had an intrinsic value of $0.41 million. In the year ended December 31, 2017,no shares were issued due to the exercise of stock options. In the year ended December 31, 2016 the Company issued 8,369 shares upon exercise of stock options at an average exercise price of $2.12 for proceeds of $0.02 million. These options had an intrinsic value of $0.01 million. The share-based compensation recorded during the years ended December 31, 2018, 2017 and 2016 are as follows:
| Years ended
| December 31,
| 2018 |  | 2017 |  | 2016
Share-based compensation (1)(2) | $ | 2,762 |  |  | $ | 3,525 |  |  | $ | 2,657 |
Value of stock options and RSUs granted | $ | 2,762 |  |  | $ | 3,525 |  |  | $ | 2,657 |
(1) | The fair value of the options granted under the Compensation Plan for the years ended December 31, 2018, 2017 and 2016 was estimated at the date of grant, using the Black-Scholes Option Valuation Model, with the following weighted-average assumptions:
| 2018 |  | 2017 |  | 2016
Risk-free interest rate | 2.84% |  |  | 1.93% |  |  | 1.03% - 1.43% |
Expected life | 5.0 years |  |  | 5.0 years |  |  | 5.0 years |
Expected volatility | 59.00%* |  |  | 63.0%* |  |  | 64.7% -74.8%* |
Expected dividend yield | 0 | % |  | 0 | % |  | 0 | %
Weighted-average expected life of option | 5.00 |  |  | 5.00 |  |  | 5.00 |
Weighted-average grant date fair value | $0.96 |  |  | $1.20 |  |  | $1.22 - $1.23 |
* Expected volatility is measured based on the Company’s historical share price volatility over a period equivalent to the expected life of the options.
(2) | The fair value of the RSUs granted under the Compensation Plan for the years ended December 31, 2018, 2017 and 2016, was estimated at the date of grant, using the stated market price.
A summary of the status and activity of non-vested stock options at December 31, 2018 is as follows:
| Number of shares |  | Weighted Average Grant- Date Fair Value
Non-vested December 31, 2015 | 177,698 |  |  | 3.44 |
Granted | 449,537 |  |  | 1.29 |
Vested | (331,482 | ) |  | 2.26 |
Forfeited | (68,575 | ) |  | 1.56 |
Non-vested December 31, 2016 | 227,178 |  |  | 1.48 |
Granted | 738,893 |  |  | 1.18 |
Vested | (486,386 | ) |  | 1.30 |
Forfeited | (114,505 | ) |  | 1.22 |
Non-vested December 31, 2017 | 365,180 |  |  | 1.20 |
Granted | 442,956 |  |  | 0.96 |
Vested | (448,662 | ) |  | 1.10 |
Forfeited | (62,430 | ) |  | 0.96 |
Non-vested December 31, 2018 | 297,044 |  |  | 1.06 |
Restricted Stock Units The Company grants RSUs to executives and eligible employees. Awards are determined as a target percentage of base salary and vest over periods of three years. Prior to vesting, holders of restricted stock units do not have the right to vote the underlying shares. The restricted stock units are subject to forfeiture risk and other restrictions. Upon vesting, the employee is entitled to receive one share of the Company’s common stock for each restricted stock unit for no additional payment. During the year ended December 31, 2018, the Company’s Board of Directors approved the issuance of 1.19 million RSUs under the Compensation Plan (2017 – 1.39 million, 2016 - 1.21 million). A summary of the status and activity of non-vested RSUs at December 31, 2018 is as follows:
| Number of shares |  | Weighted Average Grant- Date Fair Value
Non-vested December 31, 2015 | 272,866 |  |  | 4.03 |
Granted | 1,205,336 |  |  | 2.14 |
Vested | (138,608 | ) |  | 4.65 |
Forfeited | (9,125 | ) |  | 5.39 |
Non-vested December 31, 2016 | 1,330,469 |  |  | 2.37 |
Granted | 1,390,705 |  |  | 2.09 |
Vested | (752,580 | ) |  | 2.35 |
Forfeited | (59,118 | ) |  | 2.29 |
Non-vested December 31, 2017 | 1,909,477 |  |  | 2.17 |
Granted | 1,191,132 |  |  | 1.70 |
Vested | (1,486,126 | ) |  | 2.24 |
Forfeited | (34,296 | ) |  | 2.00 |
Non-vested December 31, 2018 | 1,580,187 |  |  | $ | 1.99 |
The total fair value of RSUs that vested and were settled for equity in the year ended December 31, 2018 was $1.49 million (2017 – $1.69 million, 2016 - $0.30 million). At December 31, 2018, there was $0.05 million and $0.88 million of unrecognized compensation costs related to the unvested stock options and RSU awards, respectively. This cost is expected to be recognized over a period of approximately three years. Share Appreciation Rights No SARs were issued during the year ended December 31, 2018, or in any prior years.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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