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SHARE CAPITAL | 12 Months Ended
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Mar. 31, 2022
Disclosure of classes of share capital [text block] [Abstract] |
SHARE CAPITAL |
| 12. | SHARE CAPITAL
| (a) | Authorized
Unlimited number of common shares without par value. All shares issued as at March 31, 2022 were fully paid.
| (b) | Share-based compensation
The Company has a share-based compensation plan (the “Plan”) which consists of stock options, restricted share units (the “RSUs”) and performance share units (the “PSUs”). The Plan allows for the maximum number of common shares to be reserved for issuance on any share-based compensation to be a rolling 10% of the issued and outstanding common shares from time to time. Furthermore, no more than 3% of the reserve may be granted in the form of RSUs and PSUs. For the year ended March 31, 2022, a total of $6.1 million (year ended March 31, 2021 - $4.3 million) in share-based compensation expense was recognized and included in the general and administrative expenses and property evaluation and business development expenses on the consolidated statements of income.
| (i) | Stock options
The following is a summary of option transactions:
|  | Number of shares |  |  | Weighted average exercise price per share CAD$ |
Balance, April 1, 2020 |  |  | 2,423,760 |  |  | $ | 3.00 |
Option granted |  |  | 1,127,000 |  |  |  | 7.25 |
Options exercised |  |  | (1,553,338 | ) |  |  | 3.02 |
Options cancelled |  |  | (135,004 | ) |  |  | 4.52 |
Balance, March 31, 2021 |  |  | 1,862,418 |  |  | $ | 5.45 |
Options exercised |  |  | (797,083 | ) |  |  | 2.98 |
Options cancelled |  |  | (70,000 | ) |  |  | 7.46 |
Balance, March 31, 2022 |  |  | 995,335 |  |  | $ | 7.28 |
The following table summarizes information about stock options outstanding as at March 31, 2022:
Exercise price in |  |  | Number of options outstanding at |  |  | Weighted average remaining contractual life |  |  | Weighted average exercise |  |  | Number of options exercisable at |  |  | Weighted average exercise price in |
CAD$ |  |  | March 31,2022 |  |  | (Years) |  |  | price in CAD$ |  |  | March 31, 2022 |  |  | CAD$ |
| $5.46 |  |  |  | 540,335 |  |  |  | 3.15 |  |  |  | $5.46 |  |  |  | 264,335 |  |  |  | $5.46 |
| $9.45 |  |  |  | 455,000 |  |  |  | 3.62 |  |  |  | $9.45 |  |  |  | 151,665 |  |  |  | $9.45 |
| $5.46 to $9.45 |  |  |  | 995,335 |  |  |  | 3.37 |  |  |  | $7.28 |  |  |  | 416,000 |  |  |  | $6.91 |
Subsequent to March 31, 2022, a total of 535,000 options with a life of five years were granted to directors, officers, and employees at an exercise price of CAD$3.93 per share subject to a vesting schedule over a three-year term with 1/6 of the options vesting every six months after the date of grant until fully vested.
| (ii) | RSUs
The following is a summary of RSUs transactions:
|  | Number of shares |  |  | Weighted average grant date closing price per share $CAD |
Balance, April 1, 2020 |  |  | 677,374 |  |  | $ | 4.94 |
Granted |  |  | 1,021,500 |  |  |  | 6.68 |
Cancelled |  |  | (77,166 | ) |  |  | 5.82 |
Distributed |  |  | (372,372 | ) |  |  | 5.05 |
Balance, March 31, 2021 |  |  | 1,249,336 |  |  | $ | 6.28 |
Granted |  |  | 1,000,000 |  |  |  | 6.40 |
Cancelled |  |  | (46,999 | ) |  |  | 6.63 |
Distributed |  |  | (566,172 | ) |  |  | 5.90 |
Balance, March 31, 2022 |  |  | 1,636,165 |  |  | $ | 6.47 |
During the year ended March 31, 2022, a total of 1,000,000 RSUs were granted to directors, officers, and employees of the Company at grant date closing price of CAD$6.40 per share subject to a vesting schedule over a three-year term with 1/6 of the RSUs vesting every six months from the date of grant. Subsequent to March 31, 2022, a total of 961,000 RSUs were granted to directors, officers, and employees of the Company at grant date closing price of CAD$3.93 per share subject to a vesting schedule over a three- year term with 1/6 of the RSUs vesting every six months from the date of grant. Subsequent to March 31, 2022, a total of 137,876 RSUs were distributed, and a total of 1,667 RSUs were cancelled.
| (c) | Cash dividends declared
During the year ended March 31, 2022, dividends of $4.4 million (year ended March 31, 2021 - $4.4 million) were declared and paid.
| (d) | Normal course issuer bid
On August 25, 2021, the Company announced a normal course issuer bid (“NCIB”) which allows it to acquire up to 7,054,000 of its own common shares until August 26, 2022. The Company did not acquire any its own common shares during the year ended March 31, 2022 Subsequent to March 31, 2022, the Company acquired a total of 100,000 common shares at a cost of $0.3 million under the NCIB program.
| (e) | Earnings per share (basic and diluted)
|  | For the years ended March 31, |
|  |  |  |  | 2022 |  |  |  |  |  |  |  |  | 2021 |  |  |  |
|  | Income |  |  | Shares |  |  | Per-Share |  |  | Income |  |  | Shares |  |  | Per-Share |
|  | (Numerator) |  |  | (Denominator) |  |  | Amount |  |  | (Numerator) |  |  | (Denominator) |  |  | Amount |
Net income attributable to equity holders of the Company |  | $ | 30,634 |  |  |  |  |  |  |  |  |  |  | $ | 46,376 |  |  |  |  |  |  |  |  |
Basic earnings per share |  |  | 30,634 |  |  |  | 176,534,501 |  |  | $ | 0.17 |  |  |  | 46,376 |  |  |  | 174,868,256 |  |  | $ | 0.27 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options and RSUs |  |  |  |  |  |  | 1,789,467 |  |  |  |  |  |  |  |  |  |  |  | 2,205,748 |  |  |  |  |
Diluted earnings per share |  | $ | 30,634 |  |  |  | 178,323,968 |  |  | $ | 0.17 |  |  | $ | 46,376 |  |  |  | 177,074,004 |  |  | $ | 0.26 |
Anti-dilutive options that are not included in the diluted EPS calculation were 995,335 for the year ended March 31, 2022 (year ended March 31, 2021 – 490,000).

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