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Share-based compensation | 12 Months Ended
--- | ---
Dec. 31, 2023
Share-based compensation |
Share-based compensation |
21. | Share-based compensation
Share options The Company offers a share option plan to directors, officers, management, employees and consultants. The following table summarizes information about the movement of the share options outstanding under the Company’s plan: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 |  | 2022
​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​ | Weighted
​ | ​ | ​ | ​ | average | ​ | ​ | ​ | average
​ | ​ | Number of | ​ | exercise | ​ | Number of | ​ | exercise
​ |  | options |  | price |  | options |  | price
​ | ​ | ​ | ​ | $ | ​ | ​ |  | $
Balance – Beginning of year |  | 1,812,450 | ​ | 11.52 |  | 697,841 | ​ | 21.21
Granted |  | 1,202,400 | ​ | 6.59 |  | 1,245,400 | ​ | 6.43
Forfeited |  | (314,773) | ​ | 8.86 |  | (130,791) | ​ | 14.74
Balance – End of year |  | 2,700,077 | ​ | 9.64 |  | 1,812,450 | ​ | 11.52
Options exercisable – End of year |  | 735,050 | ​ | 14.18 |  | 205,229 | ​ | 21.32
​ ​ ​ ​ ​ The following table summarizes the share options outstanding as at December 31, 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Options outstanding |  | Options exercisable
​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​ | Weighted
​ | ​ | ​ | ​ | ​ | ​ | average | ​ | ​ | ​ | average
​ | ​ | Exercise | ​ | ​ | ​ | remaining contractual | ​ | ​ | ​ | remaining contractual
Grant date |  | price |  | Number |  | life (years) | ​ | Number |  | life (years)
​ |  | $ | ​ | ​ |  | ​ | ​ | ​ | ​ |
December 22, 2020 |  | 22.86 | ​ | 320,032 |  | 1.98 | ​ | 217,391 | ​ | 1.98
February 5, 2021 |  | 24.30 | ​ | 10,533 |  | 2.10 | ​ | 3,511 | ​ | 2.10
June 23, 2021 |  | 21.30 | ​ | 157,086 |  | 2.48 | ​ | 107,079 | ​ | 2.48
August 16, 2021 |  | 16.89 | ​ | 31,199 |  | 2.63 | ​ | 20,801 | ​ | 2.63
November 12, 2021 |  | 16.20 | ​ | 37,894 |  | 2.87 | ​ | 25,266 | ​ | 2.87
June 30, 2022 |  | 6.49 | ​ | 748,233 |  | 3.50 | ​ | 266,766 | ​ | 3.50
November 18, 2022 |  | 6.28 | ​ | 282,700 |  | 3.88 | ​ | 94,236 | ​ | 3.88
April 3, 2023 | ​ | 6.59 | ​ | 1,112,400 | ​ | 4.26 | ​ | - | ​ | -
​ |  | 9.64 | ​ | 2,700,077 |  | 3.59 | ​ | 735,050 | ​ | 2.90
​ ​ The options, when granted, are accounted for at their fair value determined by the Black-Scholes option pricing model based on the vesting period and on the following weighted average assumptions: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 | ​
Dividend per share |  | ​ | — |  | ​ | — | ​
Expected volatility |  | ​ | 66% | ​ | ​ | 64% | ​
Risk-free interest rate |  | ​ | 3.2% | ​ | ​ | 3.3% | ​
Expected life |  | ​ | 48 months | ​ | ​ | 47 months | ​
Weighted average share price | ​ | $ | 6.59 | ​ | $ | 6.43 | ​
Weighted average fair value of options granted | ​ | $ | 3.43 | ​ | $ | 3.27 | ​
​ The expected volatility is estimated by benchmarking with companies having businesses similar to Osisko Development. The historical volatility of the common share price of these companies was used for benchmarking back from the date of grant and for a period corresponding to the expected life of the options. The fair value of the share options is recognized as compensation expense over the vesting period. During the year ended December 31, 2023, the total share-based compensation related to share options granted under the Osisko Development’s plan amounted to $4.2 million ($3.4 million for the year ended December 31, 2022). Deferred and restricted share units (“DSU” and “RSU”) The following table summarizes information about the DSU and RSU movements: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022
​ |  | DSU(ii) |  | RSU |  | DSU(i) |  | RSU
Balance – Beginning of year |  | 206,426 |  | 1,054,194 |  | 79,781 |  | 345,377
Granted |  | 99,170 |  | 261,900 |  | 137,528 |  | 794,500
Settled |  | (10,883) |  | (95,459) |  | (10,883) |  | (49,118)
Forfeited |  | — |  | (142,350) |  | — |  | (36,565)
Balance – End of year |  | 294,713 |  | 1,078,285 |  | 206,426 |  | 1,054,194
Balance – Vested |  | 195,543 |  | — |  | 68,898 |  | —
| (i) | Unless otherwise decided by the board of directors of the Company, the DSU vest the day prior to the next annual general meeting and are payable in common shares, cash or a combination of common shares and cash, at the sole discretion of the Company, to each director when he or she leaves the board or is not re-elected. The value of the payout is determined by multiplying the number of DSU expected to be vested at the payout date by the closing price of the Company’s shares on the day prior to the grant date. The fair value is recognized over the vesting period. On the settlement date, one common share will be issued for each DSU, after deducting any income taxes payable on the benefit earned by the director that must be remitted by the Company to the tax authorities.
The total share-based compensation expense related to the Osisko Development’s DSU and RSU plans for year ended December 31, 2023 amounted to $4.0 million ($4.3 million for the year ended December 31, 2022). Based on the closing price of the common shares at December 31, 2023 ($3.85), and considering a marginal income tax rate of 53.3%, the estimated amount that Osisko Development is expected to transfer to the tax authorities to settle the employees’ tax obligations related to the vested RSU and DSU to be settled in equity amounts to $0.4 million ($0.2 million as at December 31, 2022) and $2.8 million based on all RSU and DSU outstanding ($3.9 million as at December 31, 2022).

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