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Note 15 - Share-based Payments

9 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

15. SHARE-BASED PAYMENTS

(a) Stock options

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model, consistent with the guidance on stock compensation. Because option-pricing models require the use of subjective assumptions, changes in these assumptions can materially affect the fair value of the options. The assumptions presented in the table below represent the weighted average of the applicable assumption used to value stock options at their grant date. The Company calculates expected volatility based on historical volatility of the Company's common shares. The expected term, which represents the period of time that options granted are expected to be outstanding, is estimated based on historical exercise experience. The Company evaluated historical exercise behavior when determining the expected term assumptions. The risk-free rate assumed in valuing the options is based on the U.S. Treasury yield curve in effect at the time of grant for the expected term of the option. The Company determines the expected dividend yield percentage by dividing the expected annual dividend by the market price of our common shares at the date of grant.

Details of stock option transactions for the three months ended September 30, 2015 and September 30, 2014 are as follows:

		Three months ended September 30, 2015								Three months ended September 30, 2014

		Number of Shares				Weighted Average exercise price per share				Number of Shares				Weighted Average exercise price per share

Outstanding, beginning of period			827,076			$	6.69				1,052,308			$	4.01
Granted			22,500				24.96				98,100				15.83
Exercised			(41,404	)			4.59				(134,199	)			2.56
Forfeited			(3,677	)			9.63				(8,938	)			6.15
Expired			-				-				-				-
Outstanding, end of period			804,495			$	7.30				1,007,271			$	5.34
Options exercisable, end of period			580,721			$	4.85				732,683			$	3.84

Details of stock option transactions for the nine months ended September 30, 2015 and September 30, 2014 are as follows:

		Nine months ended September 30, 2015								Nine months ended September 30, 2014

		Number of Shares				Weighted Average exercise price per share				Number of Shares				Weighted Average exercise price per share

Outstanding, beginning of period			976,062			$	6.23				1,407,639			$	3.80
Granted			67,500				21.26				98,100				15.83
Exercised			(229,057	)			3.22				(474,220	)			2.92
Forfeited			(8,135	)			11.43				(20,623	)			5.86
Expired			(1,875	)			2.40				(3,625	)			3.36
Outstanding, end of period			804,495			$	7.30				1,007,271			$	5.34
Options exercisable, end of period			580,721			$	4.85				732,683			$	3.84

As of September 30, 2015, the exercise prices, weighted average remaining contractual life and intrinsic values of outstanding options were as follows:

						Options outstanding																Options exercisable
Exercise price						Outstanding Number				Weighted average exercise price per share				Weighted average remaining contractual life (years				Aggregate intrinsic value				Number exercisable				Weighted average exercise price per share				Aggregate intrinsic value

$	2.80	-	$	2.92			326,190			$	2.83				2.0			$	6,624,395				326,190			$	2.83			$	6,624,395
$	3.00	-	$	5.76			208,940				5.08				2.9				3,773,918				161,997				4.94				2,947,569
$	8.56	-	$	10.16			110,815				9.15				4.6				1,550,282				52,559				8.95				745,913
$	14.67	-	$	24.96			158,550				18.11				5.6				837,708				39,975				15.60				301,607
							804,495			$	7.30				3.3			$	12,786,303				580,721			$	4.85			$	10,619,484

Total unrecognized compensation cost relating to unvested stock options at September 30, 2015, prior to the consideration of expected forfeitures, was approximately $1,082,822 and is expected to be recognized over a weighted average period of 2.1 years.

The Company recorded stock-based compensation of $128,575 and $378,228 for the three and nine months ended September 30, 2015 and $230,712 and $417,046 for the three and nine months ended September 30, 2014, respectively.

The Company has not capitalized any stock-based compensation expense as part of the cost of an asset.