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Note 14 - Share-based Payments | 9 Months Ended
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Sep. 30, 2016
Notes to Financial Statements |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 14. 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, 2016 and September 30, 2015 are as follows:
|  | Three months ended |  |  | Three months ended |
|  | September 30, 2016 |  |  | September 30, 2015 |
|  | Number of shares |  |  | Weighted average exercise price per share |  |  | Number of shares |  |  | Weighted average exercise price per share |
Outstanding, beginning of period |  |  | 502,590 |  |  | $ | 11.30 |  |  |  | 827,076 |  |  | $ | 6.69 |
Granted |  |  | 18,750 |  |  |  | 27.53 |  |  |  | 22,500 |  |  |  | 24.96 |
Exercised |  |  | (31,065 | ) |  |  | 3.80 |  |  |  | (41,404 | ) |  |  | 4.59 |
Forfeited |  |  | - |  |  |  | - |  |  |  | (3,677 | ) |  |  | 9.63 |
Expired |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Outstanding, end of period |  |  | 490,275 |  |  |  | 12.39 |  |  |  | 804,495 |  |  |  | 7.30 |
Options exercisable, end of period |  |  | 306,553 |  |  | $ | 9.16 |  |  |  | 580,721 |  |  | $ | 4.85 |
Details of stock option transactions for the nine months ended September 30, 2016 and September 30, 2015 are as follows:
|  | Nine months ended |  |  | Nine months ended |
|  | September 30, 2016 |  |  | September 30, 2016 |
|  | Number of shares |  |  | Weighted average exercise price per share |  |  | Number of shares |  |  | Weighted average exercise price per share |
Outstanding, beginning of period |  |  | 513,366 |  |  | $ | 9.24 |  |  |  | 976,062 |  |  | $ | 6.23 |
Granted |  |  | 81,750 |  |  |  | 22.66 |  |  |  | 67,500 |  |  |  | 21.26 |
Exercised |  |  | (94,602 | ) |  |  | 3.75 |  |  |  | (229,057 | ) |  |  | 3.22 |
Forfeited |  |  | (9,489 | ) |  |  | 17.23 |  |  |  | (8,135 | ) |  |  | 11.43 |
Expired |  |  | (750 | ) |  |  | 3.76 |  |  |  | (1,875 | ) |  |  | 2.40 |
Outstanding, end of period |  |  | 490,275 |  |  |  | 12.39 |  |  |  | 804,495 |  |  |  | 7.30 |
Options exercisable, end of period |  |  | 306,553 |  |  | $ | 9.16 |  |  |  | 580,721 |  |  | $ | 4.85 |
As of September 30, 2016, the exercise prices, weighted average remaining contractual life and intrinsic values of outstanding options were as follows:
|  |  |  | Options outstanding |  |  | Options exercisable |
Exercise price |  | Number outstanding |  |  | Weighted average exercise price per share |  |  | Weighted average remaining contractual life (years) |  |  | Aggregate intrinsic value |  |  | Number exercisable |  |  | Weighted average exercise price per share |  |  | Weighted average remaining contractual life (years) |  |  | Aggregate intrinsic value |
$ 2.80 | - | $ 4.48 |  |  | 63,920 |  |  | $ | 2.99 |  |  |  | 1.4 |  |  | $ | 1,854,420 |  |  |  | 63,920 |  |  | $ | 2.99 |  |  |  | 1.4 |  |  | $ | 1,854,420 |
$ 5.52 | - | $ 8.92 |  |  | 174,680 |  |  |  | 6.62 |  |  |  | 2.7 |  |  |  | 4,432,845 |  |  |  | 151,258 |  |  |  | 6.50 |  |  |  | 2.5 |  |  |  | 3,857,578 |
$ 10.16 | - | $14.67 |  |  | 29,375 |  |  |  | 10.83 |  |  |  | 4.0 |  |  |  | 621,819 |  |  |  | 10,625 |  |  |  | 12.02 |  |  |  | 3.7 |  |  |  | 212,319 |
$ 15.51 | - | $19.95 |  |  | 131,800 |  |  |  | 17.36 |  |  |  | 4.8 |  |  |  | 1,929,101 |  |  |  | 62,000 |  |  |  | 16.76 |  |  |  | 4.5 |  |  |  | 944,965 |
$ 21.10 | - | $27.53 |  |  | 90,500 |  |  |  | 23.43 |  |  |  | 5.5 |  |  |  | 775,353 |  |  |  | 18,750 |  |  |  | 24.96 |  |  |  | 3.9 |  |  |  | 132,000 |
|  |  |  |  | 490,275 |  |  | $ | 12.39 |  |  |  | 3.7 |  |  | $ | 9,613,538 |  |  |  | 306,553 |  |  | $ | 9.16 |  |  |  | 2.8 |  |  | $ | 7,001,282 |
Total unrecognized compensation cost relating to unvested stock options at September 30, 2016, prior to the consideration of expected forfeitures, was approximately $1,448,580 and is expected to be recognized over a weighted average period of 2.0 years. The Company recorded stock-based compensation of $195,439 and $585,854 for the three and nine months ended September 30, 2016 and $128,575 and $378,228 for the three and nine months ended September 30, 2015, respectively. The Company has not capitalized any stock-based compensation expense as part of the cost of an asset.

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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 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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