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Note 13 - Share-based Payments | 3 Months Ended
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Mar. 31, 2017
Notes to Financial Statements |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 1 3 . 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 March 31, 2017 and March 31, 2016 are as follows:
|  | Three months ended March 31, 2017 |  |  | Three months ended March 31, 2016 |
|  | Number of shares |  |  | Weighted average exercise price per share |  |  | Number of shares |  |  | Weighted average e xercise price per share |
Outstanding, beginning of period |  |  | 474,501 |  |  | $ | 12.67 |  |  |  | 513,366 |  |  | $ | 9.24 |
Granted |  |  | 32,875 |  |  |  | 40.56 |  |  |  | 55,000 |  |  |  | 20.89 |
Exercised |  |  | (68,876 | ) |  |  | 7.83 |  |  |  | (11,574 | ) |  |  | 4.63 |
Forfeited |  |  | (7,889 | ) |  |  | 18.46 |  |  |  | (5,401 | ) |  |  | 12.24 |
Expired |  |  | - |  |  |  | - |  |  |  | (750 | ) |  |  | 3.76 |
Outstanding, end of period |  |  | 430,611 |  |  |  | 15.46 |  |  |  | 550,641 |  |  |  | 10.48 |
Options exercisable, end of period |  |  | 264,753 |  |  | $ | 10.72 |  |  |  | 311,594 |  |  | $ | 6.54 |
As of March 31, 2017, 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 | - | $ 8.92 |  |  | 173,473 |  |  | $ | 6.11 |  |  |  | 1.9 |  |  | $ | 7,796,487 |  |  |  | 159,554 |  |  | $ | 5.89 |  |  |  | 1.8 |  |  | $ | 7,205,069 |
$10.16 | - | $19.95 |  |  | 140,013 |  |  |  | 16.26 |  |  |  | 4.1 |  |  |  | 4,871,179 |  |  |  | 77,699 |  |  |  | 16.01 |  |  |  | 3.8 |  |  |  | 2,722,299 |
$21.10 | - | $27.53 |  |  | 84,250 |  |  |  | 23.61 |  |  |  | 5.0 |  |  |  | 2,312,190 |  |  |  | 27,500 |  |  |  | 23.73 |  |  |  | 4.2 |  |  |  | 751,250 |
$35.25 | - | $37.35 |  |  | 14,375 |  |  |  | 35.89 |  |  |  | 6.2 |  |  |  | 217,937 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
$43.15 | - | $47.00 |  |  | 18,500 |  |  |  | 44.19 |  |  |  | 6.8 |  |  |  | 126,900 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  |  |  |  | 430,611 |  |  | $ | 15.46 |  |  |  | 3.6 |  |  | $ | 15,324,693 |  |  |  | 264,753 |  |  | $ | 10.72 |  |  |  | 2.6 |  |  | $ | 10,678,618 |
Total unrecognized compensation cost relating to unvested stock options at March 31, 2017 was approximately $1.6 million and is expected to be recognized over a weighted average period of 1.8 years. The Company recorded stock-based compensation of $0.3 million for the three months ended March 31, 2017 and $0.2 million for the three months ended March 31, 2016, 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 -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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