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Share Based Payments | 12 Months Ended
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Dec. 31, 2018
Disclosure Of Share-based Payment Arrangements [Abstract] |
Share Based Payments | Share Based Payments Share Consolidation: On May 22, 2018, we completed the consolidation of our common shares on the basis of 9.5 pre-consolidation common shares for each one post-consolidation common share (the "Share Consolidation"). Fractional interests were rounded down to the nearest whole number of common shares. Outstanding stock options, restricted share units and performance share units were similarly adjusted by the consolidation ratio. Stock Option Plan We have issued stock options to acquire common stock through our stock option plan of which the following are outstanding at December 31:
| 2018 | 2017 | 2016
| Stock Options | Weighted Average Exercise Price $ | Stock Options | Weighted Average Exercise Price $ | Stock Options | Weighted Average Exercise Price $
Outstanding, beginning of the year | 647,156 |  | 13.20 | 912,995 |  | 17.42 | 901,114 |  | 20.58
Granted during the year | 750,467 |  | 4.97 | 42,625 |  | 4.60 | 165,460 |  | 2.67
Forfeited during the year | (105,338 | ) | 11.67 | (211,847 | ) | 32.80 | (77,629 | ) | 6.18
Expired during the year | (1,122 | ) | 13.78 | (12,302 | ) | 21.13 | (75,950 | ) | 34.27
Exercised during the year | (41,802 | ) | 2.96 | (84,315 | ) | 4.07 | — |  | —
Outstanding, end of the year | 1,249,361 |  | 8.73 | 647,156 |  | 13.20 | 912,995 |  | 17.42
Options exercisable, end of the year | 777,245 |  | 11.04 | 573,984 |  | 14.36 | 689,883 |  | 22.03
The following table summarizes information about the stock options outstanding and exercisable at December 31, 2018:
Range of Exercise Prices | Number Outstanding | Weighted Average Remaining Contractual Life (years) | Weighted Average Exercise Price $ | Number Exercisable | Weighted Average Exercise Price $
$2.47 - $3.99 | 711,827 |  | 5.95 | 3.21 | 442,231 |  | 3.25
$4.84 - $7.81 | 335,092 |  | 3.76 | 7.21 | 132,572 |  | 7.09
$13.77 - $19.00 | 92,308 |  | 4.63 | 16.94 | 92,308 |  | 16.94
$20.23 - $36.96 | 51,777 |  | 2.71 | 32.29 | 51,777 |  | 32.29
$38.09 - $63.84 | 58,357 |  | 2.93 | 50.85 | 58,357 |  | 50.85
| 1,249,361 |  | 4.99 | 8.73 | 777,245 |  | 11.04
Non-exercisable options vest annually over periods ranging from one to three years. The estimated fair value of stock options issued during the year was determined using the Black Scholes Option Pricing Model using the following weighted average assumptions and fair value of options:
| 2018 | 2017 | 2016
Risk-free interest rate | 2.02% | 1.18% | 0.82%
Expected hold period to exercise | 3.0 years | 3.0 years | 3.0 years
Volatility in the price of the Company's shares | 81.15% | 90.73% | 94.84%
Rate of forfeiture | 3.67% | 3.67% | 3.67%
Dividend yield | Nil | Nil | Nil
Weighted average fair value of options | $2.67 | $2.65 | $1.59
We use historical data to estimate the expected dividend yield and expected volatility of our stock in determining the fair value of the stock options. The risk-free interest rate is based on the Government of Canada benchmark bond yield rates in effect at the time of grant and the expected life of the options represents the estimated length of time the options are expected to remain outstanding. Incentive Share Award Plan Restricted Share Units We have issued restricted share units ("RSUs") to non-employee directors through our incentive share award plan. Grants of RSUs to non-employee directors vest either on the third anniversary date from the grant date or when the director ceases to be a member of the board. We have also issued RSUs to certain officers and employees of the Company. Grants of RSUs to certain officers and employees of the Company vest over a three year period. The following RSUs are outstanding at December 31:
| 2018 | 2017 | 2016
Outstanding, beginning of the year | 190,407 |  | 139,237 |  | 38,823 |
Granted during the year | 102,855 |  | 51,170 |  | 110,940 |
Forfeited during the year | (4,210 | ) | — |  | (10,526 | )
Vested during the year | (28,297 | ) | — |  | — |
Outstanding, end of the year | 260,755 |  | 190,407 |  | 139,237 |
(1)The weighted average fair value of the RSUs granted was $3.35 in 2018 (2017 - $5.96; 2016 - $2.92). Performance Share Units We have also issued performance share units ("PSUs") to certain officers and employees of the Company. Grants of PSUs require completion of certain performance criteria and cliff vest after 3 years or vest over a three year period, depending on the grant. PSU grants to certain officers will vest immediately upon a change of control of the Company. If certain officers cease employment with the Company, vesting occurs on a pro rata basis prior to the third anniversary of the grant but after the first anniversary. The following PSUs are outstanding at December 31:
| 2018 | 2017 | 2016
Outstanding, beginning of the year | 94,734 |  | 88,419 |  | — |
Granted during the year | — |  | 6,315 |  | 157,892 |
Forfeited during the year | (31,578 | ) | — |  | (69,473 | )
Outstanding, end of the year | 63,156 |  | 94,734 |  | 88,419 |
(1) The weighted average fair value of the PSUs granted was nil in 2018 (2017 - $3.33; 2016 - $3.38). We have reserved 1,739,975 common shares for issuance relating to our outstanding equity compensation plans. Compensation expense related to stock options, RSUs and PSUs for the year ended December 31, 2018 was $1,415,833 (2017 - $578,703; 2016 - $406,078).

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