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Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2018

Shareholders' Equity [Abstract]

Fair Value Assumptions

The fair value of each option award is estimated on the date of grant using the Black-Scholes-Merton option-pricing model that used the weighted average assumptions in the following table and recognized over the vesting period of four years. The risk‑free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant.

	2017 Grant		2016 Grant
Valuation assumptions:
Dividend yield *	0		0
Expected volatility	66%		66%
Risk-free interest rate	1.87%		1.38%
Expected life (years) **	4.8		4.8

*The option grant was made prior to the dividend distribution. As such, the valuation assumptions reflect the Company’s previous record of not paying dividends.

Stock Option Activity

Share option activity during the past three years is as follows:

		Year Ended December 31,
		2018								2017								2016
						Weighted								Weighted								Weighted
		Number				average				Number				average				Number				average
		of				exercise				of				exercise				of				exercise
		options				price US$				options				price US$				options				price US$
Outstanding at January 1			1,173,433				2.80				1,653,434				2.82				1,151,121				3.28
Granted			-				-				154,600				2.75				527,500				1.92
Forfeited and cancelled			(43,159	)			2.53				(152,698	)			2.77				(25,187	)			5.00
Exercised			(610,489	)			2.79				(481,903	)			2.87				-				0.00
Outstanding at year end			519,785				3.16				1,173,433				2.80				1,653,434				2.82
Vested at year end			217,976				2.85				490,086				3.36				725,466				3.32

Schedule of Options Outstanding

Weighted

Aggregate

Number

Weighted

Average

intrinsic

of

average

Remaining

Value (in

options

exercise

Contractual

US$

outstanding

price US$

term (years)

thousands)

Outstanding as of December 31, 2018

519,785

3.16

4.14

1,886

Vested and expected to vest at December 31, 2018

508,684

3.16

4.14

1,846

Exercisable at December 31, 2018

217,976

2.85

3.14

855

Information about Share Options

The following table summarizes information about share options at December 31, 2018:

										Weighted
										average
										remaining
										Contractual term
		Number of								(years)
		outstanding				Number				of outstanding
Exercise price US$		options				exercisable				options
0-2			179,154				73,797				4.22
2-5			340,631				144,179				4.10
			519,785				217,976				4.14

Information about Nonvested Options

The following table summarizes information about non-vested options at December 31, 2018:

						Weighted
						average
						grant- date
		Options				fair value
Balance at January 1, 2018			683,347				1.58
Granted			-				-
Vested			(348,962	)			1.32
Forfeited			(32,576	)			1.45
Balance at December 31, 2018			301,809				2.04

Restricted Share Unit Activity

The following table summarizes information about RSUs at December 31, 2018:

		RSUs
Balance at January 1, 2018			86,500
Granted			1,051,054
Forfeited			(2,700	)
Balance at December 31, 2018			1,134,854

X

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