
			Shares of Common Stock
Shares issued at December 31, 2024			36,460,141
Treasury shares			(487,948)
Shares issued and outstanding at December 31, 2024			35,972,193
Shares issued on option exercise			4,798
Shares re-purchased and cancelled			(443,050)
Shares issued at March 31, 2025			35,533,941
Treasury shares			(10,000)
Shares issued and outstanding at March 31, 2025			35,523,941

During the year ended December 31, 2024, the Company implemented a share re-purchase program (the “2024 Program”) through the facilities of the Toronto Stock Exchange (“TSX”), the NYSE American or alternative programs in Canada or the United States, if eligible. Under the 2024 Program, the Company is able to purchase up to 3,545,872 shares of Common Stock, par value of $0.001 per share (“Common Stock”) representing 10% of the public float as of October 31, 2024. The 2024 Program will continue for one year and expire on November 5, 2025, or earlier if the 10% maximum is reached.

During the three months ended March 31, 2025, the Company re-purchased 453,050 shares at a weighted average price of $5.33 per share (three months ended March 31, 2024 - 886,666 shares under the 2023 program at a weighted average price of $5.58 per share). As of March 31, 2025, the Company cancelled 487,948 shares held as treasury shares at December 31, 2024, and cancelled 453,050 shares re-purchased during the three months ended March 31, 2025. During the period from November 6, 2024 to April 29, 2025, the Company has re-purchased 1,140,752 shares out of a maximum of 3,545,872 under the 2024 Program.

The following table provides information about performance stock units (“PSUs”), deferred share units (“DSUs”), restricted share units (“RSUs”) and stock option activity for the three months ended March 31, 2025:


	PSUs	DSUs	RSUs	Stock Options
	Number of Outstanding Share Units	Number of Outstanding Share Units	Number of Outstanding Share Units	Number of Outstanding Stock Options	Weighted Average Exercise Price/Stock Option ($)
Balance, December 31, 2024	5,380,629	904,674	666,127	1,550,497	8.82
Granted	2,346,868	108,835	570,567	—	—
Exercised	(1,066,555)	—	(168,361)	(19,192)	2.30
Forfeited	(64,933)	—	(8,908)	(4,336)	9.90
Expired	—	—	—	(401,508)	7.81
Balance, March 31, 2025	6,596,009	1,013,509	1,059,425	1,125,461	8.85

As at March 31, 2025, the equity compensation award liability on the Company’s balance sheet included $1.0 million of current liability related to the Company’s outstanding stock options.

The fair value of each stock option award was estimated on the modification date using the Black-Scholes-Merton option-pricing model based on the assumptions noted in the following table:


Fair value of option modification			$0.00 - $6.11
Dividend yield (per share)			Nil
Expected volatility			43% to 87%
Risk-free interest rate			4.6% to 5.1%
Expected term			0.1 - 4.9 years
Expected forfeiture rate			0% to 5%

For the three months ended March 31, 2025 and 2024, there was $0.5 million of stock-based compensation recovery and $3.4 million of stock-based compensation expense, respectively.

As at March 31, 2025, there was $26.9 million (December 31, 2024 - $21.9 million) of unrecognized compensation costs related to unvested PSUs, RSUs and stock options, which are expected to be recognized over a weighted-average period of 2.1 years. During the three months ended March 31, 2025, the Company paid out $7.2 million for PSUs vested on December 31, 2024 (three months ended March 31, 2024 - $10.4 million for PSUs vested on December 31, 2023).

During the three months ended March 31, 2025, the Company awarded 0.6 million RSU to employees pursuant to the existing 2007 Equity Incentive Plan. Under the 2007 Equity Incentive Plan, RSUs will vest one-third each year over a three-year period. Upon vesting, RSUs entitle the holder to receive either the underlying number of shares of the Company’s Common Stock or a cash payment equal to the value of the underlying shares of the Company’s Common Stock. The Company intends to settle RSUs outstanding as at March 31, 2025, in cash.

Basic net income or loss per share is calculated by dividing net income or loss attributable to common shareholders by the weighted average number of shares of Common Stock issued and outstanding during each period.

Diluted net income or loss per share is calculated using the treasury stock method for share-based compensation arrangements. The treasury stock method assumes that any proceeds obtained on the exercise of share-based compensation arrangements would be used to purchase shares of Common Stock at the average market price during the period. The weighted average number of shares is then adjusted by the difference between the number of shares issued from the exercise of share-based compensation arrangements and shares re-purchased from the related proceeds. Anti-dilutive shares represent potentially dilutive securities excluded from the computation of diluted income or loss per share as their impact would be anti-dilutive.

For the three months ended March 31, 2025 and 2024 all options were excluded from the diluted loss per share calculation as the options were anti-dilutive.