| Share-Based Payment Arrangement [Text Block] |
NOTE 13 – SHARE-BASED COMPENSATION
The following table shows the recognized share-based compensation expense by award type:
| |
|
Three months ended August 31,
|
|
|
Nine months ended August 31,
|
|
| |
|
2025
|
|
|
2024
|
|
|
2025
|
|
|
2024
|
|
|
Stock options
|
|
$ |
1,200 |
|
|
$ |
485 |
|
|
$ |
2,440 |
|
|
$ |
3,134 |
|
|
Performance share unit plan
|
|
|
730 |
|
|
|
(39 |
) |
|
|
1,745 |
|
|
|
1,982 |
|
|
Deferred share unit plan
|
|
|
70 |
|
|
|
69 |
|
|
|
209 |
|
|
|
203 |
|
| |
|
$ |
2,000 |
|
|
$ |
515 |
|
|
$ |
4,394 |
|
|
$ |
5,319 |
|
Stock options
A summary of stock options outstanding and activity during the nine months ended August 31, 2025 are as follows:
| |
|
Number of
stock options
|
|
|
Weighted-
average
exercise price
per share
|
|
|
Weighted-
average
remaining
contractual
term
(years)
|
|
|
Aggregate
intrinsic
value
|
|
|
November 30, 2024
|
|
|
8,849,535 |
|
|
$ |
6.12 |
|
|
|
|
|
|
|
|
|
|
Granted
|
|
|
3,088,700 |
|
|
|
4.40 |
|
|
|
|
|
|
|
|
|
|
Expired
|
|
|
(1,971,035 |
) |
|
|
7.19 |
|
|
|
|
|
|
|
|
|
|
Forfeited
|
|
|
(154,766 |
) |
|
|
4.48 |
|
|
|
|
|
|
|
|
|
|
August 31, 2025
|
|
|
9,812,434 |
|
|
$ |
5.40 |
|
|
|
2.95 |
|
|
$ |
16,838 |
|
|
Vested and exercisable as of August 31, 2025
|
|
|
4,503,780 |
|
|
$ |
6.53 |
|
|
|
1.75 |
|
|
$ |
4,121 |
|
The following table summarizes key valuation inputs of stock options granted during the nine months ended August 31, 2025 and 2024:
| |
|
Nine months ended August 31,
|
|
| |
|
2025
|
|
|
2024
|
|
|
Weighted-average assumptions used to value stock option awards:
|
|
|
|
|
|
|
|
|
|
Expected volatility
|
|
|
52.9 |
% |
|
|
48.7 |
% |
|
Risk-free interest rate
|
|
|
3.64 |
% |
|
|
4.29 |
% |
|
Expected forfeiture rate
|
|
|
3.3 |
% |
|
|
3.0 |
% |
|
Expected dividend rate
|
|
|
— |
|
|
|
— |
|
|
Expected term of options (years)
|
|
|
4 |
|
|
|
4 |
|
|
Weighted-average grant-date fair value
|
|
$ |
1.96 |
|
|
$ |
1.76 |
|
|
Intrinsic value of options exercised
|
|
$ |
— |
|
|
$ |
471 |
|
|
Cash received from options exercised
|
|
$ |
— |
|
|
$ |
— |
|
As of August 31, 2025, the Company had $5,677 of unrecognized compensation cost related to 5,308,654 non-vested stock options expected to be recognized and vest over a period of approximately 2.94 years.
Performance share units
A summary of PSU awards outstanding and activity during the nine months ended August 31, 2025 are as follows:
| |
|
Number of
PSU awards
|
|
|
Weighted-
average
exercise price
per award
|
|
|
Aggregate
intrinsic
value
|
|
|
November 30, 2024
|
|
|
1,633,500 |
|
|
$ |
5.32 |
|
|
|
|
|
|
Vested and paid out/released
|
|
|
(102,100 |
) |
|
|
6.70 |
|
|
|
|
|
|
Performance adjustment
|
|
|
(306,300 |
) |
|
|
6.70 |
|
|
|
|
|
|
Granted
|
|
|
849,200 |
|
|
|
4.35 |
|
|
|
|
|
|
August 31, 2025
|
|
|
2,074,300 |
|
|
$ |
4.65 |
|
|
$ |
8,213 |
|
The following table summarizes key valuation inputs of PSUs granted during the nine months ended August 31, 2025 and 2024:
| |
|
Nine months ended August 31, |
|
| |
|
2025
|
|
|
2024
|
|
|
Weighted-average assumptions used to value PSU awards:
|
|
|
|
|
|
|
|
|
|
Expected volatility of Company shares
|
|
|
54.8 |
% |
|
|
42.5 |
% |
|
Expected volatility of TSX index
|
|
|
29.7 |
% |
|
|
29.2 |
% |
|
Expected correlation between Company shares and TSX
|
|
|
63.2 |
% |
|
|
78.3 |
% |
|
Risk-free interest rate
|
|
|
2.60 |
% |
|
|
4.22 |
% |
|
Expected term of PSUs (years)
|
|
|
3 |
|
|
|
3 |
|
|
Number of PSUs granted
|
|
|
849,200 |
|
|
|
886,800 |
|
|
Weighted-average grant-date fair value
|
|
$ |
4.41 |
|
|
$ |
4.20 |
|
As of August 31, 2025, the Company had $4,919 of unrecognized compensation cost related to 2,074,300 non-vested PSU awards expected to be recognized and vest over a period of approximately 2.66 years.
|