v3.26.1
Share Capital
 12 Months Ended
Dec. 31, 2025
Share Capital , Reserves, Other Equity Interest, Share-Based Payment Arrangements And Earnings Per Share [Abstract]  
Share Capital Share Capital
(a)     Options
A continuity of the issued and outstanding options is as follows:

Year Ended December 31,
2025
2024
Number of
Stock Options
Weighted Average Exercise Price (CAD)
Number of
Stock Options
Weighted Average Exercise Price (CAD)
Outstanding stock options, beginning of year
1,734,607 
$
19.07 
1,886,325 
$
19.03 
Issued
290,782 
33.84 
473,365 
21.00 
Exercised
(541,413)
18.60 
(551,818)
20.57 
Forfeited
(143,413)
19.53 
(73,265)
19.13 
Outstanding stock options, end of year
1,340,563 
$
22.41 
1,734,607 
$
19.07 
The weighted average share price on the date of exercise for options exercised during the year ended December 31, 2025 was CAD$29.49 (year ended December 31, 2024 - CAD$29.45).
As at December 31, 2025, the following stock options were outstanding:

Weighted Average Exercise Prices
Number of
Stock Options
Vested and Exercisable Number of Stock Options
Weighted Average Remaining Life in Years
$10.01 to $20.00 CAD
650,755 
503,992 
2.43
$20.01 to $30.00 CAD
412,064 
134,097 
3.92
30.01 to 34.58 CAD
277,744 
19,464 
4.94
$22.41 CAD ($16.35 USD)
1,340,563 
657,553 
3.41
The fair value of options granted was determined using the Black-Scholes option pricing model. The weighted average inputs used in the measurement of fair values at grant date of the options are the following:

Year Ended December 31,
2025
2024
Expected term (years)
3.4 
3.4 
Forfeiture rate
2 
%
— 
%
Volatility
50 
%
51 
%
Dividend yield
— 
%
— 
%
Risk-free interest rate
2.69 
%
2.90 
%
Weighted-average fair value per option
$
9.48 
$
5.90 
(b)     Performance Share Unit Plan

The Company has a performance share unit ("PSU") plan pursuant to which the Compensation Committee may grant PSUs to Eligible Persons of the Company or its subsidiaries. Each PSU entitles the holder thereof to receive one common share, its equivalent cash value, or a combination of both, on the redemption date at the discretion of the Compensation Committee.
The continuity of PSUs issued and outstanding is as follows:

Year Ended December 31,
2025
2024
Outstanding balance, beginning of year
1,014,505 
967,921 
Issued
197,786 
357,792 
Settled
(201,640)
(249,694)
Forfeited
(130,948)
(61,514)
Outstanding balance, end of year
879,703 
1,014,505 
These PSUs will vest three years from the date of grant and the number of PSUs that will vest may range from 0% to 200% of the number granted, subject to the satisfaction of certain market and non-market performance conditions. Each vested PSU entitles the holder thereof to receive on or about the applicable date of vesting of such share unit (i) one common share; (ii) a cash amount equal to the fair market value of one common share as at the applicable date of vesting; or (iii) a combination of (i) and (ii), as determined by the Compensation Committee in its sole discretion. The Company has elected to settle its PSUs using a combination of cash and common shares in the past. As such, based on its history of past settlements, PSUs are classified as liabilities.

For PSUs with non-market performance conditions, the fair value of the share units granted was initially recognized at the fair value using the share price at the date of grant, and subsequently remeasured at fair value on each balance sheet date. For PSUs with market performance conditions, the fair value was determined using a Geometric Brownian Motion model. As at December 31, 2025, the fair value of the PSU liability was $16.0 million (December 31, 2024 - $6.6 million) of which $10.5 million (December 31, 2024 - $4.1 million) was recognized in accounts payable and accrued liabilities and the remainder in other non-current liabilities.
(c) Deferred Share Unit Plan

The Deferred Share Unit ("DSU") plan was established by the Board as a component of compensation for the Company's independent directors. Pursuant to the DSU Plan, DSUs may only be settled by way of cash payment. A participant is not entitled to payment in respect of the DSUs until his or her death, retirement or removal from the Board.  The settlement amount of each DSU is based on the fair market value of a common share on the DSU redemption date multiplied by the number of DSUs being redeemed.
The continuity of DSUs issued and outstanding is as follows:

Year ended December 31,
2025
2024
Outstanding balance, beginning of year
325,111 
307,312
Issued
44,570 
67,006 
Settled
(12,882)
(49,207)
Outstanding balance, end of year
356,799 
325,111 

At December 31, 2025, DSU liabilities had a fair value of $10.1 million (December 31, 2024 - $4.4 million) which has been recognized in accounts payable and accrued liabilities.
(d) Restricted Share Unit Plan

The Company has a restricted share unit ("RSU") plan pursuant to which the Compensation Committee may grant share units to Eligible Persons of the Company or its subsidiaries. The fair value of these restricted share units is determined on the date of grant using the market price of the Company’s shares. Each RSU entitles the holder thereof to receive one common share, its equivalent cash value, or a combination of both, on the redemption date at the discretion of the Compensation Committee. The RSUs are equity classified based on the history of past settlements.
The continuity of RSUs issued and outstanding is as follows:

Year ended December 31,
2025
2024
Outstanding balance, beginning of year
328,180 
340,570
Issued
108,500 
163,904 
Settled
(149,029)
(162,996)
Forfeited
(16,765)
(13,298)
Outstanding balance, end of year
270,886 
328,180 
(e)     Share-based compensation

Year ended December 31,
2025
2024
Stock options
$
2,405 
$
2,739 
Performance share unit plan
13,690 
3,605 
Deferred share unit plan
5,698 
1,086 
Restricted share unit plan
2,787 
2,553 
Share-based compensation(1)
$
24,580 
$
9,983 
For the year ended December 31, 2025, the Company recorded $4.7 million (year ended December 31, 2024 - $5.3 million) of share-based compensation in contributed surplus, and the remaining share-based compensation was recorded in liabilities.
(f)     Net Income (Loss) per Share
Year ended December 31,
2025
2024
Weighted average number of common shares outstanding
103,683,274 
103,106,305 
Dilutive effects of:
Stock options
178,109 
— 
Share units
270,886 
— 
Weighted average number of diluted common shares outstanding(1)
104,132,269 
103,106,305 
Net income (loss) attributable to owners of the Company
$
263,723 
$
(68,475)
Basic net income (loss) per share
$
2.54 
$
(0.66)
Diluted net income (loss) per share
$
2.53 
$
(0.66)
Weighted average number of diluted common shares outstanding for the year ended December 31, 2025 excluded 669,855 (year ended December 31, 2024 - 1,734,607) stock options and nil share units (year ended December 31, 2024 - 328,180) that were anti-dilutive.