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The following table summarizes stock options outstanding and exercisable under the plan at Dec 31, 2012:
---------------------------------------------------------------------------- Outstanding Options Exercisable Options---------------------------------------------------------------------------- Weighted Weighted average average Remaining exercise exerciseExercise life price pricePrice Options (years) (Cdn$) Options (Cdn$)----------------------------------------------------------------------------8.24 - 9.99 1,921,409 2.4 8.73 - -10.00 - 19.99 113,000 4.2 13.93 - -30.00 - 39.99 85,500 3.3 36.91 - -40.00 - 49.99 1,014,130 2.0 47.46 175,692 49.0550.00 - 59.99 243,625 3.1 51.97 3,500 53.0560.00 - 69.99 201,625 2.5 63.25 43,500 63.3570.00 - 79.99 66,750 2.1 73.41 6,750 76.8780.00 - 89.99 579,688 0.9 86.43 306,438 89.1290.00 - 99.99 813,125 1.3 96.47 370,875 96.26100.00 - 109.00 291,249 2.4 103.55 22,250 104.92110.00 - 112.64 24,500 1.9 111.09 4,375 111.30---------------------------------------------------------------------------- 5,354,601 2.1 48.81 933,380 83.47----------------------------------------------------------------------------The weighted average share price during the nine months ended December 31,2012 was $17.25 (2011 - $58.66).
c. Fair value measure of equity instruments granted
The fair value of each option granted was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average inputs:
---------------------------------------------------------------------------- Three months Three months Nine months Nine months ended Dec 31, ended Dec 31, ended Dec 31, ended Dec 31, 2012 2011 2012 2011----------------------------------------------------------------------------Grant-date fair value Cdn $3.33 Cdn $15.83 Cdn $3.92 Cdn $19.94Market price per share Cdn $8.66 Cdn $49.31 Cdn $10.66 Cdn $60.74Exercise price per option Cdn $8.73 Cdn $49.31 Cdn $10.72 Cdn $60.74Expected volatility 74% 44% 71% 42%Expected life (years) 1.9 3.5 2.2 3.8Expected dividend rate 0% 0.5% 0.1% 0.4%Risk-free interest rate 1.1% 1.1% 1.11% 1.6%Expected forfeiture rate 8% 6% 8% 6%----------------------------------------------------------------------------
Expected volatility was determined based on the historical movements in the closing price of the Company's stock for a length of time equal to the expected life of each option. See note d. below for categorization of share-based compensation expense during the period.
