The issued and outstanding number of common shares included in shareholders’ equity consisted of the following:

 

 

 

 

For more detailed information regarding the Company’s stock option arrangements, see Note of the consolidated financial statements within the Company’s Form -K for the fiscal period ended The Company granted stock options during the and month period ended A summary of stock option activity for the month period ended is as follows:

 

 

During the month period ended stock options were granted to the executive officers of the Company. The stock options have an exercise price per share equal to the Company per share closing price on the grant date, and will vest at of the covered shares upon the Company’s average closing share price being above each of and for a day period. If the share price does meet the average closing share prices specified, the stock options will vest. In the event of a Change in Control Event (as defined in the respective employment agreement), the options shall immediately expire to the extent they remain unvested; provided, however, the Company’s board of directors in its sole discretion, accelerate vesting effective immediately prior to, but contingent on, a Change in Control Event. To ensure alignment with shareholders, the options be exercised, and option shares be sold, within days of any portion of the options vesting, unless a Change in Control Event occurs. The options shall otherwise reflect the Company’s standard terms and conditions for employee option grants, including a -year term, and will vest with respect to whole shares only.

 

A binomial model was utilized to determine the fair value of the stock options issued during the months ended The following weighted average assumptions were used in calculating the estimated fair value of the stock options issued during the quarter with performance conditions used to compute stock-based compensation expense:

 

 

 

Stock-based compensation recognized during the month period ended and related to the stock options was and During the month periods ended and the Company recorded stock-based compensation expense and a corresponding increase in additional paid-in capital of and respectively.

 

 

 

 

 

For more detailed information regarding the Company’s Restricted Stock Units (“RSUs”) arrangements, see Note of the consolidated financial statements within the Company’s Form -K for the fiscal period ended There were RSUs granted during the months ended A summary of the RSUs activity for the month period ended is as follows: 

 

 

 

Certain RSUs outstanding have a market condition such that the awards are vested and issuable only if the market price of the Company’s stock meets or exceeds a specified target during the vesting period. If the market condition is met, the RSUs will vest and will be forfeited.

 

Stock based compensation (recovery) recognized during the month period ended and related to the RSUs was a recovery of () and The recovery of stock based compensation was due to the reversal of unvested RSUs for terminated employees. Stock based compensation recognized during the month period ended and related to the RSUs was and respectively.