The Company's shares are primarily traded on a Canadian dollar based exchange, and accordingly stock option information is presented in Canadian dollars, with conversion to US dollars at the average exchange rate for the year.
Compensation expense for stock options was $2.1 million for fiscal 2012 (2011 - $1.3 million) and is presented as a component of both cost of sales and selling, general and administrative expenses. The amount credited to share capital for the exercise of the options is the sum of (a) the cash proceeds received and (b) the amount debited to contributed surplus upon exercise of stock options by optionees (2012 - $0.6 million; 2011 - $2.8 million).
Changes in share options outstanding are as follows:
2012 Weighted average Options exercise price 000s CDN $ US $ Outstanding, beginning of year 2,868 $ 12.58 $ 12.26 Granted 350 16.70 17.44 Exercised (715) 7.26 7.43 Expired (102) 25.54 26.14 Outstanding, end of year 2,401 $ 14.21 $ 14.34
2011 Weighted average Options exercise price 000s CDN $ US $ Outstanding, beginning of year 3,234 $ 12.89 $ 7.61 Granted 300 12.35 11.78 Exercised (428) 7.14 6.92 Expired (238) 26.34 25.79 Outstanding, end of year 2,868 $ 12.58 $ 12.26Exercisable options totaled 1.9 million at January 31, 2012 (2.2 million at January 31, 2011). The following summarizes information about stock options outstanding at January 31, 2012:
Weighted average remaining Number contractual Range of exercise prices outstanding life in years CDN $ 000s $3.78 1,015 7.2 12.35-16.70 650 6.8 23.35-29.25 600 0.6 41.45 136 2.2 2,401TABLE CONT'D
Options outstanding Options exercisable Weighted Weighted average Number average Range of exercise prices exercise price exercisable exercise price CDN $ CDN $ 000s CDN $ $3.78 $ 3.78 1,016 $ 3.78 12.35-16.70 14.69 100 12.35 23.35-29.25 25.21 600 25.21 41.45 41.45 136 41.45 $ 14.21 1,852 $ 13.94(d) Stock-based compensation The Company applies the fair value method to all grants of stock options.
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