54 Orbit G arant 2012 annual rep O rt N OTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) For the years ended June 30, 2012 and 2011 (in thousands of Canadian dollars, except for earnings per share and option data) All stock options outstanding are granted to directors, offcers and employees. Details regarding the stock options outstandi ng are as follows: Weighted average Number exercise price of options $ Outstanding as at July 1, 2010 1,973,000 2.42 Granted during the year 365,000 5.73 Exercised during the year (4,500) 1.00 Outstanding as at June 30, 2011 2,333,500 2.94 Granted during the year 300,000 5.60 Exercised during the year (10,500) 1.00 Outstanding as at June 30, 2012 2,623,000 3.25 Exercisable as at June 30, 2012 1,726,000 2.29 The following table summarizes information on stock options outstanding at June 30, 2012: Range of Weighted average Weighted average Weighted average exercise price Outstanding at remaining life exercise price Exercisable at exercise price $ June 30, 2012 (years) $ June 30, 2012 $ 1.00 - 1.50 1,033,000 4.62 1.02 1,033,000 1.02 4.00 925,000 6.44 4.00 620,000 4.00 5.60 - 6.02 665,000 5.85 5.67 73,000 5.73 2,623,000 1,726,000 The Company’s calculations of the fair value of options granted were made using the Black-Scholes option-pricing model. The following table summarizes the grant date fair value calculations with weighted average assumptions: Granted in Granted in Granted in November 2011 February 2011 November 2010 Risk-free interest rate 2.07% 2.31% 1.84% Expected life (years) 5 5 5 Expected volatility (based on historical volatility) 70.06% 67.96% 68.88% Expected dividend yield 0% 0% 0% Fair value of options granted $ 3.76 $ 3.45 $ 3.17 During the years mentioned below, the total expense related to share-based compensation to employees and directors has been rec orded and presented in general and administrative expenses as follows: June 30 June 30 2012 2011 $ $ Expense related to share-based compensation 1,009 819