12. Share-based payment (continued):  Prior to the acquisition of the  FW Rights, the Company had a share option plan where the maximum  number of common sharesissued under the Planwas 10% of the issued and outstanding common  shares of the Companyat the time of grant. The Plan provide d for the granting of options for the  purchase of common shares of the Company at the fair market value of the Company’s stock at  the grant date. Stock optionswere granted to both employees and non -employees. The  Company’s Board of Directors had discretion as to the number of stock options granted, as well as  in determining the vesting period and expiry dates.During the year ended December 31, 2014,  the Company issued nil stock options (year ended D ecember 31, 2013 - 1,784,400). During the  year ended December 31, 2014 the share option plan was replaced by the Plan described above. Options issued under the share option plan prior to the introduction of the Plan remain outstanding. The following table summarizes information relating to outstanding and exercisable options at December 31, 2014:  The number and weighed average exercise prices of share options are as follows: 24  Options outstanding  Options exercisable  Weighted  average  Weighted  Weighted  remaining  average  average  contractual  exercise  exercise  Exercise  Number  life  price  Number  price  prices  of options  (years)  per share  exercisable  per share  $ 1.50  154,500  3.50  $  1.50  154,500  $  1.50  $ 1.79  129,900  3.62  1.79  129,900  1.79  $ 2.12  421,100  1.67  2.12  421,100  2.12  705,500  $  1.92  705,500  $  1.92  2014  2013  Weighted  Weighted  average  Number of  average  Number of  exercise price  options  exercise price  options  Outstanding at January 1 $1.89  3,078,525  $2.00  1,554,460  Forfeited during the year  1.99  (1,229,900)  2.12  (167,000)  Exercised during the year  1.77  (1,143,125)  0.24  (93,335)  Granted during the year  -  -  1.73  1,784,400  Outstanding at December 31  $1.92 705,500  $1.89  3,078,525  Exercisableat December 31  $1.92 705,500  $1.81  663,125  The options outstanding at December 31, 201 4 have an exercise price in the range of $ 1.50 to  $2.12 (2013 - $1.50 to $2.12) and a weighted contractual life of  2.42 years (2013 – 3.37 years).  DIVERSIFIED ROYALTY CORP .  Notes toConsolidatedFinancial Statements  (Unaudited)  (Expressed in Canadian dollars)  Year ended December 31, 2014 