NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  NOTE 31 – SHARE BASED PAYMENTS  Options  During the years ended 31 December 2014 and 2013, a total of nil and 2,000,000 options were granted to employees  pursuant to employment agreements and a total of 431,666 and 2,725,000 previously issued options were  exercised, respectively. There were 700,000 awarded options that the Company issued in early 2013 for which  Company employees rendered services during the six month period ended 31 December 2012. The following tables summarise the options issued and awarded and their related grant date, fair value and vesting  conditions for the year ended 31 December 2013. No options were issued during the year ended 31 December 2014.  For options outstanding as at 31 December 2014, the exercise price ranged from A$0.65 to A$0.95 and the weighted  average remaining contractual life was 3.5 years.  Options issued during the year ended 31 December 2013:  Share based payments expense related to options is determined pursuant to AASB 2 - Share Based Payments (“AASB  2”) / IFRS 2 – Share Based Payments (“IFRS 2”), and is recognised pursuant to the attached vesting conditions. The  fair value of the options awarded ranged from A$0.53 to A$0.59 for the year ended 31 December 2013, which were  calculated using a Black-Sholes options pricing model. Expected volatilities are based upon the historical volatility  of the ordinary shares. Historical data is also used to estimate the probability of option exercise and potential  forfeitures. Grant Date  Number of Options  Estimated Fair Value (US$’000)  Vesting Conditions  1 April 2013  350,000  $ 217  20% issuance date, 20% first four anniversaries  24 September 2013  950,000  $ 475  20% issuance date, 20% first four anniversaries  Total  1,300,000  $ 692  Year ended 31 December  2014  2013  Number  of Options  Weighted  Average   Exercise Price A$  Number  of Options  Weighted  Average Exercise Price A$  Outstanding at start of  period  5,051,666  1.02  5,776,666  0.59  Formally issued  -  -  2,000,000  1.29  Forfeited  (1,890,000)  1.29  -  -  Exercised (431,666)  0.62  (2,725,000)  0.31  Expired  -  -  -  -  Outstanding at end of period  2,730,000  0.90  5,051,666  1.02  Exercisable at end of period 1,930,000  0.87  2,241,666  0.87  - 95 - 