Share Capital, Option Plans And Share-Based Payments (Tables)

9 Months Ended

Mar. 31, 2015

Total share-based compensation expense for the periods indicated below is detailed as follows:



	Three Months Ended March 31,				Nine Months Ended March 31,
	2015		2014		2015		2014
Stock options	$	3,461	$	2,437	$	8,875	$	5,447
Performance Share Units (issued under LTIP)	600		945		1,745		3,989
Restricted Share Units (issued under LTIP)	1,287		371		3,391		1,490
Restricted Share Units (fully vested)	—		—		—		3,300
Restricted Share Units (other)	320		77		564		419
Deferred Share Units (directors)	894		588		1,365		1,062
Total share-based compensation expense	$	6,562	$	4,418	$	15,940	$	15,707

A summary of activity under our stock option plans for nine months ended March 31, 2015 is as follows:



	Options		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value ($’000s)
Outstanding at June 30, 2014	4,273,226		$	36.35
Granted	1,240,910		54.57
Exercised	(389,753	)	27.40
Forfeited or expired	(498,828	)	38.86
Outstanding at March 31, 2015	4,625,555		$	41.72	5.22	$	53,975
Exercisable at March 31, 2015	1,263,959		$	31.58	3.83	$	26,931

For the periods indicated, the weighted-average fair value of options and weighted-average assumptions were as follows:



	Three Months Ended March 31,						Nine Months Ended March 31,
	2015			2014			2015			2014
Weighted–average fair value of options granted	$	13.35		$	12.60		$	13.59		$	11.53
Weighted-average assumptions used:
Expected volatility	32		%	32		%	32		%	32		%
Risk–free interest rate	1.14		%	1.40		%	1.43		%	1.33		%
Expected dividend yield	1.27		%	1.20		%	1.20		%	1.30		%
Expected life (in years)	4.33			4.36			4.33			4.36
Forfeiture rate (based on historical rates)	5		%	5		%	5		%	5		%
Average exercise share price	$	54.17		$	50.08		$	54.57		$	46.43
Derived service period (in years)*	2.07			N/A			2.07			N/A

*Options valued using Monte Carlo Valuation Method