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

12 Months Ended

Jun. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Stock Options Outstanding Under Various Stock Option Plans

A summary of stock options outstanding under our various stock option plans is set forth below. All numbers shown in the chart below have been adjusted, where applicable, to account for the two-for-one stock splits that occurred on October 22, 2003 and February 18, 2014.



	1998 Stock Option Plan	2004 Stock Option Plan
Date of inception	Jun-98	Oct-04
Eligibility	Eligible employees and directors, as determined by the Board of Directors	Eligible employees and directors, as determined by the Board of Directors
Options granted to date	15,828,580	13,463,382
Options exercised to date	(10,718,360)	(6,154,402)
Options cancelled to date	(5,110,220)	(3,131,572)
Options outstanding	—	4,177,408
Termination grace periods	Immediately “for cause”; 90 days for any other reason; 180 days due to death	Immediately “for cause”; 90 days for any other reason; 180 days due to death
Vesting schedule	25% per year, unless other- wise specified	25% per year, unless other- wise specified
Exercise price range	n/a	$18.67 - $57.30
Expiration dates	n/a	10/29/2016 to 4/30/2023

Summary of Information Regarding Stock Options Outstanding

The following table summarizes information regarding stock options outstanding at June 30, 2016:



					Options Outstanding				Options Exercisable
Range of Exercise Prices					Number of options Outstanding as of June 30, 2016	Weighted Average Remaining Contractual Life (years)	Weighted Average Exercise Price		Number of options Exercisable as of June 30, 2016	Weighted Average Exercise Price
$	18.67	-	$	26.37	412,823	2.44	$	24.80	383,488	$	24.68
27.26		-	29.64		130,000	3.41	28.47		87,500	28.51
30.18		-	30.19		665,123	2.60	30.18		505,123	30.18
31.76		-	45.73		563,132	5.39	41.35		90,836	32.96
47.01		-	49.04		256,680	6.20	47.48		28,750	49.04
50.08		-	50.09		816,250	4.58	50.08		366,250	50.08
51.16		-	54.17		790,500	5.52	53.65		47,625	52.03
55.12		-	55.65		226,570	5.27	55.50		56,658	55.50
55.99		-	56.00		152,500	6.83	55.99		—	—
57.29		-	57.30		163,830	5.19	57.29		40,958	57.29
$	18.67	-	$	57.30	4,177,408	4.56	$	43.87	1,607,188	$	36.03

Summary of Share-based Compensation Costs

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



	Year Ended June 30,
	2016		2015		2014
Stock options	$	13,202	$	12,193	7,883
Performance Share Units (issued under LTIP)	2,688		2,287		4,643
Restricted Share Units (issued under LTIP)	5,086		4,574		2,062
Restricted Share Units (fully vested)	—		—		3,300
Restricted Share Units (other)	1,573		955		470
Deferred Share Units (directors)	2,764		2,038		1,548
Employee Share Purchase Plan	665		—		$	—
Total share-based compensation expense	$	25,978	$	22,047	$	19,906

Summary of Option Activity

A summary of activity under our stock option plans for the year ended June 30, 2016 and 2015 is as follows:



	Options		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value ($’000s)
Outstanding at June 30, 2015	4,375,365		$	42.26
Granted	737,640		48.17
Exercised	(468,295	)	31.13
Forfeited or expired	(467,302	)	48.33
Outstanding at June 30, 2016	4,177,408		$	43.87	4.56	$	63,862
Exercisable at June 30, 2016	1,607,188		$	36.03	3.41	$	37,167



	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	1,368,410		54.33
Exercised	(476,103	)	25.54
Forfeited or expired	(790,168	)	41.25
Outstanding at June 30, 2015	4,375,365		$	42.26	4.96	$	22,153
Exercisable at June 30, 2015	1,309,484		$	32.32	3.48	$	13,635

Schedule of Weighted-Average Fair Value of Options and Weighted-Average Assumptions Used

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



	Year Ended June 30,
	2016			2015			2014
Weighted–average fair value of options granted	$	11.38		$	13.46		$	11.55
Weighted-average assumptions used:
Expected volatility	31.76		%	31.74		%	32.00		%
Risk–free interest rate	1.31		%	1.41		%	1.34		%
Expected dividend yield	1.62		%	1.23		%	1.32		%
Expected life (in years)	4.33			4.33			4.36
Forfeiture rate (based on historical rates)	5		%	5		%	5		%
Average exercise share price	$	48.17		$	54.33		$	46.52
Derived service period (in years)*	N/A			2.07			N/A