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

6 Months Ended

Dec. 31, 2015

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



	Three Months Ended December 31,				Six Months Ended December 31,
	2015		2014		2015		2014
Stock options	$	3,096	$	2,845	$	6,760	$	5,414
Performance Share Units (issued under LTIP)	727		554		1,347		1,145
Restricted Share Units (issued under LTIP)	1,370		1,361		2,604		2,104
Restricted Share Units (other)	330		169		711		244
Deferred Share Units (directors)	1,058		—		1,692		471
Total share-based compensation expense	$	6,581	$	4,929	$	13,114	$	9,378

A summary of activity under our stock option plans for the six months ended December 31, 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	388,460		45.69
Exercised	(233,350	)	26.90
Forfeited or expired	(273,125	)	48.23
Outstanding at December 31, 2015	4,257,350		$	43.03	4.79	$	31,202
Exercisable at December 31, 2015	1,292,802		$	35.01	3.62	$	18,227

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



	Three Months Ended December 31,						Six Months Ended December 31,
	2015			2014			2015			2014
Weighted–average fair value of options granted	$	10.76		$	12.94		$	11.19		$	13.84
Weighted-average assumptions used:
Expected volatility	32		%	32		%	33		%	32		%
Risk–free interest rate	1.35		%	1.34		%	1.47		%	1.45		%
Expected dividend yield	1.70		%	1.27		%	1.64		%	1.19		%
Expected life (in years)	4.33			4.33			4.33			4.33
Forfeiture rate (based on historical rates)	5		%	5		%	5		%	5		%
Average exercise share price	$	45.35		$	52.42		$	45.69		$	55.00