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

9 Months Ended

Mar. 31, 2016

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



	Three Months Ended March 31,				Nine Months Ended March 31,
	2016		2015		2016		2015
Stock options	$	3,025	$	3,461	$	9,785	$	8,875
Performance Share Units (issued under LTIP)	610		600		1,957		1,745
Restricted Share Units (issued under LTIP)	1,150		1,287		3,754		3,391
Restricted Share Units (other)	330		320		1,041		564
Deferred Share Units (directors)	533		894		2,225		1,365
Employee Share Purchase Plan	318		—		318		—
Total share-based compensation expense	$	5,966	$	6,562	$	19,080	$	15,940

A summary of activity under our stock option plans for the nine months ended March 31, 2016 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	585,140		46.13
Exercised	(324,702	)	25.57
Forfeited or expired	(421,363	)	48.87
Outstanding at March 31, 2016	4,214,440		$	43.42	4.67	$	38,565
Exercisable at March 31, 2016	1,605,470		$	37.13	3.61	$	24,015

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,
	2016			2015			2016			2015
Weighted–average fair value of options granted	$	10.81		$	13.35		$	11.06		$	13.59
Weighted-average assumptions used:
Expected volatility	31.53		%	31.68		%	32.23		%	31.94		%
Risk–free interest rate	1.08		%	1.14		%	1.34		%	1.43		%
Expected dividend yield	1.70		%	1.27		%	1.66		%	1.20		%
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	$	47.01		$	54.17		$	46.13		$	54.57