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

9 Months Ended

Mar. 31, 2017

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



	Three Months Ended March 31,				Nine Months Ended March 31,
	2017		2016		2017		2016
Stock options	$	2,365	$	3,025	$	9,040	$	9,785
Performance Share Units (issued under LTIP)	926		610		2,754		1,957
Restricted Share Units (issued under LTIP)	1,573		1,150		4,940		3,754
Restricted Share Units (other)	534		330		2,029		1,041
Deferred Share Units (directors)	558		533		1,899		2,225
Employee Share Purchase Plan	705		318		1,711		318
Total share-based compensation expense	$	6,661	$	5,966	$	22,373	$	19,080

A summary of activity under our stock option plans for the nine months ended March 31, 2017 is as follows:



	Options		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value ($’000s)
Outstanding at June 30, 2016	8,354,816		$	21.94
Granted	1,576,474		31.34
Exercised	(832,968	)	19.98
Forfeited or expired	(133,914	)	25.00
Outstanding at March 31, 2017	8,964,408		$	23.73	4.27	$	92,191
Exercisable at March 31, 2017	3,883,554		$	19.00	2.80	$	58,280

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,
	2017			2016			2017			2016
Weighted–average fair value of options granted	$	7.32		$	5.41		$	6.86		$	5.53
Weighted-average assumptions used:
Expected volatility	27.64		%	31.53		%	28.61		%	32.23		%
Risk–free interest rate	1.70		%	1.08		%	1.32		%	1.34		%
Expected dividend yield	1.37		%	1.70		%	1.42		%	1.66		%
Expected life (in years)	4.34			4.33			4.33			4.33
Forfeiture rate (based on historical rates)	5		%	5		%	5		%	5		%
Average exercise share price	$	33.48		$	23.51		$	31.34		$	23.07