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

12 Months Ended

Jun. 30, 2018

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

Schedule of Share-based Compensation, Stock Options, Outstanding Under Various Plans

A summary of stock options outstanding under our 2004 stock option plan 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, February 18, 2014 and January 24, 2017.



	2004 Stock Option Plan
Date of inception	Oct-04
Eligibility	Eligible employees and directors, as determined by the Board of Directors
Options granted to date	30,528,078
Options exercised to date	(16,191,017)
Options cancelled to date	(7,258,626)
Options outstanding	7,078,435
Termination grace periods	Immediately “for cause”; 90 days for any other reason; 180 days due to death
Vesting schedule	25% per year, unless otherwise specified
Exercise price range	$11.68 - $36.50
Expiration dates	8/12/2018 to 5/11/2025

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range

The following table summarizes information regarding stock options outstanding at June 30, 2018:



					Options Outstanding				Options Exercisable
Range of Exercise Prices					Number of options Outstanding as of June 30, 2018	Weighted Average Remaining Contractual Life (years)	Weighted Average Exercise Price		Number of options Exercisable as of June 30, 2018	Weighted Average Exercise Price
$	11.68	-	$	22.87	952,382	2.86	$	19.10	607,706	$	16.97
23.51		-	24.52		72,000	3.25	24.28		55,000	24.52
25.04		-	25.05		885,500	2.58	25.04		885,500	25.04
25.58		-	27.56		1,392,520	3.60	26.99		297,500	26.80
27.83		-	28.65		606,484	3.47	28.01		310,710	27.90
29.75		-	30.37		686,414	4.92	29.84		153,622	29.84
32.63		-	33.48		1,279,625	5.78	33.03		172,250	33.39
34.48		-	34.49		705,000	5.88	34.49		—	—
34.71		-	34.72		473,510	6.86	34.71		—	—
36.49		-	36.50		25,000	6.60	36.50		—	—
$	11.68	-	$	36.50	7,078,435	4.43	$	28.41	2,482,288	$	24.50

Summary of Share-based Compensation Costs

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



	Year Ended June 30,
	2018		2017		2016
Stock options	$	9,828	$	12,196	$	13,202
Performance Share Units (issued under LTIP)	3,553		3,624		2,688
Restricted Share Units (issued under LTIP)	6,602		6,452		5,086
Restricted Share Units (other)	936		2,804		1,573
Deferred Share Units (directors)	2,921		2,849		2,764
Employee Share Purchase Plan	3,754		2,582		665
Total share-based compensation expense	$	27,594	$	30,507	$	25,978

Summary of Option Activity

A summary of activity under our stock option plans for the years ended June 30, 2018 and 2017 are as follows:



	Options		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value ($’000s)
Outstanding at June 30, 2017	8,977,830		$	24.57
Granted	1,322,340		34.60
Exercised	(2,869,569	)	18.94
Forfeited or expired	(352,166	)	30.81
Outstanding at June 30, 2018	7,078,435		$	28.41	4.43	$	48,405
Exercisable at June 30, 2018	2,482,288		$	24.50	3.13	$	26,539



	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	2,278,974		31.75
Exercised	(1,012,644	)	20.47
Forfeited or expired	(643,316	)	22.30
Outstanding at June 30, 2017	8,977,830		$	24.57	4.27	$	64,707
Exercisable at June 30, 2017	3,736,180		$	19.27	2.74	$	45,830

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,
	2018			2017			2016
Weighted–average fair value of options granted	$	7.58		$	7.06		$	5.69
Weighted-average assumptions used:
Expected volatility	26.95		%	28.32		%	31.76		%
Risk–free interest rate	2.18		%	1.46		%	1.31		%
Expected dividend yield	1.50		%	1.43		%	1.62		%
Expected life (in years)	4.38			4.51			4.33
Forfeiture rate (based on historical rates)	6		%	5		%	5		%
Average exercise share price	$	34.60		$	31.75		$	24.09
Derived service period (in years)*	N/A			1.79			N/A

*Options valued using Monte Carlo Valuation Method