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

9 Months Ended

Mar. 31, 2018

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



	Three Months Ended March 31,				Nine Months Ended March 31,
	2018		2017		2018		2017
Stock options	$	983	$	2,365	$	7,014	$	9,040
Performance Share Units (issued under LTIP)	751		926		2,723		2,754
Restricted Share Units (issued under LTIP)	1,588		1,573		4,987		4,940
Restricted Share Units (other)	146		534		823		2,029
Deferred Share Units (directors)	701		558		2,193		1,899
Employee Share Purchase Plan	911		705		2,733		1,711
Total share-based compensation expense	$	5,080	$	6,661	$	20,473	$	22,373

A summary of activity under our stock option plans for the nine months ended March 31, 2018 is 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	848,830		34.55
Exercised	(2,683,814	)	18.68
Forfeited or expired	(296,166	)	30.48
Outstanding at March 31, 2018	6,846,680		$	27.86	4.48	$	47,591
Exercisable at March 31, 2018	2,303,668		$	23.91	3.22	$	25,095

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,
	2018			2017			2018			2017
Weighted–average fair value of options granted	$	8.14		$	7.32		$	7.48		$	6.86
Weighted-average assumptions used:
Expected volatility	26.95		%	27.64		%	27.10		%	28.61		%
Risk–free interest rate	2.44		%	1.70		%	1.83		%	1.32		%
Expected dividend yield	1.45		%	1.37		%	1.45		%	1.42		%
Expected life (in years)	4.33			4.34			4.42			4.33
Forfeiture rate (based on historical rates)	6		%	5		%	6		%	5		%
Average exercise share price	$	36.50		$	33.48		$	34.55		$	31.34