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

12 Months Ended

Jun. 30, 2019

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, as determined by the Board of Directors
Options granted to date	32,398,418
Options exercised to date	(17,663,048)
Options cancelled to date	(7,632,617)
Options outstanding	7,102,753
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	$13.19 - $40.20
Expiration dates	11/2/2019 to 5/7/2026

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, 2019:



					Options Outstanding				Options Exercisable
Range of Exercise Prices					Number of options Outstanding as of June 30, 2019	Weighted Average Remaining Contractual Life (years)	Weighted Average Exercise Price		Number of options Exercisable as of June 30, 2019	Weighted Average Exercise Price
$	13.19	-	$	24.78	516,429	2.72	$	21.81	354,551	$	21.33
24.79		-	26.53		562,200	1.76	25.18		562,200	25.18
26.54		-	27.46		1,230,000	1.39	27.09		330,000	27.09
27.47		-	30.06		768,566	3.52	28.96		466,254	28.61
30.07		-	32.75		680,000	3.73	32.36		27,500	30.37
32.76		-	34.48		760,620	5.11	33.79		224,875	33.66
34.49		-	35.61		849,118	5.51	34.61		204,372	34.61
35.62		-	38.26		380,000	6.54	37.19		6,250	36.50
38.27		-	39.51		730,820	6.10	39.27		—	—
39.52		-	40.20		625,000	6.85	40.10		—	—
$	13.19	-	$	40.20	7,102,753	4.10	$	31.82	2,176,002	$	27.44

Summary of Share-based Compensation Costs

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



	Year Ended June 30,
	2019		2018		2017
Stock options	$	10,232	$	9,828	$	12,196
Performance Share Units (issued under LTIP)	3,461		3,553		3,624
Restricted Share Units (issued under LTIP)	5,917		6,602		6,452
Restricted Share Units (other)	175		936		2,804
Deferred Share Units (directors)	3,133		2,921		2,849
Employee Share Purchase Plan	3,852		3,754		2,582
Total share-based compensation expense	$	26,770	$	27,594	$	30,507

Summary of Option Activity

A summary of activity under our stock option plans for the year ended June 30, 2019 is as follows:



	Options		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value ($’000s)
Outstanding at June 30, 2018	7,078,435		$	28.41
Granted	1,870,340		38.81
Exercised	(1,472,031	)	24.20
Forfeited or expired	(373,991	)	32.33
Outstanding at June 30, 2019	7,102,753		$	31.82	4.10	$	66,656
Exercisable at June 30, 2019	2,176,002		$	27.44	3.03	$	29,950



	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

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,
	2019			2018			2017
Weighted–average fair value of options granted	$	8.39		$	7.58		$	7.06
Weighted-average assumptions used:
Expected volatility	25.72		%	26.95		%	28.32		%
Risk–free interest rate	2.57		%	2.18		%	1.46		%
Expected dividend yield	1.54		%	1.50		%	1.43		%
Expected life (in years)	4.44			4.38			4.51
Forfeiture rate (based on historical rates)	6		%	6		%	5		%
Average exercise share price	$	38.81		$	34.60		$	31.75
Derived service period (in years)*	N/A			N/A			1.79