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

6 Months Ended

Dec. 31, 2018

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

Summary of Share-based Compensation Costs

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

	Three Months Ended December 31,								Six Months Ended December 31,
	2018				2017				2018				2017
Stock options	$	2,319			$	2,729			$	4,921			$	6,031
Performance Share Units (issued under LTIP)	851				937				1,694				1,972
Restricted Share Units (issued under LTIP)	1,626				1,513				3,011				3,399
Restricted Share Units (other)	52				198				133				677
Deferred Share Units (directors)	1,032				945				1,693				1,492
Employee Share Purchase Plan	1,005				836				1,988				1,822
Total share-based compensation expense	$	6,885			$	7,158			$	13,440			$	15,393

Summary of Option Activity

A summary of activity under our stock option plans for the six months ended December 31, 2018 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	865,340			38.56
Exercised	(555,952	)		25.48
Forfeited or expired	(269,296	)		31.60
Outstanding at December 31, 2018	7,118,527			$	29.75			4.28		$	28,080
Exercisable at December 31, 2018	2,626,538			$	25.41			2.92		$	19,291

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:

	Three Months Ended December 31,								Six Months Ended December 31,
	2018				2017				2018				2017
Weighted–average fair value of options granted	$	7.37			$	7.49			$	8.55			$	7.46
Weighted-average assumptions used:
Expected volatility	25.95		%		26.64		%		26.05		%		27.11		%
Risk–free interest rate	2.97		%		1.95		%		2.82		%		1.81		%
Expected dividend yield	1.73		%		1.48		%		1.49		%		1.45		%
Expected life (in years)	4.32				4.58				4.32				4.42
Forfeiture rate (based on historical rates)	6		%		6		%		6		%		6		%
Average exercise share price	$	33.97			$	34.48			$	38.56			$	34.49

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Tabular disclosure of the amount of total share-based compensation cost, including the amounts attributable to each share-based compensation plan and any related tax benefits.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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