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SHARE CAPITAL, OPTION PLANS AND SHARE-BASED PAYMENTS (Tables) | 12 Months Ended
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Jun. 30, 2020
Share-based Payment Arrangement [Abstract] |
Summary of Stock Options Outstanding Under Various Stock Option 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 | 35,140,648
Options exercised to date | (19,192,995)
Options cancelled to date | (8,518,116)
Options outstanding | 7,429,537
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 | $16.58 - $44.99
Expiration dates | 8/2/2020 - 5/4/2027
Summary of Information Regarding Stock Options Outstanding | The following table summarizes information regarding stock options outstanding at June 30, 2020:
|  |  |  | Options Outstanding |  | Options Exercisable
Range of Exercise Prices |  | Number of options Outstanding as of June 30, 2020 | Weighted Average Remaining Contractual Life (years) | Weighted Average Exercise Price |  | Number of options Exercisable as of June 30, 2020 | Weighted Average Exercise Price
$ | 16.58 |  | - | $ | 27.46 |  |  | 960,483 |  | 1.39 | $ | 25.84 |  |  | 960,483 |  | $ | 25.84 |
27.47 |  | - | 31.50 |  |  | 547,692 |  | 2.91 | 29.37 |  |  | 405,982 |  | 29.20 |
31.51 |  | - | 33.17 |  |  | 615,000 |  | 3.92 | 32.64 |  |  | 66,667 |  | 32.63 |
33.18 |  | - | 34.60 |  |  | 867,036 |  | 4.13 | 34.10 |  |  | 399,065 |  | 34.00 |
34.61 |  | - | 37.54 |  |  | 674,760 |  | 5.17 | 35.86 |  |  | 231,006 |  | 35.32 |
37.55 |  | - | 38.30 |  |  | 439,000 |  | 6.84 | 37.84 |  |  | — |  | — |
38.31 |  | - | 39.02 |  |  | 730,110 |  | 6.10 | 38.76 |  |  | — |  | — |
39.03 |  | - | 39.98 |  |  | 792,686 |  | 5.23 | 39.35 |  |  | 185,155 |  | 39.36 |
39.99 |  | - | 43.06 |  |  | 700,980 |  | 6.01 | 40.51 |  |  | — |  | — |
43.07 |  | - | 44.99 |  |  | 1,101,790 |  | 6.60 | 44.99 |  |  | — |  | — |
$ | 16.58 |  | - | $ | 44.99 |  |  | 7,429,537 |  | 4.78 | $ | 36.18 |  |  | 2,248,358 |  | $ | 30.18 |
Summary of Share-based Compensation Costs | Total share-based compensation expense for the periods indicated below is detailed as follows:
| Year Ended June 30,
| 2020 |  | 2019 |  | 2018
Stock options | $ | 9,779 |  |  | $ | 10,232 |  |  | $ | 9,828 |
Performance Share Units (issued under LTIP) | 5,997 |  |  | 3,461 |  |  | 3,553 |
Restricted Share Units (issued under LTIP) | 5,943 |  |  | 5,917 |  |  | 6,602 |
Restricted Share Units (other) | 174 |  |  | 175 |  |  | 936 |
Deferred Share Units (directors) | 3,345 |  |  | 3,133 |  |  | 2,921 |
Employee Share Purchase Plan | 4,294 |  |  | 3,852 |  |  | 3,754 |
Total share-based compensation expense | $ | 29,532 |  |  | $ | 26,770 |  |  | $ | 27,594 |
Summary of Option Activity | A summary of activity under our stock option plans for the year ended June 30, 2020 is as follows:
| Options |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value ($’000s)
Outstanding at June 30, 2019 | 7,102,753 |  |  | $ | 31.82 |  |  | 4.10 |  | $ | 66,656 |
Granted | 2,742,230 |  |  | 41.81 |  |  |  |  |
Exercised | (1,529,947 | ) |  | 26.98 |  |  |  |  |
Forfeited or expired | (885,499 | ) |  | 34.51 |  |  |  |  |
Outstanding at June 30, 2020 | 7,429,537 |  |  | $ | 36.18 |  |  | 4.78 |  | $ | 49,574 |
Exercisable at June 30, 2020 | 2,248,358 |  |  | $ | 30.18 |  |  | 2.87 |  | $ | 27,651 |
| 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 |  |  | 4.43 |  | $ | 48,405 |
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 |
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,
| 2020 |  | 2019 |  | 2018
Weighted–average fair value of options granted | $ | 6.88 |  |  | $ | 8.39 |  |  | $ | 7.58 |
Weighted-average assumptions used: |  |  |  |  |
Expected volatility | 22.63 | % |  | 25.72 | % |  | 26.95 | %
Risk–free interest rate | 1.30 | % |  | 2.57 | % |  | 2.18 | %
Expected dividend yield | 1.64 | % |  | 1.54 | % |  | 1.50 | %
Expected life (in years) | 4.12 |  |  | 4.44 |  |  | 4.38 |
Forfeiture rate (based on historical rates) | 7 | % |  | 6 | % |  | 6 | %
Average exercise share price | $ | 41.81 |  |  | $ | 38.81 |  |  | $ | 34.60 |

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