For the three and nine months ended March 31, 2020, pursuant to the Company’s dividend policy, we declared total non-cumulative dividends of $0.1746 and $0.5238, respectively, per Common Share in the aggregate amount of $47.3 million and $141.4 million, respectively, which we paid during the same period.

For the three and nine months ended March 31, 2019, pursuant to the Company’s dividend policy, we paid total non-cumulative dividends of $0.1518 and $0.4554, respectively, per Common Share in the aggregate amount of $40.7 million and $121.9 million, respectively.

Our authorized share capital includes an unlimited number of Common Shares and an unlimited number of Preference Shares. No Preference Shares have been issued.

From time to time we may provide funds to an independent agent to facilitate repurchases of our Common Shares in connection with the settlement of awards under the Long-Term Incentive Plans (LTIP) or other plans.

During the three and nine months ended March 31, 2020, we repurchased nil and 300,000, respectively, of our Common Shares in the open market, at a cost of approximately nil and $12.4 million, respectively, for potential reissuance under our LTIP or other plans (three and nine months ended March 31, 2019—51,794 and 726,059, respectively, Common Shares at a cost of $2.0 million and $26.5 million, respectively). See below for more details on our various plans.

During the three and nine months ended March 31, 2020, we reissued nil and 255,502 Common Shares, respectively, from treasury stock (three and nine months ended March 31, 2019—61,794 and 609,691 Common Shares, respectively), in connection with the settlement of awards.



	Three Months Ended March 31,				Nine Months Ended March 31,
	2020		2019		2020		2019
Stock options	$	2,143	$	2,616	$	6,820	$	7,537
Performance Share Units (issued under LTIP)	1,515		879		4,436		2,573
Restricted Share Units (issued under LTIP)	1,478		1,687		4,447		4,698
Restricted Share Units (other)	64		36		84		169
Deferred Share Units (directors)	735		709		2,610		2,402
Employee Share Purchase Plan	921		785		3,133		2,773
Total share-based compensation expense	$	6,856	$	6,712	$	21,530	$	20,152

As of March 31, 2020, an aggregate of 7,359,490 options to purchase Common Shares were outstanding and an additional 7,840,000 options to purchase Common Shares were available for issuance under our stock option plans. Our stock options generally vest over four years and expire between seven and ten years from the date of the grant. Currently we also have options outstanding that vest over five years, as well as options outstanding that vest based on meeting certain market conditions. The exercise price of all our options is set at an amount that is not less than the closing price of our Common Shares on the NASDAQ on the trading day immediately preceding the applicable grant date.



	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
Granted	2,301,230		42.57
Exercised	(1,300,742	)	26.73
Forfeited or expired	(743,751	)	32.96
Outstanding at March 31, 2020	7,359,490		$	35.96	4.85	$	15,496
Exercisable at March 31, 2020	2,137,643		$	29.72	2.92	$	11,953

We estimate the fair value of stock options using the Black-Scholes option-pricing model or, where appropriate, the Monte Carlo Valuation Method, consistent with the provisions of ASC Topic 718, "Compensation—Stock Compensation" (Topic 718) and SEC Staff Accounting Bulletin No. 107. The option-pricing models require input of subjective assumptions, including the estimated life of the option and the expected volatility of the underlying stock over the estimated life of the option. We use historical volatility as a basis for projecting the expected volatility of the underlying stock and estimate the expected life of our stock options based upon historical data.

We believe that the valuation techniques and the approach utilized to develop the underlying assumptions are appropriate in calculating the fair value of our stock option grants. Estimates of fair value are not intended, however, to predict actual future events or the value ultimately realized by employees who receive equity awards.



	Three Months Ended March 31,						Nine Months Ended March 31,
	2020			2019			2020			2019
Weighted–average fair value of options granted	$	7.28		$	7.64		$	6.95		$	8.28
Weighted-average assumptions used:
Expected volatility	21.80		%	25.60		%	21.92		%	25.92		%
Risk–free interest rate	1.38		%	2.51		%	1.49		%	2.73		%
Expected dividend yield	1.55		%	1.63		%	1.60		%	1.53		%
Expected life (in years)	4.14			4.11			4.13			4.26
Forfeiture rate (based on historical rates)	7		%	6		%	7		%	6		%
Average exercise share price	$	44.99		$	37.24		$	42.57		$	38.16

As of March 31, 2020, the total compensation cost related to the unvested stock option awards not yet recognized was approximately $30.3 million, which will be recognized over a weighted-average period of approximately 3.0 years.

For the three and nine months ended March 31, 2020, cash in the amount of $23.4 million and $34.8 million, respectively, was received as the result of the exercise of options granted under share-based payment arrangements. The tax benefit realized by us during the three and nine months ended March 31, 2020 from the exercise of options eligible for a tax deduction was $0.4 million and $1.3 million, respectively.

For the three and nine months ended March 31, 2019, cash in the amount of $11.6 million and $25.8 million, respectively, was received as the result of the exercise of options granted under share-based payment arrangements. The tax benefit realized by us during the three and nine months ended March 31, 2019 from the exercise of options eligible for a tax deduction was $1.1 million and $2.0 million, respectively.

We incentivize certain eligible employees, in part, with long-term compensation pursuant to our LTIP. The LTIP is a rolling three year program that grants eligible employees a certain number of target Performance Share Units (PSUs) and/or Restricted Share Units (RSUs). Target PSUs become vested upon the achievement of certain financial and/or operational performance criteria (the Performance Conditions) that are determined at the time of the grant. Target RSUs become vested when an eligible employee remains employed throughout the vesting period.

PSUs and RSUs granted under the LTIPs have been measured at fair value as of the effective date, consistent with Topic 718, and will be charged to share-based compensation expense over the remaining life of the plan. Stock options granted under the LTIPs have been measured using the Black-Scholes option-pricing model, consistent with Topic 718. We estimate the fair value of PSUs using the Monte Carlo pricing model and RSUs have been valued based upon their grant date fair value.

As of March 31, 2020, the total expected compensation cost related to the unvested LTIP awards not yet recognized was $21.7 million, which is expected to be recognized over a weighted average period of 1.9 years.

LTIP grants that have recently vested, or have yet to vest, are described below. LTIP grants are referred to in this Quarterly Report on Form 10-Q based upon the year in which the grants are expected to vest.

Grants made in Fiscal 2017 under the LTIP (collectively referred to as Fiscal 2019 LTIP), consisting of PSUs and RSUs, took effect in Fiscal 2017 starting on August 14, 2016. We settled the Fiscal 2019 LTIP awards by issuing 255,502 Common Shares from treasury stock during the three months ended December 31, 2019, with a cost of $9.1 million.

Grants made in Fiscal 2018 under the LTIP (collectively referred to as Fiscal 2020 LTIP), consisting of PSUs and RSUs, took effect in Fiscal 2018 starting on August 7, 2017. The Performance Conditions for vesting of the PSUs are based solely upon market conditions. The RSUs are employee service-based awards and vest over the life of the Fiscal 2020 LTIP. We expect to settle the Fiscal 2020 LTIP awards in stock.

Grants made in Fiscal 2019 under the LTIP (collectively referred to as Fiscal 2021 LTIP), consisting of PSUs and RSUs, took effect in Fiscal 2019 starting on August 6, 2018. The Performance Conditions for vesting of the PSUs are based solely upon market conditions. The RSUs are employee service-based awards and vest over the life of the Fiscal 2021 LTIP. We expect to settle the Fiscal 2021 LTIP awards in stock.

Grants made in Fiscal 2020 under the LTIP (collectively referred to as Fiscal 2022 LTIP), consisting of PSUs and RSUs, took effect in Fiscal 2020 starting on August 5, 2019. The Performance Conditions for vesting of the PSUs are based solely upon market conditions. The RSUs are employee service-based awards and vest over the life of the Fiscal 2022 LTIP. We expect to settle the Fiscal 2022 LTIP awards in stock.

During the three and nine months ended March 31, 2020, we granted 15,000 RSUs to employees in accordance with employment and other non-LTIP related agreements (three and nine months ended March 31, 2019—nil, respectively). RSUs vest over a specified contract date, typically three years from the respective date of grants. We expect to settle RSU awards in stock.

During the three and nine months ended March 31, 2020, we did not issue any Common Shares from treasury stock in connection with the settlement of vested RSUs (three and nine months ended March 31, 2019—10,000 and 18,794 Common Shares, respectively, with a cost of $0.3 million and $0.6 million, respectively).

During the three and nine months ended March 31, 2020, we granted 4,479 and 78,887 DSUs, respectively, to certain non-employee directors (three and nine months ended March 31, 2019—3,406 and 96,748 DSUs, respectively). The DSUs were issued under our Deferred Share Unit Plan. DSUs granted as compensation for director fees vest immediately, whereas all other DSUs granted vest at our next annual general meeting following the granting of the DSUs. No DSUs are payable by us until the director ceases to be a member of the Board.

During the three and nine months ended March 31, 2020, 221,738 and 549,281 Common Shares, respectively, were eligible for issuance to employees enrolled in the ESPP (three and nine months ended March 31, 2019—187,705 and 523,867 Common Shares, respectively).