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

9 Months Ended

Mar. 31, 2020

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



	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

A summary of activity under our stock option plans for the nine months ended March 31, 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
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

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,
	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