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SHARE CAPITAL, OPTION PLANS AND SHARE-BASED PAYMENTS (Tables) | 9 Months Ended
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Mar. 31, 2021
Share-based Payment Arrangement [Abstract] |
Summary of Share-based Compensation Costs | Total share-based compensation expense for the periods indicated below is detailed as follows:
| Three Months Ended March 31, |  | Nine Months Ended March 31,
| 2021 |  | 2020 |  | 2021 |  | 2020
Stock options | $ | 3,460 |  |  | $ | 2,143 |  |  | $ | 11,329 |  |  | $ | 6,820 |
Performance Share Units (issued under LTIP) | 2,447 |  |  | 1,515 |  |  | 7,486 |  |  | 4,436 |
Restricted Share Units (issued under LTIP) | 1,697 |  |  | 1,478 |  |  | 5,655 |  |  | 4,447 |
Restricted Share Units (other) | 2,807 |  |  | 64 |  |  | 7,877 |  |  | 84 |
Deferred Share Units (directors) | 813 |  |  | 735 |  |  | 2,626 |  |  | 2,610 |
Employee Share Purchase Plan | 1,133 |  |  | 921 |  |  | 3,646 |  |  | 3,133 |
Total share-based compensation expense | $ | 12,357 |  |  | $ | 6,856 |  |  | $ | 38,619 |  |  | $ | 21,530 |
Summary of Option Activity | A summary of activity under our stock option plans for the nine months ended March 31, 2021 is as follows:
| Options |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value ($’000's)
Outstanding at June 30, 2020 | 7,429,537 |  |  | $ | 36.18 |  |  | 4.78 |  | $ | 49,574 |
Granted | 3,008,209 |  |  | 45.63 |  |  |  |  |
Exercised | (742,636) |  |  | 32.01 |  |  |  |  |
Forfeited or expired | (722,356) |  |  | 43.88 |  |  |  |  |
Outstanding at March 31, 2021 | 8,972,754 |  |  | $ | 39.07 |  |  | 4.80 |  | $ | 77,638 |
Exercisable at March 31, 2021 | 2,834,679 |  |  | $ | 32.97 |  |  | 3.00 |  | $ | 41,789 |
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 estimated under the Black-Scholes option-pricing model were as follows:
| Three Months Ended March 31, |  | Nine Months Ended March 31,
| 2021 |  | 2020 |  | 2021 |  | 2020
Weighted–average fair value of options granted | $ | 8.86 |  |  | $ | 7.28 |  |  | $ | 8.41 |  |  | $ | 6.95 |
Weighted-average assumptions used: |  |  |  |  |  |  |
Expected volatility | 26.59 | % |  | 21.80 | % |  | 26.20 | % |  | 21.92 | %
Risk–free interest rate | 0.32 | % |  | 1.38 | % |  | 0.21 | % |  | 1.49 | %
Expected dividend yield | 1.54 | % |  | 1.55 | % |  | 1.54 | % |  | 1.60 | %
Expected life (in years) | 4.14 |  | 4.14 |  | 4.63 |  | 4.13
Forfeiture rate (based on historical rates) | 7 | % |  | 7 | % |  | 7 | % |  | 7 | %
Average exercise share price | $ | 48.74 |  |  | $ | 44.99 |  |  | $ | 45.57 |  |  | $ | 42.57 |
For the periods in which performance options were granted, as indicated, the weighted-average fair value of performance options and weighted-average assumptions estimated under the Monte Carlo pricing model were as follows:
| Nine Months Ended March 31,
| 2021
Weighted–average fair value of options granted | $ | 10.18 |
Derived service period (in years) | 1.80
Weighted-average assumptions used: |
Expected volatility | 28.00 | %
Risk–free interest rate | 0.42 | %
Expected dividend yield | 1.70 | %
Average exercise share price | $ | 45.81 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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