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SHARE CAPITAL, OPTION PLANS AND SHARE-BASED PAYMENTS (Tables)

12 Months Ended

Jun. 30, 2022

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: 

									Year Ended June 30,
															2022						2021						2020
Stock options															$	17,091					$	15,639					$	9,779
Performance Share Units (issued under LTIP)															13,844						9,898						5,997
Restricted Share Units (issued under LTIP)															7,799						7,358						5,943
Restricted Share Units (other)															20,859						10,561						174
Deferred Share Units (directors)															3,993						3,396						3,345
Employee Stock Purchase Plan															5,970						5,117						4,294
Total share-based compensation expense															$	69,556					$	51,969					$	29,532

Schedule of Share-based Compensation, Stock Options, Outstanding Under Various 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			40,901,917
Options exercised to date			(21,747,774)
Options cancelled to date			(10,333,481)
Options outstanding			8,820,662
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			$22.87 - $52.62
Expiration dates			7/31/2022 - 5/06/2029

Summary of Information Regarding Stock Options Outstanding

The following table summarizes information regarding stock options outstanding at June 30, 2022:

												Options Outstanding												Options Exercisable
Range of Exercise Prices												Number of options Outstanding as of June 30, 2022			Weighted Average Remaining Contractual Life (years)			Weighted Average Exercise Price						Number of options Exercisable as of June 30, 2022			Weighted Average Exercise Price
$	22.87		—			$	34.48					922,957			1.77			$	32.04					874,366			$	31.92
34.49			—			38.30						1,008,083			3.42			36.10						787,583			35.65
38.31			—			39.51						1,172,130			3.98			38.97						595,272			39.06
39.52			—			42.95						695,603			4.29			40.64						286,359			40.52
42.96			—			44.72						1,037,000			6.61			44.45						—			—
44.73			—			45.40						307,375			4.60			44.99						156,375			44.99
45.41			—			46.88						2,177,724			5.11			45.81						124,809			45.81
46.89			—			52.11						579,750			6.08			50.03						68,125			48.24
52.12			—			52.62						920,040			6.11			52.62						—			—
$	22.87		—			$	52.62					8,820,662			4.68			$	42.74					2,892,889			$	36.94

Summary of Option Activity

A summary of activity under our stock option plans for the year ended June 30, 2022 is as follows:

			Options						Weighted- Average Exercise Price						Weighted- Average Remaining Contractual Term (years)						Aggregate Intrinsic Value ($’000's)
Outstanding at June 30, 2021			8,113,574						$	40.16					4.88						$	86,297
Granted			2,553,060						48.20
Exercised			(949,645)						34.45
Forfeited or expired			(896,327)						43.75
Outstanding at June 30, 2022			8,820,662						$	42.74					4.68						$	7,111
Exercisable at June 30, 2022			2,892,889						$	36.94					3.10						$	6,902

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:

									Year Ended June 30,
															2022						2021						2020
Weighted–average fair value of options granted															$	9.02					$	8.45					$	6.88
Weighted-average assumptions used:
Expected volatility															26.39		%				26.26		%				22.63		%
Risk–free interest rate															1.15		%				0.24		%				1.30		%
Expected dividend yield															1.78		%				1.55		%				1.64		%
Expected life (in years)															4.15						4.59						4.12
Forfeiture rate (based on historical rates)															7		%				7		%				7		%
Average exercise share price															$	48.20					$	45.76					$	41.81

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:

			Year Ended June 30,
			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

Summary of Non Option Award Activity

A summary of activity under our performance share units issued under long-term incentive plans for the year ended June 30, 2022 is as follows:

			Units						Weighted-Average Grant Date Fair Value						Weighted- Average Remaining Contractual Term (years)						Aggregate Intrinsic Value ($’000's)
Outstanding at June 30, 2021			688,462						$	47.96					1.73						$	34,974
Granted (1)			349,210						71.84
Vested (1)			(145,134)						30.39
Forfeited or expired			(79,601)						63.02
Outstanding at June 30, 2022			812,937						$	61.29					1.89						$	30,762

__________________________

(1)Performance share units are earned based on market conditions and the actual number of performance units earned, if any, is dependent upon performance and may range from 0 to 200 percent. Performance share units granted and vested excludes 27,576 shares related to the performance unit payout under the LTIP 2021 plan.

Summary of Restricted Stock Activity

A summary of activity under our restricted share units issued under long-term incentive plans for the year ended June 30, 2022 is as follows:

			Units						Weighted-Average Grant Date Fair Value						Weighted- Average Remaining Contractual Term (years)						Aggregate Intrinsic Value ($’000's)
Outstanding at June 30, 2021			615,160						$	39.93					1.67						$	31,250
Granted			246,980						49.91
Vested			(177,082)						37.36
Forfeited or expired			(73,315)						44.59
Outstanding at June 30, 2022			611,743						$	44.14					1.62						$	23,148

A summary of activity under our restricted share units (other) issued for the year ended June 30, 2022 is as follows:

			Units						Weighted-Average Grant Date Fair Value						Weighted- Average Remaining Contractual Term (years)						Aggregate Intrinsic Value ($’000's)
Outstanding at June 30, 2021			430,358						$	45.73					2.50						$	21,862
Granted			2,470,302						44.81
Vested			(141,452)						45.73
Forfeited or expired			(165,501)						45.05
Outstanding at June 30, 2022			2,593,707						$	44.90					2.86						$	98,146

Schedule of Weighted Average Assumptions, Fair Value and Intrinsic Value

For the periods indicated, the weighted-average fair value of PSUs issued under LTIP, and weighted-average assumptions estimated under the Monte Carlo pricing model were as follows:

									Year Ended June 30,
															2022						2021						2020
Weighted–average fair value of performance share units granted															$69.78 - $75.15						$44.56 - $61.67						$41.55 - $54.47
Weighted-average assumptions used:
Expected volatility															28.00		%				28.00		%				21.00		%
Risk–free interest rate															0.45% - 0.71%						0.15% - 0.24%						1.35% - 1.59%
Expected dividend yield															1.70% - 1.80%						1.70		%				1.70		%
Expected life (in years)															3.10						3.09						3.08
Forfeiture rate (based on historical rates)															7		%				7		%				7		%
Weighted–average fair value of performance share units vested															$	30.39					$	25.76					$	23.88
Aggregate intrinsic value of performance share units vested ($ in ‘000’s)															$	10,370					$	4,286					$	2,685

As of June 30, 2022, the total expected compensation cost related to the unvested PSU awards not yet recognized was $23.0 million, which is expected to be recognized over a weighted average period of 1.9 years. We expect to settle PSU awards in stock.

For the periods indicated, the weighted-average fair value and aggregate intrinsic value of RSUs (issued under LTIP) were as follows:

									Year Ended June 30,
															2022						2021						2020
Weighted–average fair value of restricted share units granted															$	49.91					$	43.39					$	37.34
Weighted–average fair value of restricted share units vested															$	37.36					$	32.93					$	29.98
Aggregate intrinsic value of restricted share units vested ($ in 000’s)															$	9,139					$	7,832					$	8,184

For the periods indicated, the weighted-average fair value and intrinsic value of RSUs (other) were as follows:

									Year Ended June 30,
															2022						2021						2020
Weighted–average fair value of restricted share units granted															$	44.81					$	45.73					$	46.29
Weighted–average fair value of restricted share units vested															$	45.73					$	—					$	34.31
Aggregate intrinsic value of restricted share units vested ($ in 000’s)															$	7,406					$	—					$	132

For the periods indicated, the weighted-average fair value and intrinsic value of DSUs were as follows:

									Year Ended June 30,
															2022						2021						2020
Weighted–average fair value of deferred share units granted															$	50.04					$	40.15					$	40.41
Weighted–average fair value of deferred share units vested															$	41.24					$	41.48					$	35.17
Aggregate intrinsic value of deferred share units vested ($ in 000’s)															$	4,133					$	3,109					$	3,929

Schedule of Nonvested Share Activity

A summary of activity under our deferred share units issued for the year ended June 30, 2022 is as follows:

			Units						Weighted-Average Price						Weighted- Average Remaining Contractual Term (years)						Aggregate Intrinsic Value ($’000's)
Outstanding at June 30, 2021 (1)			806,363						$	29.49					0.36						$	40,963
Granted (2)			79,338						50.04
Outstanding at June 30, 2022 (2)			885,701						$	31.49					0.36						$	33,515

______________________

(1)    Includes 60,011 unvested DSUs.

(2)    Includes 55,520 unvested DSUs.

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