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SHARE CAPITAL, OPTION PLANS AND SHARE-BASED PAYMENTS (Tables) | 3 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Summary of Share-based Compensation Costs | Share-based compensation expense for the periods indicated below is detailed as follows:
| Three Months Ended September 30,
| 2022 |  | 2021
Stock Options (issued under Stock Option Plans) | $ | 3,585 |  |  | $ | 4,267 |
Performance Share Units (issued under LTIP) | 4,235 |  |  | 3,445 |
Restricted Share Units (issued under LTIP) | 2,175 |  |  | 2,166 |
Restricted Share Units (other) | 10,637 |  |  | 1,728 |
Deferred Share Units (directors) | 961 |  |  | 830 |
Employee Stock Purchase Plan | 1,615 |  |  | 1,498 |
Total share-based compensation expense | $ | 23,208 |  |  | $ | 13,934 |
Schedule of Unrecognized Compensation Cost | A summary of unrecognized compensation cost for unvested shared-based payment awards is as follows:
| As of September 30, 2022
| Unrecognized Compensation Cost |  | Weighted Average Recognition Period (years)
Stock Options (issued under Stock Option Plans) | 49,204.7 |  |  | 2.6
Performance Share Units (issued under LTIP) | 45,389.4 |  |  | 2.5
Restricted Share Units (issued under LTIP) | 23,596.2 |  |  | 1.8
Restricted Share Units (other) | 76,748.6 |  |  | 1.9
Total unrecognized share-based compensation cost | $ | 194,938.9 |  |  |
Summary of Option Activity | A summary of activity under our stock option plans for the three months ended September 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, 2022 | 8,820,662 |  |  | $ | 42.74 |  |  | 4.68 |  | $ | 7,111 |
Granted | 1,872,400 |  |  | 35.24 |  |  |  |  |
Exercised | (72,080) |  |  | 27.66 |  |  |  |  |
Forfeited or expired | (505,374) |  |  | 44.34 |  |  |  |  |
Outstanding at September 30, 2022 | 10,115,608 |  |  | $ | 41.38 |  |  | 4.87 |  | $ | — |
Exercisable at September 30, 2022 | 3,651,940 |  |  | $ | 39.07 |  |  | 3.30 |  | $ | — |
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 September 30,
| 2022 |  | 2021
Weighted–average fair value of options granted | $ | 8.16 |  |  | $ | 9.75 |
Weighted-average assumptions used: |  |  |
Expected volatility | 27.46 | % |  | 26.62 | %
Risk–free interest rate | 2.86 | % |  | 0.55 | %
Expected dividend yield | 2.32 | % |  | 1.56 | %
Expected life (in years) | 4.18 |  | 4.16
Forfeiture rate (based on historical rates) | 7 | % |  | 7 | %
Average exercise share price | $ | 39.09 |  |  | $ | 52.62 |
Schedule of Weighted Average Assumptions, Fair Value and Intrinsic Value | For the period in which performance options were granted, the weighted-average fair value of performance options and weighted-average assumptions estimated under the Monte Carlo pricing model were as follows:
| Three Months Ended September 30,
| 2022
Weighted–average fair value of options granted | $ | 8.09 |
Derived service period (in years) | 1.7
Weighted-average assumptions used: |
Expected volatility | 26.00 | %
Risk–free interest rate | 3.21 | %
Expected dividend yield | 2.00 | %
Average exercise share price | $ | 31.89 |
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:
| Three Months Ended September 30,
| 2022 |  | 2021
Weighted–average fair value of performance share units granted | $ | 55.06 |  |  | $ | 75.15 |
Weighted-average assumptions used: |  |  |
Expected volatility | 29.00 | % |  | 28.00 | %
Risk–free interest rate | 3.13 | % |  | 0.45 | %
Expected dividend yield | — | % |  | 1.70 | %
Expected life (in years) | 3.11 |  | 3.10
Forfeiture rate (based on historical rates) | 7 | % |  | 7 | %
Summary of Non Option Award Activity | A summary of activity under our performance share units issued under the LTIP for the three months ended September 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, 2022 | 812,937 |  |  | $ | 61.29 |  |  | 1.89 |  | $ | 30,762 |
Granted (1) | 526,865 |  |  | 54.70 |  |  |  |  |
Vested | — |  |  | — |  |  |  |  |
Forfeited or expired | (58,350) |  |  | 67.10 |  |  |  |  |
Outstanding at September 30, 2022 | 1,281,452 |  |  | $ | 58.37 |  |  | 2.12 |  | $ | 33,882 |
__________________________ (1)PSUs are earned based on market conditions and the actual number of PSUs earned, if any, is dependent upon performance and may range from 0 to 200 percent.
Summary of Restricted Stock Activity | A summary of activity under our RSUs issued under the LTIP for the three months ended September 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, 2022 | 611,743 |  |  | $ | 44.14 |  |  | 1.62 |  | $ | 23,148 |
Granted | 394,584 |  |  | 38.97 |  |  |  |  |
Vested | — |  |  | — |  |  |  |  |
Forfeited or expired | (45,030) |  |  | 45.85 |  |  |  |  |
Outstanding at September 30, 2022 | 961,297 |  |  | $ | 41.94 |  |  | 2.07 |  | $ | 25,417 |
A summary of activity under our RSUs (other) issued for the three months ended September 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, 2022 | 2,593,707 |  |  | $ | 44.90 |  |  | 2.86 |  | $ | 98,146 |
Granted | — |  |  | — |  |  |  |  |
Vested | (120,406) |  |  | 37.83 |  |  |  |  |
Forfeited or expired | (88,587) |  |  | 44.84 |  |  |  |  |
Outstanding at September 30, 2022 | 2,384,714 |  |  | $ | 44.86 |  |  | 2.68 |  | $ | 63,052 |
Schedule of Nonvested Share Activity | A summary of activity under our deferred share units issued for the three months ended September 30, 2022 is as follows:
| Units |  | Weighted-Average Price |  | Weighted- Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value ($’000's)
Outstanding at June 30, 2022 (1) | 885,701 |  |  | $ | 31.49 |  |  | 0.36 |  | $ | 33,515 |
Granted | 13,747 |  |  | 32.41 |  |  |  |  |
Outstanding at September 30, 2022 (1) | 899,448 |  |  | $ | 31.50 |  |  | 0.10 |  | $ | 21,934 |
______________________ (1) Includes 55,520 unvested DSUs.

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + 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 (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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