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SHARE CAPITAL, OPTION PLANS AND SHARE-BASED PAYMENTS (Tables) | 3 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-based Compensation Costs | Share-based compensation expense for the periods indicated below is detailed as follows:
| Three Months Ended September 30,
| 2023 |  | 2022
Stock Options (issued under Stock Option Plans) | $ | 4,544 |  |  | $ | 3,585 |
Performance Share Units (issued under LTIP) | 5,889 |  |  | 4,235 |
Restricted Share Units (issued under LTIP) | 2,881 |  |  | 2,175 |
Restricted Share Units (other) | 21,372 |  |  | 10,637 |
Deferred Share Units (directors) | 914 |  |  | 961 |
Employee Stock Purchase Plan | 1,495 |  |  | 1,615 |
Total share-based compensation expense | $ | 37,095 |  |  | $ | 23,208 |
Schedule of Unrecognized Compensation Cost | A summary of unrecognized compensation cost for unvested shared-based payment awards is as follows:
| As of September 30, 2023
| Unrecognized Compensation Cost |  | Weighted Average Recognition Period (years)
Stock Options (issued under Stock Option Plans) | $ | 48,754 |  |  | 2.6
Performance Share Units (issued under LTIP) | 56,484 |  |  | 2.5
Restricted Share Units (issued under LTIP) | 27,139 |  |  | 2.4
Restricted Share Units (other) | 83,793 |  |  | 1.3
Total unrecognized share-based compensation cost | $ | 216,170 |  |  |
Schedule of Option Activity | A summary of activity under our stock option plans for the three months ended September 30, 2023 is as follows:
| Options |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value
Outstanding at June 30, 2023 | 12,219,439 |  |  | $ | 38.44 |  |  | 4.68 |  | $ | 62,473 |
Granted | 840,610 |  |  | 36.79 |  |  |  |  |
Exercised | (84,885) |  |  | 34.08 |  |  |  |  |
Forfeited or expired | (221,571) |  |  | 42.39 |  |  |  |  |
Outstanding at September 30, 2023 | 12,753,593 |  |  | $ | 38.29 |  |  | 4.60 |  | $ | 23,473 |
Exercisable at September 30, 2023 | 4,940,080 |  |  | $ | 40.16 |  |  | 3.10 |  | $ | 2,691 |
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:
| Three Months Ended September 30,
| 2023 |  | 2022
Weighted–average fair value of performance share units granted | $ | 59.48 |  |  | $ | 55.06 |
Weighted-average assumptions used: |  |  |
Expected volatility | 28.05 | % |  | 29.00 | %
Risk–free interest rate | 4.38 | % |  | 3.13 | %
Expected dividend yield | — | % |  | — | %
Expected life (in years) | 3.11 |  | 3.11
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,
| 2023 |  | 2022
Weighted–average fair value of options granted | $ | 9.16 |  |  | $ | 8.16 |
Weighted-average assumptions used: |  |  |
Expected volatility | 30.93 | % |  | 27.46 | %
Risk–free interest rate | 4.44 | % |  | 2.86 | %
Expected dividend yield | 2.66 | % |  | 2.32 | %
Expected life (in years) | 4.24 |  | 4.18
Forfeiture rate (based on historical rates) | 7 | % |  | 7 | %
Average exercise share price | $ | 36.79 |  |  | $ | 39.09 |
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) | 1.70
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 |
Schedule 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, 2023 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, 2023 | 1,013,385 |  |  | $ | 61.64 |  |  | 1.75 |  | $ | 42,106 |
Granted (1) | 612,432 |  |  | 59.22 |  |  |  |  |
Vested | — |  |  | — |  |  |  |  |
Forfeited or expired | (24,049) |  |  | 61.69 |  |  |  |  |
Outstanding at September 30, 2023 | 1,601,768 |  |  | $ | 60.76 |  |  | 2.16 |  | $ | 56,222 |
__________________________ (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.
Schedule of Restricted Stock Activity | A summary of activity under our RSUs issued under the LTIP for the three months ended September 30, 2023 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, 2023 | 774,360 |  |  | $ | 42.83 |  |  | 1.68 |  | $ | 32,175 |
Granted | 466,454 |  |  | 36.80 |  |  |  |  |
Vested | — |  |  | — |  |  |  |  |
Forfeited or expired | (24,049) |  |  | 41.83 |  |  |  |  |
Outstanding at September 30, 2023 | 1,216,765 |  |  | $ | 40.55 |  |  | 2.11 |  | $ | 42,708 |
A summary of activity under our RSUs (other) issued for the three months ended September 30, 2023 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, 2023 | 5,310,595 |  |  | $ | 36.43 |  |  | 1.97 |  | $ | 220,655 |
Granted | 10,192 |  |  | 37.51 |  |  |  |  |
Vested | (183,094) |  |  | 39.83 |  |  |  |  |
Forfeited or expired | (106,055) |  |  | 36.87 |  |  |  |  |
Outstanding at September 30, 2023 | 5,031,638 |  |  | $ | 36.12 |  |  | 1.75 |  | $ | 176,610 |
Schedule of Nonvested Share Activity | A summary of activity under our DSUs issued for the three months ended September 30, 2023 is as follows:
| Units |  | Weighted-Average Price |  | Weighted- Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value ($’000's)
Outstanding at June 30, 2023 (1) | 994,568 |  |  | $ | 29.98 |  |  | 0.36 |  | $ | 41,324 |
Granted | 7,050 |  |  | 37.70 |  |  |  |  |
Outstanding at September 30, 2023 (1) | 1,001,618 |  |  | $ | 30.04 |  |  | 0.10 |  | $ | 35,157 |
______________________ (1) Includes 90,906 unvested DSUs.

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