For the year ended June 30, 2024, pursuant to the Company’s dividend policy, we declared total non-cumulative dividends of $1.00 per Common Share in the aggregate amount of $267.4 million, which we paid during the same period (year ended June 30, 2023 and 2022—$0.9720 and $0.8836 per Common Share, respectively, in the aggregate amount of $259.5 million and $237.7 million, respectively).

From time to time we may provide funds to an independent agent to facilitate repurchases of our Common Shares in connection with the settlement of awards under the Long-Term Incentive Plans (LTIP) or other plans.

During the year ended June 30, 2024, we repurchased 1,400,000 Common Shares on the open market at a cost of $53.1 million for potential settlement of awards under “Long-Term Incentive Plans” and “Restricted Share Units” or other plans as described below (year ended June 30, 2023 and 2022—521,136 and 2,630,000 Common Shares, respectively, at a cost of $21.9 million and $111.6 million, respectively).

During the year ended June 30, 2024, we delivered to eligible participants 1,800,395 Common Shares that were purchased in the open market in connection with the settlement of awards and other plans (year ended June 30, 2023 and 2022—691,181 and 491,244 Common Shares, respectively).

On November 4, 2021, the Board authorized a share repurchase plan (Fiscal 2022 Repurchase Plan), pursuant to which we were authorized to purchase in open market transactions, from time to time over the 12-month period commencing November 12, 2021, up to an aggregate of $350 million of our Common Shares. .

On April 30, 2024, the Board authorized a share repurchase plan (Fiscal 2024 Repurchase Plan) pursuant to which we were authorized to purchase for cancellation, in open market transactions from time to time over the 12-month period commencing on May 7, 2024 until May 6, 2025, up to $250 million of our Common Shares. The Fiscal 2024 Repurchase Plan includes a normal course issuer bid to provide means to execute purchases over the Toronto Stock Exchange (TSX). During the year ended June 30, 2024, we repurchased and cancelled 5,073,913 Common Shares for $152.3 million, inclusive of 2% Canadian excise taxes recorded (year ended June 30, 2023 and 2022— nil and 3,809,559 Common Shares for nil and $177.0 million, respectively).


	Year Ended June 30,
	2024		2023		2022
Stock options	$	18,167	$	20,144	$	17,091
Performance Share Units (issued under LTIP)	26,415		18,631		13,844
Restricted Share Units (issued under LTIP)	10,677		9,762		7,799
Restricted Share Units (other)	75,642		72,149		20,859
Deferred Share Units (directors)	3,162		4,036		3,993
Employee Stock Purchase Plan	6,016		5,580		5,970
Total share-based compensation expense	$	140,079	$	130,302	$	69,556

No cash was used by us to settle equity instruments granted under share-based compensation arrangements in any of the periods presented. We have not capitalized any share-based compensation costs as part of the cost of an asset in any of the periods presented.


	As of June 30, 2024
	Unrecognized Compensation Cost		Weighted Average Recognition Period (years)
Stock Options (issued under Stock Option Plans)	$	41,261	2.5
Performance Share Units (issued under LTIP)	42,486		1.7
Restricted Share Units (issued under LTIP)	17,058		1.9
Restricted Share Units (other)	66,999		1.6
Total unrecognized share-based compensation cost	$	167,804


			2004 Stock Option Plan
Date of inception			Oct-04
Eligibility			Eligible employees, as determined by the Board of Directors
Options granted to date			48,015,347
Options exercised to date			(22,937,101)
Options cancelled to date			(12,870,834)
Options outstanding			12,207,412
Options available for issuance			5,018,767
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			$26.81 - $52.62
Expiration dates			7/5/2024 - 5/06/2031

Our stock options generally vest over four years and expire between seven and ten years from the date of the grant. Currently we also have options outstanding that vest over five years, as well as options outstanding that vest based on meeting certain market conditions. The exercise price of all our options is set at an amount that is not less than the closing price of our Common Shares on the NASDAQ on the trading day immediately preceding the applicable grant date.

We estimate the fair value of stock options using the Black-Scholes option-pricing model or, where appropriate, the Monte Carlo pricing model, consistent with the provisions of ASC Topic 718, “Compensation—Stock Compensation” (Topic 718) and SEC Staff Accounting Bulletin No. 107. The option-pricing models require input of subjective assumptions, including the estimated life of the option and the expected volatility of the underlying stock over the estimated life of the option. We use historical volatility as a basis for projecting the expected volatility of the underlying stock and estimate the expected life of our stock options based upon historical data.

We believe that the valuation techniques and the approach utilized to develop the underlying assumptions are appropriate in calculating the fair value of our stock option grants. Estimates of fair value are not intended, however, to predict actual future events or the value ultimately realized by employees who receive equity awards.


	Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value ($’000’s)
Outstanding at June 30, 2023	12,219,439	$	38.44	4.68	$	62,473
Granted	2,148,780	36.55
Exercised	(944,092)	33.21
Forfeited or expired	(1,216,715)	38.46
Outstanding at June 30, 2024	12,207,412	$	38.51	4.31	$	6,142
Exercisable at June 30, 2024	4,616,707	$	41.22	2.93	$	280


	Year Ended June 30,
	2024			2023			2022
Weighted–average fair value of options granted	$	9.00		$	6.75		$	9.02
Weighted-average assumptions used:
Expected volatility	30.46		%	28.73		%	26.39		%
Risk–free interest rate	4.44		%	3.98		%	1.15		%
Expected dividend yield	2.73		%	3.07		%	1.78		%
Expected life (in years)	4.26			4.20			4.15
Forfeiture rate (based on historical rates)	7		%	7		%	7		%
Average exercise share price	$	36.55		$	31.13		$	48.20

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,
	2024			2023			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		$	—

The aggregate intrinsic value of options exercised during the year ended June 30, 2024 was $7.0 million (year ended June 30, 2023 and 2022—$1.8 million and $17.0 million, respectively). For the year ended June 30, 2024, cash in the amount of $31.4 million was received as the result of the exercise of options granted under share-based payment arrangements (year ended June 30, 2023 and 2022—$7.8 million and $32.7 million, respectively). The tax benefit realized by us during the year ended June 30, 2024 from the exercise of options eligible for a tax deduction was $1.5 million (year ended June 30, 2023 and 2022—$0.3 million and $2.8 million, respectively).

We incentivize certain eligible employees, in part, with long-term compensation pursuant to our LTIP. The LTIP is a rolling three-year program that grants eligible employees a certain number of target Performance Share Units (PSUs) and/or Restricted Share Units (RSUs). Target PSUs become vested upon the achievement of certain financial and/or operational performance criteria (the Performance Conditions) that are determined at the time of the grant. The Performance Conditions for vesting of the outstanding PSUs are based on market conditions or performance based revenue conditions. RSUs become vested when an eligible employee remains employed throughout the vesting period. For the year ended June 30, 2024, we settled LTIP awards that vested by delivering to eligible participants 223,577 Common Shares that were purchased in the open market at a cost of $10.7 million.

PSUs and RSUs granted under the LTIP have been measured at fair value as of the effective date, consistent with ASC Topic 718, and will be charged to share-based compensation expense over the remaining life of the plan. We estimate the fair value of PSUs with market based conditions using the Monte Carlo pricing model and RSUs have been valued based upon their grant date fair value. The fair value of PSUs with performance based conditions have been valued based upon their grant date fair value. Beginning in Fiscal 2024 certain PSU and RSU grants were eligible to receive dividend equivalent units that vest under the same conditions as the underlying grants.


	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)	1,006,609	51.13
Vested (1)	(240,741)	61.23
Forfeited or expired	(174,137)	55.64
Outstanding at June 30, 2024	1,605,116	$	56.09	1.70	$	48,218

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


	Year Ended June 30,
	2024			2023			2022
Weighted–average fair value of performance share units granted	$21.17 - $59.48			$43.10 - $55.06			$69.78 - $75.15
Weighted-average assumptions used:
Expected volatility	28.05		%	29.00		%	28.00		%
Risk–free interest rate	4.38% - 4.95%			3.13% - 3.39%			0.45% - 0.71%
Expected dividend yield	—		%	—		%	1.7% - 1.8%
Expected life (in years)	3.00			3.11			3.10
Forfeiture rate (based on historical rates)	7		%	7		%	7		%
Weighted–average fair value of performance share units vested	$	—		$	41.75		$	30.39
Aggregate intrinsic value of performance share units vested ($ in ‘000’s)	$	—		$	6,216		$	10,370


	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	535,801	35.07
Vested	(223,577)	43.40
Forfeited or expired	(130,259)	39.23
Outstanding at June 30, 2024	956,325	$	39.61	1.77	$	28,728


	Year Ended June 30,
	2024		2023		2022
Weighted–average fair value of restricted share units granted	$	35.07	$	38.82	$	49.91
Weighted–average fair value of restricted share units vested	$	43.40	$	36.83	$	37.36
Aggregate intrinsic value of restricted share units vested ($ in ‘000’s)	$	9,093	$	3,947	$	9,139

In addition to the grants made in connection with the LTIP plans discussed above, from time to time, we may grant RSUs to certain employees in accordance with employment and other non-LTIP related agreements. RSUs (other) vest over a specified contract date, typically two or three years from the respective date of grants.


	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	1,419,810	38.04
Vested	(1,576,565)	40.94
Forfeited or expired	(597,885)	35.76
Outstanding at June 30, 2024	4,555,955	$	35.87	1.79	$	136,861


	Year Ended June 30,
	2024		2023		2022
Weighted–average fair value of restricted share units granted	$	38.04	$	30.46	$	44.81
Weighted–average fair value of restricted share units vested	$	40.94	$	36.33	$	45.73
Aggregate intrinsic value of restricted share units vested ($ in ‘000’s)	$	62,821	$	15,755	$	7,406

During the year ended June 30, 2024, we delivered to eligible participants 1,576,565 Common Shares that were purchased in the open market in connection with the settlement of vested RSUs, at a cost of $70.7 million (year ended June 30, 2023 and 2022—400,210 and 141,452 Common Shares, respectively, with a cost of $17.6 million and $5.9 million).

The DSUs are granted to certain non-employee directors. DSUs are issued under our Deferred Share Unit Plan. DSUs granted as compensation for director fees vest immediately, whereas all other DSUs granted vest at our next annual general meeting following the granting of the DSUs. No DSUs are payable by us until the director ceases to be a member of the Board.


	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 (2)	87,903	38.43

Outstanding at June 30, 2024 (2)	1,082,471	$	30.67	0.42	$	32,517


	Year Ended June 30,
	2024		2023		2022
Weighted–average fair value of deferred share units granted	$	38.43	$	29.72	$	50.04
Weighted–average fair value of deferred share units vested	$	36.81	$	32.44	$	41.24
Aggregate intrinsic value of deferred share units vested ($ in ‘000’s)	$	1,461	$	1,565	$	4,133

During the year ended June 30, 2024, we settled no DSUs at a cost of nil (year ended June 30, 2023 and 2022—30,273 and nil Common Shares, respectively, with a cost of $1.1 million and nil, respectively).