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SHARE CAPITAL, OPTION PLANS AND SHARE-BASED PAYMENTS (Tables) | 6 Months Ended
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Dec. 31, 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 December 31, |  | Six Months Ended December 31,
| 2023 |  | 2022 |  | 2023 |  | 2022
Stock Options (issued under Stock Option Plans) | $ | 5,716 |  |  | $ | 5,724 |  |  | $ | 10,260 |  |  | $ | 9,309 |
Performance Share Units (issued under LTIP) | 6,928 |  |  | 5,025 |  |  | 12,817 |  |  | 9,260 |
Restricted Share Units (issued under LTIP) | 3,034 |  |  | 2,644 |  |  | 5,915 |  |  | 4,819 |
Restricted Share Units (other) | 22,299 |  |  | 12,720 |  |  | 43,671 |  |  | 23,357 |
Deferred Share Units (directors) | 688 |  |  | 1,288 |  |  | 1,602 |  |  | 2,249 |
Employee Stock Purchase Plan | 1,510 |  |  | 1,421 |  |  | 3,005 |  |  | 3,036 |
Total share-based compensation expense | $ | 40,175 |  |  | $ | 28,822 |  |  | $ | 77,270 |  |  | $ | 52,030 |
Schedule of Unrecognized Compensation Cost | A summary of unrecognized compensation cost for unvested share-based payment awards is as follows:
| As of December 31, 2023
| Unrecognized Compensation Cost |  | Weighted Average Recognition Period (years)
Stock Options (issued under Stock Option Plans) | 46,865 |  |  | 2.6
Performance Share Units (issued under LTIP) | 60,693 |  |  | 2.1
Restricted Share Units (issued under LTIP) | 24,495 |  |  | 2.2
Restricted Share Units (other) | 112,782 |  |  | 1.8
Total unrecognized share-based compensation cost | 244,835 |  |  |
Schedule of Option Activity | A summary of activity under our stock option plans for the six months ended December 31, 2023 is as follows:
| 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 | 1,294,230 |  |  | 37.96 |  |  |  |  |
Exercised | (424,812) |  |  | 32.96 |  |  |  |  |
Forfeited or expired | (252,923) |  |  | 41.57 |  |  |  |  |
Outstanding at December 31, 2023 | 12,835,934 |  |  | $ | 38.51 |  |  | 4.52 |  | $ | 66,700 |
Exercisable at December 31, 2023 | 4,833,489 |  |  | $ | 40.49 |  |  | 3.07 |  | $ | 16,956 |
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 December 31, |  | Six Months Ended December 31,
| 2023 |  | 2022 |  | 2023 |  | 2022
Weighted–average fair value of options granted | $ | 10.34 |  |  | $ | 5.77 |  |  | $ | 9.57 |  |  | $ | 6.40 |
Weighted-average assumptions used: |  |  |  |  |  |  |
Expected volatility | 31.33 | % |  | 28.87 | % |  | 31.07 | % |  | 28.50 | %
Risk–free interest rate | 4.40 | % |  | 4.46 | % |  | 4.42 | % |  | 4.03 | %
Expected dividend yield | 2.44 | % |  | 3.46 | % |  | 2.58 | % |  | 3.16 | %
Expected life (in years) | 4.27 |  | 4.20 |  | 4.25 |  | 4.19
Forfeiture rate (based on historical rates) | 7 | % |  | 7 | % |  | 7 | % |  | 7 | %
Average exercise share price | $ | 40.14 |  |  | $ | 26.81 |  |  | $ | 37.96 |  |  | $ | 30.07 |
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:
| Six Months Ended December 31,
| 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 market-based PSUs issued under LTIP, and weighted-average assumptions estimated under the Monte Carlo pricing model were as follows:
| Six Months Ended December 31,
| 2023 |  | 2022
Weighted–average fair value of performance share units granted | $59.48 |  | $43.10 - $55.06
Weighted-average assumptions used: |  |  |
Expected volatility | 28% |  | 29% - 31%
Risk–free interest rate | 4.38% |  | 3.13% - 3.39%
Expected dividend yield | — | % |  | — | %
Expected life (in years) | 3.10 |  | 3.11
Schedule of Non Option Award Activity | A summary of activity under our performance share units issued under the LTIP for the six months ended December 31, 2023 is as follows:
| Units |  | Weighted-Average Grant Date Fair Value |  | Weighted- Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value ($’000's)
Outstanding at June 30, 2023 | 1,013,385 |  |  | $ | 61.64 |  |  | 1.75 |  | $ | 42,106 |
Granted (1) | 918,831 |  |  | 52.90 |  |  |  |  |
Vested (1) | (240,741) |  |  | 61.23 |  |  |  |  |
Forfeited or expired | (40,083) |  |  | 59.02 |  |  |  |  |
Outstanding at December 31, 2023 | 1,651,392 |  |  | $ | 57.15 |  |  | 2.21 |  | $ | 69,392 |
______________________ (1)PSUs are earned based on market or performance 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 six months ended December 31, 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 | 491,738 |  |  | 36.12 |  |  |  |  |
Vested | (224,010) |  |  | 43.38 |  |  |  |  |
Forfeited or expired | (34,035) |  |  | 40.45 |  |  |  |  |
Outstanding at December 31, 2023 | 1,008,053 |  |  | $ | 39.94 |  |  | 2.30 |  | $ | 42,358 |
A summary of activity under our RSUs (other) issued for the six months ended December 31, 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 | 1,377,226 |  |  | 39.18 |  |  |  |  |
Vested | (312,331) |  |  | 36.66 |  |  |  |  |
Forfeited or expired | (186,875) |  |  | 37.06 |  |  |  |  |
Outstanding at December 31, 2023 | 6,188,615 |  |  | $ | 37.06 |  |  | 2.07 |  | $ | 260,046 |
Schedule of Nonvested Share Activity | A summary of activity under our DSUs issued for the six months ended December 31, 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 | 69,789 |  |  | 39.69 |  |  |  |  |
Outstanding at December 31, 2023 (2) | 1,064,357 |  |  | $ | 30.62 |  |  | 0.91 |  | $ | 44,724 |
______________________ (1) Includes 90,906 unvested DSUs. (2) Includes 47,871 unvested DSUs.

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