For the three and six months ended December 31, 2024, pursuant to the Company’s dividend policy, we declared total non-cumulative dividends of $0.2625 and $0.525 per Common Share, respectively, in the aggregate amount of $68.3 million and $137.4 million, respectively, which we paid during the same periods (three and six months ended December 31, 2023—$0.25 and $0.50 per Common Share, respectively, in the aggregate amount of $66.4 million and $133.4 million, respectively).

During the three and six months ended December 31, 2024, we repurchased 1,362,721 and 2,187,135 Common Shares on the open market at a cost of $40.0 million and $65.0 million, respectively, for potential settlement of awards under our LTIP or other plans as described below (three and six months ended December 31, 2023—nil and 1,400,000 Common Shares were purchased at a cost of nil and $53.1 million, respectively).

During the three and six months ended December 31, 2024, we delivered to eligible participants 1,036,378 and 1,097,265 Common Shares, respectively, that were purchased in the open market in connection with the settlement of awards under our LTIP and other plans (three and six months ended December 31, 2023—353,247 and 536,560 Common Shares, respectively).

Our ESPP offers employees the opportunity to purchase our Common Shares at a purchase price discount of 15%. During the three and six months ended December 31, 2024, 213,432 and 602,734 Common Shares, respectively, were eligible for issuance to employees enrolled in the ESPP (three and six months ended December 31, 2023—186,974 and 473,746 Common Shares, respectively). During the three and six months ended December 31, 2024, cash in the amount of $6.0 million and $15.9 million, respectively, was received from employees relating to the ESPP (three and six months ended December 31, 2023—$6.7 million and $15.3 million, respectively).

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 included a normal course issuer bid to provide means to execute purchases over the Toronto Stock Exchange (TSX).

On July 31, 2024, in order to align our share repurchase plan to our fiscal year, the Board approved the early termination of the Fiscal 2024 Repurchase Plan and authorized a new share repurchase plan (the Fiscal 2025 Repurchase Plan), pursuant to which we may purchase for cancellation in open market transactions, from time to time over the 12-month period commencing on August 7, 2024 until August 6, 2025, if considered advisable, up to an aggregate of $300 million of our Common Shares on the TSX, NASDAQ and/or alternative trading systems in Canada and/or the United States, if eligible, subject to applicable law and stock exchange rules. The price that we are authorized to pay for Common Shares in open market transactions is the market price at the time of purchase or such other price as is permitted by applicable law or stock exchange rules. The Fiscal 2025 Repurchase Plan will be effected in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the Exchange Act), and includes a normal course issuer bid to provide means to execute purchases over the TSX.

During the three and six months ended December 31, 2024, we repurchased and cancelled 2,212,971 and 4,862,102 Common Shares for $67.1 million and $153.6 million, inclusive of 2% Canadian excise taxes recorded. During the three and six months ended December 31, 2023, we did not repurchase any Common Shares.


	Three Months Ended December 31,				Six Months Ended December 31,
	2024		2023		2024		2023
Stock Options (issued under Stock Option Plans)	$	3,841	$	5,716	$	6,577	$	10,260
Performance Share Units (issued under LTIP)	5,510		6,928		12,698		12,817
Restricted Share Units (issued under LTIP)	4,546		3,034		8,313		5,915
Restricted Share Units (other)	13,436		22,299		26,721		43,671
Deferred Share Units (directors)	1,387		688		2,232		1,602
Employee Stock Purchase Plan	1,641		1,510		3,378		3,005
Total share-based compensation expense	$	30,361	$	40,175	$	59,919	$	77,270


	As of December 31, 2024
	Unrecognized Compensation Cost		Weighted Average Recognition Period (years)
Stock Options (issued under Stock Option Plans)	$	41,054	2.45
Performance Share Units (issued under LTIP)	59,345		2.18
Restricted Share Units (issued under LTIP)	23,932		1.59
Restricted Share Units (other)	55,356		1.81
Total unrecognized share-based compensation cost	$	179,687


	Options	Weighted-Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value ($’000's)
Outstanding at June 30, 2024	12,207,412	$	38.51	4.31	$	6,142
Granted	1,890,920	28.75
Exercised	(70,125)	26.81
Forfeited or expired	(1,201,609)	37.63
Outstanding at December 31, 2024	12,826,598	$	37.21	4.26	$	1,376
Exercisable at December 31, 2024	5,477,855	$	40.49	3.01	$	476

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.


	Three Months Ended December 31,						Six Months Ended December 31,
	2024			2023			2024			2023
Weighted–average fair value of options granted	$	6.43		$	10.34		$	5.89		$	9.57
Weighted-average assumptions used:
Expected volatility	28.98		%	31.33		%	28.66		%	31.07		%
Risk–free interest rate	4.14		%	4.40		%	3.74		%	4.42		%
Expected dividend yield	3.42		%	2.44		%	3.49		%	2.58		%
Expected life (in years)	4.32			4.27			4.31			4.25
Forfeiture rate (based on historical rates)	7		%	7		%	7		%	7		%
Average exercise share price	$	29.97		$	40.14		$	28.75		$	37.96

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 are employee service-based awards and vest subject to an eligible employee’s continued employment throughout the applicable vesting period.

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 2023, 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, 2024	1,605,116	$	56.09	1.70	$	48,218
Granted (1)	904,116	47.21
Vested (1)	(257,611)	75.14
Forfeited or expired	(154,169)	53.11
Outstanding at December 31, 2024	2,097,452	$	48.15	2.13	$	56,259


	Six Months Ended December 31,
	2024			2023
Weighted–average fair value of performance share units granted	$	47.96		$	59.48
Weighted-average assumptions used:
Expected volatility	30.26%			28.05%
Risk–free interest rate	3.67%			4.38%
Expected dividend yield	—		%	—		%
Expected life (in years)	3.11			3.10

Beginning in Fiscal 2025, grants of RSUs (issued under LTIP) vest on a straight-line basis over three years from the respective date of grants. Grants of RSUs (issued under LTIP) prior to Fiscal 2025 vest after 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, 2024	956,325	$	39.61	1.77	$	28,728
Granted	650,780	28.57
Vested	(170,370)	49.92
Forfeited or expired	(76,426)	36.14
Outstanding at December 31, 2024	1,360,309	$	33.25	2.20	$	38,523

In addition to the grants made in connection with the LTIP 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 four 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, 2024	4,555,955	$	35.87	1.79	$	136,861
Granted	887,393	27.37
Vested	(746,565)	28.89
Forfeited or expired	(215,306)	37.26
Outstanding at December 31, 2024	4,481,477	$	35.28	1.68	$	126,915

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, 2024 (1)	1,082,471	$	30.67	0.42	$	32,517
Granted	95,733	32.00

Outstanding at December 31, 2024 (2)	1,178,204	$	30.78	0.84	$	33,374