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Stock-based compensation (Tables) | 12 Months Ended
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Mar. 31, 2023
Disclosure Of Share Based Payment Arrangements [Abstract] |
Stock option activity and the weighted average exercise price | The stock option activity and the weighted average exercise price are summarized as follows:
| 2023 |  | 2022
| Number of options | Weighted average exercise price |  | Number of options | Weighted average exercise price
|  | $ |  |  | $
Outstanding – Beginning of year* | 11,823,310 |  | 36.36 |  |  | 6,796,039 |  | 24.56 |
Granted** | 2,817,149 |  | 19.93 |  |  | 7,920,684 |  | 49.47 |
Exercised | (942,641) |  | 5.00 |  |  | (1,061,359) |  | 16.48 |
Forfeited/Cancelled | (3,637,522) |  | 47.76 |  |  | (1,832,054) |  | 47.84 |
Outstanding – End of fiscal year | 10,060,296 |  | 30.58 |  |  | 11,823,310 |  | 38.37 |
Exercisable – End of fiscal year | 3,771,711 |  | 31.24 |  |  | 2,600,818 |  | 23.05 |
*The 2023 beginning of year weighted average exercise price was adjusted from the prior year closing weighted average exercise price to account for the CAD to USD foreign exchange rate used when calculating the current fiscal year's weighted average exercise prices. **Included in the stock options granted in the fiscal year ended March 31, 2022 were 2,500,000 stock options with vesting dependent on market conditions tied to the Company's future share price performance.
The RSU, DSU and PSU activity and the weighted average grant date fair values | The RSU, DSU and PSU activity and the weighted average grant date fair values as at March 31, 2023 are summarized as follows:
| 2023 |  | 2023 |  | 2023
| RSU |  | DSU |  | PSU
| Number of awards | Weighted average grant date fair value |  | Number of awards | Weighted average grant date fair value |  | Number of awards | Weighted average grant date fair value
|  | $ |  |  | $ |  |  | $
Outstanding – Beginning of year | 3,314,131 |  | 46.71 |  |  | 34,421 |  | 37.95 |  |  | 953,290 |  | 28.73 |
Granted | 4,397,629 |  | 20.77 |  |  | 47,577 |  | 18.72 |  |  | — |  | — |
Settled | (956,837) |  | 41.58 |  |  | (16,600) |  | 40.50 |  |  | (333,650) |  | 28.73 |
Forfeited | (1,214,156) |  | 37.97 |  |  | — |  | — |  |  | — |  | — |
Outstanding – End of year | 5,540,767 |  | 28.92 |  |  | 65,398 |  | 23.31 |  |  | 619,640 |  | 28.73 |
The RSU, DSU and PSU activity and the weighted average grant date fair values as at March 31, 2022 are summarized as follows:
| 2022 |  | 2022 |  | 2022
| RSU |  | DSU |  | PSU
| Number of awards | Weighted average grant date fair value |  | Number of awards | Weighted average grant date fair value |  | Number of awards | Weighted average grant date fair value
|  | $ |  |  | $ |  |  | $
Outstanding – Beginning of year | 939,833 |  | 44.93 |  |  | 14,751 |  | 26.68 |  |  | 75,182 |  | 24.90 |
Granted | 3,016,792 |  | 48.89 |  |  | 20,227 |  | 47.14 |  |  | 953,290 |  | 28.73 |
Settled | (219,208) |  | 52.19 |  |  | (557) |  | 73.39 |  |  | (51,094) |  | 24.97 |
Forfeited | (423,286) |  | 55.50 |  |  | — |  | — |  |  | (24,088) |  | 24.75 |
Outstanding – End of year | 3,314,131 |  | 46.71 |  |  | 34,421 |  | 37.95 |  |  | 953,290 |  | 28.73 |
Weighted average assumptions | The fair value of stock options granted to employees, excluding stock options that contain market conditions, was estimated at the dates of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:
| 2023 | 2022
Expected volatility | 52.22 | % | 47.25 | %
Risk-free interest rate | 3.05 | % | 1.04 | %
Expected option life | 3.92 years | 4.07 years
Expected dividend yield | 0 | % | 0 | %
Forfeiture rate | 26.55 | % | 27.07 | %
The fair value of stock options granted in the fiscal year ended March 31, 2022 to certain executives with vesting dependent on market conditions tied to the Company's future share price performance is measured using the Monte Carlo pricing model to estimate the Company's potential future share price. This model leverages assumptions that the expected volatility of the share price is 41% and the expected option life is 7 years.
Range of exercise prices of outstanding share options | The following table summarizes information with respect to stock options outstanding and stock options exercisable as at March 31, 2023:
| Options outstanding |  | Options exercisable
Exercise price | Number of options | Weighted average remaining contractual life (years) | Weighted average exercise price |  | Number of options | Weighted average remaining contractual life (years) | Weighted average exercise price
$ |  |  | $ |  |  |  | $
2.17 to 18.92 | 1,930,537 |  | 5.09 | 12.19 |  |  | 719,850 |  | 2.21 | 5.80 |
18.93 to 22.62 | 1,886,776 |  | 5.61 | 21.49 |  |  | 384,078 |  | 4.24 | 21.79 |
22.63 to 27.73 | 2,268,067 |  | 4.46 | 23.99 |  |  | 1,409,502 |  | 3.77 | 24.27 |
27.74 to 41.54 | 1,896,698 |  | 5.51 | 31.49 |  |  | 291,923 |  | 3.79 | 31.80 |
41.55 to 93.45 | 2,078,218 |  | 5.42 | 62.27 |  |  | 966,358 |  | 5.38 | 63.92 |
Total | 10,060,296 |  | 5.19 | 30.58 |  |  | 3,771,711 |  | 3.94 | 31.24 |
The following table summarizes information with respect to stock options outstanding stock options exercisable as at March 31, 2022:
| Options outstanding |  | Options exercisable
Exercise price | Number of options | Weighted average remaining contractual life (years) | Weighted average exercise price |  | Number of options | Weighted average remaining contractual life (years) | Weighted average exercise price
$ |  |  | $ |  |  |  | $
0.30 to 21.90 | 2,735,944 |  | 4.82 | 11.60 |  |  | 1,017,325 |  | 3.28 | 5.02 |
21.91 to 27.52 | 2,137,518 |  | 5.67 | 24.29 |  |  | 796,323 |  | 5.12 | 24.90 |
27.53 to 33.19 | 2,238,268 |  | 6.34 | 30.75 |  |  | 302,339 |  | 4.94 | 28.71 |
33.20 to 65.89 | 1,855,419 |  | 6.25 | 45.76 |  |  | 286,652 |  | 5.07 | 38.86 |
65.90 to 94.03 | 2,856,161 |  | 6.22 | 75.73 |  |  | 198,179 |  | 6.14 | 76.67 |
Total | 11,823,310 |  | 5.82 | 38.37 |  |  | 2,600,818 |  | 4.45 | 23.05 |
Stock options outstanding and stock options exercisable | The following table summarizes information with respect to stock options outstanding and stock options exercisable as at March 31, 2023:
| Options outstanding |  | Options exercisable
Exercise price | Number of options | Weighted average remaining contractual life (years) | Weighted average exercise price |  | Number of options | Weighted average remaining contractual life (years) | Weighted average exercise price
$ |  |  | $ |  |  |  | $
2.17 to 18.92 | 1,930,537 |  | 5.09 | 12.19 |  |  | 719,850 |  | 2.21 | 5.80 |
18.93 to 22.62 | 1,886,776 |  | 5.61 | 21.49 |  |  | 384,078 |  | 4.24 | 21.79 |
22.63 to 27.73 | 2,268,067 |  | 4.46 | 23.99 |  |  | 1,409,502 |  | 3.77 | 24.27 |
27.74 to 41.54 | 1,896,698 |  | 5.51 | 31.49 |  |  | 291,923 |  | 3.79 | 31.80 |
41.55 to 93.45 | 2,078,218 |  | 5.42 | 62.27 |  |  | 966,358 |  | 5.38 | 63.92 |
Total | 10,060,296 |  | 5.19 | 30.58 |  |  | 3,771,711 |  | 3.94 | 31.24 |
The following table summarizes information with respect to stock options outstanding stock options exercisable as at March 31, 2022:
| Options outstanding |  | Options exercisable
Exercise price | Number of options | Weighted average remaining contractual life (years) | Weighted average exercise price |  | Number of options | Weighted average remaining contractual life (years) | Weighted average exercise price
$ |  |  | $ |  |  |  | $
0.30 to 21.90 | 2,735,944 |  | 4.82 | 11.60 |  |  | 1,017,325 |  | 3.28 | 5.02 |
21.91 to 27.52 | 2,137,518 |  | 5.67 | 24.29 |  |  | 796,323 |  | 5.12 | 24.90 |
27.53 to 33.19 | 2,238,268 |  | 6.34 | 30.75 |  |  | 302,339 |  | 4.94 | 28.71 |
33.20 to 65.89 | 1,855,419 |  | 6.25 | 45.76 |  |  | 286,652 |  | 5.07 | 38.86 |
65.90 to 94.03 | 2,856,161 |  | 6.22 | 75.73 |  |  | 198,179 |  | 6.14 | 76.67 |
Total | 11,823,310 |  | 5.82 | 38.37 |  |  | 2,600,818 |  | 4.45 | 23.05 |

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- Definition The disclosure of information about indirect, by reference to the fair value of the equity instruments granted, measurement of the fair value of goods or services received as consideration for the entity's share options. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 2 -IssueDate 2022-03-24 -Paragraph 47 -Subparagraph a -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2022-en-r&anchor=para_47_a&doctype=Standard -URIDate 2022-03-24 + Details
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