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Stock-based compensation (Tables) | 12 Months Ended
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Mar. 31, 2024
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:
| 2024 |  | 2023
| Number of options | Weighted average exercise price |  | Number of options | Weighted average exercise price
|  | $ |  |  | $
Outstanding – Beginning of year* | 10,060,296 |  | 30.56 |  |  | 11,823,310 |  | 36.36 |
Granted | 3,899,244 |  | 13.77 |  |  | 2,817,149 |  | 19.93 |
Exercised | (412,780) |  | 5.20 |  |  | (942,641) |  | 5.00 |
Forfeited/Cancelled | (2,463,548) |  | 30.16 |  |  | (3,637,522) |  | 47.76 |
Outstanding – End of fiscal year** | 11,083,212 |  | 25.68 |  |  | 10,060,296 |  | 30.58 |
Exercisable – End of fiscal year | 4,335,111 |  | 30.17 |  |  | 3,771,711 |  | 31.24 |
*The 2024 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. **The stock options outstanding as at March 31, 2024 included 1,900,000 stock options with vesting dependent on market conditions tied to the Company's future share price performance. On April 18, 2024, 885,001 stock options with vesting dependent on market conditions tied to the Company's future share price performance were forfeited.
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, 2024 are summarized as follows:
| 2024 |  | 2024 |  | 2024
| 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 | 5,540,767 |  | 28.92 |  |  | 65,398 |  | 23.31 |  |  | 619,640 |  | 28.73 |
Granted | 3,114,515 |  | 14.11 |  |  | 54,143 |  | 15.97 |  |  | — |  | — |
Settled | (1,595,478) |  | 31.18 |  |  | — |  | — |  |  | (167,284) |  | 28.73 |
Forfeited | (859,036) |  | 20.81 |  |  | — |  | — |  |  | (452,356) |  | 28.73 |
Outstanding – End of year | 6,200,768 |  | 22.02 |  |  | 119,541 |  | 19.99 |  |  | — |  | — |
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 |
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:
| 2024 | 2023
Expected volatility | 63.64 | % | 52.22 | %
Risk-free interest rate | 3.85 | % | 3.05 | %
Expected option life | 3.80 years | 3.92 years
Expected dividend yield | 0 | % | 0 | %
Forfeiture rate | 29.53 | % | 26.55 | %
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, 2024:
| 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 13.35 | 2,483,720 |  | 5.51 | 12.46 |  |  | 787,825 |  | 4.12 | 10.62 |
13.36 to 17.01 | 2,169,016 |  | 6.11 | 14.69 |  |  | 419,481 |  | 5.76 | 14.72 |
17.02 to 23.25 | 2,137,549 |  | 4.55 | 20.94 |  |  | 1,033,606 |  | 3.80 | 21.42 |
23.26 to 31.69 | 2,469,252 |  | 4.31 | 29.05 |  |  | 804,717 |  | 3.15 | 25.37 |
31.70 to 93.45 | 1,823,675 |  | 3.87 | 57.75 |  |  | 1,289,482 |  | 3.63 | 57.16 |
Total | 11,083,212 |  | 4.91 | 25.68 |  |  | 4,335,111 |  | 3.88 | 30.17 |
The following table summarizes information with respect to stock options outstanding 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 |
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, 2024:
| 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 13.35 | 2,483,720 |  | 5.51 | 12.46 |  |  | 787,825 |  | 4.12 | 10.62 |
13.36 to 17.01 | 2,169,016 |  | 6.11 | 14.69 |  |  | 419,481 |  | 5.76 | 14.72 |
17.02 to 23.25 | 2,137,549 |  | 4.55 | 20.94 |  |  | 1,033,606 |  | 3.80 | 21.42 |
23.26 to 31.69 | 2,469,252 |  | 4.31 | 29.05 |  |  | 804,717 |  | 3.15 | 25.37 |
31.70 to 93.45 | 1,823,675 |  | 3.87 | 57.75 |  |  | 1,289,482 |  | 3.63 | 57.16 |
Total | 11,083,212 |  | 4.91 | 25.68 |  |  | 4,335,111 |  | 3.88 | 30.17 |
The following table summarizes information with respect to stock options outstanding 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 |

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