For the year ended June 30, 2020, pursuant to the Company’s dividend policy, we declared total non-cumulative dividends of $0.6984 per Common Share in the aggregate amount of $188.7 million, which we paid during the same period (year ended June 30, 2019 and 2018—$0.6300 and $0.5478 per Common Share, respectively, in the aggregate amount of $168.9 million and $145.6 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, 2020, we repurchased 300,000 of our Common Shares in the open market, at a cost of $12.4 million for potential reissuance under our LTIP or other plans (year ended June 30, 2019 and 2018—726,059 and nil, respectively, at a cost of $26.5 million and nil, respectively), described below.

During the year ended June 30, 2020, we reissued 480,574 Common Shares from treasury stock (year ended June 30, 2019 and 2018—613,524 and 411,276 Common Shares, respectively), in connection with the settlement of awards and other plans.

A summary of stock options outstanding under our 2004 Stock Option Plan is set forth below. All numbers shown in the chart below have been adjusted, where applicable, to account for the two-for-one stock splits that occurred on October 22, 2003, February 18, 2014 and January 24, 2017.



	2004 Stock Option Plan
Date of inception	Oct-04
Eligibility	Eligible employees, as determined by the Board of Directors
Options granted to date	35,140,648
Options exercised to date	(19,192,995)
Options cancelled to date	(8,518,116)
Options outstanding	7,429,537
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	$16.58 - $44.99
Expiration dates	8/2/2020 - 5/4/2027



					Options Outstanding				Options Exercisable
Range of Exercise Prices					Number of options Outstanding as of June 30, 2020	Weighted Average Remaining Contractual Life (years)	Weighted Average Exercise Price		Number of options Exercisable as of June 30, 2020	Weighted Average Exercise Price
$	16.58	-	$	27.46	960,483	1.39	$	25.84	960,483	$	25.84
27.47		-	31.50		547,692	2.91	29.37		405,982	29.20
31.51		-	33.17		615,000	3.92	32.64		66,667	32.63
33.18		-	34.60		867,036	4.13	34.10		399,065	34.00
34.61		-	37.54		674,760	5.17	35.86		231,006	35.32
37.55		-	38.30		439,000	6.84	37.84		—	—
38.31		-	39.02		730,110	6.10	38.76		—	—
39.03		-	39.98		792,686	5.23	39.35		185,155	39.36
39.99		-	43.06		700,980	6.01	40.51		—	—
43.07		-	44.99		1,101,790	6.60	44.99		—	—
$	16.58	-	$	44.99	7,429,537	4.78	$	36.18	2,248,358	$	30.18



	Year Ended June 30,
	2020		2019		2018
Stock options	$	9,779	$	10,232	$	9,828
Performance Share Units (issued under LTIP)	5,997		3,461		3,553
Restricted Share Units (issued under LTIP)	5,943		5,917		6,602
Restricted Share Units (other)	174		175		936
Deferred Share Units (directors)	3,345		3,133		2,921
Employee Share Purchase Plan	4,294		3,852		3,754
Total share-based compensation expense	$	29,532	$	26,770	$	27,594

As of June 30, 2020, an aggregate of 7,429,537 options to purchase Common Shares were outstanding and an additional 7,540,748 options to purchase Common Shares were available for issuance under our stock option plans. 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.



	Options		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value ($’000s)
Outstanding at June 30, 2019	7,102,753		$	31.82	4.10	$	66,656
Granted	2,742,230		41.81
Exercised	(1,529,947	)	26.98
Forfeited or expired	(885,499	)	34.51
Outstanding at June 30, 2020	7,429,537		$	36.18	4.78	$	49,574
Exercisable at June 30, 2020	2,248,358		$	30.18	2.87	$	27,651



	Options		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value ($’000s)
Outstanding at June 30, 2018	7,078,435		$	28.41	4.43	$	48,405
Granted	1,870,340		38.81
Exercised	(1,472,031	)	24.20
Forfeited or expired	(373,991	)	32.33
Outstanding at June 30, 2019	7,102,753		$	31.82	4.10	$	66,656
Exercisable at June 30, 2019	2,176,002		$	27.44	3.03	$	29,950

We estimate the fair value of stock options using the Black-Scholes option-pricing model or, where appropriate, the Monte Carlo Valuation Method, 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.



	Year Ended June 30,
	2020			2019			2018
Weighted–average fair value of options granted	$	6.88		$	8.39		$	7.58
Weighted-average assumptions used:
Expected volatility	22.63		%	25.72		%	26.95		%
Risk–free interest rate	1.30		%	2.57		%	2.18		%
Expected dividend yield	1.64		%	1.54		%	1.50		%
Expected life (in years)	4.12			4.44			4.38
Forfeiture rate (based on historical rates)	7		%	6		%	6		%
Average exercise share price	$	41.81		$	38.81		$	34.60

As of June 30, 2020, the total compensation cost related to the unvested stock option awards not yet recognized was $29.7 million, which will be recognized over a weighted-average period of 2.9 years.

For the year ended June 30, 2020, cash in the amount of $41.3 million was received as the result of the exercise of options granted under share-based payment arrangements (year ended June 30, 2019 and 2018—$35.6 million and $54.4 million, respectively). The tax benefit realized by us during the year ended June 30, 2020 from the exercise of options eligible for a tax deduction was $1.9 million (year ended June 30, 2019 and 2018— $2.9 million and $1.5 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. Target RSUs become vested when an eligible employee remains employed throughout the vesting period.

PSUs and RSUs granted under the LTIPs have been measured at fair value as of the effective date, consistent with 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 using the Monte Carlo pricing model and RSUs have been valued based upon their grant date fair value. Stock options granted under the LTIPs have been measured using the Black-Scholes option-pricing model, consistent with Topic 718.

As of June 30, 2020, the total expected compensation cost related to the unvested LTIP awards not yet recognized was $18.2 million, which is expected to be recognized over a weighted average period of 1.8 years.

LTIP grants that have recently vested, or have yet to vest, are described below. LTIP grants are referred to in this Annual Report on Form 10-K based upon the year in which the grants are expected to vest.

Grants made in Fiscal 2017 under the LTIP (collectively referred to as Fiscal 2019 LTIP), consisting of PSUs and RSUs, took effect in Fiscal 2017 starting on August 14, 2016. We settled the Fiscal 2019 LTIP awards by issuing 255,502 Common Shares from treasury stock during the three months ended December 31, 2019, with a cost of $9.1 million.

Grants made in Fiscal 2018 under the LTIP (collectively referred to as Fiscal 2020 LTIP), consisting of PSUs and RSUs, took effect in Fiscal 2018 starting on August 7, 2017. The Performance Conditions for vesting of the PSUs are based solely upon market conditions. The RSUs are employee service-based awards and vest over the life of the Fiscal 2020 LTIP. We expect to settle the Fiscal 2020 LTIP awards in stock.

Grants made in Fiscal 2019 under the LTIP (collectively referred to as Fiscal 2021 LTIP), consisting of PSUs and RSUs, took effect in Fiscal 2019 starting on August 6, 2018. The Performance Conditions for vesting of the PSUs are based solely upon market conditions. The RSUs are employee service-based awards and vest over the life of the Fiscal 2021 LTIP. We expect to settle the Fiscal 2021 LTIP awards in stock.

Grants made in Fiscal 2020 under the LTIP (collectively referred to as Fiscal 2022 LTIP), consisting of PSUs and RSUs, took effect in Fiscal 2020 starting on August 5, 2019. The Performance Conditions for vesting of the PSUs are based solely upon market conditions. The RSUs are employee service-based awards and vest over the life of the Fiscal 2022 LTIP. We expect to settle the Fiscal 2022 LTIP awards in stock.

During the year ended June 30, 2020, we granted 15,000 RSUs to employees in accordance with employment and other non-LTIP related agreements (year ended June 30, 2019 and 2018—nil and 4,464, respectively). RSUs vest over a specified contract date, typically three years from the respective date of grants. We expect to settle RSU awards in stock.

During the year ended June 30, 2020, we issued 3,334 Common Shares from treasury stock, with a cost of $0.1 million in connection with the settlement of vested RSUs (year ended June 30, 2019 and 2018— 22,627 and 98,625 Common Shares, respectively, with a cost of $0.7 million and $2.1 million, respectively).

During the year ended June 30, 2020, we granted 82,733 DSUs to certain non-employee directors (year ended June 30, 2019 and 2018 — 100,271 and 87,501 DSUs, respectively). The DSUs were 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.

During the year ended June 30, 2020, we did not issue shares from treasury stock in connection with the settlement of vested DSUs (year ended June 30, 2019 and 2018 — 51,794 and nil DSUs, respectively, with a cost of $2.0 million and nil, respectively).

During the year ended June 30, 2020, 742,961 Common Shares were eligible for issuance to employees enrolled in the ESPP (year ended June 30, 2019 and 2018— 696,091 and 729,521 Common Shares, respectively).