XML 57 R47.htm IDEA: XBRL DOCUMENT v3.22.4
SHARE CAPITAL, OPTION PLANS AND SHARE-BASED PAYMENTS (Tables)
 6 Months Ended
Dec. 31, 2022
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,
 2022202120222021
Stock Options (issued under Stock Option Plans)$5,724 $4,748 $9,309 $9,015 
Performance Share Units (issued under LTIP)5,025 3,726 9,260 7,171 
Restricted Share Units (issued under LTIP)2,644 1,930 4,819 4,096 
Restricted Share Units (other)12,720 1,019 23,357 2,747 
Deferred Share Units (directors)1,288 1,324 2,249 2,154 
Employee Stock Purchase Plan1,421 1,662 3,036 3,160 
Total share-based compensation expense$28,822 $14,409 $52,030 $28,343 
Schedule of Unrecognized Compensation Cost
A summary of unrecognized compensation cost for unvested shared-based payment awards is as follows: 
 As of December 31, 2022
 Unrecognized Compensation CostWeighted Average Recognition Period (years)
Stock Options (issued under Stock Option Plans)56,107.3 2.7
Performance Share Units (issued under LTIP)39,747.4 2.2
Restricted Share Units (issued under LTIP)20,520.4 2.2
Restricted Share Units (other)102,643.0 1.9
Total unrecognized share-based compensation cost$219,018.1 
Schedule of Option Activity
A summary of activity under our stock option plans for the six months ended December 31, 2022 is as follows:
OptionsWeighted-
Average Exercise
Price		Weighted-
Average
Remaining
Contractual Term
(years)		Aggregate Intrinsic Value
($’000's)
Outstanding at June 30, 2022
8,820,662 $42.74 4.68$7,111 
Granted4,289,650 30.49 
Exercised(72,080)27.66 
Forfeited or expired(734,555)43.54 
Outstanding at December 31, 2022
12,303,677 $38.51 5.07$6,857 
Exercisable at December 31, 2022
3,645,950 $39.19 3.08$16 
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,
 2022202120222021
Weighted–average fair value of options granted$5.77 $9.73 $6.40 $9.74 
Weighted-average assumptions used:
Expected volatility28.87 %26.66 %28.50 %26.63 %
Risk–free interest rate4.46 %0.90 %4.03 %0.64 %
Expected dividend yield3.46 %1.63 %3.16 %1.58 %
Expected life (in years)4.204.134.194.15
Forfeiture rate (based on historical rates)7 %7 %7 %7 %
Average exercise share price$26.81 $51.61 $30.07 $52.35 
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 volatility26.00 %
Risk–free interest rate3.21 %
Expected dividend yield2.00 %
Average exercise share price$31.89 
For the periods indicated, the weighted-average fair value of PSUs issued under LTIP, and weighted-average assumptions estimated under the Monte Carlo pricing model were as follows:
 Six Months Ended December 31,
 20222021
Weighted–average fair value of performance share units granted
$43.10 - $55.06
$69.78 - $75.15
Weighted-average assumptions used:
Expected volatility
29% - 31%
28.00 %
Risk–free interest rate
3.13% - 3.39%
0.45% - 0.71%
Expected dividend yield— %
1.70% - 1.80%
Expected life (in years)3.113.10
Schedule of Non Option Award Activity
A summary of activity under our performance share units issued under the LTIP for the six months ended December 31, 2022 is as follows:
UnitsWeighted-Average
Grant Date Fair Value		Weighted-
Average
Remaining
Contractual Term
(years)		Aggregate Intrinsic Value
($’000's)
Outstanding at June 30, 2022
812,937 $61.29 1.89$30,762 
Granted (1)
533,694 54.56 
Vested (1)
(224,593)41.75 
Forfeited or expired(70,006)66.30 
Outstanding at December 31, 2022
1,052,032 $61.64 2.27$31,182 
__________________________
(1)PSUs are earned based on market conditions and the actual number of PSUs earned, if any, is dependent upon performance and may range from 0 to 200 percent.
Schedule of Restricted Stock Activity
A summary of activity under our RSUs issued under the LTIP for the six months ended December 31, 2022 is as follows:
UnitsWeighted-Average
Grant Date Fair Value		Weighted-
Average
Remaining
Contractual Term
(years)		Aggregate Intrinsic Value
($’000's)
Outstanding at June 30, 2022
611,743 $44.14 1.62$23,148 
Granted400,299 38.82 
Vested(147,223)36.83 
Forfeited or expired(56,686)45.30 
Outstanding at December 31, 2022
808,133 $42.22 2.20$23,953 
A summary of activity under our RSUs (other) issued for the six months ended December 31, 2022 is as follows:
UnitsWeighted-Average
Grant Date Fair Value		Weighted-
Average
Remaining
Contractual Term
(years)		Aggregate Intrinsic Value
($’000's)
Outstanding at June 30, 2022
2,593,707 $44.90 2.86$98,146 
Granted1,479,192 28.27 
Vested(120,406)45.73 
Forfeited or expired(156,133)43.74 
Outstanding at December 31, 2022
3,796,360 $38.60 2.65$112,524 
Schedule of Nonvested Share Activity
A summary of activity under our deferred share units issued for the six months ended December 31, 2022 is as follows:
UnitsWeighted-Average
Price		Weighted-
Average
Remaining
Contractual Term
(years)		Aggregate Intrinsic Value
($’000's)
Outstanding at June 30, 2022 (1)
885,701 $31.49 0.36$33,515 
Granted 125,918 28.76 
Outstanding at December 31, 2022 (2)
1,011,619 $29.82 0.85$29,984 
______________________
(1)    Includes 55,520 unvested DSUs.
(2)    Includes 90,906 unvested DSUs.