SHARE CAPITAL, OPTION PLANS AND SHARE-BASED PAYMENTS (Tables)
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6 Months Ended |
Dec. 31, 2022 |
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| Share-Based Payment Arrangement [Abstract] |
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| 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, | | | 2022 | | 2021 | | 2022 | | 2021 | | 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 Plan | 1,421 | | | 1,662 | | | 3,036 | | | 3,160 | | | Total share-based compensation expense | $ | 28,822 | | | $ | 14,409 | | | $ | 52,030 | | | $ | 28,343 | |
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| 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 Cost | | Weighted 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 | | | |
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| Schedule of Option Activity |
A summary of activity under our stock option plans for the six months ended December 31, 2022 is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Options | | Weighted-
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 | | | Granted | 4,289,650 | | | 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 | |
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| 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, | | | 2022 | | 2021 | | 2022 | | 2021 | | Weighted–average fair value of options granted | $ | 5.77 | | | $ | 9.73 | | | $ | 6.40 | | | $ | 9.74 | | | Weighted-average assumptions used: | | | | | | | | | Expected volatility | 28.87 | % | | 26.66 | % | | 28.50 | % | | 26.63 | % | | Risk–free interest rate | 4.46 | % | | 0.90 | % | | 4.03 | % | | 0.64 | % | | Expected dividend yield | 3.46 | % | | 1.63 | % | | 3.16 | % | | 1.58 | % | | Expected life (in years) | 4.20 | | 4.13 | | 4.19 | | 4.15 | | Forfeiture rate (based on historical rates) | 7 | % | | 7 | % | | 7 | % | | 7 | % | | Average exercise share price | $ | 26.81 | | | $ | 51.61 | | | $ | 30.07 | | | $ | 52.35 | |
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| 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 volatility | | | 26.00 | % | | Risk–free interest rate | | | 3.21 | % | | Expected dividend yield | | | 2.00 | % | | 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, | | | | | | | 2022 | | 2021 | | Weighted–average fair value of performance share units granted | | | | | $43.10 - $55.06 | | $69.78 - $75.15 | | Weighted-average assumptions used: | | | | | | | | | Expected volatility | | | | | 29% - 31% | | 28.00 | % | | Risk–free interest rate | | | | | 3.13% - 3.39% | | 0.45% - 0.71% | | Expected dividend yield | | | | | — | % | | 1.70% - 1.80% | | Expected life (in years) | | | | | 3.11 | | 3.10 | | | | | | | | |
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| Schedule of Non Option Award Activity |
A summary of activity under our performance share units issued under the LTIP for the six months ended December 31, 2022 is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Units | | Weighted-Average
Grant Date Fair Value | | Weighted-
Average
Remaining
Contractual Term
(years) | | Aggregate Intrinsic Value
($’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.
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| 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: | | | | | | | | | | | | | | | | | | | | | | | | | Units | | Weighted-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 | | | Granted | 400,299 | | | 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: | | | | | | | | | | | | | | | | | | | | | | | | | Units | | Weighted-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 | | | Granted | 1,479,192 | | | 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 | |
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| 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: | | | | | | | | | | | | | | | | | | | | | | | | | Units | | Weighted-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.
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