SHARE CAPITAL, OPTION PLANS AND SHARE-BASED PAYMENTS (Tables)
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9 Months Ended |
Mar. 31, 2024 |
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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
March 31, | | Nine Months Ended
March 31, | | | 2024 | | 2023 | | 2024 | | 2023 | | Stock Options (issued under Stock Option Plans) | $ | 3,580 | | | $ | 3,908 | | | $ | 13,840 | | | $ | 13,217 | | | Performance Share Units (issued under LTIP) | 6,999 | | | 4,763 | | | 19,816 | | | 14,023 | | | Restricted Share Units (issued under LTIP) | 2,489 | | | 2,480 | | | 8,404 | | | 7,299 | | | Restricted Share Units (other) | 21,002 | | | 23,316 | | | 64,673 | | | 46,673 | | | Deferred Share Units (directors) | 776 | | | 889 | | | 2,378 | | | 3,138 | | | Employee Stock Purchase Plan | 1,196 | | | 1,012 | | | 4,201 | | | 4,048 | | | Total share-based compensation expense | $ | 36,042 | | | $ | 36,368 | | | $ | 113,312 | | | $ | 88,398 | |
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| Schedule of Unrecognized Compensation Cost |
A summary of unrecognized compensation cost for unvested share-based payment awards is as follows: | | | | | | | | | | | | | | As of March 31, 2024 | | | Unrecognized Compensation Cost | | Weighted Average Recognition Period (years) | | Stock Options (issued under Stock Option Plans) | $ | 43,438 | | | 2.5 | | Performance Share Units (issued under LTIP) | 51,119 | | | 1.9 | | Restricted Share Units (issued under LTIP) | 20,560 | | | 2.0 | | Restricted Share Units (other) | 88,810 | | | 1.7 | | Total unrecognized share-based compensation cost | $ | 203,927 | | | |
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| Schedule of Option Activity |
A summary of activity under our stock option plans for the nine months ended March 31, 2024 is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Options | | Weighted-Average Exercise Price | | Weighted- Average Remaining Contractual Term (years) | | Aggregate Intrinsic Value ($’000's) | Outstanding at June 30, 2023 | 12,219,439 | | | $ | 38.44 | | | 4.68 | | $ | 62,473 | | | Granted | 1,571,730 | | | 38.87 | | | | | | | Exercised | (942,192) | | | 33.22 | | | | | | | Forfeited or expired | (871,540) | | | 37.62 | | | | | | Outstanding at March 31, 2024 | 11,977,437 | | | $ | 38.96 | | | 4.43 | | $ | 35,333 | | Exercisable at March 31, 2024 | 4,562,883 | | | $ | 41.34 | | | 3.12 | | $ | 5,566 | |
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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 March 31, | | Nine Months Ended March 31, | | | 2024 | | 2023 | | 2024 | | 2023 | | Weighted–average fair value of options granted | $ | 11.10 | | | $ | 7.94 | | | $ | 9.84 | | | $ | 6.61 | | | Weighted-average assumptions used: | | | | | | | | | Expected volatility | 31.52 | % | | 29.66 | % | | 31.15 | % | | 28.65 | % | | Risk–free interest rate | 4.07 | % | | 3.82 | % | | 4.36 | % | | 4.00 | % | | Expected dividend yield | 2.29 | % | | 2.74 | % | | 2.53 | % | | 3.10 | % | | Expected life (in years) | 4.28 | | 4.21 | | 4.26 | | 4.20 | | Forfeiture rate (based on historical rates) | 7 | % | | 7 | % | | 7 | % | | 7 | % | | Average exercise share price | $ | 43.07 | | | $ | 34.70 | | | $ | 38.87 | | | $ | 30.69 | |
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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: | | | | | | | | Nine Months Ended March 31, | | | 2023 | | 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 market-based PSUs issued under LTIP, and weighted-average assumptions estimated under the Monte Carlo pricing model were as follows: | | | | | | | | | | | | | | Nine Months Ended March 31, | | | 2024 | | 2023 | | Weighted–average fair value of performance share units granted | $59.48 | | $43.10 - $55.06 | | Weighted-average assumptions used: | | | | | Expected volatility | 28% | | 29% - 31% | | Risk–free interest rate | 4.38% | | 3.13% - 3.39% | | Expected dividend yield | — | % | | — | % | | Expected life (in years) | 3.10 | | 3.11 | | | | |
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| Schedule of Non Option Award Activity |
A summary of activity under our performance share units issued under the LTIP for the nine months ended March 31, 2024 is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Units | | Weighted-Average
Grant Date Fair Value | | Weighted- Average Remaining Contractual Term (years) | | Aggregate Intrinsic Value ($’000's) | Outstanding at June 30, 2023 | 1,013,385 | | | $ | 61.64 | | | 1.75 | | $ | 42,106 | | Granted (1) | 927,477 | | | 52.55 | | | | | | Vested (1) | (240,741) | | | 61.23 | | | | | | | Forfeited or expired | (88,593) | | | 59.16 | | | | | | Outstanding at March 31, 2024 | 1,611,528 | | | $ | 56.96 | | | 1.97 | | $ | 62,576 | |
______________________ (1)PSUs are earned based on market or performance 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 nine months ended March 31, 2024 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, 2023 | 774,360 | | | $ | 42.83 | | | 1.68 | | $ | 32,175 | | | Granted | 496,869 | | | 35.74 | | | | | | | Vested | (223,577) | | | 43.40 | | | | | | | Forfeited or expired | (71,519) | | | 40.19 | | | | | | Outstanding at March 31, 2024 | 976,133 | | | $ | 39.93 | | | 2.05 | | $ | 37,903 | |
A summary of activity under our RSUs (other) issued for the nine months ended March 31, 2024 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, 2023 | 5,310,595 | | | $ | 36.43 | | | 1.97 | | $ | 220,655 | | | Granted | 1,395,784 | | | 38.60 | | | | | | | Vested | (1,333,430) | | | 42.52 | | | | | | | Forfeited or expired | (271,589) | | | 37.47 | | | | | | Outstanding at March 31, 2024 | 5,101,360 | | | $ | 35.61 | | | 1.94 | | $ | 198,086 | |
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| Schedule of Nonvested Share Activity |
A summary of activity under our DSUs issued for the nine months ended March 31, 2024 is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Units | | Weighted-Average
Price | | Weighted- Average Remaining Contractual Term (years) | | Aggregate Intrinsic Value ($’000's) | Outstanding at June 30, 2023 (1) | 994,568 | | | $ | 29.98 | | | 0.36 | | $ | 41,324 | | | Granted | 77,442 | | | 39.64 | | | | | | | | | | | | | | Outstanding at March 31, 2024 (2) | 1,072,010 | | | $ | 30.68 | | | 0.67 | | $ | 41,626 | |
______________________ (1) Includes 90,906 unvested DSUs. (2) Includes 47,871 unvested DSUs.
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