v3.24.1.1.u2
Share-Based Compensation
6 Months Ended
Apr. 30, 2024
Share-Based Compensation [Abstract]  
Share-Based Compensation
NOTE 15: SHARE-BASED COMPENSATION
For the three and six months ended April
 
30, 2024, the Bank recognized compensation
 
expense for stock option awards of $
10.4
 
million and $
20.5
 
million,
respectively (three and six months ended April
 
30, 2023 – $
9.6
 
million and $
22.2
 
million, respectively). During the three months
 
ended April 30, 2024 and
April 30, 2023,
nil
 
stock options were granted by the Bank.
 
During the six months ended April 30, 2024,
2.5
 
million (six months ended April 30, 2023 –
2.5
 
million)
stock options were granted by the Bank at
 
a weighted-average fair value of $
14.36
 
per option (April 30, 2023 – $
14.70
 
per option).
The following table summarizes the assumptions
 
used for estimating the fair value of options
 
for the six months ended April 30, 2024 and
 
April 30, 2023.
Assumptions Used for Estimating the
 
Fair Value of Options
(in Canadian dollars, except as noted)
For the six months ended
April 30
April 30
2024
2023
Risk-free interest rate
3.41
%
2.87
%
Option contractual life
10 years
10 years
Expected volatility
18.92
%
18.43
%
Expected dividend yield
3.78
%
3.69
%
Exercise price/share price
$
81.78
$
90.55
The risk-free interest rate is based on Government
 
of Canada benchmark bond yields as
 
at the grant date. Expected volatility is
 
calculated based on the historical
average daily volatility and expected dividend
 
yield is based on dividend payouts in the last
 
fiscal year. These assumptions are measured over a period
corresponding to the option contractual life.