NOTE 7: DIVIDENDS AND STOCK REPURCHASE PROGRAMS

During fiscal years 2016 and 2015, DeVry Group’s Board of Directors declared the following cash dividends:

					Total Dividend
			Dividend		Amount
Declaration Date	Record Date	Payment Date	Per Share		(in thousands)
November 6, 2014	December 5, 2014	December 26, 2014	$	0.18	$	11,641
May 14, 2015	June 5, 2015	June 26, 2015	$	0.18	$	11,589
November 5, 2015	December 4, 2015	December 23, 2015	$	0.18	$	11,563
May 11, 2016	June 3, 2016	June 24, 2016	$	0.18	$	11,414

Future dividends will be at the discretion of the Board of Directors.

DeVry Group has repurchased shares under the following programs as of June 30, 2016:

Date	Shares		Total Cost
Authorized	Repurchased		(in millions)
November 15, 2006		908,399	$	35.0
May 13, 2008		1,027,417		50.0
November 11, 2009		972,205		50.0
August 11, 2010		1,103,628		50.0
November 10, 2010		968,105		50.0
May 20, 2011		2,396,143		100.0
November 2, 2011		3,478,299		100.0
August 29, 2012		2,005,317		62.7
December 15, 2015		869,302		16.1
Totals		13,728,815	$	513.8

DeVry Group’s eighth share repurchase program ended on December 31, 2015. A total of 622,688 shares were repurchased under the eighth share repurchase plan during the year ended June 30, 2016 for $16.5 million. On December 15, 2015, the Board authorized a ninth share repurchase program, which allows DeVry Group to repurchase up to $100 million of its common stock through December 31, 2017. A total of 869,302 shares were repurchased under the ninth share repurchase plan during the year ended June 30, 2016 for $16.1 million. The timing and amount of any repurchase will be determined based on evaluation of market conditions and other factors. These repurchases may be made through the open market, including block purchases, in privately negotiated transactions, or otherwise. The buyback will be funded through available cash balances and/or borrowings and may be suspended or discontinued at any time.

Shares of stock repurchased under the programs are held as treasury shares. These repurchased shares have reduced the weighted average number of shares of common stock outstanding for basic and diluted earnings per share calculations.