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STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of options Activity

The following is a summary of options activity for the six months ended December 31, 2017:

								Weighted
					Weighted			Average			Aggregate
					Average			Remaining			Intrinsic
		Number of			Exercise			Contractual			Value
		Options			Price			Life (in Years)			(in thousands)
Outstanding at July 1, 2017			2,794,850		$	34.68
Options Granted			491,275			33.90
Options Exercised			(308,805)			31.65
Options Forfeited			(28,770)			28.31
Options Expired			(559,349)			46.79
Outstanding at December 31, 2017			2,389,201			32.20			6.29		$	26,675
Exercisable at December 31, 2017			1,291,547		$	35.86			4.12		$	11,010

Summary of stock appreciation rights activity

The following is a summary of stock appreciation rights activity for the six months ended December 31, 2017:

								Weighted
		Number of			Weighted			Average			Aggregate
		Stock			Average			Remaining			Intrinsic
		Appreciation			Exercise			Contractual			Value
		Rights			Price			Life (in Years)			(in thousands)
Outstanding at July 1, 2017			99,500		$	45.04
Rights Exercised			(34,100)			38.71
Rights Expired			(65,400)			48.34
Outstanding at December 31, 2017			-			-			-		$	-
Exercisable at December 31, 2017			-		$	-			-		$	-

Fair Values of Stock Option Awards Estimated Weighted Average Assumptions

The fair value of Adtalem’s stock option grants was estimated assuming the following weighted average assumptions:

		Fiscal Year
		2018			2017
Expected Life (in Years)			6.68			6.88
Expected Volatility			41.45	%		42.41	%
Risk-free Interest Rate			1.95	%		1.41	%
Dividend Yield			0.00	%		1.19	%
Pre-vesting Forfeiture Rate			NA			10.00	%

Summary of Restricted Stock Units Activity

The following is a summary of RSU activity for the six months ended December 31, 2017:

 

					Weighted
					Average
		Number of			Grant Date
		RSUs			Fair Value
Nonvested at July 1, 2017			1,279,667		$	26.14
RSUs Granted			493,880			34.15
RSUs Vested			(363,831)			31.28
RSUs Forfeited			(102,563)			28.22
Nonvested at December 31, 2017			1,307,153		$	27.93

Total Stock-Based Compensation Expense Included in Consolidated Statement of Earnings

The following table shows total stock-based compensation expense included in the Consolidated Statements of Income (Loss) (in thousands):

		Three Months Ended December 31,						Six Months Ended December 31,
		2017			2016			2017			2016
Cost of Educational Services		$	1,214		$	1,147		$	2,634		$	2,987
Student Services and Administrative Expense			2,581			2,436			5,598			6,346
Restructuring Expense			-			-			548			-
			3,795			3,583			8,780			9,333
Income Tax Benefit			(1,667)			(1,251)			(4,101)			(3,283)
Net Stock-Based Compensation Expense		$	2,128		$	2,332		$	4,679		$	6,050

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Tabular disclosure of the amount of total share-based compensation cost, including the amounts attributable to each share-based compensation plan and any related tax benefits.

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock appreciation rights awards that were outstanding at the beginning and end of the year, and the number of stock appreciation rights awards that were granted, exercised or converted, forfeited, and expired during the year.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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