NOTE 8: DIVIDENDS AND SHARE REPURCHASE PROGRAMS

Adtalem paid dividends of $11.4 million on December 22, 2016. On February 16, 2017, the Board determined to discontinue cash dividend payments for the foreseeable future. Future dividends will be at the discretion of the Board.

Adtalem has repurchased shares under the following programs as of June 30, 2019:


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	1,672,250		36.6
February 16, 2017	7,091,188		300.0
November 7, 2018	2,545,156		117.9
Totals	24,168,107	$	952.2

On February 16, 2017, the Board authorized Adtalem’s tenth share repurchase program, which allowed Adtalem to repurchase up to $300 million of its common stock through December 31, 2020. The tenth share repurchase program was completed during January 2019. On November 7, 2018, the Board authorized Adtalem’s eleventh share repurchase program, which allows Adtalem to repurchase up to $300 million of its common stock through December 31, 2021. The eleventh share repurchase program commenced during January 2019. A total of 5,306,203 shares were repurchased during the year ended June 30, 2019 under the tenth and eleventh share repurchase programs for an aggregate of $252.9 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.