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STOCK-BASED COMPENSATION (Tables) | 6 Months Ended
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Dec. 31, 2018
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, 2018:
|  |  |  |  |  |  |  | Weighted |  |  |  |
|  |  |  |  | Weighted |  |  | Average |  |  | Aggregate |
|  |  |  |  | Average |  |  | Remaining |  |  | Intrinsic |
|  | Number of |  |  | Exercise |  |  | Contractual |  |  | Value |
|  | Options |  |  | Price |  |  | Life (in Years) |  |  | (in thousands) |
Outstanding at July 1, 2018 |  |  | 1,806,133 |  |  | $ | 32.88 |  |  |  |  |  |  |  |  |
Granted |  |  | 129,025 |  |  |  | 49.01 |  |  |  |  |  |  |  |  |
Exercised |  |  | (404,510 | ) |  |  | 42.77 |  |  |  |  |  |  |  |  |
Forfeited |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Expired |  |  | (18,367 | ) |  |  | 51.61 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2018 |  |  | 1,512,281 |  |  |  | 31.39 |  |  |  | 7.13 |  |  | $ | 24,632 |
Exercisable at December 31, 2018 |  |  | 594,769 |  |  | $ | 31.64 |  |  |  | 5.32 |  |  | $ | 9,646 |
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 |
|  | 2019 |  |  | 2018 |
Expected Life (in Years) |  |  | 6.50 |  |  |  | 6.68 |
Expected Volatility |  |  | 39.60 | % |  |  | 41.45 | %
Risk-free Interest Rate |  |  | 2.73 | % |  |  | 1.95 | %
Dividend Yield |  |  | 0.00 | % |  |  | 0.00 | %
Summary of Restricted Stock Units Activity | The following is a summary of RSU activity for the six months ended December 31, 2018:
|  |  |  |  | Weighted |
|  |  |  |  | Average |
|  | Number of |  |  | Grant Date |
|  | RSUs |  |  | Fair Value |
Outstanding at July 1, 2018 |  |  | 1,226,958 |  |  | $ | 28.31 |
Granted |  |  | 216,430 |  |  |  | 49.57 |
Vested |  |  | (443,859 | ) |  |  | 27.81 |
Forfeited |  |  | (70,385 | ) |  |  | 32.00 |
Outstanding at December 31, 2018 |  |  | 929,144 |  |  | $ | 33.45 |
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, |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Cost of Educational Services |  | $ | 302 |  |  | $ | 1,214 |  |  | $ | 696 |  |  | $ | 2,634 |
Student Services and Administrative Expense |  |  | 2,922 |  |  |  | 2,581 |  |  |  | 6,664 |  |  |  | 5,598 |
Restructuring Expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 548 |
|  |  | 3,224 |  |  |  | 3,795 |  |  |  | 7,360 |  |  |  | 8,780 |
Income Tax Benefit |  |  | (1,231 | ) |  |  | (1,667 | ) |  |  | (3,238 | ) |  |  | (4,101 | )
Net Stock-Based Compensation Expense |  | $ | 1,993 |  |  | $ | 2,128 |  |  | $ | 4,122 |  |  | $ | 4,679 |

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