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Stock-Based Compensation (Tables)

12 Months Ended

Jun. 30, 2020

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

Summary of options Activity

The following is a summary of options activity for the year ended June 30, 2020:

​	​	​	​	​	​	​	​	​	​	​
​		​		​			Weighted-Average		​
​	​	​	​	​		​	Remaining	​	Aggregate
​	​	Number of	​	Weighted-Average		​	Contractual Life	​	Intrinsic Value
​	​	Options	​	Exercise Price		​	(in years)	​	(in thousands)
Outstanding as of July 1, 2019		1,488,478	​	$	31.33				​
Granted		229,125	​		43.39				​
Exercised		(135,849)	​		27.82				​
Forfeited		(65,946)	​		43.01				​
Expired		(76,178)	​		51.46				​
Outstanding as of June 30, 2020		1,439,630	​		31.95		6.39	​	$	5,468
Exercisable as of June 30, 2020		726,604	​	$	27.28		5.11	​	$	4,886

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
​		2020		2019	​	2018
Expected life (in years)		6.51		6.50		6.68	​
Expected volatility		37.66	%	39.60	%	41.45	%
Risk-free interest rate		1.40	%	2.73	%	1.95	%
Dividend yield		0.00	%	0.00	%	0.00	%

Summary of Restricted Stock Units Activity

The following is a summary of RSU activity for the year ended June 30, 2020:

​

​	​	​	​	​	​
​	​	​	​	Weighted-Average
​	​	Number of	​	Grant Date
​	​	RSUs	​	Fair Value
Outstanding as of July 1, 2019		878,030	​	$	34.86
Granted		414,810	​		42.22
Vested		(385,913)	​		28.37
Forfeited		(138,954)	​		41.24
Outstanding as of June 30, 2020		767,973	​	$	39.42

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):

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended June 30,
​	​	2020			2019			2018
Cost of educational services	​	$	1,334	​	$	1,239	​	$	4,464
Student services and administrative expense	​		13,250	​		11,978	​		9,487
Restructuring expense	​	​	—	​	​	—	​	​	548
​	​		14,584	​		13,217	​		14,499
Income tax benefit	​		(4,611)	​		(4,685)	​		(5,829)
Net stock-based compensation expense	​	$	9,973	​	$	8,532	​	$	8,670

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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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 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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