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Share Repurchases

3 Months Ended

Sep. 30, 2020

Dividends And Share Repurchase Program [Abstract]

14. Share Repurchases

On November 8, 2018, we announced that the Board authorized Adtalem’s current share repurchase program, which allows Adtalem to repurchase up to $300 million of its common stock through December 31, 2021. The current share repurchase program commenced in January 2019. Adtalem made share repurchases under the current repurchase program as follows (in thousands, except shares and per share data):


	Three Months Ended				Life-to-Date
	September 30,				Current Share
	2020		2019		Repurchase Program
Total number of share repurchases		—		918,807		6,383,431
Total cost of share repurchases	$	—	$	40,255	$	254,769
Average price paid per share	$	—	$	43.81	$	39.91

On February 4, 2020, we announced that the Board authorized Adtalem’s twelfth share repurchase program, which allows Adtalem to repurchase up to $300 million of its common stock through December 31, 2021. The new program will commence when the repurchases from the current program are complete. As of September 30, 2020, $345.2 million of authorized share repurchases were remaining under the current and twelfth share repurchase programs. Repurchases under the current program were suspended on March 12, 2020 due to the economic uncertainty caused by the COVID-19 pandemic. In October 2020, Adtalem determined to end the suspension of its current share repurchase program, and we may resume repurchases in accordance with the securities laws if market conditions are favorable. The timing and amount of any future repurchases will be determined based on an 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. Repurchases 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.