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Stock-Based Compensation (Tables)

12 Months Ended

Jun. 30, 2021

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, 2021:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​		​	Weighted-Average	​	​
​	​	​	​	​		​	Remaining	​	Aggregate
​	​	Number of	​	Weighted-Average		​	Contractual Life	​	Intrinsic Value
​	​	Options	​	Exercise Price		​	(in years)	​	(in thousands)
Outstanding as of July 1, 2020		1,439,630	​	$	31.95		​	​	​	​
Granted		281,075	​		32.03		​	​	​	​
Exercised		(72,673)	​	​	18.01		​	​	​	​
Forfeited		(51,933)	​	​	36.87		​	​	​	​
Expired		(35,050)	​	​	41.84		​	​	​	​
Outstanding as of June 30, 2021		1,561,049	​		32.05		6.1	​	$	8,862
Exercisable as of June 30, 2021		954,855	​	$	29.43		5.0	​	$	7,640

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
​	​	2021	​	2020	​	2019
Expected life (in years)		6.54		6.51		6.50	​
Expected volatility		39.27	%	37.66	%	39.60	%
Risk-free interest rate		0.45	%	1.40	%	2.73	%
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, 2021:

​

​	​	​	​	​	​
​	​	​	​	Weighted-Average
​	​	Number of	​	Grant Date
​	​	RSUs	​	Fair Value
Outstanding as of July 1, 2020		767,973	​	$	39.42
Granted		620,000	​		31.26
Vested		(372,096)	​		34.99
Forfeited		(127,872)	​		37.54
Outstanding as of June 30, 2021		888,005	​	$	35.84

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

Stock-based compensation expense, which is primarily included in student services and administrative expense, and the related income tax benefit were as follows (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended June 30,
​	​	2021		​	2020		​	2019
Stock-based compensation	​	$	13,875	​	$	14,584	​	$	13,217
Income tax benefit	​		(3,020)	​		(4,611)	​		(4,685)
Stock-based compensation, net of income taxes	​	$	10,855	​	$	9,973	​	$	8,532

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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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