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Earnings per Share

9 Months Ended

Mar. 31, 2022

Earnings per Share

Earnings per Share

8. Earnings per Share

As a result of incurring a net loss from continuing operations for the nine months ended March 31, 2022, potential common shares of 413 thousand were excluded from diluted loss per share because the effect would have been antidilutive. As further described in Note 15 “Share Repurchases,” on March 14, 2022, we entered into an accelerated share repurchase (“ASR”) agreement to repurchase $150.0 million of common stock. For purposes of calculating earnings per share for the periods presented, Adtalem reflected the ASR as a repurchase of Adtalem common stock and as a forward contract indexed to its own common stock. Certain shares, including shares expected to be received under the final settlement of the ASR and stock awards, were excluded from the computation of earnings per share because the effect would have been antidilutive. The following table sets forth the computations of basic and diluted earnings per share and antidilutive shares (in thousands, except per share data):


		Three Months Ended						Nine Months Ended
		March 31,						March 31,
		2022			2021			2022			2021
Numerator:
Net income (loss) attributable to Adtalem:
Continuing operations		$	5,857		$	24,238		$	(32,291)		$	67,765
Discontinued operations			343,985			414			341,982			132
Net income attributable to Adtalem		$	349,842		$	24,652		$	309,691		$	67,897

Denominator:
Weighted-average basic shares outstanding			48,925			50,658			49,459			51,799
Effect of dilutive stock awards			452			453			—			302
Weighted-average diluted shares outstanding			49,377			51,111			49,459			52,101

Earnings (loss) per share attributable to Adtalem:
Basic:
Continuing operations		$	0.12		$	0.48		$	(0.65)		$	1.31
Discontinued operations		$	7.03		$	0.01		$	6.91		$	0.00
Total basic earnings per share		$	7.15		$	0.49		$	6.26		$	1.31
Diluted:
Continuing operations		$	0.12		$	0.47		$	(0.65)		$	1.30
Discontinued operations		$	6.97		$	0.01		$	6.91		$	0.00
Total diluted earnings per share		$	7.09		$	0.48		$	6.26		$	1.30

Weighted-average antidilutive shares			2,074			675			2,187			1,124