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Earnings per Share | 12 Months Ended
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Jun. 30, 2023
Earnings per Share |
Earnings per Share | 9. Earnings per Share As a result of incurring a net loss from continuing operations in fiscal year 2022, potential common stock of 416 thousand shares were excluded from diluted loss per share because the effect would have been antidilutive. As further described in Note 16 “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 agreement as a repurchase of Adtalem common stock and as a forward contract indexed to its own common stock. Based on the volume-weighted average price of Adtalem’s common stock per the terms of the ASR agreement, common stock of 76 thousand shares were contingently issuable by Adtalem under the ASR agreement and were included in the diluted earnings per share calculation for fiscal year 2023 because the effect would have been dilutive. As of June 30, 2023, the ASR agreement is no longer outstanding. Certain shares related to 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): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended June 30,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
Numerator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) attributable to Adtalem: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Continuing operations | ​ | $ | 101,752 | ​ | $ | (35,955) | ​ | $ | 63,448
Discontinued operations | ​ | ​ | (8,394) | ​ | ​ | 346,946 | ​ | ​ | 6,579
Net income attributable to Adtalem | ​ | $ | 93,358 | ​ | $ | 310,991 | ​ | $ | 70,027
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average basic shares outstanding | ​ | ​ | 44,781 |  | ​ | 48,388 |  | ​ | 51,322
Effect of dilutive stock awards | ​ | ​ | 743 |  | ​ | — |  | ​ | 323
Effect of ASR | ​ | ​ | 76 |  | ​ | — |  | ​ | —
Weighted-average diluted shares outstanding | ​ | ​ | 45,600 |  | ​ | 48,388 |  | ​ | 51,645
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings (loss) per share attributable to Adtalem: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Continuing operations | ​ | $ | 2.27 | ​ | $ | (0.74) | ​ | $ | 1.24
Discontinued operations | ​ | $ | (0.19) | ​ | $ | 7.17 | ​ | $ | 0.13
Total basic earnings per share | ​ | $ | 2.08 | ​ | $ | 6.43 | ​ | $ | 1.36
Diluted: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Continuing operations | ​ | $ | 2.23 | ​ | $ | (0.74) | ​ | $ | 1.23
Discontinued operations | ​ | $ | (0.18) | ​ | $ | 7.17 | ​ | $ | 0.13
Total diluted earnings per share | ​ | $ | 2.05 | ​ | $ | 6.43 | ​ | $ | 1.36
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average antidilutive shares | ​ | ​ | 403 | ​ | ​ | 1,869 | ​ | ​ | 1,143
​

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