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Stock-Based Compensation (Tables)

9 Months Ended

Mar. 31, 2023

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

Summary of options Activity

The following is a summary of options activity for the nine months ended March 31, 2023:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​		​	Weighted-Average	​	​
​	​	​	​	​		​	Remaining	​	Aggregate
​	​	Number of	​	Weighted-Average		​	Contractual Life	​	Intrinsic Value
​	​	Options	​	Exercise Price		​	(in years)	​	(in thousands)
Outstanding as of July 1, 2022		1,144,372	​	$	35.36		​	​	​	​
Exercised		(62,214)	​	​	26.06		​	​	​	​
Forfeited		(3,975)	​	​	36.46		​	​	​	​
Expired		(1,575)	​	​	18.60		​	​	​	​
Outstanding as of March 31, 2023		1,076,608	​		35.92		5.7	​	$	4,346
Exercisable as of March 31, 2023		805,802	​	$	35.91		5.0	​	$	3,456

​

Fair Values of Stock Option Awards Estimated Weighted Average Assumptions

No stock options were granted during the first nine months of fiscal year 2023. The fair value of Adtalem’s option grants was estimated assuming the following weighted-average assumptions:

​

​	​	​	​
​	​	Fiscal Year	​
​	​	2022	​
Expected life (in years)		6.56
Expected volatility		39.99	%
Risk-free interest rate		0.94	%
Dividend yield		0.00	%

​

Summary of Restricted Stock Units Activity

The following is a summary of RSU activity for the nine months ended March 31, 2023:

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​	​	​	​	​	​
​	​	​	​	Weighted-Average
​	​	Number of	​	Grant Date
​	​	RSUs	​	Fair Value
Unvested as of July 1, 2022		1,171,692	​	$	35.05
Granted		521,690	​		40.08
Vested		(313,167)	​		37.33
Forfeited		(107,053)	​		36.97
Unvested as of March 31, 2023		1,273,162	​	$	36.39

​

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

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

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Three Months Ended

​

Nine Months Ended

​

​

March 31,

​

March 31,

​

​

2023

​

2022

​

2023

​

2022

Stock-based compensation

​

$

2,795

​

$

4,673

​

$

10,908

​

$

18,604

Income tax benefit

​

(721)

​

(1,137)

​

(3,024)

​

(3,630)

Stock-based compensation, net of tax

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$

2,074

​

$

3,536

​

$

7,884

​

$

14,974

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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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-Name Accounting Standards Codification
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-Section 50
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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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