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Earnings per Share

3 Months Ended

Sep. 30, 2023

Earnings per Share

Earnings per Share

8. Earnings per Share

As further described in Note 14 “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 306 thousand shares were contingently issuable by Adtalem under the ASR agreement and were included in the diluted earnings per share calculation for the three months ended September 30, 2022 because the effect would have been dilutive. As of October 14, 2022, 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):

​

​	​	​	​	​	​	​
​	​	Three Months Ended
​	​	September 30,
​	​	2023		​	2022
Numerator:	​	​	​	​	​	​
Net income (loss):	​		​	​		​
Continuing operations	​	$	11,959	​	$	5,513
Discontinued operations	​	​	(1,313)	​	​	(4,921)
Net income	​	$	10,646	​	$	592
​	​	​	​	​	​	​
Denominator:	​	​	​	​	​	​
Weighted-average basic shares outstanding		​	41,399		​	45,274
Effect of dilutive stock awards		​	785		​	762
Effect of ASR		​	—		​	306
Weighted-average diluted shares outstanding		​	42,184		​	46,342
​	​	​	​	​	​	​
Earnings (loss) per share:	​	​	​	​	​	​
Basic:	​	​	​	​	​	​
Continuing operations	​	$	0.29	​	$	0.12
Discontinued operations	​	$	(0.03)	​	$	(0.11)
Total basic earnings per share	​	$	0.26	​	$	0.01
Diluted:	​	​	​	​	​	​
Continuing operations	​	$	0.28	​	$	0.12
Discontinued operations	​	$	(0.03)	​	$	(0.11)
Total diluted earnings per share	​	$	0.25	​	$	0.01
​	​	​	​	​	​	​
Weighted-average antidilutive shares	​	​	332	​	​	477

​

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//260/tableOfContent

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-3

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