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Stock-Based Compensation (Tables)

3 Months Ended

Sep. 30, 2023

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

Schedule of Stock-based compensation expense

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

​

​	​	​	​	​	​	​
​	​	Three Months Ended
​	​	September 30,
​	​	2023		​	2022
Stock-based compensation	​	$	7,455	​	$	6,145
Income tax benefit	​		(2,495)	​		(1,682)
Stock-based compensation, net of tax	​	$	4,960	​	$	4,463

Summary of Options Activity

The following table summarizes stock option activity for the three months ended September 30, 2023:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​		​	Weighted-Average	​	​
​	​	Number of	​	​		​	Remaining	​	Aggregate
​	​	Stock	​	Weighted-Average		​	Contractual Life	​	Intrinsic Value
​	​	Options	​	Exercise Price		​	(in years)	​	(in thousands)
Outstanding as of July 1, 2023		1,045,801	​	$	36.02		​	​	​	​
Exercised		(15,400)	​	​	35.65		​	​	​	​
Expired		(1,144)	​	​	28.32		​	​	​	​
Outstanding as of September 30, 2023		1,029,257	​		36.03		5.3	​	$	7,405
Exercisable as of September 30, 2023		889,582	​	$	36.17		5.0	​	$	6,333

Summary of Restricted Stock Units Activity

The fair value of RSUs is the closing market price of our common stock on the grant date. The following table summarizes RSU activity for the three months ended September 30, 2023:

​

​	​	​	​	​	​
​	​	​	​	Weighted-Average
​	​	Number of	​	Grant Date
​	​	RSUs	​	Fair Value
Unvested as of July 1, 2023		737,733	​	$	37.22
Granted		354,030	​		42.98
Vested		(231,082)	​		37.55
Forfeited		(4,938)	​		40.02
Unvested as of September 30, 2023		855,743	​	$	39.50

Summary of Performance Shares Unit Activity

The following table summarizes PSU activity for the three months ended September 30, 2023:

​

​	​	​	​	​	​
​	​	​	​	Weighted-Average
​	​	Number of	​	Grant Date
​	​	PSUs	​	Fair Value
Unvested as of July 1, 2023		490,300	​	$	35.17
Granted (1)		149,690	​		42.98
Vested		(126,918)	​		29.92
Forfeited		(42,952)	​		30.10
Unvested as of September 30, 2023		470,120	​	$	39.27
(1) Includes incremental PSUs awarded upon achievement of metrics.

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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 number and weighted-average grant date fair value for nonvested performance shares.

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