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Stock-Based Compensation (Tables)

12 Months Ended

Jun. 30, 2024

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):

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended June 30,
​	​	2024		​	2023		​	2022
Stock-based compensation	​	$	25,947	​	$	14,299	​	$	22,611
Income tax benefit	​		(8,594)	​		(3,938)	​		(3,658)
Stock-based compensation, net of tax	​	$	17,353	​	$	10,361	​	$	18,953

Summary of Options Activity

The following table summarizes stock option activity for the year ended June 30, 2024:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​		​	Weighted-Average	​	​
​	​	Number of	​	​		​	Remaining	​	Aggregate
​	​	Stock	​	Weighted-Average		​	Contractual Life	​	Intrinsic Value
​	​	Options	​	Exercise Price		​	(in years)	​	(in thousands)
Outstanding as of June 30, 2023		1,045,801	​	$	36.02		​	​	​	​
Exercised		(494,314)	​	​	34.57		​	​	​	​
Expired		(1,144)	​	​	28.32		​	​	​	​
Outstanding as of June 30, 2024		550,343	​		37.34		6.0	​	$	16,989
Exercisable as of June 30, 2024		410,668	​	$	38.07		5.7	​	$	12,376

Fair Values of Stock Option Awards Estimated Weighted Average Assumptions

The fair value of Adtalem’s stock 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 table summarizes RSU activity for the year ended June 30, 2024:

​

​	​	​	​	​	​
​	​	​	​	Weighted-Average
​	​	Number of	​	Grant Date
​	​	RSUs	​	Fair Value
Unvested as of June 30, 2023		737,733	​	$	37.22
Granted		399,220	​		44.24
Vested		(340,923)	​		38.00
Forfeited		(40,189)	​		38.53
Unvested as of June 30, 2024		755,841	​	$	40.51

Summary of Performance Shares Unit Activity

The following table summarizes PSU activity for the year ended June 30, 2024:

​

​	​	​	​	​	​
​	​	​	​	Weighted-Average
​	​	Number of	​	Grant Date
​	​	PSUs	​	Fair Value
Unvested as of June 30, 2023		490,300	​	$	35.17
Granted (1)		336,900	​		50.02
Vested		(126,918)	​		29.92
Forfeited		(70,512)	​		35.60
Unvested as of June 30, 2024		629,770	​	$	43.77
(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 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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