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Earnings per Share | 6 Months Ended
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Dec. 31, 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, 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 153 thousand shares were contingently issuable by Adtalem under the ASR agreement and were included in the diluted earnings per share calculation for the six months ended December 31, 2022 because the effect would have been dilutive. As of October 14, 2022, the ASR agreement is no longer outstanding. Diluted earnings per share was computed using the treasury stock method for stock awards. 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 | ​ | Six Months Ended
​ | ​ | December 31, | ​ | December 31,
​ | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
Numerator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss): | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Continuing operations | ​ | $ | 37,713 | ​ | $ | 24,126 | ​ | $ | 49,672 | ​ | $ | 29,639
Discontinued operations | ​ | ​ | 2,178 | ​ | ​ | 527 | ​ | ​ | 865 | ​ | ​ | (4,394)
Net income | ​ | $ | 39,891 | ​ | $ | 24,653 | ​ | $ | 50,537 | ​ | $ | 25,245
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average basic shares outstanding |  | ​ | 39,872 | ​ |  | 45,425 |  | ​ | 40,636 |  | ​ | 45,350
Effect of dilutive stock awards |  | ​ | 915 | ​ |  | 696 |  | ​ | 850 |  | ​ | 729
Effect of ASR |  | ​ | — | ​ |  | — |  | ​ | — |  | ​ | 153
Weighted-average diluted shares outstanding |  | ​ | 40,787 | ​ |  | 46,121 |  | ​ | 41,486 |  | ​ | 46,232
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings (loss) per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Continuing operations | ​ | $ | 0.95 | ​ | $ | 0.53 | ​ | $ | 1.22 | ​ | $ | 0.65
Discontinued operations | ​ | $ | 0.05 | ​ | $ | 0.01 | ​ | $ | 0.02 | ​ | $ | (0.10)
Total basic earnings per share | ​ | $ | 1.00 | ​ | $ | 0.54 | ​ | $ | 1.24 | ​ | $ | 0.56
Diluted: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Continuing operations | ​ | $ | 0.92 | ​ | $ | 0.52 | ​ | $ | 1.20 | ​ | $ | 0.64
Discontinued operations | ​ | $ | 0.05 | ​ | $ | 0.01 | ​ | $ | 0.02 | ​ | $ | (0.10)
Total diluted earnings per share | ​ | $ | 0.98 | ​ | $ | 0.53 | ​ | $ | 1.22 | ​ | $ | 0.55
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average antidilutive shares | ​ | ​ | 89 | ​ | ​ | 365 | ​ | ​ | 210 | ​ | ​ | 421
​

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