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STOCK-BASED COMPENSATION (Tables)
9 Months Ended
Mar. 31, 2014
Summary of options Activity
The following is a summary of options activity for the nine months ended March 31, 2014:
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
Weighted
 
Average
 
Aggregate
 
 
 
 
 
Average
 
Remaining
 
Intrinsic
 
 
 
Options
 
Exercise
 
Contractual
 
Value
 
 
 
Outstanding
 
Price
 
Life in Years
 
($000)
 
Outstanding at July 1, 2013
 
 
3,327,668
 
$
32.64
 
 
 
 
 
 
 
Options Granted
 
 
556,050
 
 
28.32
 
 
 
 
 
 
 
Options Exercised
 
 
(298,184)
 
 
23.17
 
 
 
 
 
 
 
Options Forfeited
 
 
(14,824)
 
 
26.06
 
 
 
 
 
 
 
Options Expired
 
 
(54,503)
 
 
40.46
 
 
 
 
 
 
 
Outstanding at March 31, 2014
 
 
3,516,207
 
 
32.69
 
 
6.13
 
$
40,011
 
Exercisable at March 31, 2014
 
 
2,100,993
 
$
36.58
 
 
4.52
 
$
18,110
 
Summary of stock appreciation rights activity
The following is a summary of stock appreciation rights activity for the nine months ended March 31, 2014:
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
Stock
 
Weighted
 
Average
 
Aggregate
 
 
 
Appreciation
 
Average
 
Remaining
 
Intrinsic
 
 
 
Rights
 
Exercise
 
Contractual
 
Value
 
 
 
Outstanding
 
Price
 
Life in Years
 
($000)
 
Outstanding at July 1, 2013
 
 
117,015
 
$
42.87
 
 
 
 
 
 
 
Rights Granted
 
 
1,050
 
 
30.54
 
 
 
 
 
 
 
Rights Exercised
 
 
-
 
 
-
 
 
 
 
 
 
 
Rights Canceled
 
 
-
 
 
-
 
 
 
 
 
 
 
Outstanding at March 31, 2014
 
 
118,065
 
 
42.74
 
 
6.20
 
$
94
 
Exercisable at March 31, 2014
 
 
85,855
 
$
45.25
 
 
5.20
 
$
22
 
Fair Values of Stock Option Awards Estimated Weighted Average Assumptions
The fair value of DeVry Group’s stock option awards were estimated assuming the following weighted average assumptions:
 
 
 
Fiscal Year
 
 
 
2014
 
 
2013
 
Expected Life (in Years)
 
6.58
 
 
6.63
 
Expected Volatility
 
43.76
%
 
43.67
%
Risk-free Interest Rate
 
2.16
%
 
1.03
%
Dividend Yield
 
0.90
%
 
0.61
%
Pre-vesting Forfeiture Rate
 
3.00
%
 
3.00
%
Summary of Restricted Stock Activity
The following is a summary of restricted stock activity for the nine months ended March 31, 2014:
 
 
 
 
 
Weighted
 
 
 
Restricted
 
Average
 
 
 
Stock
 
Grant Date
 
 
 
Outstanding
 
Fair Value
 
Nonvested at July 1, 2013
 
 
1,058,443
 
$
27.03
 
Shares Granted
 
 
436,320
 
$
28.95
 
Shares Vested
 
 
(320,261)
 
$
31.68
 
Shares Forfeited
 
 
(43,050)
 
$
27.39
 
Nonvested at March 31, 2014
 
 
1,131,452
 
$
26.44
Total Stock-Based Compensation Expense Included in Consolidated Statement of Earnings
The following table shows total stock-based compensation expense included in the Consolidated Statements of Income (dollars in thousands):
 
 
 
For the Three Months Ended
March 31,
 
For the Nine Months
Ended March 31,
 
 
 
2014
 
2013
 
2014
 
2013
 
Cost of Educational Services
 
$
1,220
 
$
1,190
 
$
4,375
 
$
3,869
 
Student Services and Administrative Expense
 
 
2,592
 
 
2,530
 
 
9,297
 
 
8,221
 
 
 
 
3,812
 
 
3,720
 
 
13,672
 
 
12,090
 
Income Tax Benefit
 
 
(1,313)
 
 
(1,281)
 
 
(4,651)
 
 
(3,976)
 
Net Stock-Based Compensation Expense
 
$
2,499
 
$
2,439
 
$
9,021
 
$
8,114