STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Sep. 30, 2014

Summary of options Activity

The following is a summary of options activity for the three months ended September 30, 2014:

 

					Weighted
			Weighted		Average Remaining		Aggregate
			Average		Contractual		Intrinsic
	Options		Exercise		Life in		Value
	Outstanding		Price		Years		($000)
Outstanding at July 1, 2014		3,362,287	$	33.09
Options Granted		235,525		43.47
Options Exercised		(121,337)		27.65
Options Forfeited		(30,398)		24.77
Options Expired		(4,580)		30.13
Outstanding at September 30, 2014		3,441,497		34.07		6.13	$	35,851
Exercisable at September 30, 2014		2,342,804	$	36.23		4.97	$	21,042

Summary of stock appreciation rights activity

The following is a summary of stock appreciation rights activity for the three months ended  September 30, 2014:

					Weighted Average
	Stock		Weighted		Remaining		Aggregate
	Appreciation		Average		Contractual		Intrinsic
	Rights		Exercise		Life in		Value
	Outstanding		Price		Years		($000)
Outstanding at July 1, 2014		118,065	$	42.87
Rights Granted		-		-
Rights Exercised		-		-
Rights Canceled		-		-
Outstanding at September 30, 2014		118,065		42.87		5.70	$	389
Exercisable at September 30, 2014		103,874	$	43.90		4.70	$	268

Fair Values of Stock Option Awards Estimated Weighted Average Assumptions

The fair value of DeVry Group’s stock option grants were estimated assuming the following weighted average assumptions:

	Fiscal Year
	2014			2013
Expected Life (in Years)		6.73			6.58
Expected Volatility		42.04	%		43.76	%
Risk-free Interest Rate		2.03	%		2.16	%
Dividend Yield		1.03	%		0.90	%
Pre-vesting Forfeiture Rate		3.00	%		3.00	%

Summary of Restricted Stock Activity

The following is a summary of restricted stock activity for the three months ended September 30, 2014:

			Weighted
	Restricted		Average
	Stock		Grant Date
	Outstanding		Fair Value
Nonvested at July 1, 2014		1,119,766	$	26.49
Shares Granted		300,110	$	43.35
Shares Vested		(304,042)	$	28.92
Shares Forfeited		(35,222)	$	30.17
Nonvested at September 30, 2014		1,080,612	$	30.93

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 September 30,
	2014		2013
Cost of Educational Services	$	1,767	$	1,861
Student Services and Administrative Expense		3,755		3,955
		5,522		5,816
Income Tax Benefit		(2,041)		(1,946)
Net Stock-Based Compensation Expense	$	3,481	$	3,870