STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Mar. 31, 2015

Summary of options Activity

The following is a summary of options activity for the nine months ended March 31, 2015:

					Weighted
			Weighted		Average		Aggregate
			Average		Remaining		Intrinsic
	Options		Exercise		Contractual		Value
	Outstanding		Price		Life in Years		($000)
Outstanding at July 1, 2014		3,362,287	$	33.09
Options Granted		238,100		43.53
Options Exercised		(252,969)		28.04
Options Forfeited		(40,879)		24.88
Options Expired		(17,217)		42.90
Outstanding at March 31, 2015		3,289,322		34.29		5.70	$	15,867
Exercisable at March 31, 2015		2,212,577	$	36.58		4.50	$	8,608

Summary of stock appreciation rights activity

The following is a summary of stock appreciation rights activity for the nine months ended March 31, 2015:

					Weighted
	Stock		Weighted		Average		Aggregate
	Appreciation		Average		Remaining		Intrinsic
	Rights		Exercise		Contractual		Value
	Outstanding		Price		Life in Years		($000)
Outstanding at July 1, 2014		118,065	$	42.87
Rights Granted		-		-
Rights Exercised		-		-
Rights Canceled		-		-
Outstanding at March 31, 2015		118,065		42.87		4.50	$	55
Exercisable at March 31, 2015		103,874	$	43.90		3.50	$	27

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
	2015			2014
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 nine months ended March 31, 2015:

			Weighted
	Restricted		Average
	Stock		Grant Date
	Outstanding		Fair Value
Nonvested at July 1, 2014		1,119,766	$	26.49
Shares Granted		329,715	$	43.67
Shares Vested		(378,781)	$	30.35
Shares Forfeited		(64,970)	$	29.59
Nonvested at March 31, 2015		1,005,730	$	31.07

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 (in thousands):

	For the Three Months Ended March 31,				For the Nine Months Ended March 31,
	2015		2014		2015		2014
Cost of Educational Services	$	1,249	$	1,220	$	4,299	$	4,375
Student Services and Administrative Expense		2,655		2,592		9,136		9,297
		3,904		3,812		13,435		13,672
Income Tax Benefit		(1,403)		(1,313)		(4,862)		(4,651)
Net Stock-Based Compensation Expense	$	2,501	$	2,499	$	8,573	$	9,021