NOTE 7: DIVIDENDS AND STOCK REPURCHASE PROGRAMS

During fiscal years 2015 and 2014, DeVry Group’s Board of Directors declared the following cash dividends:

			Dividend		Total Dividend
Declaration Date	Record Date	Payment Date	Per Share		Amount
					(In Thousands)
November 6, 2013	December 6, 2013	December 27, 2013	$	0.17	$	10,941
May 9, 2014	June 6, 2014	June 27, 2014	$	0.17	$	10,962
November 6, 2014	December 5, 2013	December 26, 2014	$	0.18	$	11,641
May 14, 2015	June 5, 2015	June 26, 2015	$	0.18	$	11,589

Future dividends will be at the discretion of the Board of Directors.

DeVry Group has repurchased shares under the following programs as of June 30, 2015:

Date	Shares		Total Cost
Authorized	Repurchased		(millions)
November 15, 2006		908,399	$	35.0
May 13, 2008		1,027,417		50.0
November 11, 2009		972,205		50.0
August 11, 2010		1,103,628		50.0
November 10, 2010		968,105		50.0
May 20, 2011		2,396,143		100.0
November 2, 2011		3,478,299		100.0
August 29, 2012		1,382,629		46.2
Totals		12,236,825	$	481.2

On August 29, 2012, the DeVry Group Board of Directors (“Board”) authorized an eighth share repurchase program, which allowed DeVry Group to repurchase up to $100 million of its common stock through December 31, 2014. This program commenced in November 2012. Repurchases under this program were suspended in May 2013. In August 2014, the Board approved the extension of the eighth share repurchase program through December 31, 2015, and authorized the recommencement of repurchases under the program which began in September 2014. A total of 653,341 shares were repurchased during the year ended June 30, 2015 for $25.9 million. As of June 30, 2015, the total remaining authorization under this eighth repurchase program was $53.8 million. The timing and amount of any repurchase will be determined based on evaluation of market conditions and other factors. These repurchases may be made through the open market, including block purchases, in privately negotiated transactions, or otherwise. The buyback will be funded through available cash balances and/or borrowings and may be suspended or discontinued at any time.

Shares of stock repurchased under the programs are held as treasury shares. These repurchased shares have reduced the weighted average number of shares of common stock outstanding for basic and diluted earnings per share calculations.