STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of options Activity

The following is a summary of options activity for the three months ended September 30, 2015:

					Weighted
			Weighted		Average		Aggregate
			Average		Remaining		Intrinsic
	Options		Exercise		Contractual		Value
	Outstanding		Price		Life (in Years)		(in thousands)
Outstanding at July 1, 2015		3,148,087	$	34.86
Options Granted		416,000		26.23
Options Exercised		(12,081)		21.07
Options Forfeited		(4,723)		24.48
Options Expired		(12,742)		40.18
Outstanding at September 30, 2015		3,534,541		33.89		5.90	$	6,708
Exercisable at September 30, 2015		2,505,594	$	36.11		4.75	$	4,776

Summary of stock appreciation rights activity

The following is a summary of stock appreciation rights activity for the three months ended September 30, 2015:

					Weighted
	Stock		Weighted		Average		Aggregate
	Appreciation		Average		Remaining		Intrinsic
	Rights		Exercise		Contractual		Value
	Outstanding		Price		Life (in Years)		(in thousands)
Outstanding at July 1, 2015		118,065	$	42.74
Rights Granted		-		-
Rights Exercised		-		-
Rights Canceled		-		-
Outstanding at September 30, 2015		118,065		42.74		4.45	$	-
Exercisable at September 30, 2015		113,444	$	43.25		4.18	$	-

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
	2016			2015
Expected Life (in Years)		6.78			6.73
Expected Volatility		41.35	%		42.04	%
Risk-free Interest Rate		1.85	%		2.03	%
Dividend Yield		1.01	%		1.03	%
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, 2015:

			Weighted
	Restricted		Average
	Stock		Grant Date
	Outstanding		Fair Value
Nonvested at July 1, 2015		1,013,140	$	30.42
Shares Granted		523,340		26.16
Shares Vested		(327,338)		26.67
Shares Forfeited		(39,873)		22.67
Nonvested at September 30, 2015		1,169,269	$	28.87

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
	September 30,
	2015		2014
Cost of Educational Services	$	1,996	$	1,767
Student Services and Administrative Expense		4,242		3,755
		6,238		5,522
Income Tax Benefit		(2,204)		(2,041)
Net Stock-Based Compensation Expense	$	4,034	$	3,481