STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Sep. 30, 2016

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, 2016:

					Weighted
			Weighted		Average		Aggregate
			Average		Remaining		Intrinsic
	Number of		Exercise		Contractual		Value
	Options		Price		Life (in Years)		(in thousands)
Outstanding at July 1, 2016		3,574,336	$	32.79
Options Granted		397,700		23.78
Options Exercised		(331,493)		20.11
Options Forfeited		(10,407)		30.07
Options Expired		(15,223)		34.60
Outstanding at September 30, 2016		3,614,913		32.97		5.91	$	3,358
Exercisable at September 30, 2016		2,615,391	$	36.37		4.52	$	1,884

Summary of stock appreciation rights activity

The following is a summary of stock appreciation rights activity for the three months ended September 30, 2016:

					Weighted
	Number of		Weighted		Average		Aggregate
	Stock		Average		Remaining		Intrinsic
	Appreciation		Exercise		Contractual		Value
	Rights		Price		Life (in Years)		(in thousands)
Outstanding at July 1, 2016		118,065	$	42.74
Rights Granted		-		-
Rights Exercised		-		-
Rights Canceled		-		-
Outstanding at September 30, 2016		118,065		42.74		1.17	$	-
Exercisable at September 30, 2016		118,065	$	42.74		1.17	$	-

Fair Values of Stock Option Awards Estimated Weighted Average Assumptions

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

	Fiscal Year
	2017			2016
Expected Life (in Years)		6.88			6.78
Expected Volatility		42.41	%		41.35	%
Risk-free Interest Rate		1.41	%		1.85	%
Dividend Yield		1.19	%		1.01	%
Pre-vesting Forfeiture Rate		10.00	%		3.00	%

Summary of Restricted Stock Units Activity

The following is a summary of RSUs activity for the three months ended September 30, 2016:

			Weighted
			Average
	Number of		Grant Date
	RSUs		Fair Value
Nonvested at July 1, 2016		1,139,350	$	27.78
RSUs Granted		621,350		23.70
RSUs Vested		(324,091)		27.29
RSUs Forfeited		(30,886)		29.10
Nonvested at September 30, 2016		1,405,723	$	26.06

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,
	2016		2015
Cost of Educational Services	$	1,840	$	1,996
Student Services and Administrative Expense		3,910		4,242
		5,750		6,238
Income Tax Benefit		(2,072)		(2,204)
Net Stock-Based Compensation Expense	$	3,678	$	4,034