STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Mar. 31, 2017

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

Summary of options Activity

The following is a summary of options activity for the nine months ended March 31, 2017:

					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		(912,734)		22.81
Options Forfeited		(12,409)		30.00
Options Expired		(24,081)		31.16
Outstanding at March 31, 2017		3,022,812		34.65		5.37	$	16,948
Exercisable at March 31, 2017		2,029,550	$	39.68		3.66	$	5,285

Summary of stock appreciation rights activity

The following is a summary of stock appreciation rights activity for the nine months ended March 31, 2017:

					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		(18,565)		30.41
Rights Canceled		-		-
Outstanding at March 31, 2017		99,500		45.04		0.67	$	-
Exercisable at March 31, 2017		99,500	$	45.04		0.67	$	-

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 nine months ended March 31, 2017:

 

			Weighted
			Average
	Number of		Grant Date
	RSUs		Fair Value
Nonvested at July 1, 2016		1,139,350	$	27.78
RSUs Granted		648,160		23.89
RSUs Vested		(367,839)		27.22
RSUs Forfeited		(100,555)		26.94
Nonvested at March 31, 2017		1,319,116	$	26.09

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):

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2017		2016		2017		2016
Cost of Educational Services	$	1,267	$	1,209	$	4,254	$	4,477
Student Services and Administrative Expense		2,692		2,568		9,038		9,512
Stock-Based Compensation Expense		3,959		3,777		13,292		13,989
Income Tax Benefit		(1,383)		(1,439)		(4,653)		(5,157)
Net Stock-Based Compensation Expense	$	2,576	$	2,338	$	8,639	$	8,832