STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Sep. 30, 2018

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, 2018:

						Weighted
				Weighted		Average		Aggregate
				Average		Remaining		Intrinsic
	Number of			Exercise		Contractual		Value
	Options			Price		Life (in Years)		(in thousands)
Outstanding at July 1, 2018		1,806,133		$	32.88
Granted		129,025			49.01
Exercised		(242,012	)		44.05
Forfeited		-			-
Expired		(15,892	)		51.46
Outstanding at September 30, 2018		1,677,254			32.34		6.97	$	27,268
Exercisable at September 30, 2018		759,098		$	33.67		5.07	$	11,587

Fair Values of Stock Option Awards Estimated Weighted Average Assumptions

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

	Fiscal Year
	2019			2018
Expected Life (in Years)		6.50			6.68
Expected Volatility		39.60	%		41.45	%
Risk-free Interest Rate		2.73	%		1.95	%
Dividend Yield		0.00	%		0.00	%

Summary of Restricted Stock Units Activity

The following is a summary of RSU activity for the three months ended September 30, 2018:

				Weighted
				Average
	Number of			Grant Date
	RSUs			Fair Value
Outstanding at July 1, 2018		1,226,958		$	28.31
Granted		199,750			49.03
Vested		(362,494	)		26.85
Forfeited		(4,947	)		32.79
Outstanding at September 30, 2018		1,059,267		$	32.69

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 (Loss) (in thousands):

	Three Months Ended September 30,
	2018			2017
Cost of Educational Services	$	395		$	1,420
Student Services and Administrative Expense		3,742			3,017
Restructuring Expense		-			548
		4,137			4,985
Income Tax Benefit		(2,007	)		(2,434	)
Net Stock-Based Compensation Expense	$	2,130		$	2,551