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STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of options Activity
The following is a summary of options activity for the six months ended December 31, 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
 
 
(404,510
)
 
 
42.77
 
 
 
 
 
 
 
 
 
Forfeited
 
 
-
 
 
 
-
 
 
 
 
 
 
 
 
 
Expired
 
 
(18,367
)
 
 
51.61
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2018
 
 
1,512,281
 
 
 
31.39
 
 
 
7.13
 
 
$
24,632
 
Exercisable at December 31, 2018
 
 
594,769
 
 
$
31.64
 
 
 
5.32
 
 
$
9,646
 
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 six months ended December 31, 2018:
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
Average
 
 
 
Number of
 
 
Grant Date
 
 
 
RSUs
 
 
Fair Value
 
Outstanding at July 1, 2018
 
 
1,226,958
 
 
$
28.31
 
Granted
 
 
216,430
 
 
 
49.57
 
Vested
 
 
(443,859
)
 
 
27.81
 
Forfeited
 
 
(70,385
)
 
 
32.00
 
Outstanding at December 31, 2018
 
 
929,144
 
 
$
33.45
 
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
December 31,
 
 
Six Months Ended
December 31,
 
 
 
2018
 
 
2017
 
 
2018
 
 
2017
 
Cost of Educational Services
 
$
302
 
 
$
1,214
 
 
$
696
 
 
$
2,634
 
Student Services and Administrative Expense
 
 
2,922
 
 
 
2,581
 
 
 
6,664
 
 
 
5,598
 
Restructuring Expense
 
 
-
 
 
 
-
 
 
 
-
 
 
 
548
 
 
 
 
3,224
 
 
 
3,795
 
 
 
7,360
 
 
 
8,780
 
Income Tax Benefit
 
 
(1,231
)
 
 
(1,667
)
 
 
(3,238
)
 
 
(4,101
)
Net Stock-Based Compensation Expense
 
$
1,993
 
 
$
2,128
 
 
$
4,122
 
 
$
4,679