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STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
Mar. 31, 2019
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, 2019:
 
 
 
 
 
 
 
 
 
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
 
 
(405,810
)
 
 
42.75
 
 
 
 
 
 
 
 
 
Forfeited
 
 
-
 
 
 
-
 
 
 
 
 
 
 
 
 
Expired
 
 
(19,429
)
 
 
51.65
 
 
 
 
 
 
 
 
 
Outstanding at March 31, 2019
 
 
1,509,919
 
 
 
31.37
 
 
 
6.89
 
 
$
23,301
 
Exercisable at March 31, 2019
 
 
592,407
 
 
$
31.60
 
 
 
5.09
 
 
$
9,103
 
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 nine months ended March 31, 2019:
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
Average
 
 
 
Number of
 
 
Grant Date
 
 
 
RSUs
 
 
Fair Value
 
Outstanding at July 1, 2018
 
 
1,226,958
 
 
$
28.31
 
Granted
 
 
217,960
 
 
 
49.57
 
Vested
 
 
(450,484
)
 
 
27.86
 
Forfeited
 
 
(79,958
)
 
 
33.26
 
Outstanding at March 31, 2019
 
 
914,476
 
 
$
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
March 31,
 
 
Nine Months Ended
March 31,
 
 
 
2019
 
 
2018
 
 
2019
 
 
2018
 
Cost of Educational Services
 
$
279
 
 
$
876
 
 
$
976
 
 
$
3,510
 
Student Services and Administrative Expense
 
 
2,729
 
 
 
1,861
 
 
 
9,393
 
 
 
7,459
 
Restructuring Expense
 
 
-
 
 
 
-
 
 
 
-
 
 
 
548
 
 
 
 
3,008
 
 
 
2,737
 
 
 
10,369
 
 
 
11,517
 
Income Tax Benefit
 
 
(692
)
 
 
(554
)
 
 
(3,930
)
 
 
(4,655
)
Net Stock-Based Compensation Expense
 
$
2,316
 
 
$
2,183
 
 
$
6,439
 
 
$
6,862