STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Sep. 30, 2012

Summary of options Activity

The following is a summary of options activity for the fiscal year ended September 30, 2012:

						Weighted
				Weighted		Average		Aggregate
				Average		Remaining		Intrinsic
	Options			Exercise		Contractual		Value
	Outstanding			Price		Life		($000)
Outstanding at July 1, 2012		2,939,772		$	36.37
Options Granted		875,600		$	18.60
Options Exercised		(56,798	)	$	17.47
Options Canceled		(19,178	)	$	40.17
Outstanding at September 30, 2012		3,739,396		$	32.50		6.69	$	4,675
Exercisable at September 30, 2012		2,190,959		$	35.12		4.92	$	1,033

Fair Values of Stock Option Awards Estimated Weighted Average Assumptions

The fair values of DeVry’s stock option awards were estimated assuming the following weighted average assumptions:

	Fiscal Year
	2013			2012
Expected Life (in Years)		6.63			6.65
Expected Volatility		43.67	%		42.27	%
Risk-free Interest Rate		1.03	%		1.52	%
Dividend Yield		0.61	%		0.38	%
Pre-vesting Forfeiture Rate		3.00	%		5.00	%

Summary of Restricted Stock Activity

The following is a summary of restricted stock activity for the three months ended September 30, 2012:

				Weighted
	Restricted			Average
	Stock			Grant Date
	Outstanding			Fair Value
Nonvested at July 1, 2012		619,261		$	42.06
Shares Granted		630,290		$	18.60
Shares Vested		(160,926	)	$	46.41
Shares Canceled		(4,136	)	$	41.78
Nonvested at September 30, 2012		1,084,489		$	27.78

Total Stock-Based Compensation Expense Included in Consolidated Statement of Earnings

The following table shows total stock-based compensation expense included in the Consolidated Statement of Earnings:

	For the Three Months
	Ended September 30,
	2012			2011
	(Dollars in thousands)
Cost of Educational Services	$	1,829		$	1,568
Student Services and Administrative Expense		3,886			3,331
Income Tax Benefit		(1,853	)		(1,528	)
Net Stock-Based Compensation Expense	$	3,862		$	3,371