STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Sep. 30, 2019

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, 2019:

				Weighted
		Weighted		Average	Aggregate
		Average		Remaining	Intrinsic
	Number of	Exercise		Contractual	Value
	Options	Price		Life (in Years)	(in thousands)
Outstanding at July 1, 2019	1,488,478	$	31.33
Granted	229,125		43.39
Exercised	(37,889)		28.94
Forfeited	(15,576)		42.51
Expired	(65,274)		52.28
Outstanding at September 30, 2019	1,598,864		32.15	7.15	$	12,512
Exercisable at September 30, 2019	768,712	$	28.43	5.87	$	8,385

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)	6.51		6.50
Expected Volatility	37.66	%	39.60	%
Risk-free Interest Rate	1.40	%	2.73	%
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, 2019:

		Weighted
		Average
	Number of	Grant Date
	RSUs	Fair Value
Outstanding at July 1, 2019	878,030	$	34.86
Granted	370,280		43.39
Vested	(330,216)		27.37
Forfeited	(40,611)		37.83
Outstanding at September 30, 2019	877,483	$	40.01

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,
	2019		2018
Cost of Educational Services	$	455	$	395
Student Services and Administrative Expense		4,768		3,742
		5,223		4,137
Income Tax Benefit		(2,533)		(2,007)
Net Stock-Based Compensation Expense	$	2,690	$	2,130