Earnings per Share

12 Months Ended

Jun. 30, 2022

Earnings per Share

Earnings per Share

8. Earnings per Share

As a results of incurring a net loss from continuing operations in fiscal year 2022, potential common shares of 416 thousand were excluded from diluted loss per share because the effect would have been antidilutive. As further described in Note 15 “Share Repurchases,” on March 14, 2022, we entered into an accelerated share repurchase (“ASR”) agreement to repurchase $150.0 million of common stock. For purposes of calculating earnings per share for the periods presented, Adtalem reflected the ASR agreement as a repurchase of Adtalem common stock and as a forward contract indexed to its own common stock. Certain shares, including shares expected to be received under the final settlement of the ASR and stock awards, were excluded from the computation of earnings per share because the effect would have been antidilutive. The following table sets forth the computations of basic and diluted earnings per share and antidilutive shares (in thousands, except per share data):

	Year Ended June 30,
	2022		2021		2020
Numerator:
Net income (loss) attributable to Adtalem:
Continuing operations	$	(29,827)	$	70,330	$	219,925
Discontinued operations		347,532		6,579		(305,259)
Net income (loss) attributable to Adtalem	$	317,705	$	76,909	$	(85,334)
Denominator:
Weighted-average basic shares outstanding		48,388		51,322		53,659
Effect of dilutive stock awards		—		323		435
Weighted-average diluted shares outstanding		48,388		51,645		54,094
Earnings (loss) per share attributable to Adtalem:
Basic:
Continuing operations	$	(0.62)	$	1.37	$	4.10
Discontinued operations	$	7.18	$	0.13	$	(5.69)
Total basic earnings (loss) per share	$	6.57	$	1.50	$	(1.59)
Diluted:
Continuing operations	$	(0.62)	$	1.36	$	4.07
Discontinued operations	$	7.18	$	0.13	$	(5.64)
Total diluted earnings (loss) per share	$	6.57	$	1.49	$	(1.58)
Weighted-average antidilutive shares		1,869		1,143		973