Stock-Based Compensation (Tables)

6 Months Ended

Dec. 31, 2022

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, 2022:

				Weighted-Average
				Remaining	Aggregate
	Number of	Weighted-Average		Contractual Life	Intrinsic Value
	Options	Exercise Price		(in years)	(in thousands)
Outstanding as of July 1, 2022	1,144,372	$	35.36
Exercised	(54,514)		26.08
Expired	(1,575)		18.60
Outstanding as of December 31, 2022	1,088,283		35.85	5.9	$	2,103
Exercisable as of December 31, 2022	813,502	$	35.81	5.2	$	1,746

Fair Values of Stock Option Awards Estimated Weighted Average Assumptions

No stock options were granted during the first six months of fiscal year 2023. The fair value of Adtalem’s option grants was estimated assuming the following weighted-average assumptions:

	Fiscal Year
	2022
Expected life (in years)	6.56
Expected volatility	39.99	%
Risk-free interest rate	0.94	%
Dividend yield	0.00	%

Summary of Restricted Stock Units Activity

The following is a summary of RSU activity for the six months ended December 31, 2022:

		Weighted-Average
	Number of	Grant Date
	RSUs	Fair Value
Unvested as of July 1, 2022	1,171,692	$	35.05
Granted	320,970		39.87
Vested	(305,449)		37.58
Forfeited	(70,778)		37.90
Unvested as of December 31, 2022	1,116,435	$	35.56

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

Stock-based compensation expense, which is included in student services and administrative expense, and the related income tax benefit were as follows (in thousands):

	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2022		2021		2022		2021
Stock-based compensation	$	1,968	$	4,220	$	8,113	$	13,931
Income tax benefit		(622)		(1,074)		(2,303)		(2,493)
Stock-based compensation, net of tax	$	1,346	$	3,146	$	5,810	$	11,438