Intangible assets relate mainly to acquired business operations. These assets consist of the acquisition fair value of certain identifiable intangible assets acquired and goodwill. Goodwill represents the excess of the purchase price over the fair value of assets acquired less liabilities assumed.

			June 30, 2011
			Gross Carrying Amount		Accumulated Amortization	Weighted Avg. Amortization Period
Amortizable Intangible Assets:
	Student Relationships	$	$65,585	$	(62,169)	(1)
	Customer Relationships		3,121		(43)	12 years
	Customer Contracts		7,000		(5,142)	6 years
	License and Non-compete Agreements		2,875		(2,719)	1.5 years
	Class Materials		2,900		(2,060)	14 years
	Curriculum/Software		4,703		(2,479)	5 years
	Outplacement Relationships		3,900		(724)	15 years
	Trade Names		8,718		(6,139)	(2)
	Other		639		(639)	6 years
Total		$	99,441	$	(82,114)
Indefinite-lived Intangible Assets:
	Trade Names	$	20,372
	Trademark		1,645
	Ross Title IV Eligibility and Accreditations		14,100
	Intellectual Property		13,940
	Chamberlain Title IV Eligibility and Accreditations		1,200
	Carrington Title IV Eligibility and Accreditations		112,300
	DeVry Brasil Accreditations		14,578
Total		$	178,135

	(1) The total weighted average estimated amortization period for Student Relationships is 5 years for DeVry Brasil.
	All other student relationships are fully amortized as of June 30, 2011.
	(2) The total weighted average estimated amortization period for Trade Names is 2 years and 8.5 years for ATC
	and DeVry Brasil (Fanor, Ruy Barbosa and AREA1), respectively. All other Trade Names are fully amortized
	as of June 30, 2011.

			As of June 30, 2010
			Gross Carrying Amount		Accumulated Amortization
Amortizable Intangible Assets:
	Student Relationships	$	64,365	$	(59,393)
	Customer Contracts		7,000		(3,836)
	License and Non-compete Agreements		2,684		(2,684)
	Class Materials		2,900		(1,900)
	Curriculum/Software		3,620		(1,699)
	Outplacement Relationships		3,900		(464)
	Trade Names		8,128		(4,651)
	Other		639		(639)
Total		$	93,236	$	(75,266)
Indefinite-lived Intangible Assets:
	Trade Names	$	20,372
	Trademark		1,645
	Ross Title IV Eligibility and Accreditations		14,100
	Intellectual Property		13,940
	Chamberlain Title IV Eligibility and Accreditations		1,200
	Carrington Title IV Eligibility and Accreditations		112,300
	DeVry Brasil Accreditations		12,668
Total		$	176,225

Amortization expense for amortized intangible assets was $6.1 million, $10.8 million and $10.5 million for the years ended June 30, 2011, 2010 and 2009, respectively. Estimated amortization expense for amortized intangible assets for the next five fiscal years ending June 30, by reporting unit, is as follows (dollars in thousands):

All amortizable intangible assets, except for the AAI Customer Contracts and DeVry Brasil Student Relationships, are being amortized on a straight-line basis.

The amount being amortized for the AAI Customer Contracts is based on the estimated renewal probability of the contracts, giving consideration to the revenue and discounted cash flow associated with both types of customer relationships. This results in the basis being amortized at an annual rate for each of the years of estimated economic life as follows:

The amount being amortized for the DeVry Brasil Student Relationships is based on the estimated progression of the students through the respective programs, giving consideration to the revenue and cash flow associated with both existing students and new applicants. This results in the basis being amortized at an annual rate for each of the years of estimated economic life as follows:

Indefinite-lived intangible assets related to Trademarks, Trade Names, Title IV Eligibility, Accreditations and Intellectual Property are not amortized, as there are no legal, regulatory, contractual, economic or other factors that limit the useful life of these intangible assets to the reporting entity. Beginning in fiscal year 2010, the Trade Name associated with the Stalla CFA Review was reclassified to a finite lived intangible asset and amortized on a straight line basis over two years. This asset is fully amortized as of June 30, 2011.

Authoritative guidance provides that goodwill and indefinite-lived intangibles arising from a business combination are not amortized and charged to expense over time. Instead, goodwill and indefinite-lived intangibles must be reviewed annually for impairment or more frequently if circumstances arise indicating potential impairment. This impairment review was most recently completed during the fourth quarter of fiscal year 2011 at which time there was no impairment loss associated with recorded goodwill or indefinite-lived intangible assets, as estimated fair values exceed the carrying amounts.

The table below summarizes the goodwill balances by reporting unit as of June 30, 2011 (dollars in thousands):

	Reporting Unit
	DeVry University	$	22,196
	Becker Professional Review		29,599
	Ross University		237,173
	Chamberlain College of Nursing		4,716
	Advanced Academics		17,074
	Carrington		185,717
	DeVry Brasil		27,145
	Total	$	523,620

The table below summarizes goodwill balances by reporting segment as of June 30, 2011 (dollars in thousands):

Total goodwill increased by $8.8 million from June 30, 2010. This increase is the result of the addition of $5.0 million of goodwill associated with the acquisition of ATC, the recognition of a preacquisition related liability of $0.7 million at DeVry Brasil and changes in the values of the Brazilian Real and the British Sterling Pound as compared to the U.S. dollar. Since DeVry Brasil and ATC goodwill is recorded in their respective local currencies, fluctuations in their value in relation to the U.S. dollar will cause changes in the balance of this asset.

The table below summarizes the changes in the carrying amount of goodwill, by segment, as of June 30, 2011 and 2010 (dollars in thousands):

	Business, Technology and Management	Medical and Healthcare	International, K-12 and Professional Education	Total
Balance at June 30, 2009	$22,196	$427,606	$62,766	$512,568
Foreign currency exchange rate changes and other	-	-	2,296	2,296
Balance at June 30, 2010	22,196	427,606	65,062	514,864
Acquisitions	-	-	5,010	5,010
Foreign currency exchange rate changes and other	-	-	3,746	3,746
Balance at June 30, 2011	$22,196	$427,606	$73,818	$523,620

The table below summarizes the indefinite-lived intangible assets balances by reporting unit as of June 30, 2011 (dollars in thousands):

Total indefinite-lived intangible assets increased by $1.9 million from June 30, 2010. This change is the result of the effects of foreign currency translation on the DeVry Brasil assets. Since DeVry Brasil intangible assets are recorded in the local Brazilian currency, fluctuations in the value of the Brazilian Real in relation to the U.S. dollar will cause changes in the balance of these assets.