STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Dec. 31, 2016

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, 2016:

					Weighted
			Weighted		Average		Aggregate
			Average		Remaining		Intrinsic
	Number of		Exercise		Contractual		Value
	Options		Price		Life (in Years)		(in thousands)
Outstanding at July 1, 2016		3,574,336	$	32.79
Options Granted		397,700		23.78
Options Exercised		(649,678)		21.61
Options Forfeited		(7,720)		31.01
Options Expired		(23,081)		31.01
Outstanding at December 31, 2016		3,291,557		33.93		5.66	$	12,461
Exercisable at December 31, 2016		2,293,387	$	38.07		4.16	$	4,715

Summary of stock appreciation rights activity

The following is a summary of stock appreciation rights activity for the six months ended December 31, 2016:

					Weighted
	Number of		Weighted		Average		Aggregate
	Stock		Average		Remaining		Intrinsic
	Appreciation		Exercise		Contractual		Value
	Rights		Price		Life (in Years)		(in thousands)
Outstanding at July 1, 2016		118,065	$	42.74
Rights Granted		-		-
Rights Exercised		-		-
Rights Canceled		-		-
Outstanding at December 31, 2016		118,065		42.74		0.92	$	15
Exercisable at December 31, 2016		118,065	$	42.74		0.92	$	15

Fair Values of Stock Option Awards Estimated Weighted Average Assumptions

The fair value of DeVry Group’s stock option grants was estimated assuming the following weighted average assumptions:

	Fiscal Year
	2017			2016
Expected Life (in Years)		6.88			6.78
Expected Volatility		42.41	%		41.35	%
Risk-free Interest Rate		1.41	%		1.85	%
Dividend Yield		1.19	%		1.01	%
Pre-vesting Forfeiture Rate		10.00	%		3.00	%

Summary of Restricted Stock Units Activity

The following is a summary of RSUs activity for the six months ended December 31, 2016:

 

			Weighted
			Average
	Number of		Grant Date
	RSUs		Fair Value
Nonvested at July 1, 2016		1,139,350	$	27.78
RSUs Granted		644,340		23.84
RSUs Vested		(361,964)		27.18
RSUs Forfeited		(43,671)		28.14
Nonvested at December 31, 2016		1,378,055	$	26.09

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):

	For the Three Months Ended December 31,				For the Six Months Ended December 31,
	2016		2015		2016		2015
Cost of Educational Services	$	1,147	$	1,272	$	2,987	$	3,268
Student Services and Administrative Expense		2,436		2,702		6,346		6,944
Stock-Based Compensation Expense		3,583		3,974		9,333		10,212
Income Tax Benefit		(1,251)		(1,514)		(3,283)		(3,718)
Net Stock-Based Compensation Expense	$	2,332	$	2,460	$	6,050	$	6,494