STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Jun. 30, 2012

Summary of options Activity

The following is a summary of options activity for the fiscal year ended June 30, 2012:

	Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value ($000)
Outstanding at July 1, 2011		2,781,536		$	35.18
Options Granted		472,525		$	41.46
Options Exercised		(226,608	)	$	27.18
Options Canceled		(87,681	)	$	43.67
Outstanding at June 30, 2012		2,939,772		$	36.37		5.84	$	8,339
Exercisable at June 30, 2012		1,794,603		$	32.47		4.45	$	8,336

Fair Values of Stock Option Awards Estimated Weighted Average Assumptions

The fair values of DeVry’s stock option awards were estimated assuming the following weighted average assumptions:

	Fiscal Year
	2012			2011			2010
Expected life (in years)		6.65			6.67			6.77
Expected volatility		42.27	%		41.88	%		41.06	%
Risk-free interest rate		1.52	%		1.99	%		3.02	%
Dividend yield		0.38	%		0.29	%		0.31	%
Pre-vesting forfeiture rate		5.00	%		5.00	%		5.00	%

Summary of Restricted Stock Activity

The following is a summary of restricted stock activity for the year ended June 30, 2012:

	Restricted Stock Outstanding			Weighted Average Grant Date Fair Value
Nonvested at July 1, 2011		437,374		$	44.20
Shares Granted		324,690		$	40.45
Shares Vested		(98,672	)	$	45.83
Shares Cancelled		(44,131	)	$	43.06
Nonvested at June 30, 2012		619,261		$	42.06

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

The following table shows total stock-based compensation expense included in the Consolidated Statement of Earnings:

	For the Year Ended June 30,
	2012			2011			2010
	(Dollars in thousands)
Cost of Educational Services	$	5,929		$	4,560		$	3,247
Student Services and Administrative Expense		12,601			9,691			6,901
Income Tax Benefit		(5,998	)		(4,259	)		(2,907	)
Net Stock-Based Compensation Expense	$	12,532		$	9,992		$	7,241