Stock-Based Compensation (Tables)

3 Months Ended

Sep. 30, 2022

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of options Activity

The following is a summary of options activity for the three months ended September 30, 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	(47,809)		25.96
Expired	(1,575)		18.60
Outstanding as of September 30, 2022	1,094,988		35.80	6.2	$	2,792
Exercisable as of September 30, 2022	820,207	$	35.74	5.4	$	2,338

Fair Values of Stock Option Awards Estimated Weighted Average Assumptions

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 three months ended September 30, 2022:

		Weighted-Average
	Number of	Grant Date
	RSUs	Fair Value
Unvested as of July 1, 2022	1,171,692	$	35.05
Granted	281,550		39.53
Vested	(254,743)		38.31
Forfeited	(48,135)		38.65
Unvested as of September 30, 2022	1,150,364	$	35.27

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
	September 30,
	2022		2021
Stock-based compensation	$	6,145	$	9,711
Income tax benefit		(1,682)		(1,420)
Stock-based compensation, net of tax	$	4,463	$	8,291