Stock-Based Compensation (Tables)

9 Months Ended

Mar. 31, 2024

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

Schedule of Stock-based compensation expense

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				Nine Months Ended
	March 31,				March 31,
	2024		2023		2024		2023
Stock-based compensation	$	5,900	$	2,795	$	19,405	$	10,908
Income tax benefit		(1,532)		(721)		(6,515)		(3,024)
Stock-based compensation, net of tax	$	4,368	$	2,074	$	12,890	$	7,884

Summary of Options Activity

The following table summarizes stock option activity for the nine months ended March 31, 2024:

				Weighted-Average
	Number of			Remaining	Aggregate
	Stock	Weighted-Average		Contractual Life	Intrinsic Value
	Options	Exercise Price		(in years)	(in thousands)
Outstanding as of July 1, 2023	1,045,801	$	36.02
Exercised	(453,040)		34.02
Expired	(1,144)		28.32
Outstanding as of March 31, 2024	591,617		37.57	6.1	$	8,183
Exercisable as of March 31, 2024	451,942	$	38.31	5.9	$	5,917

Summary of Restricted Stock Units Activity

The following table summarizes RSU activity for the nine months ended March 31, 2024:

		Weighted-Average
	Number of	Grant Date
	RSUs	Fair Value
Unvested as of July 1, 2023	737,733	$	37.22
Granted	394,890		44.23
Vested	(288,175)		37.62
Forfeited	(28,648)		40.56
Unvested as of March 31, 2024	815,800	$	40.35

Summary of Performance Shares Unit Activity

The following table summarizes PSU activity for the nine months ended March 31, 2024:

		Weighted-Average
	Number of	Grant Date
	PSUs	Fair Value
Unvested as of July 1, 2023	490,300	$	35.17
Granted (1)	333,210		50.07
Vested	(126,918)		29.92
Forfeited	(52,212)		32.10
Unvested as of March 31, 2024	644,380	$	43.81
(1) Includes incremental PSUs awarded upon achievement of metrics.