Ind. Code § 22-4.1-27-5

Sec. 5. As used in this chapter, "graduation rate" means the percentage, out of the total number of students who enrolled in the program during the state fiscal year that precedes the immediately preceding state fiscal year, of students who graduated in the two (2) immediately preceding state fiscal years and for whom the approved eligible provider received reimbursement under this chapter. A student may be counted as a graduate only one (1) time in calculating the program's graduation rate.