XML 79 R20.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUBSEQUENT EVENT
9 Months Ended
Sep. 30, 2012
SUBSEQUENT EVENT

15. SUBSEQUENT EVENT

On November 5, 2012, the Company made the decision to teach out twenty-three domestic campuses which are expected to contribute approximately $124.3 million of revenue and approximately $62.0 million of operating loss for the year ending December 31, 2012. The campuses will remain open to offer current students the ability to complete their course of study. The majority of these campuses are expected to cease operations no later than the first quarter of 2014. In addition, on November 5, 2012, we made the decision to eliminate approximately 900 positions across our domestic campuses and campus support center which will result in annual savings of approximately $45.0 - $55.0 million. A pretax severance charge of approximately $7.0 million will be recorded in the fourth quarter 2012.