INTANGIBLE ASSETS	6 Months Ended
Jun. 30, 2013
INTANGIBLE ASSETS	8. INTANGIBLE ASSETS During the second quarter of 2013, in conjunction with the quarterly review process, we concluded that certain indicators, including variation from previously projected revenue results, existed to suggest the Le Cordon Bleu and Sanford-Brown trade names were at risk of their carrying values exceeding their respective fair values as of June 30, 2013. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. We calculate the fair value of each of our trade names in accordance with FASB ASC Topic 820 – Fair Value Measurement, by utilizing the relief from royalty method under the income approach. The determination of estimated fair value for trade names requires significant estimates and assumptions, and as such, these fair value measurements are categorized as Level 3 as defined in FASB ASC Topic 820. The assumptions utilized in determining the fair values of the Le Cordon Bleu and Sanford-Brown trade names included utilizing projected revenue growth rates, discount rates of approximately 30%, a royalty rate of 5% and 1% for the Le Cordon Bleu and Sanford-Brown trade names, respectively, and terminal growth rates of approximately 3%. As a result of our assessment, we recorded $2.3 million and $1.7 million of trade name impairment charges for Le Cordon Bleu and Sanford-Brown, respectively, resulting in remaining fair values of $38.0 million and $3.9 million, as of June 30, 2013 for these trade names, respectively. Due to the inherent uncertainty involved in deriving those estimates, actual results could differ from those estimates. We evaluate the merits of each significant assumption used, both individually and in the aggregate, to determine the fair value for reasonableness. Although we believe our projected future operating results and cash flows and related estimates regarding fair value are based on reasonable assumptions, historically projected operating results and cash flows have not always been achieved. However, for sensitivity purposes, and with all other inputs remaining equal, a 0.5% change in the royalty rates assumed in the calculation for these trade names would result in a change in the fair values of approximately $5.2 million. A 1% change in the discount rates utilized in the calculation for these trade names would result in a change in the fair values of approximately $0.8 million. We continue to monitor the operating results and revenue projections related to our trade names on a quarterly basis for signs of possible further declines in estimated fair value and trade name impairment.

8. INTANGIBLE ASSETS

During the second quarter of 2013, in conjunction with the quarterly review process, we concluded that certain indicators, including variation from previously projected revenue results, existed to suggest the Le Cordon Bleu and Sanford-Brown trade names were at risk of their carrying values exceeding their respective fair values as of June 30, 2013. A significant amount of judgment is involved in determining if an indicator of impairment has occurred.

We calculate the fair value of each of our trade names in accordance with FASB ASC Topic 820 – Fair Value Measurement, by utilizing the relief from royalty method under the income approach. The determination of estimated fair value for trade names requires significant estimates and assumptions, and as such, these fair value measurements are categorized as Level 3 as defined in FASB ASC Topic 820. The assumptions utilized in determining the fair values of the Le Cordon Bleu and Sanford-Brown trade names included utilizing projected revenue growth rates, discount rates of approximately 30%, a royalty rate of 5% and 1% for the Le Cordon Bleu and Sanford-Brown trade names, respectively, and terminal growth rates of approximately 3%. As a result of our assessment, we recorded $2.3 million and $1.7 million of trade name impairment charges for Le Cordon Bleu and Sanford-Brown, respectively, resulting in remaining fair values of $38.0 million and $3.9 million, as of June 30, 2013 for these trade names, respectively. Due to the inherent uncertainty involved in deriving those estimates, actual results could differ from those estimates. We evaluate the merits of each significant assumption used, both individually and in the aggregate, to determine the fair value for reasonableness. Although we believe our projected future operating results and cash flows and related estimates regarding fair value are based on reasonable assumptions, historically projected operating results and cash flows have not always been achieved. However, for sensitivity purposes, and with all other inputs remaining equal, a 0.5% change in the royalty rates assumed in the calculation for these trade names would result in a change in the fair values of approximately $5.2 million. A 1% change in the discount rates utilized in the calculation for these trade names would result in a change in the fair values of approximately $0.8 million. We continue to monitor the operating results and revenue projections related to our trade names on a quarterly basis for signs of possible further declines in estimated fair value and trade name impairment.