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Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
REVENUE:      
Total revenue [1] $ 627,704 $ 581,296 $ 596,435
OPERATING EXPENSES:      
Educational services and facilities 101,944 109,897 143,344
General and administrative 430,153 390,707 404,965
Depreciation and amortization [1] 9,145 9,394 13,990
Total operating expenses 541,242 509,998 562,299
Operating income [1] 86,462 71,298 34,136
OTHER INCOME (EXPENSE):      
Interest income 6,392 3,539 1,900
Interest expense (167) (681) (451)
Miscellaneous income 335 196 665
Total other income 6,560 3,054 2,114
PRETAX INCOME 93,022 74,352 36,250
Provision for income taxes 22,428 18,561 67,125
INCOME (LOSS) FROM CONTINUING OPERATIONS 70,594 55,791 (30,875)
LOSS FROM DISCONTINUED OPERATIONS, net of tax (612) (610) (1,022)
NET INCOME (LOSS) 69,982 55,181 (31,897)
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:      
Foreign currency translation adjustments (41) (100) 288
Unrealized gain (loss) on investments 683 (34) (194)
Total other comprehensive income (loss) 642 (134) 94
COMPREHENSIVE INCOME (LOSS) $ 70,624 $ 55,047 $ (31,803)
NET INCOME (LOSS) PER SHARE - BASIC:      
Income (loss) from continuing operations $ 1.01 $ 0.80 $ (0.45)
Loss from discontinued operations (0.01) (0.01) (0.01)
Net income (loss) per share 1.00 [2] 0.79 [2] (0.46)
NET INCOME (LOSS) PER SHARE - DILUTED:      
Income (loss) from continuing operations 0.98 0.78 (0.45)
Loss from discontinued operations (0.01) (0.01) (0.01)
Net income (loss) per share $ 0.97 [2] $ 0.77 [2] $ (0.46)
WEIGHTED AVERAGE SHARES OUTSTANDING:      
Basic 70,088 69,598 68,949 [3]
Diluted 72,085 71,482 68,949 [3]
Tuition and Fees [Member]      
REVENUE:      
Total revenue $ 625,056 $ 578,545 $ 593,849
Other [Member]      
REVENUE:      
Total revenue [4] $ 2,648 $ 2,751 $ 2,586
[1] The statement of income (loss) and comprehensive income (loss) balances including revenue, operating income (loss), depreciation and amortization and capital expenditures are presented above on a continuing operations basis. Total assets are presented on a consolidated basis including continuing and discontinued operations and do not include intercompany receivable or payable activity between institutions and corporate and investments in subsidiaries.
[2] Basic and diluted earnings per share are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly earnings per share amounts may not agree with the annual earnings per share amount for the corresponding year.
[3] Due to the fact that we reported a loss from continuing operations for the year ended December 31, 2017, potential common stock equivalents were excluded from the diluted common shares outstanding calculation. Per FASB ASC Topic 260 – Earnings per Share, an entity that reports discontinued operations shall use income or loss from continuing operations as the benchmark for calculating diluted common shares outstanding, and as such, we have zero common stock equivalents since these shares would have an anti-dilutive effect on our net loss per share for the year ended December 31, 2017.
[4] Other revenue primarily includes contract training revenue and bookstore sales.