Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2014

Options granted through March 31, 2014 vest ratably over periods of three to five years and expire in seven to ten years from the date of grant. Option activity is summarized as follows (unaudited):

	Number of Options			Weighted Average Exercise Price		Weighted- Average Contractual Life (Yrs)		Aggregate Intrinsic Value (In thousands)
Outstanding, December 31, 2013		501,202		$	28.82
Options granted		—		$	—
Awards exercised		(10,449	)	$	4.29
Awards forfeited		—		$	—
Outstanding, March 31, 2014		490,753		$	29.34		2.82	$	3,334

Exercisable, March 31, 2014		490,753		$	29.34		2.82	$	3,334

Stock Option Exercise

The following table summarizes information regarding stock option exercises (unaudited):

	March 31, 2014		March 31, 2013
	(In thousands)
Proceeds from stock options exercised	$	45	$	770
Intrinsic value of stock options exercised	$	405	$	495
Tax benefit from exercises	$	1	$	196

Restricted Stock Activity

The table below summarizes the restricted stock activity for the three months ended March 31, 2014 (unaudited):

	Number of Shares			Weighted-Average Grant Price and Fair Value
Non-vested, December 31, 2013		190,761		$	38.61
Shares granted		148,520		$	44.45
Vested shares		(79,864	)	$	38.81
Shares forfeited		(904	)	$	41.87
Non-vested, March 31, 2014		258,513		$	41.89

Stock-Based Compensation Cost Charged Against Income

Stock-based compensation cost charged against income during the three-month periods ended March 31, 2014 and March 31, 2013 is as follows (unaudited):

	Three Months Ended March 31,
	2014			2013
	(In thousands)
Instructional costs and services	$	290		$	205
Marketing and promotional		126			107
General and administrative		740			703
Stock-based compensation expense in operating income		1,156			1,015
Tax benefit		(458	)		(402	)
Stock-based compensation expense, net of tax	$	698		$	613