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Supplemental Quarterly Information
 12 Months Ended
Jun. 30, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Supplemental Quarterly Information
SUPPLEMENTAL QUARTERLY INFORMATION (Unaudited)

The Company’s quarterly net revenues and income fluctuate primarily as a result of the pattern of student enrollments. The seasonality of the Company’s business has decreased over the last several years due to an increased percentage of students enrolling in online programs, which generally experience less seasonal fluctuations than campus-based programs. The Company’s first fiscal quarter is typically its lowest revenue recognition quarter due to student vacations.
The following table sets forth the Company's quarterly results for fiscal years ended June 30, 2014, 2013 and 2012 (in thousands except per share data):
 
Quarter Ended
 
September 30
 
December 31
 
March 31
 
June 30 (1)
Fiscal 2014: (1)
 
 
 
 
 
 
 
Revenue
$
580,380

 
$
593,673

 
$
595,202

 
$
503,481

Loss before income taxes
$
(19,948
)
 
$
(2,383
)
 
$
(499,926
)
 
$
(95,023
)
Net (loss) income
$
(9,514
)
 
$
1,089

 
$
(467,646
)
 
$
(187,846
)
Diluted EPS
$
(0.08
)
 
$
0.01

 
$
(3.71
)
 
$
(1.49
)
 
 
 
 
 
 
 
 
Fiscal 2013: (2)
 
 
 
 
 
 
 
Revenue
$
609,565

 
$
654,895

 
$
638,903

 
$
595,236

(Loss) income before income taxes
$
(21,818
)
 
$
53,064

 
$
(254,111
)
 
$
(9,487
)
Net (loss) income
$
(13,091
)
 
$
31,144

 
$
(260,408
)
 
$
(2,035
)
Diluted EPS
$
(0.11
)
 
$
0.25

 
$
(2.09
)
 
$
(0.02
)
 
 
 
 
 
 
 
 
Fiscal 2012:  (2)
 
 
 
 
 
 
 
Revenue
$
682,095

 
$
737,188

 
$
702,499

 
$
639,185

Income (loss) before income taxes
$
44,115

 
$
103,291

 
$
(417,844
)
 
$
(1,174,569
)
Net (loss) income
$
26,954

 
$
63,127

 
$
(394,926
)
 
$
(1,128,725
)
Diluted EPS
$
0.21

 
$
0.49

 
$
(3.13
)
 
$
(9.03
)

(1) Refer to Note 2, "Summary of Significant Accounting Policies," for details with respect to a correction in the Company's policy regarding the recognition of incremental revenue recorded when students withdraw. This correction had the effect of reducing net revenues by $36.7 million and bad debt expense by $33.2 million, which resulted in an increase to the loss before taxes of $3.5 million in the fiscal quarter ended June 30, 2014. Previously reported amounts have not been corrected as the impact was deemed to be immaterial.

(2) The goodwill impairment charges in fiscal 2012 and fiscal 2013 have been revised as further described in Item 8, "Financial Statements and Supplementary Data," Note 5, "Goodwill and Intangible Assets" under “Correction of Immaterial Errors," which has resulted in (loss) income before income taxes, net (loss) income and diluted EPS being revised as compared to the originally reported amounts.