Stockholders' Equity

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

The components of net changes in stockholders’ equity for the fiscal quarters of 2023 are as follows:

	Laureate Education, Inc. Stockholders
	Common stock			Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Treasury stock at cost		Non-controlling interests		Total stockholders’ equity
	Shares	Amount
Balance at December 31, 2022	157,013	$	923	$	2,204,755	$	39,244	$	(442,424)	$	(1,026,272)	$	(1,869)	$	774,357
Non-cash share-based compensation	—	—		1,124		—		—		—		—		1,124
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	161	1		(448)		—		—		—		—		(447)
Equitable adjustments to stock-based awards	—	—		(13)		—		—		—		—		(13)
Change in noncontrolling interests	—	—		16		—		—		—		(140)		(124)
Net loss	—	—		—		(26,607)		—		—		(155)		(26,762)
Foreign currency translation adjustment, net of tax of $0	—	—		—		—		72,791		—		6		72,797
Balance at March 31, 2023	157,174	$	924	$	2,205,434	$	12,637	$	(369,633)	$	(1,026,272)	$	(2,158)	$	820,932
Non-cash share-based compensation	—	—		1,976		—		—		—		—		1,976
Retirement of treasury stock	—	(295)		(1,025,977)		—		—		1,026,272		—		—
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	46	—		44		—		—		—		—		44
Equitable adjustments to stock-based awards	—	—		24		—		—		—		—		24
Net income	—	—		—		56,177		—		—		136		56,313
Foreign currency translation adjustment, net of tax of $0	—	—		—		—		92,007		—		(92)		91,915
Balance at June 30, 2023	157,220	$	629	$	1,181,501	$	68,814	$	(277,626)	$	—	$	(2,114)	$	971,204

Retirement of Treasury Stock

On May 24, 2023, the Company’s Board of Directors approved the retirement of all outstanding shares of treasury stock, which totaled 73,766 shares. The Company recorded the purchases of treasury stock at cost as a separate component within stockholders’ equity in the Consolidated Balance Sheets. Upon retirement of treasury stock, the Company allocates the excess of the purchase price over par value to additional paid-in capital, subject to certain limitations.

The components of net changes in stockholders’ equity for the fiscal quarters of 2022 are as follows:

	Laureate Education, Inc. Stockholders
	Common stock			Additional paid-in capital		Retained earnings (accumulated deficit)		Accumulated other comprehensive loss		Treasury stock at cost		Non-controlling interests		Total stockholders’ equity
	Shares	Amount
Balance at December 31, 2021	180,611	$	915	$	2,388,783	$	15,523	$	(520,204)	$	(744,174)	$	(1,285)	$	1,139,558
Non-cash share-based compensation	—	—		2,762		—		—		—		—		2,762
Purchase of treasury stock at cost	(9,485)	—		—		—		—		(112,874)		—		(112,874)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	1,379	6		10,716		—		—		—		—		10,722
Equitable adjustments to stock-based awards	—	—		(189)		—		—		—		—		(189)
Net loss	—	—		—		(44,211)		—		—		(469)		(44,680)
Foreign currency translation adjustment, net of tax of $0	—	—		—		—		49,573		—		2		49,575
Minimum pension liability adjustment, net of tax of $0	—	—		—		—		14		—		—		14
Balance at March 31, 2022	172,505	$	921	$	2,402,072	$	(28,688)	$	(470,617)	$	(857,048)	$	(1,752)	$	1,044,888
Non-cash share-based compensation	—	—		2,360		—		—		—		—		2,360
Purchase of treasury stock at cost	(8,013)	—		—		—		—		(93,362)		—		(93,362)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	171	1		(472)		—		—		—		—		(471)
Equitable adjustments to stock-based awards	—	—		(35)		—		—		—		—		(35)
Change in noncontrolling interests	—	—		2		—		—		—		(2)		—
Reclassification of redeemable equity to non-redeemable equity	—	—		316		—		—		—		—		316
Net income	—	—		—		43,423		—		—		136		43,559
Foreign currency translation adjustment, net of tax of $0	—	—		—		—		17,969		—		3		17,972
Balance at June 30, 2022	164,663	$	922	$	2,404,243	$	14,735	$	(452,648)	$	(950,410)	$	(1,615)	$	1,015,227

Share-based Compensation Expense

During the six months ended June 30, 2023 and 2022, the Company recorded share-based compensation expense for restricted stock unit awards of $3,100 and $5,122, respectively.

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) (AOCI) in our Consolidated Balance Sheets includes the accumulated translation adjustments arising from translation of foreign subsidiaries’ financial statements, the unrealized gain on a derivative designated as an effective net investment hedge, and the accumulated net gains or losses that are not recognized as components of net periodic benefit cost for our minimum pension liability. The AOCI related to the net investment hedge will be deferred from earnings until the sale or liquidation of the hedged investee. The components of these balances were as follows:

	June 30, 2023						December 31, 2022
	Laureate Education, Inc.		Noncontrolling Interests		Total		Laureate Education, Inc.		Noncontrolling Interests		Total
Foreign currency translation adjustment	$	(287,454)	$	873	$	(286,581)	$	(452,252)	$	959	$	(451,293)
Unrealized gain on derivatives	10,416		—		10,416		10,416		—		10,416
Minimum pension liability adjustment	(588)		—		(588)		(588)		—		(588)
Accumulated other comprehensive loss	$	(277,626)	$	873	$	(276,753)	$	(442,424)	$	959	$	(441,465)