Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2013

Schedule of Carrying Value of Assets and Liabilities of PEAKS Trust

The following table sets forth the fair value of the assets and liabilities of the PEAKS Trust as of February 28, 2013 that were included on our consolidated balance sheet on that date:


	As of February 28, 2013
	Assets		Liabilities
Restricted cash	$	1,703
PEAKS Trust student loans, less allowance for loan losses of $0		7,282
PEAKS Trust student loans, excluding current portion, less allowance for loan losses of $0		104,834
Current portion of PEAKS Trust senior debt			$	103,356
Other current liabilities				471
PEAKS Trust senior debt, excluding current portion				122,740

Total	$	113,819	$	226,567

The following table sets forth the carrying value of assets and liabilities of the PEAKS Trust that were included on our Condensed Consolidated Balance Sheet as of March 31, 2013:


	As of March 31, 2013
	Assets		Liabilities
Restricted cash	$	2,600
PEAKS Trust student loans, less allowance for loan losses of $0		7,282
PEAKS Trust student loans, excluding current portion, less allowance for loan losses of $0		105,007
Current portion of PEAKS Trust senior debt			$	103,356
Other current liabilities				519
PEAKS Trust senior debt, excluding current portion				123,660

Total	$	114,889	$	227,535

Schedule of Carrying Value of Assets and Liabilities Eliminated from Financial Statement

The following table sets forth the carrying value of the assets and liabilities related to the PEAKS Program as of February 28, 2013 that we eliminated from our consolidated balance sheet when we consolidated the PEAKS Trust in our consolidated financial statements, and the line items within which those assets and liabilities were included:


	As of February 28, 2013
	Assets		Liabilities
Other assets	$	6,614
Other current liabilities			$	3,060
Other liabilities				43,054

Total	$	6,614	$	46,114

Schedule of Revenue and Expenses of PEAKS Trust

The following table sets forth the revenue and expenses of the PEAKS Trust, excluding the loss on the Consolidation, that were included in our Condensed Consolidated Statement of Income for the three months ended March 31, 2013:


	Three Months Ended March 31, 2013
Revenue	$	1,360
Student services and administrative expenses		519
Interest expense		2,422

Income (loss) before provision for income taxes	$	(1,581	)

Aggregate Amount of Guarantee and Other Payments

The following table sets forth the guarantee payments and Payments on Behalf of Borrowers that were made related to the PEAKS Program in the periods indicated:


Type of Payment	January 1, 2013 Through February 28, 2013 ⁽¹⁾		March 1, 2013 Through March 31, 2013 ⁽¹⁾		Total Three Months Ended March 31, 2013		Three Months Ended March 31, 2012
PEAKS Guarantee	$	854	$	385	$	1,239	$	0
Payments on Behalf of Borrowers		532		1,323		1,855		0

Total	$	1,386	$	1,708	$	3,094	$	0

⁽¹⁾

We have provided separate columns showing the payment amounts prior to and after the Consolidation, because all transactions with the PEAKS Trust were eliminated from our consolidated financial statements after the Consolidation. Cash payments were, however, made by us throughout the periods indicated, including the periods after the Consolidation.

Schedule of Payments Made to Entity Related to Guarantee Obligations

The following table sets forth the payments that we made to the 2009 Entity related to our guarantee obligations under the 2009 RSA and the amount of recoveries from charged-off loans paid to us by the 2009 Entity in the periods indicated:


	Three Months Ended March 31,
	2013			2012
Regular Payments	$	306		$	229
Discharge Payments		0			0
Recoveries from Charged-Off Loans		(103	)		(37	)

Total	$	203		$	192