Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2013:


	As of June 30, 2013
	Assets		Liabilities
Restricted cash	$	2,203
PEAKS Trust student loans, less allowance for loan losses of $0		7,307
PEAKS Trust student loans, excluding current portion, less allowance for loan losses of $4,319		101,375
Current portion of PEAKS Trust senior debt			$	102,695
Other current liabilities				559
PEAKS Trust senior debt, excluding current portion				124,983

Total	$	110,885	$	228,237

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 Statements of Income for the three and six months ended June 30, 2013:


	Three Months Ended June 30, 2013			Six Months Ended June 30, 2013
Revenue	$	4,104		$	5,464
Student services and administrative expenses		1,559			2,078
Provision for PEAKS Trust student loan losses		4,319			4,319
Interest expense		6,256			8,678

Income (loss) before provision for income taxes	$	(8,030	)	$	(9,611	)

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 June 30, 2013 ⁽¹⁾		Total Six Months Ended June 30, 2013		Six Months Ended June 30, 2012
PEAKS Guarantee	$	854	$	385	$	1,239	$	258
Payments on Behalf of Borrowers		532		4,613		5,145		0

Total	$	1,386	$	4,998	$	6,384	$	258

⁽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 June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Regular Payments	$	77		$	439		$	383		$	668
Discharge Payments		0			0			0			0
Recoveries from Charged-Off Loans		(0	)		(50	)		(103	)		(87	)

Total	$	77		$	389		$	280		$	581