Revision of 2011 and 2012 Financial Statements (Tables)

12 Months Ended

Dec. 31, 2013

Text Block [Abstract]

Effect of Revisions on Affected Line Items on Consolidated Balance Sheet

The following table sets forth the effect of the revisions on the affected line items on our Consolidated Balance Sheet as of the date indicated.

	As of December 31, 2012
	As Previously Reported		Revisions			As Revised
Balance Sheet Data:
Cash and cash equivalents	$	246,342	$	(2,877	)	$	243,465
Restricted cash		601		2,877			3,478
Accounts receivable, net		77,313		1,615			78,928
Deferred income taxes (current)		44,547		0			44,547
Total current assets		384,965		1,615			386,580
Deferred income taxes		56,112		1,359			57,471
Total assets		672,230		2,974			675,204
Other current liabilities		86,722		20,074			106,796
Total current liabilities		306,949		20,074			327,023
Other liabilities		98,327		(15,911	)		82,416
Total liabilities		545,276		4,163			549,439
Capital surplus		206,703		(9,590	)		197,113
Retained earnings		959,072		8,401			967,473
Total shareholders’ equity		126,954		(1,189	)		125,765
Total liabilities and shareholders’ equity		672,230		2,974			675,204

Effect of Revisions on Affected Line Items on Consolidated Statement of Income

The following table sets forth the effect of the revisions and reclassifications on the affected line items in our Consolidated Statement of Income for the year ended December 31, 2012.

	Year Ended December 31, 2012
	As Previously Reported		Revisions			Reclassifications			As Revised
Statement of Income Data:
Revenue	$	1,287,209	$	(576	)	$	0		$	1,286,633
Cost of educational services		539,223		0			(873	)		538,350
Student services and administrative expenses		422,345		(21,489	)		0			400,856
Settlement cost		21,750		0			(21,750	)		0
Asset impairment		0		0			15,166			15,166
Legal and other investigation costs		0		0			873			873
Loss related to private student loan programs		71,102		0			(71,102	)		0
Loss related to loan program guarantees		0		23,339			77,686			101,025
Total costs and expenses		1,054,420		1,850			0			1,056,270
Operating income		232,789		(2,426	)		0			230,363
Income before provision for income taxes		230,414		(2,426	)		0			227,988
Provision for income taxes		89,949		(931	)		0			89,018
Net income		140,465		(1,495	)		0			138,970
Earnings per share:
Basic	$	5.88							$	5.82
Diluted	$	5.85							$	5.79

The following table sets forth the effect of the revisions on the affected line items in our Consolidated Statement of Income for the year ended December 31, 2011.

	Year Ended December 31, 2011
	As Previously Reported		Revisions			As Revised
Statement of Income Data:
Revenue	$	1,499,949	$	(28	)	$	1,499,977
Cost of educational services		553,065		0			553,065
Student services and administrative expenses		439,808		(25,652	)		414,156
Loss related to loan program guarantees		0		23,500			23,500
Total costs and expenses		992,873		(2,152	)		990,721
Operating income		507,076		2,180			509,256
Income before provision for income taxes		508,153		2,180			510,333
Provision for income taxes		200,401		846			201,247
Net income		307,752		1,334			309,086
Earnings per share:
Basic	$	11.22				$	11.27
Diluted	$	11.13				$	11.18

Effect of Revisions on Affected Line Items on Consolidated Statement of Comprehensive Income

The following table sets forth the effect of the revisions on the affected line items in our Consolidated Statement of Comprehensive Income for the year ended December 31, 2012.

	Year Ended December 31, 2012
	As Previously Reported		Revisions			As Revised
Statement of Comprehensive Income Data:
Net income	$	140,465	$	(1,495	)	$	138,970
Comprehensive income		142,014		(1,495	)		140,519

The following table sets forth the effect of the revisions on the affected line items in our Consolidated Statement of Comprehensive Income for the year ended December 31, 2011.

	Year Ended December 31, 2011
	As Previously Reported		Revisions		As Revised
Statement of Comprehensive Income Data:
Net income	$	307,752	$	1,334	$	309,086
Comprehensive income		302,782		1,334		304,116

Effect of Revisions on Affected Line Items on Condensed Consolidated Statement of Cash Flows

The following table sets forth the effect of the revisions on the affected line items in our Consolidated Statement of Cash Flows for the year ended December 31, 2012.

	Year Ended December 31, 2012
	As Previously Reported			Revisions			As Revised
Statement of Cash Flows Data:
Net income	$	140,465		$	(1,495	)	$	138,970
Provision for doubtful accounts		78,307			(21,489	)		56,818
Deferred income taxes		(58,640	)		(1,359	)		(59,999	)
Restricted cash		1,527			2,267			3,794
Accounts receivable		(107,514	)		20,376			(87,138	)
Other operating assets and liabilities		68,890			3,967			72,857
Net cash flows from operating activities		105,354			2,267			107,621

The following table sets forth the effect of the revisions on the affected line items in our Consolidated Statement of Cash Flows for the year ended December 31, 2011.

	Year Ended December 31, 2011
	As Previously Reported			Revisions			As Revised
Statement of Cash Flows Data:
Net income	$	307,752		$	1,334		$	309,086
Provision for doubtful accounts		61,308			(25,653	)		35,655
Deferred income taxes		(8,991	)		0			(8,991	)
Restricted cash		(1,873	)		931			(942	)
Accounts receivable		(40,477	)		23,473			(17,004	)
Other operating assets and liabilities		35,118			846			35,964
Net cash flows from operating activities		387,832			931			388,763