Equity Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation Expense and Related Income Tax Benefit

The amount of stock-based compensation expense and the line items in which those amounts are included in our Consolidated Statements of Operations and the related estimated income tax benefit recognized in the periods indicated were as follows:

	Year Ended December 31,
	2014			2013			2012
Cost of educational services	$	4,790		$	4,799		$	6,084
Student services and administrative expenses		5,546			6,839			10,574
Total stock-based compensation expense	$	10,336		$	11,638		$	16,658
Income tax (benefit)	($	3,980	)	($	4,481	)	($	6,414	)

Stock Options Granted, Forfeited, Exercised and Expired

The stock options granted, forfeited, exercised and expired in the period indicated were as follows:

	Year Ended December 31, 2014
	# of Shares			Weighted Average Exercise Price		Aggregate Exercise Price			Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
Outstanding at beginning of period		1,332,448		$	81.77	$	108,955
Granted		168,500		$	27.94		4,708
Forfeited		(10,334	)	$	30.29		(313	)
Exercised		0		$	0.00		0
Expired		(337,341	)	$	73.04		(24,638	)
Outstanding at end of period		1,153,273		$	76.92	$	88,712		2.2 years	$	0
Exercisable at end of period		848,098		$	93.33	$	79,153		1.8 years	$	0

(1) The aggregate intrinsic value of stock options is calculated by identifying those stock options that had a lower exercise price than the closing market price of our common stock on December 31, 2014 and multiplying the difference between the closing market price of our common stock and the exercise price of each of those stock options by the number of shares subject to those stock options that were outstanding or exercisable, as applicable. Since the closing market price of our common stock on December 31, 2014 was lower than the exercise price of all outstanding stock options and exercisable stock options, the aggregate intrinsic value of the stock options was zero.

Stock Options Granted and Exercised

The following table sets forth information regarding the stock options granted and exercised in the periods indicated:

	Year Ended December 31,
	2014		2013		2012
Shares subject to stock options granted		168,500		156,500		156,500
Weighted average grant date fair value	$	12.62	$	9.27	$	31.36
Shares subject to stock options exercised		0		0		202,820
Intrinsic value of stock options exercised	$	0	$	0	$	4,802
Proceeds received from stock options exercised	$	0	$	0	$	8,345
Tax benefits realized from stock options exercised	$	0	$	0	$	1,602

Assumptions used to Estimate Grant Date Fair Value of Stock Options

The fair value of each stock option grant was estimated on the date of grant using the following assumptions:

	Year Ended December 31,
	2014			2013			2012
Risk-free interest rates		1.3	%		0.7	%		0.7	%
Expected lives (in years)		4.7			4.6			4.5
Volatility		55	%		60	%		51	%
Dividend yield		None			None			None

Number of Restricted Stock Units (RSUs) Granted, Forfeited and Vested

The following table sets forth the number of RSUs that were granted, forfeited and vested in the period indicated:

	Year Ended December 31, 2014
	# of RSUs			Weighted Average Grant Date Fair Value
Unvested at beginning of period		737,844		$	39.96
Granted		402,890		$	21.46
Forfeited		(188,887	)	$	30.09
Vested		(120,540	)	$	61.08
Unvested at end of period		831,307		$	30.17