Equity Compensation (Tables)

3 Months Ended

Mar. 31, 2015

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 Condensed Consolidated Statements of Income and the related estimated income tax benefit recognized in the periods indicated were as follows:

	Three Months Ended March 31,
	2015			2014
Cost of educational services	$	942		$	1,218
Student services and administrative expenses		954			1,333
Total stock-based compensation expense	$	1,896		$	2,551
Income tax (benefit)	$	(730	)	$	(982	)

Stock Options Granted, Forfeited, Exercised and Expired

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

	Three Months Ended March 31, 2015
				Weighted					Weighted
				Average		Aggregate			Average		Aggregate
	# of			Exercise		Exercise			Remaining		Intrinsic
	Shares			Price		Price			Contractual Term		Value (1)
Outstanding at beginning of period		1,153,273		$	76.92	$	88,711
Granted		0		$	0		0
Forfeited		0		$	0		0
Exercised		0		$	0		0
Expired		(123,773	)	$	88.38		(10,939	)
Outstanding at end of period		1,029,500		$	75.54	$	77,772			2.2	$	0
Exercisable at end of period		818,828		$	88.83	$	72,736			2.0	$	0

(1) The aggregate intrinsic value of the stock options was calculated by identifying those stock options that had a lower exercise price than the closing market price of our common stock on March 31, 2015 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 March 31, 2015 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:

	Three Months Ended March 31,
	2015		2014
Shares subject to stock options granted		0		168,500
Weighted average grant date fair value per share	$	0	$	12.62
Shares subject to stock options exercised		0		0
Intrinsic value of stock options exercised	$	0	$	0
Proceeds received from stock options exercised	$	0	$	0
Tax benefits realized from stock options exercised	$	0	$	0

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 in the periods indicated:

	Three Months Ended March 31,
	2015	2014
Risk-free interest rates	Not applicable	1.32%
Expected lives (in years)	Not applicable	4.7
Volatility	Not applicable	55%
Dividend yield	Not applicable	None

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

The following table sets forth the number of restricted stock units (“RSUs”) that were granted, forfeited and vested in the period indicated:

	Three Months Ended March 31, 2015
	# of RSUs			Weighted Average Grant Date Fair Value
Unvested at beginning of period		831,307		$	30.17
Granted		0		$	0
Forfeited		(26,419	)	$	23.83
Vested		(163,439	)	$	68.03
Unvested at end of period		641,449		$	20.79