Equity Compensation (Tables)

9 Months Ended

Sep. 30, 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 September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Cost of educational services	$	700		$	1,211		$	2,345		$	3,548
Student services and administrative expenses		566			1,456			2,181			3,981
Total stock-based compensation expense	$	1,266		$	2,667		$	4,526		$	7,529
Income tax (benefit)	$	(487	)	$	(1,027	)	$	(1,742	)	$	(2,899	)

Stock Options Granted, Forfeited, Exercised and Expired

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

	Nine Months Ended September 30, 2015
	# of Shares			Weighted Average Exercise Price		Aggregate Exercise Price			Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value(1)
Outstanding at beginning of period		1,153,273		$	76.92	$	88,711
Granted		121,208		$	4.91		595
Forfeited		(38,334	)	$	19.96		(765	)
Exercised		0		$	0		0
Expired		(138,773	)	$	86.40		(11,990	)
Outstanding at end of period		1,097,374		$	69.76	$	76,551			1.8	$	0
Exercisable at end of period		845,397		$	85.68	$	72,434			1.6	$	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 September 30, 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 September 30, 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 September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
Shares subject to stock options granted		0		0		121,208		168,500
Weighted average grant date fair value per share	$	0	$	0	$	3.65	$	12.62
Shares subject to stock options exercised		0		0		0		0
Intrinsic value of stock options exercised	$	0	$	0	$	0	$	0
Proceeds received from stock options exercised	$	0	$	0	$	0	$	0
Tax benefits realized from stock options exercised	$	0	$	0	$	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 September 30,		Nine Months Ended September 30,
	2015	2014	2015			2014
Risk-free interest rates	Not applicable	Not applicable		1.55	%		1.3	%
Expected lives (in years)	Not applicable	Not applicable		4.7			4.7
Volatility	Not applicable	Not applicable		107	%		55	%
Dividend yield	Not applicable	Not applicable		None			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:

	Nine Months Ended September 30, 2015
	# of RSUs			Weighted Average Grant Date Fair Value
Unvested at beginning of period		831,307		$	30.17
Granted		421,509		$	4.68
Forfeited		(99,196	)	$	19.99
Vested		(333,991	)	$	40.26
Unvested at end of period		819,629		$	14.18