Strategic Education (STRA) 10-K 2 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2020	Jun. 28, 2019
Cover page.
Document Type	10-K
Document Transition Report	false
Entity Filer Category	Large Accelerated Filer
Entity File Number	0-21039
Entity Tax Identification Number	52-1975978
Trading Symbol	STRA
Entity Incorporation, State or Country Code	MD
Entity Registrant Name	STRATEGIC EDUCATION, INC.
Entity Central Index Key	0001013934
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2019
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 3.8
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		21,970,944
Entity Address, Address Line One	2303 Dulles Station Boulevard
Entity Address, City or Town	Herndon,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	20171
Security Exchange Name	NASDAQ
City Area Code	703
Local Phone Number	247-2500
Title of 12(b) Security	COMMON STOCK, $0.01 PAR VALUE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 419,693	$ 311,732
Marketable securities	34,874	37,121
Tuition receivable, net	51,523	55,694
Other current assets	18,004	15,814
Total current assets	524,094	420,361
Property and equipment, net	117,029	122,677
Right-of-use lease assets	84,778
Marketable securities, non-current	36,633	37,678
Intangible assets, net	273,011	328,344
Goodwill	732,075	732,540
Other assets	21,788	19,429
Total assets	1,789,408	1,661,029
Current liabilities:
Accounts payable and accrued expenses	90,828	85,979
Income taxes payable	1,352	419
Contract liabilities	39,284	38,733
Lease liabilities	25,284
Total current liabilities	156,748	125,131
Deferred income tax liabilities	47,942	59,358
Lease liabilities, non-current	80,557
Other long-term liabilities	41,451	51,316
Total liabilities	326,698	235,805
Commitments and contingencies
Stockholders’ equity:
Common stock, par value $0.01; 32,000,000 shares authorized; 21,743,498 and 21,964,809 shares issued and outstanding at December 31, 2018 and 2019, respectively	220	217
Additional paid-in capital	1,309,438	1,306,653
Accumulated other comprehensive income	233	32
Retained earnings	152,819	118,322
Total stockholders’ equity	1,462,710	1,425,224
Total liabilities and stockholders’ equity	$ 1,789,408	$ 1,661,029

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	32,000,000	32,000,000
Common stock, shares issued (in shares)	21,964,809	21,743,498
Common stock, shares outstanding (in shares)	21,964,809	21,743,498

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Revenues	$ 997,137	$ 634,185	$ 454,851
Costs and expenses:
Instructional and support costs	530,604	371,542	268,943
General and administration	272,411	194,035	129,332
Amortization of intangible assets	61,667	25,694	0
Merger and integration costs	21,923	45,745	11,879
Fair value adjustments and impairment of intangible assets	0	19,909	(7,512)
Total costs and expenses	886,605	656,925	402,642
Income (loss) from operations	110,532	(22,740)	52,209
Other income	13,192	3,601	437
Income (loss) before income taxes	123,724	(19,139)	52,646
Provision (benefit) for income taxes	42,586	(3,468)	32,034
Net income (loss)	$ 81,138	$ (15,671)	$ 20,612
Earnings (loss) per share:
Basic (dollars per share)	$ 3.73	$ (1.03)	$ 1.93
Diluted (dollars per share)	$ 3.67	$ (1.03)	$ 1.84
Weighted average shares outstanding:
Basic (in shares)	21,725	15,190	10,678
Diluted (in shares)	22,097	15,190	11,199

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 81,138	$ (15,671)	$ 20,612
Other comprehensive income:
Unrealized gains on marketable securities, net of tax	201	32	0
Comprehensive income (loss)	$ 81,339	$ (15,639)	$ 20,612

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income
Beginning balance (in shares) at Dec. 31, 2016		11,093,489
Beginning balance at Dec. 31, 2016	$ 188,374	$ 111	$ 35,453	$ 152,810
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Stock-based compensation	11,627		11,627
Issuance of restricted stock, net (in shares)		73,936
Issuance of restricted stock, net	0	$ 1	(1)
Common stock dividends	(11,416)			(11,416)
Net income (loss)	20,612			20,612
Unrealized gains on marketable securities, net of tax	0
Ending balance (in shares) at Dec. 31, 2017		11,167,425
Ending balance at Dec. 31, 2017	209,197	$ 112	47,079	162,006
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Stock-based compensation	14,994		14,994
Issuance of restricted stock, net (in shares)		155,874
Issuance of restricted stock, net	(776)	$ 1	(777)
Common stock dividends	(27,842)			(27,842)
Net income (loss)	(15,671)			(15,671)
Impact of adoption of new accounting standard | Accounting Standards Update 2014-09	(171)			(171)
Issuance of stock in connection with the acquisition of Capella Education Company (in shares)		10,263,775
Issuance of stock in connection with the acquisition of Capella Education Company	1,236,961	$ 103	1,236,858
Filing fee related to new stock issuance	(148)		(148)
Exercise of stock options, net (in shares)		156,424
Exercise of stock options, net	8,648	$ 1	8,647
Unrealized gains on marketable securities, net of tax	32				$ 32
Ending balance (in shares) at Dec. 31, 2018		21,743,498
Ending balance at Dec. 31, 2018	1,425,224	$ 217	1,306,653	118,322	32
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Stock-based compensation	12,116		12,033	83
Issuance of restricted stock, net (in shares)		117,947
Issuance of restricted stock, net	(7,472)	$ 1	(7,473)
Common stock dividends	(46,724)			(46,724)
Net income (loss)	81,138			81,138
Exercise of stock options, net (in shares)		103,364
Exercise of stock options, net	(1,773)	$ 2	(1,775)
Unrealized gains on marketable securities, net of tax	201				201
Ending balance (in shares) at Dec. 31, 2019		21,964,809
Ending balance at Dec. 31, 2019	$ 1,462,710	$ 220	$ 1,309,438	$ 152,819	$ 233

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended				12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Dividends declared, per share	$ 0.60	$ 0.50	$ 0.50	$ 0.50	$ 2.10	$ 1.50	$ 1

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net income (loss)	$ 81,138	$ (15,671)	$ 20,612
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization of gain on sale of assets	0	0	(133)
Amortization of deferred financing costs	333	292	262
Amortization of investment discount/premium	296	298	0
Depreciation and amortization	104,861	54,543	18,733
Deferred income taxes	(8,037)	(16,322)	6,429
Stock-based compensation	12,160	15,532	11,627
Fair value adjustments and impairment of intangible assets	0	19,909	(7,512)
Impairment of right-of-use lease assets	6,046
Changes in assets and liabilities:
Tuition receivable, net	1,770	7,880	(3,250)
Other current assets	(1,589)	3,768	(526)
Other assets	(540)	(135)	1,582
Accounts payable and accrued expenses	245	1,140	4,468
Income taxes payable and income taxes receivable	1,198	(516)	(629)
Contract liabilities	7,716	(19,329)	8,212
Other long-term liabilities	(3,451)	(4,522)	(3,718)
Net cash provided by operating activities	202,146	46,867	56,157
Cash flows from investing activities:
Net cash acquired in acquisition	0	167,859	0
Purchases of property and equipment	(38,689)	(27,547)	(18,051)
Purchases of marketable securities	(40,481)	(25,304)	0
Maturities of marketable securities	43,762	16,367	0
Other investments	(2,658)	(1,238)	0
Net cash provided by (used in) investing activities	(38,066)	130,137	(18,051)
Cash flows from financing activities:
Common dividends paid	(46,625)	(27,842)	(11,416)
Net payments for stock awards	(9,195)	7,789	0
Payment of deferred financing costs	0	(1,162)	0
Net cash used in financing activities	(55,820)	(21,215)	(11,416)
Net increase in cash, cash equivalents, and restricted cash	108,260	155,789	26,690
Cash, cash equivalents, and restricted cash - beginning of period	312,237	156,448	129,758
Cash, cash equivalents, and restricted cash - end of period	420,497	312,237	156,448
Noncash transactions:
Purchases of property and equipment included in accounts payable	$ 3,406	$ 1,029	$ 1,734

Nature of Operations

Nature of Operations	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Strategic Education, Inc. (“Strategic Education” or the “Company”), a Maryland corporation formerly known as Strayer Education, Inc., is a national leader in education innovation, dedicated to enabling economic mobility for working adults through education. As further discussed in Note 2 and Note 3, the Company completed its merger with Capella Education Company (“CEC”) on August 1, 2018. The accompanying consolidated financial statements and footnotes include the results of the Company’s three reportable segments: Strayer University, Capella University, and Non-Degree Programs. The Company’s reportable segments are discussed further in Note 20.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Financial Statement Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in the consolidated financial statements. On August 1, 2018, the Company completed its merger with CEC, whereby the Company was deemed the acquirer in the business combination for accounting purposes in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Therefore, Strayer Education, Inc. is considered Strategic Education’s predecessor, and its historical financial statements prior to the merger date are reflected in this Annual Report on Form 10-K as the historical financial statements of the Company. Accordingly, the financial results of the Company as of and for any periods ended prior to August 1, 2018 do not include the financial results of CEC and therefore are not directly comparable. Certain amounts in the prior period financial statements have been reclassified to conform to the current period’s presentation. Specifically, costs incurred in connection with the Company’s merger with CEC were reclassified from general and administration expense to merger and integration costs, and adjustments to the value of contingent consideration related to the Company’s acquisition of The New York Code and Design Academy, Inc. (“NYCDA”) were reclassified from instruction and educational support expense to fair value adjustments and impairment of intangible assets within the consolidated statements of income for the year ended December 31, 2017 . Effective during the first quarter of 2019, the Company made changes in its presentation of operating expenses and reclassified prior periods to conform to the current presentation. The Company determined that these changes aligned with its organizational structure and will improve comparability with several of its peer companies. There were no changes to total operating expenses or operating income as a result of these reclassifications. Below is a description of the nature of the costs included in the Company’s operating expense categories. Instructional and support costs ("I&SC") generally contain items of expense directly attributable to activities of the Company that support students and learners. This expense category includes salaries and benefits of faculty and academic administrators, as well as admissions and administrative personnel who support and serve student interests. Instructional and support costs also include course development costs and costs associated with delivering course content, including educational supplies, facilities, and all other physical plant and occupancy costs, with the exception of costs attributable to the corporate offices. Bad debt expense incurred on delinquent student account balances is also included in instructional and support costs. General and administration ("G&A") expenses include salaries and benefits of management and employees engaged in finance, human resources, legal, regulatory compliance, marketing and other corporate functions. Also included are the costs of advertising and production of marketing materials. General and administration expense also includes the facilities occupancy and other related costs attributable to such functions. The following table presents the Company's operating expenses as previously reported and as reclassified on its consolidated statements of income for the years ended (in thousands): New Classification December 31, 2017 December 31, 2018 Prior Classification I&SC G&A I&SC G&A Instruction and educational support $ 249,939 $ — $ 340,076 $ — Admissions advisory 19,004 — 31,466 — Marketing — 82,540 — 136,979 General and administration — 46,792 — 57,056 Total reclassified costs and expenses (1) $ 268,943 $ 129,332 $ 371,542 $ 194,035 _________________________________________ (1) This amount excludes the amortization of intangible assets, merger and integration costs, and fair value adjustments and impairment of intangible assets expense line items on the consolidated statements of income as those expense line items were not impacted by the operating expense reclassification. Cash and Cash Equivalents Cash and cash equivalents consist of cash maintained in mostly FDIC-insured bank accounts and cash invested in bank overnight deposits and money market mutual funds. The Company places its cash and temporary cash investments with various financial institutions. The Company considers all highly liquid instruments purchased with a maturity of three months or less at the date of purchase to be cash equivalents. Concentration of Credit Risk Most cash and cash equivalent balances are in excess of the FDIC insurance limit. The Company has not experienced any losses on its cash and cash equivalents. Restricted Cash A significant portion of the Company’s revenues are funded by various federal and state government programs. The Company generally does not receive funds from these programs prior to the start of the corresponding academic term. The Company may be required to return certain funds for students who withdraw from the Universities during the academic term. The Company had approximately $5,000 and $304,000 of these unpaid obligations as of December 31, 2018 and 2019 , respectively, which are recorded as restricted cash and included in other current assets in the consolidated balance sheets. As part of commencing operations in Pennsylvania in 2003, the Company was required to maintain a “minimum protective endowment” of at least $0.5 million in an interest-bearing account as long as the Company operates its campuses in the state. The Company holds these funds in an interest-bearing account which is included in other assets. The following table illustrates the reconciliation of cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows as of December 31, 2018 and 2019 (in thousands): As of December 31, 2018 2019 Cash and cash equivalents $ 311,732 $ 419,693 Restricted cash included in other current assets 5 304 Restricted cash included in other assets 500 500 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 312,237 $ 420,497 Marketable Securities Management determines the appropriate designation of marketable securities at the time of purchase and reevaluates such designation as of each balance sheet date. All of the Company’s marketable securities are designated as available-for-sale and consist of tax-exempt municipal securities, variable rate demand notes, and corporate debt securities. Available-for-sale marketable securities are carried at fair value as determined by quoted market prices or other inputs either directly or indirectly observable in the marketplace for identical or similar assets, with unrealized gains and losses, net of tax, recognized as a component of accumulated other comprehensive income within shareholders’ equity. Management reviews the fair value of the portfolio at least quarterly, and evaluates individual securities with fair value below amortized cost at the balance sheet date for impairment. In order to determine whether impairment is other than temporary, management evaluates whether the Company intends to sell the impaired security and whether it is more likely than not that the Company will be required to sell the security before recovering its amortized cost basis. If management intends to sell an impaired debt security, or it is more likely than not the Company will be required to sell the security prior to recovering its amortized cost basis, an other-than-temporary impairment is deemed to have occurred. The amount of an other-than-temporary impairment related to a credit loss, or securities that management intends to sell before recovery, is recognized in earnings. The amount of an other-than-temporary impairment on debt securities related to other factors is recorded consistent with changes in the fair value of all other available-for-sale securities as a component of accumulated other comprehensive income within shareholders’ equity. The cost of securities sold is based on the specific identification method. Amortization of premiums, accretion of discounts, interest, dividend income and realized gains and losses are included in other income. The contractual maturity date of available-for-sale securities is based on the days remaining to the effective maturity. The Company classifies marketable securities as either current or non-current assets based on management’s intent with regard to usage of those funds, which is dependent upon the security's maturity date and liquidity considerations based on current market conditions. If management intends to hold the securities for longer than one year as of the balance sheet date, they are classified as non-current. Tuition Receivable and Allowance for Doubtful Accounts The Company records tuition receivable and contract liabilities for its students upon the start of the academic term or program. Tuition receivables are not collateralized; however, credit risk is minimized as a result of the diverse nature of the Universities' student bases and through the participation of the majority of the students in federally funded financial aid programs. An allowance for doubtful accounts is established primarily based upon historical collection rates by age of receivable, net of estimated recoveries. These collection rates incorporate historical performance based on a student’s current enrollment status and likelihood of future enrollment. The Company periodically assesses its methodologies for estimating bad debts in consideration of actual experience. The Company’s tuition receivable and allowance for doubtful accounts were as follows as of December 31, 2018 and 2019 (in thousands): December 31, 2018 December 31, 2019 Tuition receivable $ 84,151 $ 82,454 Allowance for doubtful accounts (28,457 ) (30,931 ) Tuition receivable, net $ 55,694 $ 51,523 Approximately $1.1 million and $1.0 million of tuition receivable is included in other assets as of December 31, 2018 and 2019 , respectively, because these amounts are expected to be collected after 12 months. The following table illustrates changes in the Company’s allowance for doubtful accounts for each of the three years ended December 31, 2019 (in thousands): 2017 2018 2019 Allowance for doubtful accounts, beginning of period $ 10,201 $ 12,687 $ 28,457 Additions charged to expense 21,751 37,704 49,072 Additions from merger — 6,601 2,207 Write-offs, net of recoveries (19,265 ) (28,535 ) (48,805 ) Allowance for doubtful accounts, end of period $ 12,687 $ 28,457 $ 30,931 Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. In accordance with the Property, Plant, and Equipment Topic, ASC 360, the carrying values of the Company’s assets are re-evaluated when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If it is determined that an impairment loss has occurred based on expected undiscounted future cash flows, then a loss is recognized using a fair value-based model. Through 2019 , no such impairment loss had occurred. Depreciation and amortization of property and equipment is calculated using the straight-line method over the estimated useful lives ranging from three years to 40 years . Depreciation and amortization expense was $18.7 million , $31.4 million and $49.5 million for the years ended December 31, 2017 , 2018 , and 2019 , respectively. Included in the 2018 and 2019 depreciation and amortization expense amount is $2.6 million and $6.3 million of depreciation expense, respectively, related to computer software acquired in the CEC merger, which is included in the amortization of intangible assets line on the consolidated statements of income. Construction in progress includes costs of computer software developed for internal use, which is accounted for in accordance with the Internal-Use Software Topic, ASC 350-40. Computer software development costs that are incurred in the preliminary project stage are expensed as incurred. During the development stage, direct consulting costs, payroll, and payroll-related costs for employees that are directly associated with the project are capitalized and amortized over the estimated useful life of the software once placed into operation. Purchases of property and equipment and changes in accounts payable for each of the three years in the period ended December 31, 2019 in the consolidated statements of cash flows have been adjusted to exclude noncash purchases of property and equipment transactions during that period. Leases In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842) ("ASU 2016-02"). ASU 2016-02 is intended to improve financial reporting of leasing transactions by requiring organizations that lease assets to recognize assets and liabilities for the rights and obligations created by leases with a term longer than 12 months. ASU 2016-02 also requires additional quantitative and qualitative disclosures surrounding the amount, timing, and uncertainty of cash flows arising from leases. During 2018 and 2019, the FASB issued additional ASUs amending certain aspects of ASU 2016-02. On January 1, 2019, the Company adopted the new accounting standard and all of the related amendments ("ASC 842") using the modified retrospective method. The Company applied ASU 2016-02 to all leases that had commenced as of January 1, 2019. In addition, as permitted by ASU 2016-02, comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company elected the package of practical expedients permitted under ASU 2016-02, which allowed the Company to not reassess prior conclusions regarding lease identification, lease classification, and initial direct costs under the new standard. As a result of adopting the new standard, the Company recognized a lease liability of $123 million and a right-of-use ("ROU") lease asset of $107 million on January 1, 2019. The standard did not materially impact the Company's consolidated statements of income and cash flows. The Company determines if an arrangement is a lease at inception. Leases with an initial term longer than 12 months are included in right-of-use lease assets, lease liabilities, and lease liabilities, non-current on the Company's consolidated balance sheets. The Company combines lease and non-lease components for all leases. ROU lease assets represent the Company's right to use an underlying asset for the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU lease assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the implicit interest rate for most of the Company's leases cannot be readily determined, the Company uses its incremental borrowing rate based on information available at the commencement date in determining the present value of lease payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term for operating leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company subleases certain building space to third parties and sublease income is recognized on a straight-line basis over the lease term. See Note 8 for additional information. Fair Value The Fair Value Measurement Topic, ASC 820-10 (“ASC 820-10”), establishes a framework for measuring fair value, establishes a fair value hierarchy based upon the observability of inputs used to measure fair value, and expands disclosures about fair value measurements. Assets and liabilities are classified in their entirety within the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Under ASC 820-10, fair value of an investment is the price that would be received to sell an asset or to transfer a liability to an entity in an orderly transaction between market participants at the measurement date. The hierarchy gives the highest priority to assets and liabilities with readily available quoted prices in an active market and lowest priority to unobservable inputs, which require a higher degree of judgment when measuring fair value, as follows: • Level 1 assets or liabilities use quoted prices in active markets for identical assets or liabilities as of the measurement date; • Level 2 assets or liabilities use observable inputs, other than quoted market prices, that are either directly or indirectly observable in the marketplace for identical or similar assets and liabilities; and • Level 3 assets or liabilities use unobservable inputs that are supported by little or no market activity. The Company’s assets and liabilities that are subject to fair value measurement are categorized in one of the three levels above. Fair values are based on the inputs available at the measurement dates, and may rely on certain assumptions that may affect the valuation of fair value for certain assets or liabilities. Goodwill and Intangible Assets Goodwill represents the excess of the purchase price of an acquired business over the amount assigned to the assets acquired and liabilities assumed in a business combination. Indefinite-lived intangible assets, which include trade names, are recorded at fair value on their acquisition date. An indefinite life was assigned to the trade names because they have the continued ability to generate cash flows indefinitely. Goodwill and the indefinite-lived intangible assets are assessed at least annually for impairment on the first day of the fourth quarter, or more frequently if events occur or circumstances change between annual tests that would more likely than not reduce the fair value of the respective reporting unit or indefinite-lived intangible asset below its carrying amount. The Company identifies its reporting units by assessing whether the components of its operating segments constitute businesses for which discrete financial information is available and management regularly reviews the operating results of those components. The Company's goodwill impairment test includes an option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount based on the qualitative assessment, or that a qualitative assessment should not be performed for a reporting unit, the Company proceeds with performing a quantitative goodwill impairment test. In performing the quantitative goodwill impairment test, the Company compares the fair value of the reporting unit to the carrying value of its net assets. If the fair value of the reporting unit exceeds the carrying value of the net assets of the reporting unit, goodwill is not impaired and no further testing is required. If the carrying value of the net assets of the reporting unit exceeds the fair value of the reporting unit, an impairment loss is recognized to the extent the fair value of the reporting unit is less than the carrying value of the reporting unit's net assets. Finite-lived intangible assets that are acquired in business combinations are recorded at fair value on their acquisition dates and are amortized on a straight-line basis over the estimated useful life of the asset. Finite-lived intangible assets consist of student relationships. The Company reviews its finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such assets are not recoverable, a potential impairment loss is recognized to the extent the carrying amount of the assets exceeds the fair value of the assets. Authorized Stock The Company has authorized 32,000,000 shares of common stock, par value $.01 , of which 21,743,498 and 21,964,809 shares were issued and outstanding as of December 31, 2018 and 2019 , respectively. The Company also has authorized 8,000,000 shares of preferred stock, none of which is issued or outstanding. Before any preferred stock may be issued in the future, the Board of Directors would need to establish the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications, and the terms or conditions of the redemption of the preferred stock. The Board of Directors declared a quarterly cash dividend of $0.50 per common share in the first, second, and third quarters of 2019 and a quarterly cash dividend of $0.60 per common share in the fourth quarter of 2019 . The Company paid these quarterly cash dividends in each of March, June, September and December of 2019 . Advertising Costs The Company expenses advertising costs in the quarter incurred. Advertising costs were $66.8 million , $102.6 million and $149.8 million for the years ended December 31, 2017 , 2018 , and 2019 , respectively, following the merger with CEC in August 2018, and are included within General and administration expense in our consolidated statements of income. Stock-Based Compensation As required by the Stock Compensation Topic, ASC 718, the Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors, including employee stock options, restricted stock, restricted stock units, performance stock units, and employee stock purchases related to the Company’s Employee Stock Purchase Plan, based on estimated fair values. The Company records compensation expense for all share-based payment awards ratably over the vesting period. For awards with graded vesting, the Company measures fair value and records compensation expense separately for each vesting tranche. Stock-based compensation expense recognized in the consolidated statements of income for each of the three years in the period ended December 31, 2019 is based on awards ultimately expected to vest and, therefore, has been adjusted for estimated forfeitures. The Company estimates forfeitures at the time of grant and revises the estimate, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The forfeiture rate used is based on historical experience. The Company also assesses the likelihood that performance criteria associated with performance-based awards will be met. If it is determined that it is more likely than not that performance criteria will not be achieved, the Company revises its estimate of the number of shares it believes will ultimately vest. Refer to Note 13 for additional information. Net Income (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the periods. Diluted earnings (loss) per share reflects the potential dilution that could occur assuming conversion or exercise of all dilutive unexercised stock options, restricted stock, and restricted stock units. The dilutive effect of stock awards was determined using the treasury stock method. Under the treasury stock method, all of the following are assumed to be used to repurchase shares of the Company’s common stock: (1) the proceeds received from the exercise of stock options, and (2) the amount of compensation cost associated with the stock awards for future service not yet recognized by the Company. Stock options are not included in the computation of diluted earnings (loss) per share when the stock option exercise price of an individual grant exceeds the average market price for the period. Set forth below is a reconciliation of shares used to calculate basic and diluted earnings (loss) per share for each of the three years ended December 31, 2019 (in thousands): 2017 2018 2019 Weighted average shares outstanding used to compute basic earnings per share 10,678 15,190 21,725 Incremental shares issuable upon the assumed exercise of stock options 39 — 54 Unvested restricted stock and restricted stock units 482 — 318 Shares used to compute diluted earnings (loss) per share 11,199 15,190 22,097 During the years ended December 31, 2018 and 2019 , the Company had approximately 611,000 and 16,000 shares, respectively excluded from the diluted earnings (loss) per share calculation because the effect would have been antidilutive. During the year ended December 31, 2017 , the Company had no issued and outstanding awards that were excluded from the calculation. Comprehensive Income (Loss) Comprehensive income (loss) includes net income (loss) and all changes in the Company’s equity during a period from non-owner sources, which for the Company consists of unrealized gains and losses on available-for-sale marketable securities, net of tax. As of December 31, 2018 and 2019 , the balance of accumulated other comprehensive income was $32,000 , net of tax of $10,000 and $233,000 , net of tax of $90,000 , respectively. There were no reclassifications out of accumulated other comprehensive income to net income (loss) for the years ended December 31, 2018 and 2019 . There were no changes in equity from non-owner sources for the year ended December 31, 2017 . Income Taxes The Company provides for deferred income taxes based on temporary differences between financial statement and income tax bases of assets and liabilities using enacted tax rates in effect in the year in which the differences are expected to reverse. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount that more likely than not will be realized. The Income Taxes Topic, ASC 740, requires the company to determine whether uncertain tax positions should be recognized within the Company’s financial statements. The Company recognizes interest and penalties, if any, related to uncertain tax positions in income tax expense. Uncertain tax positions are recognized when a tax position, based solely on its technical merits, is determined more likely than not to be sustained upon examination. Upon determination, uncertain tax positions are measured to determine the amount of benefit that is greater than 50% likely to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. A tax position is derecognized if it no longer meets the more likely than not threshold of being sustained. The tax years since 2016 remain open for federal tax examination and the tax years since 2015 remain open to examination by state and local taxing jurisdictions in which the Company is subject. Other Investments The Company holds investments in limited partnerships that invest in innovative companies in the health care and education-related technology fields. The Company accounts for the investments in limited partnerships under the equity method. The Company's pro-rata share in the net income of the limited partnerships is included in Other income in our consolidated statements of income. The Company accounts for the investments made through its venture fund, SEI Ventures, at cost less impairment as these investments do not have readily determinable fair value. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the period reported. The most significant management estimates include allowances for doubtful accounts, useful lives of property and equipment and intangible assets, incremental borrowing rates, potential sublease income and vacancy periods, accrued expenses, forfeiture rates and the likelihood of achieving performance criteria for stock-based awards, value of free courses earned by students that will be redeemed in the future, valuation of goodwill and intangible assets, and the provision for income taxes. Actual results could differ from those estimates. Recently Adopted Accounting Pronouncements In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”), which simplifies the accounting for share-based payments granted to nonemployees for goods and services. ASU 2018-07 aligns guidance on share-based payments to nonemployees with the requirements for share-based payments granted to employees, including determination of the measurement date and accounting for performance conditions and for share-based payments after vesting. The Company adopted this guidance as of January 1, 2019 with no material impact on its consolidated financial statements Recently Issued Accounting Standards Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). The new guidance revises the accounting requirements related to the measurement of credit losses and will require organizations to measure all expected credit losses for financial assets based on historical experience, current conditions, and reasonable and supportable forecasts about collectibility. Assets must be presented in the financial statements at the net amount expected to be collected. During 2019, the FASB issued additional ASUs amending certain aspects of ASU 2016-13. The guidance will be effective for the Company's annual and interim reporting periods beginning January 1, 2020, with early adoption permitted. The Company is evaluating this standard and believes that adoption will not significantly impact its financial condition or results of operations. Other ASUs issued by the FASB but not yet effective are not expected to have a material effect on the Company’s consolidated financial statements.

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2019
Business Combinations [Abstract]
Business Combinations	Business Combinations Merger with Capella Education Company On August 1, 2018, the Company completed its merger with CEC and its wholly-owned subsidiaries, pursuant to a merger agreement dated October 29, 2017. The merger enabled the Company to become a national leader in education innovation that improves affordability and enhances career outcomes by offering complementary programs and sharing academic and technological best practices, through a best-in-class corporate platform supporting two independent universities. Pursuant to the merger agreement, the Company issued 0.875 shares of the Company’s common stock for each issued and outstanding share of CEC common stock. Outstanding equity awards held by existing CEC employees and certain non-employee directors of CEC were assumed by the Company and converted into comparable Company awards at the exchange ratio. Outstanding equity awards held by CEC non-employee directors who did not serve as directors of the Company after completion of the merger were converted to Company awards and settled. Outstanding equity awards held by former CEC employees were settled upon completion of the merger in exchange for cash payments as specified in the merger agreement. The following table summarizes the components of the aggregate consideration transferred for the acquisition of CEC (in thousands): Fair value of Company common stock issued in exchange for CEC outstanding shares (1) $ 1,209,483 Fair value of Company equity-based awards issued in exchange for CEC equity-based awards 27,478 Total fair value of consideration transferred $ 1,236,961 _____________________________________________________ (1) The Company issued 10,263,775 common shares at a market price of $117.84 in exchange for each issued and outstanding share of CEC common stock. The Company applied the acquisition method of accounting to CEC’s business, whereby the excess of the acquisition date fair value of consideration transferred over the fair value of identifiable net assets was allocated to goodwill. Goodwill reflects workforce and synergies expected from cost savings, operations, and revenue enhancements of the combined company that are expected to result from the acquisition. The goodwill recorded as part of the merger was allocated to the Strayer University and Capella University reportable segments in the amount of $330.6 million and $394.7 million , respectively, and is not deductible for tax purposes. The Company incurred $20.1 million of acquisition-related costs which were recognized in Merger and integration costs in the consolidated statements of income. Issuance costs of $0.1 million were recognized in additional paid-in capital in the consolidated balance sheets. During the year ended December 31, 2019, the Company finalized the fair value of assets acquired and liabilities assumed. Measurement period adjustments were reflected in the periods in which the adjustments occurred. During the three months ended December 31, 2018, the Company recorded measurement period adjustments that reduced cash and cash equivalents, other assets, and deferred income taxes by $0.5 million , $1.4 million , and $0.1 million , respectively. These adjustments resulted in a $1.8 million increase to goodwill recognized in connection with the CEC merger during the three months ended December 31, 2018. During the year ended December 31, 2019, the Company recorded measurement period adjustments that reduced deferred income taxes and current assets by $3.8 million and $1.9 million , respectively, and increased current liabilities and long-term liabilities by $1.3 million and $0.1 million , respectively. These adjustments resulted in a $0.5 million decrease to goodwill recognized in connection with the CEC merger during the year ended December 31, 2019. All measurement period adjustments are reflected in the fair value of assets acquired and liabilities assumed in the table below. The fair value of assets acquired and liabilities assumed, as well as a reconciliation to consideration transferred is presented in the table below (in thousands): Cash and cash equivalents $ 167,859 Marketable securities 31,419 Tuition receivable 36,716 Income tax receivable 163 Other current assets 9,041 Marketable securities, non-current 34,700 Property and equipment, net 53,182 Other assets 14,556 Intangible assets 349,800 Goodwill 725,275 Total assets acquired 1,422,711 Accounts payable and accrued expenses (48,103 ) Contract liabilities (39,000 ) Deferred income taxes (96,320 ) Other long-term liabilities (2,327 ) Total liabilities assumed (185,750 ) Total consideration $ 1,236,961 The table below presents a summary of intangible assets acquired (in thousands) and the weighted average useful lives of these assets: Fair Value Weighted Average Useful Life in Years Trade names $ 183,800 Indefinite Student relationships 166,000 3 $ 349,800 The Company determined the fair value of assets acquired and liabilities assumed based on assumptions that reasonable market participants would use while employing the concept of highest and best use of the assets and liabilities. The Company utilized the following assumptions, some of which include significant unobservable inputs which would qualify the valuations as Level 3 measurements, and valuation methodologies to determine fair value: • Intangible assets - To determine the fair value of the trade name, the Company used the relief from royalty approach. The excess earnings method was used to estimate the fair value of student relationships. • Property and equipment - Included in property and equipment is course content of $14.0 million , valued using the relief from royalty approach, and internally developed software of $5.0 million , valued using the cost approach. Each will be amortized over three years . All other property and equipment was valued at estimated cost. • Contract liabilities - The Company estimated the fair value of contract liabilities using the cost build-up method, which represents the cost to deliver the services plus a normal profit margin. • Other current and noncurrent assets and liabilities - The carrying value of all other assets and liabilities approximated fair value at the time of acquisition. The operations of CEC were included in the consolidated financial statements as of the acquisition date. The revenue and net loss for CEC reported within the consolidated statements of income for the year ended December 31, 2018 were $160.4 million and $39.6 million , respectively. Pro Forma Financial information The following unaudited pro forma information has been presented as if the CEC acquisition occurred on January 1, 2017. The information is based on the historical results of operations of the acquired business, adjusted for: • The allocation of purchase price and related adjustments, including the adjustments to amortization expense related to the fair value of intangible assets acquired; • The exclusion of acquisition-related costs incurred during the years ended December 31, 2017 and 2018; • Associated tax-related impacts of adjustments; and • Changes to align accounting policies. The pro forma results do not necessarily represent what would have occurred if the acquisition had actually taken place on January 1, 2017, nor do they represent the results that may occur in the future. The pro forma adjustments are based on available information and upon assumptions the Company believes are reasonable to reflect the impact of this acquisition on the Company’s historical financial information on a supplemental pro forma basis. The following table presents the Company's pro forma combined revenues and net income (in thousands). Pro forma results for the year ended December 31, 2019 are not presented below because the results of CEC are included in the Company's December 31, 2019 consolidated statement of income. Pro Forma Combined Year Ended December 31, 2017 Year Ended December 31, 2018 Revenue $ 895,262 $ 923,945 Net Income 16,364 41,058 Acquisition of New York Code and Design Academy On January 13, 2016, the Company acquired all of the outstanding stock of the New York Code and Design Academy, Inc., a provider of web and application software development courses based in New York City. The purchase price included contingent cash payments of up to $12.5 million payable based on NYCDA’s results of operations over 5 years (the “Earnout”). In 2017, the Company recorded a $7.8 million fair value adjustment to reduce the Earnout liability to zero as the Company estimated that no amounts under the Earnout would be paid. The Earnout fair value adjustment is included in the Fair value adjustments and impairment of intangible assets line on the consolidated statements of income. No fair value adjustments were recorded to the Earnout liability in the years ended December 31, 2018 and 2019 . The maximum possible amount that could still be paid under the Earnout is $11.5 million .

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The Company’s revenues primarily consist of tuition revenue arising from educational services provided in the form of classroom instruction and online courses. Tuition revenue is deferred and recognized ratably over the period of instruction, which varies depending on the course format and chosen program of study. Strayer University’s educational programs and Capella University’s GuidedPath classes typically are offered on a quarterly basis and such periods coincide with the Company’s quarterly financial reporting periods, while Capella University’s FlexPath courses are delivered over a twelve-week subscription period. The following table presents the Company’s revenues from contracts with customers disaggregated by material revenue category for the years ended December 31, 2017 , 2018 , and 2019 (in thousands): 2017 2018 2019 Strayer University Segment Tuition, net of discounts, grants and scholarships $ 433,938 $ 451,646 $ 508,734 Other (1) 15,609 19,458 18,298 Total Strayer University Segment 449,547 471,104 527,032 Capella University Segment Tuition, net of discounts, grants and scholarships — 147,138 435,185 Other (1) — 7,780 20,135 Total Capella University Segment — 154,918 455,320 Non-Degree Programs Segment (2) 5,304 8,163 14,785 Consolidated revenue $ 454,851 $ 634,185 $ 997,137 ___________________________________________________________ (1) Other revenue is primarily comprised of academic fees, sales of textbooks, other course materials, and other revenue streams. (2) Non-Degree Programs revenue is primarily comprised of tuition revenue and placement fee revenue. Revenues are recognized when control of the promised goods or services is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods and services. The Company applies the five-step revenue model under ASC 606 to determine when revenue is earned and recognized. Arrangements with students may have multiple performance obligations. For such arrangements, the Company allocates net tuition revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices based on the prices charged to customers and observable market prices. The standalone selling price of material rights to receive free classes in the future is estimated based on class tuition prices and likelihood of redemption based on historical student attendance and completion behavior. At the start of each academic term or program, a contract liability is recorded for academic services to be provided and a tuition receivable is recorded for the portion of the tuition not paid in advance. Any cash received prior to the start of an academic term or program is recorded as a contract liability. Some students may be eligible for scholarship awards, the estimated value of which will be realized in the future and is deducted from revenue when earned, based on historical student attendance and completion behavior. Contract liabilities are recorded as a current or long-term liability in the consolidated balance sheets based on when the benefit is expected to be realized. Course materials available through Capella University enable students to access electronically all required materials for courses in which they enroll during the quarter. Revenue derived from course materials is recognized ratably over the duration of the course as the Company provides the student with continuous access to these materials during the term. For sales of certain other course materials, the Company is considered the agent in the transaction, and as such, the Company recognizes revenue net of amounts owed to the vendor at the time of sale. Revenues also include certain academic fees recognized within the quarter of instruction, and certificate revenue and licensing revenue, which are recognized as the services are provided. Graduation Fund In 2013, Strayer University introduced the Graduation Fund, which allows new undergraduate students to earn tuition credits that are redeemable in the final year of a student’s course of study if he or she successfully remains in the program. New students registering in credit-bearing courses in any undergraduate program receive one free course for every three courses that are successfully completed. Students must meet all of Strayer University’s admission requirements, and must be enrolled in a bachelor’s degree program. The Company’s employees and their dependents are not eligible for the program. Students who have more than one consecutive term of non-attendance lose any Graduation Fund credits earned to date, but may earn and accumulate new credits if the student is reinstated or readmitted by Strayer University in the future. Revenue from students participating in the Graduation Fund is recorded in accordance with ASC 606. The Company defers the value of the related performance obligation associated with the credits estimated to be redeemed in the future based on the underlying revenue transactions that result in progress by the student toward earning the benefit. The Company’s estimate of the benefits that will be redeemed in the future is based on its historical experience of student persistence toward completion of a course of study within this program and similar programs. Each quarter, the Company assesses its methodologies and assumptions underlying these estimates, and to date, any adjustments to the estimates have not been material. The amount estimated to be redeemed in the next 12 months is $19.6 million and is included as a current contract liability in the consolidated balance sheets. The remainder is expected to be redeemed within two to four years . The table below presents activity in the Graduation Fund for the years ended December 31, 2018 and 2019 (in thousands): December 31, 2018 December 31, 2019 Balance at beginning of period $ 37,400 $ 43,329 Revenue deferred 27,349 30,071 Benefit redeemed (21,420 ) (23,759 ) Balance at end of period $ 43,329 $ 49,641 Unbilled receivables – Student tuition Academic materials may be shipped to certain new undergraduate students in advance of the term of enrollment. Under ASC 606, the materials represent a performance obligation to which the Company allocates revenue based on the fair value of the materials relative to the total fair value of all the performance obligations in the arrangement with the student. When control of the materials passes to the student in advance of the term of enrollment, an unbilled receivable and related revenue is recorded. Following adoption of ASC 606 on January 1, 2018, the balance of unbilled receivables related to such materials was $1.3 million as of December 31, 2019 , and is included in tuition receivable.

Restructuring and Related Charg

Restructuring and Related Charges	12 Months Ended
	Dec. 31, 2019
Restructuring and Related Activities [Abstract]
Restructuring and Related Charges	Restructuring and Related Charges In October 2013, the Company implemented a restructuring to better align the Company’s resources with student enrollments at the time. This restructuring included the closing of 20 physical locations and reductions in the number of campus-based and corporate employees. At the time of this restructuring, a liability for lease obligations, some of which continue through 2022, was recorded and measured at fair value using a discounted cash flow approach encompassing significant unobservable inputs (Level 3). The estimation of future cash flows included non-cancelable contractual lease costs over the remaining terms of the leases discounted at the Company’s marginal borrowing rate of 4.5% , partially offset by estimated future sublease rental income discounted at credit-adjusted rates. In addition, the Company incurred personnel-related restructuring charges due to cost reduction efforts and management changes. These changes are primarily intended to integrate CEC successfully and establish an efficient ongoing cost structure for the Company. The following details the changes in the Company’s restructuring liability for the years ended December 31, 2017 , 2018 , and 2019 (in thousands): Lease and Related Costs, Net Severance and Other Employee Separation Costs Total Balance at December 31, 2016 $ 11,985 $ — $ 11,985 Restructuring and other charges (1) — 3,414 3,414 Payments (3,623 ) (3,414 ) (7,037 ) Adjustments (2) 419 — 419 Balance at December 31, 2017 8,781 — 8,781 Restructuring and other charges (1) — 16,319 16,319 Payments (2,684 ) (1,972 ) (4,656 ) Adjustments (2) 443 — 443 Balance at December 31, 2018 (3) 6,540 14,347 20,887 Restructuring and other charges (1) — 3,920 3,920 Payments — (9,984 ) (9,984 ) Adjustments (2) (6,540 ) — (6,540 ) Balance at December 31, 2019 (3) $ — $ 8,283 $ 8,283 ___________________________________________________________ (1) Restructuring and other charges were $3.4 million , $16.3 million , and $3.9 million for the years ended December 31, 2017 , 2018 , and 2019 , respectively. Restructuring and other charges are included in Merger and integration costs on the consolidated statements of income. (2) For the years ended December 31, 2017 and 2018 , adjustments include accretion of interest on lease costs, partially offset by changes in the timing and expected income from subleases. For the year ended December 31, 2019 , adjustments represent the impact of adopting ASC 842 on January 1, 2019. In accordance with ASC 842, the lease related restructuring liability balance as of December 31, 2018 was netted against the initial ROU lease asset recognized upon adoption. Asset retirement obligations related to these restructured properties are also included in the adjustments amount. (3) The current portion of restructuring liabilities was $9.8 million and $6.4 million as of December 31, 2018 and December 31, 2019 , respectively, which are included in accounts payable and accrued expenses. The long-term portion is included in other long-term liabilities.

Marketable Securities

Marketable Securities	12 Months Ended
	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	Marketable Securities The following is a summary of available-for-sale securities as of December 31, 2019 (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Losses) Estimated Fair Value Corporate debt securities $ 42,584 $ 165 $ (40 ) $ 42,709 Tax-exempt municipal securities 23,301 112 (215 ) 23,198 Variable rate demand notes 5,600 — — 5,600 Total $ 71,485 $ 277 $ (255 ) $ 71,507 The following is a summary of available-for-sale securities as of December 31, 2018 (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Losses) Estimated Fair Value Corporate debt securities $ 48,202 $ 12 $ (284 ) $ 47,930 Tax-exempt municipal securities 22,858 45 (34 ) 22,869 Variable rate demand notes 4,000 — — 4,000 Total $ 75,060 $ 57 $ (318 ) $ 74,799 The unrealized gains and losses on the Company’s investments in municipal and corporate debt securities as of December 31, 2018 and 2019 were caused by changes in market values primarily due to interest rate changes. As of December 31, 2019 , the Company had no securities which were in an unrealized loss position for a period longer than twelve months. The Company does not intend to sell these securities, and it is not more likely than not that the Company will be required to sell these securities prior to the recovery of their amortized cost basis, which may be at maturity. No other-than-temporary impairment charges were recorded during the years ended December 31, 2018 and 2019 . The following table summarizes the maturities of the Company’s marketable securities as of December 31, 2018 and 2019 (in thousands): December 31, 2018 December 31, 2019 Due within one year $ 37,121 $ 34,874 Due after one year through five years 37,678 36,633 Total $ 74,799 $ 71,507 Amounts due within one year in the table above included $5.6 million of variable rate demand notes, with contractual maturities ranging from 18 years to 26 years as of December 31, 2019 . The variable rate demand notes are floating rate municipal bonds with embedded put options that allow the Company to sell the security at par plus accrued interest on a settlement basis ranging from one day to seven days . The Company has classified these securities based on their effective maturity date, which ranges from one day to seven days from the balance sheet date. The Company received $16.4 million and $43.8 million of proceeds from the maturities of available-for-sale securities during the years ended December 31, 2018 and 2019 , respectively. The Company did not record any gross realized gains or gross realized losses in net income during the years ended December 31, 2018 and 2019 . Additionally, there were no proceeds from sales of marketable securities prior to maturity during the years ended December 31, 2018 and 2019 .

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment The composition of property and equipment as of December 31, 2018 and 2019 is as follows (in thousands): 2018 2019 Estimated useful life (years) Land $ 7,138 $ 7,138 — Buildings and improvements 20,883 21,143 5-40 Furniture and office equipment 76,856 73,457 5-7 Computer hardware 13,546 10,173 3-7 Computer software 129,519 137,150 3-10 Leasehold improvements 44,215 49,241 3-10 Construction in progress 8,354 7,808 — 300,511 306,110 Accumulated depreciation and amortization (177,834 ) (189,081 ) $ 122,677 $ 117,029

Leases

Leases	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Leases	Leases The Company has long-term, non-cancelable operating leases for campuses and other administrative facilities. These leases generally range from 1 year to 10 years and may include renewal options to extend the lease term. In addition, the leases commonly include lease incentives in the form of rent abatements and tenant improvement allowances ("TIAs"). The Company subleases certain portions of unused building space to third parties. During the year ended December 31, 2019 , the Company recognized $33.5 million of lease costs. The components of lease costs were as follows for the year ended December 31, 2019 (in thousands): Year ended Lease cost: Operating lease cost (1) $ 35,335 Short-term lease cost 885 Sublease income (2,696 ) Total lease costs $ 33,524 ___________________________________________________________ (1) Operating lease cost includes a $6.0 million of right-of-use lease asset impairment charge, which is included in Merger and integration costs on the consolidated statements of income, related to redundant leased space that was vacated during the year. The following table provides a summary of the Company's average lease term and discount rate as of December 31, 2019 : As of December 31, 2019 Weighted-average remaining lease term (years) 5.7 Weighted-average discount rate 4.15 % Supplemental information related to the Company's leases for the year ended December 31, 2019 (in thousands): Year ended Cash paid for amounts included in the measurement of lease liabilities $ 32,883 Right-of-use assets obtained in exchange for operating lease liabilities $ 4,431 Leasehold improvements obtained in exchange for TIAs paid directly to third parties $ 2,156 Maturities of lease liabilities (in thousands): Year Ending December 31, 2020 $ 29,178 2021 24,351 2022 15,479 2023 12,376 2024 10,692 Thereafter 27,592 Total lease payments (1) 119,668 Less: interest (13,827 ) Present value of lease liabilities $ 105,841 __________________________________________________________ (1) Excludes $6.5 million of legally binding minimum payments for leases signed but not yet commenced. The minimum rental commitments for the Company as of December 31, 2018 were as follows (in thousands): Minimum Rental Commitments (1) 2019 $ 33,600 2020 28,399 2021 23,485 2022 13,770 2023 10,316 Thereafter 32,745 Total $ 142,315 __________________________________________________________ (1) Amounts are based on the accounting guidance in ASC 840, Leases, that was superseded upon the Company's adoption of ASC 842 on January 1, 2019. Rent expense was $33.6 million and $35.9 million for the years ended December 31, 2017 and 2018 , respectively.

Fair Value Measurement

Fair Value Measurement	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement Assets and liabilities measured at fair value on a recurring basis consist of the following as of December 31, 2019 (in thousands): Fair Value Measurements at Reporting Date Using December 31, Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds $ 30,693 $ 30,693 $ — $ — Marketable securities: Corporate debt securities 42,709 — 42,709 — Tax-exempt municipal securities 23,198 — 23,198 — Variable rate demand notes 5,600 — 5,600 — Total assets at fair value on a recurring basis $ 102,200 $ 30,693 $ 71,507 $ — Liabilities: Deferred payments $ 3,257 $ — $ — $ 3,257 Assets and liabilities measured at fair value on a recurring basis consist of the following as of December 31, 2018 (in thousands): Fair Value Measurements at Reporting Date Using December 31, Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds $ 1,791 $ 1,791 $ — $ — Marketable securities: Corporate debt securities 48,430 — 48,430 — Tax-exempt municipal securities 22,869 — 22,869 — Variable rate demand notes 4,000 — 4,000 — Total assets at fair value on a recurring basis $ 77,090 $ 1,791 $ 75,299 $ — Liabilities: Deferred payments $ 4,120 $ — $ — $ 4,120 The Company measures the above items on a recurring basis at fair value as follows: • Money market funds — Classified in Level 1 is excess cash the Company holds in both taxable and tax-exempt money market funds, which are included in cash and cash equivalents in the accompanying consolidated balance sheets. The Company records any net unrealized gains and losses for changes in fair value as a component of accumulated other comprehensive income in stockholders’ equity. The Company’s cash and cash equivalents held at December 31, 2018 and 2019 , approximate fair value and are not disclosed in the above tables because of the short-term nature of the financial instruments. • Marketable securities – Classified in Level 2 and valued using readily available pricing sources for comparable instruments utilizing observable inputs from active markets. The Company does not hold securities in inactive markets. • Deferred payments — The Company acquired certain assets and entered into deferred payment arrangements with the sellers in transactions that occurred in 2011 and 2016. The deferred payments are classified within Level 3 as there is no liquid market for similarly priced instruments and are valued using discounted cash flow models that encompass significant unobservable inputs. The assumptions used to prepare the discounted cash flows include estimates for interest rates, enrollment growth, retention rates, and pricing strategies. These assumptions are subject to change as the underlying data sources evolve and the programs mature. The short-term portion of deferred payments was $1.6 million as of December 31, 2019 and is included in accounts payable and accrued expense. The Company did not change its valuation techniques associated with recurring fair value measurements from prior periods and did not transfer assets or liabilities between levels of the fair value hierarchy during the years ended December 31, 2018 or 2019 . Changes in the fair value of the Company’s Level 3 liabilities during the years ended December 31, 2018 and 2019 are as follows (in thousands): December 31, 2018 December 31, 2019 Balance as of the beginning of period $ 4,514 $ 4,120 Amounts paid (1,412 ) (1,579 ) Other adjustments to fair value 1,018 716 Balance at end of period $ 4,120 $ 3,257

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill The following table presents changes in the carrying value of goodwill by segment for the years ended December 31, 2018 and 2019 (in thousands): Strayer University Capella University Non-Degree Programs Total Balance as of December 31, 2017 $ 6,800 $ — $ 13,944 $ 20,744 Additions 330,581 393,348 — 723,929 Impairments — — (13,944 ) (13,944 ) Adjustments — 1,811 — 1,811 Balance as of December 31, 2018 337,381 395,159 — 732,540 Additions — — — — Impairments — — — — Adjustments — (465 ) — (465 ) Balance as of December 31, 2019 $ 337,381 $ 394,694 $ — $ 732,075 The additions to goodwill during the year ended December 31, 2018 were due to the acquisition of CEC described in Note 3. During the year ended December 31, 2019, the Company recorded $0.5 million of net measurement period adjustments to goodwill, as described in Note 3. The Company assesses goodwill at least annually for impairment on the first day of the fourth quarter, or more frequently if events occur or circumstances change between annual tests that would more likely than not reduce the fair value of the respective reporting unit below its carrying amount. In 2019, the Company performed a qualitative impairment assessment of goodwill assigned to its Capella University and JWMI reporting units using the first day of the fourth quarter of 2019 as the assessment date. The Company evaluated the likelihood of impairment by considering qualitative factors relevant to the reporting units, such as macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, and any other factors that have a significant bearing on fair value. Based on the results of its qualitative impairment analysis, the Company determined that no impairment indicators existed for the Capella University and JWMI reporting units as of the assessment date. In 2019, The Company elected to bypass a qualitative impairment assessment for goodwill assigned to the Strayer University reporting unit and proceeded directly to a quantitative impairment assessment using the first day of the fourth quarter of 2019 as the assessment date. The Company used an income-based approach to determine the fair value of the Strayer University reporting unit. The income approach consisted of a discounted cash flow model that included projections of future cash flows for the Strayer University reporting unit, calculating a terminal value, and discounting such cash flows by a risk-adjusted rate of return. The determination of fair value consists of using unobservable inputs under the fair value measurement standards. The Company believes that the most critical assumptions and estimates used in determining the estimated fair value of the Strayer University reporting unit include, but are not limited to, the amounts and timing of expected future cash flows, the discount rate, and the terminal growth rate. The assumptions used in determining the expected future cash flows consider various factors such as historical operating trends, particularly in student enrollment and pricing, anticipated economic and regulatory conditions, reasonable expectations for planned business expansion opportunities, and long-term operating strategies and initiatives. The discount rate is based on the Company's assumption of a prudent investor's required rate of return for assuming the risk of investing in a particular company. The terminal growth rate reflects the sustainable operating income a reporting unit could generate in a perpetual state as a function of revenue growth, inflation, and future margin expectations. The Company also believes that these assumptions are consistent with a reasonable market participant view while employing the concept of highest and best use of the asset. Based on the results of its quantitative impairment assessment, the Company concluded that the fair value of its Strayer University reporting unit exceeded its carrying value. Accordingly, no goodwill impairment charges were recorded during the year ended December 31, 2019 . During the year ended December 31, 2018, the Company recorded a goodwill impairment charge of $13.9 million related to its NYCDA reporting unit (which, following the CEC merger, is included in the Non-Degree Programs segment) based on a quantitative impairment analysis performed. The goodwill impairment charge represented the excess of the carrying value of the net assets of the NYCDA reporting unit over its estimated fair value and is reflected within the Fair value adjustments and impairment of intangible assets line in the consolidated statements of income. There were no goodwill impairment charges recorded during the year ended December 31, 2017 . Intangible Assets The following table represents the balance of the Company’s intangible assets for the years ended December 31, 2018 and 2019 (in thousands): December 31, 2018 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Subject to amortization Student relationships $ 166,000 $ (23,056 ) $ 142,944 $ 166,000 $ (78,389 ) $ 87,611 Not subject to amortization Trade names 185,400 — 185,400 185,400 — 185,400 Total $ 351,400 $ (23,056 ) $ 328,344 $ 351,400 $ (78,389 ) $ 273,011 The Company’s finite-lived intangible assets are comprised of student relationships, which are being amortized on a straight-line basis over a three -year useful life. Straight-line amortization expense for finite-lived intangible assets reflects the pattern in which the assets' economic benefits are consumed over their estimated useful lives. Amortization expense related to finite-lived intangible assets was $23.1 million and $55.3 million for the years ended December 31, 2018 and 2019 , respectively. The following table presents future amortization expense for finite-lived intangible assets as of December 31, 2019 (in thousands): 2020 $ 55,333 2021 32,278 2022 — 2023 — 2024 — 2025 and thereafter — Total $ 87,611 Indefinite-lived intangible assets not subject to amortization consist of trade names. The Company assigned an indefinite useful life to its trade name intangible assets, as it is believed these assets have the ability to generate cash flows indefinitely. In addition, there are no legal, regulatory, contractual, economic, or other factors to limit the useful life of the trade name intangibles. The Company assesses indefinite-lived intangible assets at least annually for impairment on the first day of the fourth quarter, or more frequently if events occur or circumstances change between annual tests that would more likely than not reduce the fair value of the respective reporting unit below its carrying amount. In 2019, the Company performed a qualitative impairment assessment related to its indefinite-lived intangible assets using the first day of the fourth quarter of 2019 as the assessment date. The Company evaluated the likelihood of impairment by considering qualitative factors, such as macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, and any other factors that have a significant bearing on fair value. Based on the results of its qualitative impairment analysis, the Company determined that no impairment indicators existed for the indefinite-lived intangible assets as of the assessment date. Accordingly, no impairment charges related to indefinite-lived intangible assets were recorded during the year ended December 31, 2019 . During the year ended December 31, 2018, the Company recorded an indefinite-lived intangible asset impairment charge of $5.4 million related to the NYCDA trade name based on a quantitative impairment analysis performed. The indefinite-lived intangible asset impairment charge represented the excess of the carrying value of the NYCDA trade name over its estimated fair value and is reflected within the Fair value adjustments and impairment of intangible assets line in the consolidated statements of income. There were no indefinite-lived intangible asset impairment charges recorded during the year ended December 31, 2017 .

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	12 Months Ended
	Dec. 31, 2019
Payables and Accruals [Abstract]
Accounts Payables and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consist of the following as of December 31, 2018 and 2019 (in thousands): 2018 2019 Trade payables $ 36,566 $ 47,503 Accrued compensation and benefits 35,844 33,924 Accrued student obligations 4,284 4,580 Real estate liabilities 5,156 751 Other 4,129 4,070 Accounts payable and accrued liabilities $ 85,979 $ 90,828

Long Term Debt

Long Term Debt	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Long Term Debt	Long Term Debt On August 1, 2018, the Company entered into an amended credit facility (the “Amended Credit Facility”), which provides for a senior secured revolving credit facility (the “Revolver”) in an aggregate principal amount of up to $250 million . The Amended Credit Facility provides the Company with an option, under certain conditions, to increase the commitments under the Revolver or establish one or more incremental term loans (each, an “Incremental Facility”) in an amount up to the sum of (x) $150 million and (y) if such Incremental Facility is incurred in connection with a permitted acquisition, any amount so long as the Company’s leverage ratio (calculated on a trailing four-quarter basis) on a pro forma basis will be no greater than 1.75:1.00. The maturity date of the Amended Credit Facility is August 1, 2023. The Company paid approximately $1.2 million in debt financing costs associated with the Amended Credit Facility, and these costs are being amortized on a straight-line basis over the five-year term of the Amended Credit Facility. Borrowings under the Revolver will bear interest at a per annum rate equal to, at the Company’s election, LIBOR or a base rate, plus a margin ranging from 1.50% to 2.00% depending on the Company’s leverage ratio. The Company also is subject to a quarterly unused commitment fee ranging from 0.20% to 0.30% per annum depending on the Company’s leverage ratio, times the daily unused amount under the Revolver. The Amended Credit Facility is guaranteed by all domestic subsidiaries, subject to certain exceptions, and secured by substantially all of the assets of the Company and its subsidiary guarantors. The Amended Credit Facility contains customary affirmative and negative covenants, representations, warranties, events of default, and remedies upon default, including acceleration and rights to foreclose on the collateral securing the Amended Credit Facility. In addition, the Amended Credit Facility requires that the Company satisfy certain financial maintenance covenants, including: • A leverage ratio of not greater than 2 to 1. Leverage ratio is defined as the ratio of total debt to trailing four-quarter EBITDA (earnings before interest, taxes, depreciation, amortization, and noncash charges, such as stock-based compensation). • A coverage ratio of not less than 1.75 to 1. Coverage ratio is defined as the ratio of trailing four-quarter EBITDA and rent expense to trailing four-quarter interest and rent expense. • A U.S. Department of Education (“Department” or "Department of Education") Financial Responsibility Composite Score of not less than 1.5 . The Company was in compliance with all the covenants of the Amended Credit Facility at December 31, 2019 . During the years ended December 31, 2018 and 2019 , the Company paid unused commitment fees of $0.4 million and $0.5 million , respectively. The Company had no borrowings under the Revolver during 2017 , 2018 and 2019 .

Equity Awards

Equity Awards	12 Months Ended
	Dec. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Awards	Equity Awards On November 6, 2018, the Company’s shareholders approved the Strategic Education, Inc. 2018 Equity Compensation Plan (the “2018 Plan”), which replaced the Strayer Education, Inc. 2015 Equity Compensation Plan (the “2015 Plan”). The 2018 Plan provides for the granting of restricted stock, restricted stock units, stock options intended to qualify as incentive stock options, options that do not qualify as incentive stock options, and other forms of equity compensation and performance-based awards to employees, officers, and directors of the Company, or to a consultant or advisor to the Company, at the discretion of the Board of Directors. Vesting provisions are at the discretion of the Board of Directors. Options may be granted at option prices based at or above the fair market value of the shares at the date of grant. The maximum term of the awards granted under the 2018 Plan is ten years . The number of shares of common stock authorized for issuance under the 2018 Plan is 700,000 , plus the number of shares available for grant under the 2015 Plan at the time of stockholder approval of the 2018 Plan, plus the number of shares which may in the future become available under the 2015 Plan due to forfeitures of outstanding awards. As of December 31, 2019 , the Company has issued and outstanding awards under the 2018 Plan as well as the 2015 Plan, the Capella Education Company 2005 Stock Incentive Plan, and the Capella Education Company 2014 Equity Incentive Plan (collectively, the “Prior Plans”). Dividends paid on unvested restricted stock are reimbursed to the Company, and dividend equivalents accumulated on unvested restricted stock units are forfeited, if the recipient forfeits his or her shares as a result of termination of employment prior to vesting in the award, other than as a result of the recipient’s death, disability, or certain qualifying terminations in connection with a change in control of the Company, or unless waived by the Company. Restricted Stock and Restricted Stock Units The table below sets forth the restricted stock and restricted stock units activity for each of the three years in the period ended December 31, 2019 : Number of shares or units Weighted- average grant price Balance, December 31, 2016 727,100 $ 97.53 Grants 75,140 82.18 Vested shares (84,908 ) 66.60 Forfeitures (1,204 ) 62.28 Balance, December 31, 2017 716,128 99.65 Grants 159,005 93.30 Awards assumed through acquisition of CEC 136,324 118.29 Vested shares (236,164 ) 76.78 Forfeitures (37,343 ) 83.69 Balance, December 31, 2018 737,950 114.43 Grants 158,748 128.87 Vested shares (393,588 ) 141.75 Forfeitures (34,160 ) 79.02 Balance, December 31, 2019 468,950 $ 98.98 Stock Options The table below sets forth the stock option activity and other stock option information for each of the three years in the period ended December 31, 2019 : Number of shares Weighted- average exercise price Weighted- average remaining contractual life (years) Aggregate intrinsic value (1) (in thousands) Balance, December 31, 2016 100,000 $ 51.95 4.1 $ 2,868 Grants — — Exercises — — Forfeitures — — Balance, December 31, 2017 100,000 51.95 3.1 3,763 Grants — — Awards assumed through acquisition of CEC 319,846 66.98 Exercises (162,831 ) 58.11 Forfeitures (769 ) 51.96 Balance, December 31, 2018 256,246 66.80 7.0 11,947 Grants — — Exercises (208,114 ) 67.61 Forfeitures/Expirations (2,036 ) 58.38 Balance, December 31, 2019 46,096 $ 63.49 5.2 $ 4,398 Exercisable, December 31, 2019 24,246 $ 60.27 4.0 $ 2,391 __________________________________________________________________________ (1) The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the respective trading day and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holder had all options been exercised on the respective trading day. The amount of intrinsic value will change based on the fair market value of the Company’s common stock. The Company received $8.6 million and paid $1.8 million of net cash proceeds related to stock options exercised during the years ended December 31, 2018 and 2019 , respectively. The aggregate intrinsic value of the stock options exercised during the years ended December 31, 2018 and 2019 was $11.3 million and $17.4 million , respectively. No stock options were exercised during the year ended December 31, 2017 . Valuation and Expense Information under Stock Compensation Topic ASC 718 At December 31, 2019 , total stock-based compensation cost which has not yet been recognized was $24.7 million for unvested restricted stock, restricted stock units, and stock option awards. This cost is expected to be recognized over the next 23 months on a weighted-average basis. Approximately 313,000 shares of restricted stock awards are subject to performance conditions. The accrual for stock-based compensation for performance awards is based on the Company’s estimates that such performance criteria are probable of being achieved over the respective vesting periods. Such a determination involves judgment surrounding the Company’s ability to maintain regulatory compliance. If the performance targets are not reached during the respective vesting period, or it is determined it is more likely than not that the performance criteria will not be achieved, related compensation expense is adjusted. The following table reflects the amount of stock-based compensation expense recorded in each of the expense line items for the years ended December 31, 2017 , 2018 , and 2019 (in thousands): 2017 2018 2019 Instructional and support costs $ 1,943 $ 2,588 $ 3,823 General and administration 9,684 10,702 7,970 Merger and integration costs — 2,242 367 Stock-based compensation expense included in operating expense 11,627 15,532 12,160 Tax benefit 4,593 3,922 3,126 Stock-based compensation expense, net of tax $ 7,034 $ 11,610 $ 9,034 During the years ended December 31, 2017 , 2018 , and 2019 , the Company recognized tax windfalls related to share-based payment arrangements of approximately $0.6 million , $3.5 million , and $4.0 million , respectively, which were adjustments to the provision (benefit) for income taxes.

Other Long-Term Liabilities

Other Long-Term Liabilities	12 Months Ended
	Dec. 31, 2019
Other Liabilities, Noncurrent [Abstract]
Other Long-Term Liabilities	Other Long-Term Liabilities Other long-term liabilities consist of the following as of December 31, 2018 and 2019 (in thousands): 2018 2019 Contract liabilities, net of current portion $ 23,880 $ 30,925 Deferred payments related to acquisitions 5,904 4,963 Deferred rent and other facility costs 6,837 1,961 Employee separation costs 6,800 1,838 Loss on facilities not in use 4,332 — Lease incentives 2,300 — Other 1,263 1,764 Other long-term liabilities $ 51,316 $ 41,451 Contract Liabilities As discussed in Note 4, in connection with its student tuition contracts, the Company has an obligation to provide free classes in the future should certain eligibility conditions be maintained (the Graduation Fund). Long-term contract liabilities represent the amount of revenue under these arrangements that the Company expects will be realized after one year. Employee Separation Costs Severance and other employee separation costs to be paid after one year. Deferred Rent and Other Facility Costs and Loss on Facilities Not in Use Prior to the adoption of ASC 842 on January 1, 2019, the Company recorded a liability for lease costs of campus and non-campus facilities that are not currently in use (see Note 5). For facilities still in use, the Company recorded rent expense on a straight-line basis over the initial term of a lease. The difference between the rent payment and the straight-line rent expense was recorded as a liability. Upon adoption of ASC 842, these liability balances were netted against the ROU asset recognized on January 1, 2019. As such, there are no long-term liability balances for deferred rent and loss on facilities not in use as of December 31, 2019 . At December 31, 2018 and 2019 , the Company had $1.9 million and $2.1 million , respectively, included in the deferred rent and other facility costs balances, which relate to asset retirement obligations for lease agreements requiring the leased premises to be returned in a predetermined condition. Deferred Payments Related to Acquisitions In connection with previous acquisitions, the Company acquired certain assets and entered into deferred payment arrangements with the sellers. The deferred payment arrangements are valued at approximately $3.1 million and $2.2 million as of December 31, 2018 and 2019 , respectively. In addition, one of the sellers contributed $2.8 million to the Company representing the seller’s continuing interest in the assets acquired. Lease Incentives In conjunction with the opening of new campuses or renovation of existing campuses, the Company, in some instances, was reimbursed by the lessors for improvements made to the leased properties. Prior to the adoption of ASC 842 on January 1, 2019, the underlying assets were capitalized as leasehold improvements and a liability was established for the reimbursements in accordance with ASC 840-20. The leasehold improvements and the liability are amortized on a straight-line basis over the corresponding lease terms, which generally range from five years to ten years . Upon adoption of ASC 842, the liability balance associated with the reimbursement was netted against the ROU asset recognized on January 1, 2019. As such, there is no lease incentive long-term liability balance as of December 31, 2019 .

Other Employee Benefit Plans

Other Employee Benefit Plans	12 Months Ended
	Dec. 31, 2019
Retirement Benefits [Abstract]
Other Employee Benefit Plans	Other Employee Benefit Plans The Company sponsors the Strayer Education, Inc. 401(k) Plan and the Capella Education Company Retirement Savings Plan which, collectively, cover all eligible employees of the Company. Effective January 1, 2020, participants may voluntarily contribute up to $19,500 of their base compensation annually. Discretionary contributions were made by the Company to participants of the Strayer Education, Inc. 401(k) Plan matching 50% of employee deferrals up to a maximum of 3% of the employee’s annual salary. Under the Capella Education Company Retirement Savings Plan, the Company matches 100% on the first 2% , and 50% on the next 4% , of the employee contributions. The Company’s contributions to these plans totaled $1.3 million , $3.5 million and $7.2 million for the years ended December 31, 2017 , 2018 , and 2019 , respectively. In May 1998, the Company adopted the Strayer Education, Inc. Employee Stock Purchase Plan (“ESPP”). Under the ESPP, eligible employees may purchase shares of the Company’s common stock, subject to certain limitations, at 90% of its market value at the date of purchase. Purchases are limited to 10% of an employee’s eligible compensation. The aggregate number of shares of common stock that may be made available for purchase by participating employees under the ESPP is 2,500,000 shares. Shares purchased in the open market for employees for the years ended December 31, 2017 , 2018 , and 2019 were as follows: Shares purchased Average price per share 2017 4,718 $ 77.05 2018 4,647 $ 100.34 2019 4,918 $ 126.83

Stock Repurchase Plan

Stock Repurchase Plan	12 Months Ended
	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
Stock Repurchase Plan	Stock Repurchase Plan In November 2003, the Company’s Board of Directors authorized the Company to repurchase up to an aggregate of $15 million in value of common stock in open market purchases from time to time at the discretion of the Company’s management depending on market conditions and other corporate considerations. The Company’s Board of Directors amended the program on various dates, increasing the repurchase amount authorized and extending the expiration date. At December 31, 2019 , $70 million of the Company’s share repurchase authorization was remaining and in February 2020 the Board of Directors increased its authorization for share repurchases to $250 million through December 31, 2020. All of the Company’s share repurchases were effected in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. This stock repurchase plan may be modified, suspended, or terminated at any time by the Company without notice. Repurchases of common stock are recorded as a reduction to additional paid-in capital. To the extent additional paid-in capital had been reduced to zero through stock repurchases, retained earnings was then reduced. No shares were repurchased on the open market under the stock repurchase plan during each of the three years ended December 31, 2017 , 2018 , and 2019 .

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Universities participate in various federal student financial assistance programs which are subject to audit by agencies, including the Department of Education, the Veterans Administration, and the Department of Defense. Management believes that the potential effects of audit adjustments, if any, for the periods currently under audit will not have a material adverse effect, individually or in the aggregate, on the Company’s consolidated financial position, results of operations, or cash flows.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes On December 22, 2017, the Tax Cuts and Jobs Act (the “2017 Act”) was signed into law, enacting a broad range of tax reform legislation affecting businesses, including reducing the corporate tax rate from 35% t o 21% for tax years beginning after December 31, 2017. The company recognized the income tax effects of the 2017 Act in accordance with Staff Accounting Bulletin No. 118 and revalued its federal deferred tax assets based upon the new 21% rate, which resulted in an $11.4 million provisional charge recorded to income tax expense during the year ended December 31, 2017. During 2018, the Company completed the accounting for all of the enactment-date income tax effects of the 2017 Act and recognized a $1.2 million tax benefit related to adjustments to the provisional amount recorded as of December 31, 2017. The 2017 Act also allows for immediate full expensing for property placed in service after September 27, 2017 and before January 1, 2023. The Company made the election to accelerate these deductions for the year ended December 31, 2017 tax returns. In addition, the 2017 Act places limitations on the deductibility of certain executive compensation awards in the future. In February 2019, to align compensation and benefit plans after completion of the merger with CEC, the Compensation Committee of the Company’s Board of Directors took action to terminate all deferred compensation arrangements, including for employees already participating in such arrangements. These changes affect the tax deductibility of certain arrangements, which resulted in a discrete item recorded during the three months ended March 31, 2019, reducing the Company’s deferred tax assets by $11.5 million , and increasing the Company’s 2019 effective tax rate and future cash tax payments. The income tax provision (benefit) for the years ended December 31, 2017 , 2018 and 2019 is summarized below (in thousands): 2017 2018 2019 Current: Federal $ 21,156 $ 9,069 $ 37,878 State 4,477 3,785 11,584 Total current 25,633 12,854 49,462 Deferred: Change in federal tax rate due to the 2017 Act 11,375 — — Federal (3,193 ) (13,381 ) (7,009 ) State (1,781 ) (2,941 ) 133 Total deferred 6,401 (16,322 ) (6,876 ) Total provision (benefit) for income taxes $ 32,034 $ (3,468 ) $ 42,586 The tax effects of the principal temporary differences that give rise to the Company’s net deferred tax asset (liability) are as follows as of December 31, 2018 and 2019 (in thousands): 2018 2019 Deferred leasing costs $ 1,673 $ 27,074 Allowance for doubtful accounts 7,943 8,884 Contract liabilities 6,107 8,139 Stock-based compensation 19,834 6,322 Capital loss carryforward 4,174 4,459 Other 3,650 1,955 Other facility-related costs 2,080 489 Intangible assets (82,022 ) (65,777 ) Right-of-use lease assets — (21,673 ) Property and equipment (18,441 ) (13,120 ) Valuation allowance (4,356 ) (4,694 ) Net deferred tax asset (liability) $ (59,358 ) $ (47,942 ) The valuation allowance for deferred tax assets as of December 31, 2018 and 2019 was $4.4 million and $4.7 million , respectively, and is primarily related to capital loss carryforwards acquired in the merger with CEC. The Company concluded that it was more likely than not that the deferred tax asset for the capital loss carryforward would not be realized due to a lack of history of recognizing capital gains. As of December 31, 2018 and 2019 , the Company’s liabilities for unrecognized tax benefits are included in other long-term liabilities in the consolidated balance sheets. Interest and penalties, including those related to uncertain tax positions, are included in the provision for income taxes in the consolidated statements of income. The Company recognized $12,000 and $145,000 of expense related to interest and penalties in 2018 and 2019 , respectively. The total amount of interest and penalties included in the consolidated balance sheets was $36,000 and $119,000 as of December 31, 2018 and 2019 , respectively. The following table summarizes changes in unrecognized tax benefits, excluding interest and penalties, for the respective periods (in thousands): Year Ended December 31, 2018 2019 Beginning unrecognized tax benefits $ — $ 624 Additions for tax positions taken in the prior year — 845 Additions from merger 687 — Reductions for tax positions taken in prior years (63 ) (304 ) Ending unrecognized tax benefits $ 624 $ 1,165 The Company does not anticipate significant changes to unrecognized tax benefits within the next 12 months . As of December 31, 2019 , $1.0 million of the Company’s total unrecognized tax benefits would favorably affect the Company’s effective tax rate, if recognized. A reconciliation between the Company’s statutory tax rate and the effective tax rate for the years ended December 31, 2017 , 2018 , and 2019 is as follows: 2017 2018 2019 Statutory federal rate 35.0 % 21.0 % 21.0 % State income taxes, net of federal benefits 4.2 (1.4 ) 4.6 Adjustment to deferred tax assets as a result of the 2017 Act 21.8 — — Termination of deferred compensation arrangements — — 9.2 Transaction costs 5.2 (6.2 ) — Adjustments to contingent consideration (5.0 ) — — Excess tax benefit on share-based compensation — 15.5 (2.6 ) Impairment of intangible assets — (15.3 ) — Acceleration of deductions due to change in tax law — 6.4 — Other (0.4 ) (1.9 ) 2.2 Effective tax rate 60.8 % 18.1 % 34.4 % Cash payments for income taxes were $26.2 million , $13.4 million , and $48.8 million in 2017 , 2018 , and 2019 , respectively.

Other Investments

Other Investments	12 Months Ended
	Dec. 31, 2019
Other Investments [Abstract]
Other Investments	19. Other Investments At December 31, 2019 , the Company held $15.8 million in investments in certain limited partnerships that invest in various innovative companies in the health care and education-related technology fields. The Company has commitments to invest up to an additional $2.2 million across these partnerships through 2027. The Company's investments range from 3% - 5% of any partnership’s interest and are accounted for under the equity method. The following table illustrates changes in the Company’s limited partnership investments for the years ended December 31, 2018 and 2019 (in thousands): 2018 2019 Limited partnership investments, beginning of period $ — $ 13,449 Additions from merger 12,803 — Capital contributions 737 1,035 Pro-rata share in the net income of limited partnerships (91 ) 2,337 Distributions — (1,026 ) Limited partnership investments, end of period $ 13,449 $ 15,795

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Strategic Education is an educational services company that provides access to high-quality education through campus-based and online post-secondary education offerings, as well as through programs to develop job-ready skills for high-demand markets. Strategic Education’s portfolio of companies is dedicated to closing the skills gap by placing adults on the most direct path between learning and employment. Two of the Company’s operating segments that meet the quantitative thresholds to qualify as reportable segments are the Strayer University and Capella University segments. The Strayer University segment is comprised of Strayer University, including its programs offered through the Jack Welch Management Institute; the Capella University segment consists of Capella University. None of the Company’s other operating segments individually meets the quantitative thresholds to qualify as reportable segments; therefore, these other operating segments are combined and presented below as Non-Degree Programs. The Non-Degree Programs reportable segment is comprised of the DevMountain, Hackbright Academy, and Sophia Learning operations. Revenue and operating expenses are generally directly attributable to the segments. Inter-segment revenues are not presented separately, as these amounts are immaterial. The Company’s Chief Operating Decision Maker does not evaluate operating segments using asset information. A summary of financial information by reportable segment (in thousands) for the years ended December 31, 2017 , 2018 , and 2019 is presented in the following table: 2017 2018 2019 Revenues Strayer University $ 449,547 $ 471,104 $ 527,032 Capella University — 154,918 455,320 Non-Degree Programs 5,304 8,163 14,785 Consolidated revenues $ 454,851 $ 634,185 $ 997,137 Income (loss) from operations Strayer University $ 64,801 $ 68,188 $ 106,132 Capella University — 6,340 88,981 Non-Degree Programs (8,225 ) (5,920 ) (991 ) Amortization of intangible assets — (25,694 ) (61,667 ) Merger and integration costs (11,879 ) (45,745 ) (21,923 ) Fair value adjustments and impairment of intangible assets 7,512 (19,909 ) — Consolidated income (loss) from operations $ 52,209 $ (22,740 ) $ 110,532 The following table presents a schedule of significant non-cash items included in segment income (loss) from operations by reportable segment (in thousands): 2017 2018 2019 Depreciation and amortization Strayer University $ 18,268 $ 19,997 $ 23,790 Capella University — 7,382 18,006 Non-Degree Programs 465 741 997 Amortization of intangible assets — 25,694 61,667 Merger and integration costs — 729 401 Consolidated depreciation and amortization $ 18,733 $ 54,543 $ 104,861 Stock-Based compensation Strayer University $ 11,627 $ 11,602 $ 5,611 Capella University — 1,495 5,799 Non-Degree Programs — 193 383 Merger and integration costs — 2,242 367 Consolidated stock-based compensation $ 11,627 $ 15,532 $ 12,160

Summarized Quarterly Financial

Summarized Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Summarized Quarterly Financial Data (Unaudited)	Summarized Quarterly Financial Data (Unaudited) Quarterly financial information for 2018 and 2019 is as follows (in thousands except per share data): Quarter 2018 First Second Third Fourth Revenues $ 116,469 $ 114,668 $ 160,945 $ 242,103 Income from operations 11,328 4,184 (57,127 ) 18,875 Net income (loss) 9,467 5,188 (52,781 ) 22,455 Net income (loss) per share: Basic $ 0.88 $ 0.48 $ (2.97 ) $ 1.05 Diluted $ 0.84 $ 0.46 $ (2.97 ) $ 1.02 Quarter 2019 First Second Third Fourth Revenues $ 246,508 $ 245,110 $ 241,747 $ 263,772 Income from operations 25,723 27,596 20,000 37,213 Net income 11,500 24,409 16,692 28,537 Net income per share: Basic $ 0.53 $ 1.12 $ 0.77 $ 1.31 Diluted $ 0.52 $ 1.10 $ 0.75 $ 1.29

Litigation

Litigation	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Litigation	22. Litigation The Company is involved in litigation and other legal proceedings arising out of the ordinary course of its business. From time to time, certain matters may arise that are other than ordinary and routine. The outcome of such matters is uncertain and the Company may incur costs in the future to defend, settle, or otherwise resolve them. The Company currently believes that the ultimate outcome of such matters will not, individually or in the aggregate, have a material adverse effect on its consolidated financial position, results of operations or cash flows. However, depending on the amount and timing, an unfavorable resolution of some or all of these matters could materially affect future results of operations in a particular period.

Regulation

Regulation	12 Months Ended
	Dec. 31, 2019
Regulation [Abstract]
Regulation	Regulation Gainful Employment Under the Higher Education Act, a proprietary institution offering programs of study other than a baccalaureate degree in liberal arts (for which there is a limited statutory exception) must prepare students for gainful employment in a recognized occupation. The Department of Education has published final regulations related to gainful employment that went into effect on July 1, 2015 (the "2015 Regulations"), with the exception of new disclosure requirements, which generally went into effect January 1, 2017, but which were delayed, to some extent, until July 1, 2019. The 2015 Regulations included two debt-to-earnings measures, consisting of an annual income rate and a discretionary income rate. The annual income rate measured student debt in relation to earnings, and the discretionary income rate measured student debt in relation to discretionary income. A program passed if the program’s graduates: • have an annual income rate that does not exceed 8% ; or • have a discretionary income rate that does not exceed 20% . In addition, a program that did not pass either of the debt-to-earnings metrics and had an annual income rate between 8% and 12% , or a discretionary income rate between 20% and 30% , was considered to be in a warning zone. A program failed if the program’s graduates had an annual income rate of 12% or greater and a discretionary income rate of 30% or greater. A program became Title IV-ineligible for three years if it failed both metrics for two out of three consecutive years, or failed to pass at least one metric for four consecutive award years. On January 8, 2017, Strayer University and Capella University received their final 2015 debt-to-earnings measures. None of Strayer University or Capella University programs failed the debt-to-earnings metrics. Two active Strayer University programs, the Associate in Arts in Accounting and Associate in Arts in Business Administration, and one active Capella University program, the Masters of Science in Marriage and Family Counseling/Therapy, were “in the zone,” which means each of those three programs remained fully eligible. The Department has not yet released 2016 debt-to-earnings measures. On July 1, 2019, the Department of Education released final gainful employment regulations, which contain a full repeal of the 2015 Regulations, including all debt measures, reporting, disclosure, and certification requirements. Per the Department of Education's Master Calendar, these rules go into effect July 1, 2020. However, the Secretary used her authority under the HEA to allow institutions to implement the new rules early as of July 1, 2019. Those institutions that implement early are not required to report gainful employment data for the 2018-2019 award year, are not required to comply with gainful employment disclosure and template publication requirements, and are not required to comply with the regulation’s certification requirements with respect to programmatic accreditation and program satisfaction of prerequisites for professional licensure/state certification. Both Capella University and Strayer University have elected to implement the July 2019 regulations early and have documented their decision to do so as required by the Department of Education. The Clery Act Strayer University and Capella University must comply with the campus safety and security reporting requirements as well as other requirements in the Jeanne Clery Disclosure of Campus Security Policy and Campus Crime Statistics Act (the “Clery Act”), including changes made to the Clery Act by the Violence Against Women Reauthorization Act of 2013. On October 20, 2014, the Department promulgated regulations, effective July 1, 2015, implementing amendments to the Clery Act. In addition, the Department has interpreted Title IX to categorize sexual violence as a form of prohibited sex discrimination and to require institutions to follow certain disciplinary procedures with respect to such offenses. Failure by Strayer University or Capella University to comply with the Clery Act or Title IX requirements or regulations thereunder could result in action by the Department fining Strayer University or Capella University, or limiting or suspending its participating in Title IV programs, could lead to litigation, and could harm Strayer University or Capella University’s reputation. The Company believes that Strayer University and Capella University are in compliance with these requirements. Compliance Reviews Strayer University and Capella University are subject to announced and unannounced compliance reviews and audits by various external agencies, including the Department of Education, its Office of Inspector General (“ED OIG”), state licensing agencies, and accrediting agencies. The Higher Education Act and Department of Education regulations also require an institution to submit annually to the Secretary of Education a compliance audit of its administration of Title IV programs conducted by an independent certified public accountant in accordance with Generally Accepted Government Auditing Standards and applicable ED OIG audit guides. For fiscal years beginning after June 30, 2016, the Universities must submit such audits that have been conducted in accordance with a revised guide for audits of proprietary schools that was issued by the ED OIG in September 2016. In addition, to enable the Secretary of Education to make a determination of financial responsibility, an institution must submit annually to the Secretary of Education audited financial statements prepared in accordance with Department of Education regulations. In June 2019, the Department of Education conducted an announced, on-site program review at Capella University, focused on Capella University’s FlexPath program. The review covered the 2017-2018 and 2018-2019 federal financial aid years. The program review has not concluded. In general, after the Department of Education conducts its site visit and reviews data supplied by the institution, it sends the institution a program review report. The institution has the opportunity to respond to any findings in the report. The Department of Education then issues a Final Program Review Determination, which identifies any liabilities. The institution may appeal any monetary liabilities specified in the Final Program Review Determination. Program Participation Agreement Each institution participating in Title IV programs must enter into a Program Participation Agreement with the Department. Under the agreement, the institution agrees to follow the Department’s rules and regulations governing Title IV programs. On October 11, 2017, the Department and Strayer University executed a new Program Participation Agreement, approving Strayer University’s continued participation in Title IV programs with full certification through June 30, 2021. As a result of the August 1, 2018 merger, Capella University experienced a change of ownership, with the Company as its new owner. On January 18, 2019, consistent with standard procedure upon a Title IV institution’s change of ownership, the Department and Capella University executed a new Program Participation Agreement, approving Capella’s continued participation in Title IV programs with provisional certification through December 31, 2022. As is typical, the Provisional Program Participation Agreement subjects Capella University to certain requirements during the period of provisional certification, including that Capella must apply for and receive approval from the Department in connection with establishing new locations or the addition of new Title IV-eligible educational programs.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Financial Statement Presentation	Financial Statement Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in the consolidated financial statements. On August 1, 2018, the Company completed its merger with CEC, whereby the Company was deemed the acquirer in the business combination for accounting purposes in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Therefore, Strayer Education, Inc. is considered Strategic Education’s predecessor, and its historical financial statements prior to the merger date are reflected in this Annual Report on Form 10-K as the historical financial statements of the Company. Accordingly, the financial results of the Company as of and for any periods ended prior to August 1, 2018 do not include the financial results of CEC and therefore are not directly comparable. Certain amounts in the prior period financial statements have been reclassified to conform to the current period’s presentation. Specifically, costs incurred in connection with the Company’s merger with CEC were reclassified from general and administration expense to merger and integration costs, and adjustments to the value of contingent consideration related to the Company’s acquisition of The New York Code and Design Academy, Inc. (“NYCDA”) were reclassified from instruction and educational support expense to fair value adjustments and impairment of intangible assets within the consolidated statements of income for the year ended December 31, 2017 . Effective during the first quarter of 2019, the Company made changes in its presentation of operating expenses and reclassified prior periods to conform to the current presentation. The Company determined that these changes aligned with its organizational structure and will improve comparability with several of its peer companies. There were no changes to total operating expenses or operating income as a result of these reclassifications. Below is a description of the nature of the costs included in the Company’s operating expense categories. Instructional and support costs ("I&SC") generally contain items of expense directly attributable to activities of the Company that support students and learners. This expense category includes salaries and benefits of faculty and academic administrators, as well as admissions and administrative personnel who support and serve student interests. Instructional and support costs also include course development costs and costs associated with delivering course content, including educational supplies, facilities, and all other physical plant and occupancy costs, with the exception of costs attributable to the corporate offices. Bad debt expense incurred on delinquent student account balances is also included in instructional and support costs. General and administration ("G&A") expenses include salaries and benefits of management and employees engaged in finance, human resources, legal, regulatory compliance, marketing and other corporate functions. Also included are the costs of advertising and production of marketing materials. General and administration expense also includes the facilities occupancy and other related costs attributable to such functions. The following table presents the Company's operating expenses as previously reported and as reclassified on its consolidated statements of income for the years ended (in thousands): New Classification December 31, 2017 December 31, 2018 Prior Classification I&SC G&A I&SC G&A Instruction and educational support $ 249,939 $ — $ 340,076 $ — Admissions advisory 19,004 — 31,466 — Marketing — 82,540 — 136,979 General and administration — 46,792 — 57,056 Total reclassified costs and expenses (1) $ 268,943 $ 129,332 $ 371,542 $ 194,035 _________________________________________ (1) This amount excludes the amortization of intangible assets, merger and integration costs, and fair value adjustments and impairment of intangible assets expense line items on the consolidated statements of income as those expense line items were not impacted by the operating expense reclassification.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash maintained in mostly FDIC-insured bank accounts and cash invested in bank overnight deposits and money market mutual funds. The Company places its cash and temporary cash investments with various financial institutions. The Company considers all highly liquid instruments purchased with a maturity of three months or less at the date of purchase to be cash equivalents.
Concentration of Credit Risk	Concentration of Credit Risk Most cash and cash equivalent balances are in excess of the FDIC insurance limit. The Company has not experienced any losses on its cash and cash equivalents.
Restricted Cash	Restricted Cash A significant portion of the Company’s revenues are funded by various federal and state government programs. The Company generally does not receive funds from these programs prior to the start of the corresponding academic term. The Company may be required to return certain funds for students who withdraw from the Universities during the academic term. The Company had approximately $5,000 and $304,000 of these unpaid obligations as of December 31, 2018 and 2019 , respectively, which are recorded as restricted cash and included in other current assets in the consolidated balance sheets. As part of commencing operations in Pennsylvania in 2003, the Company was required to maintain a “minimum protective endowment” of at least $0.5 million in an interest-bearing account as long as the Company operates its campuses in the state. The Company holds these funds in an interest-bearing account which is included in other assets. The following table illustrates the reconciliation of cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows as of December 31, 2018 and 2019 (in thousands): As of December 31, 2018 2019 Cash and cash equivalents $ 311,732 $ 419,693 Restricted cash included in other current assets 5 304 Restricted cash included in other assets 500 500 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 312,237 $ 420,497
Marketable Securities	Marketable Securities Management determines the appropriate designation of marketable securities at the time of purchase and reevaluates such designation as of each balance sheet date. All of the Company’s marketable securities are designated as available-for-sale and consist of tax-exempt municipal securities, variable rate demand notes, and corporate debt securities. Available-for-sale marketable securities are carried at fair value as determined by quoted market prices or other inputs either directly or indirectly observable in the marketplace for identical or similar assets, with unrealized gains and losses, net of tax, recognized as a component of accumulated other comprehensive income within shareholders’ equity. Management reviews the fair value of the portfolio at least quarterly, and evaluates individual securities with fair value below amortized cost at the balance sheet date for impairment. In order to determine whether impairment is other than temporary, management evaluates whether the Company intends to sell the impaired security and whether it is more likely than not that the Company will be required to sell the security before recovering its amortized cost basis. If management intends to sell an impaired debt security, or it is more likely than not the Company will be required to sell the security prior to recovering its amortized cost basis, an other-than-temporary impairment is deemed to have occurred. The amount of an other-than-temporary impairment related to a credit loss, or securities that management intends to sell before recovery, is recognized in earnings. The amount of an other-than-temporary impairment on debt securities related to other factors is recorded consistent with changes in the fair value of all other available-for-sale securities as a component of accumulated other comprehensive income within shareholders’ equity. The cost of securities sold is based on the specific identification method. Amortization of premiums, accretion of discounts, interest, dividend income and realized gains and losses are included in other income. The contractual maturity date of available-for-sale securities is based on the days remaining to the effective maturity. The Company classifies marketable securities as either current or non-current assets based on management’s intent with regard to usage of those funds, which is dependent upon the security's maturity date and liquidity considerations based on current market conditions. If management intends to hold the securities for longer than one year as of the balance sheet date, they are classified as non-current.
Tuition Receivable and Allowance for Doubtful Accounts	Tuition Receivable and Allowance for Doubtful Accounts The Company records tuition receivable and contract liabilities for its students upon the start of the academic term or program. Tuition receivables are not collateralized; however, credit risk is minimized as a result of the diverse nature of the Universities' student bases and through the participation of the majority of the students in federally funded financial aid programs. An allowance for doubtful accounts is established primarily based upon historical collection rates by age of receivable, net of estimated recoveries. These collection rates incorporate historical performance based on a student’s current enrollment status and likelihood of future enrollment. The Company periodically assesses its methodologies for estimating bad debts in consideration of actual experience. The Company’s tuition receivable and allowance for doubtful accounts were as follows as of December 31, 2018 and 2019 (in thousands): December 31, 2018 December 31, 2019 Tuition receivable $ 84,151 $ 82,454 Allowance for doubtful accounts (28,457 ) (30,931 ) Tuition receivable, net $ 55,694 $ 51,523 Approximately $1.1 million and $1.0 million of tuition receivable is included in other assets as of December 31, 2018 and 2019 , respectively, because these amounts are expected to be collected after 12 months. The following table illustrates changes in the Company’s allowance for doubtful accounts for each of the three years ended December 31, 2019 (in thousands): 2017 2018 2019 Allowance for doubtful accounts, beginning of period $ 10,201 $ 12,687 $ 28,457 Additions charged to expense 21,751 37,704 49,072 Additions from merger — 6,601 2,207 Write-offs, net of recoveries (19,265 ) (28,535 ) (48,805 ) Allowance for doubtful accounts, end of period $ 12,687 $ 28,457 $ 30,931
Property and Equipment	Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. In accordance with the Property, Plant, and Equipment Topic, ASC 360, the carrying values of the Company’s assets are re-evaluated when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If it is determined that an impairment loss has occurred based on expected undiscounted future cash flows, then a loss is recognized using a fair value-based model. Through 2019 , no such impairment loss had occurred. Depreciation and amortization of property and equipment is calculated using the straight-line method over the estimated useful lives ranging from three years to 40 years . Depreciation and amortization expense was $18.7 million , $31.4 million and $49.5 million for the years ended December 31, 2017 , 2018 , and 2019 , respectively. Included in the 2018 and 2019 depreciation and amortization expense amount is $2.6 million and $6.3 million of depreciation expense, respectively, related to computer software acquired in the CEC merger, which is included in the amortization of intangible assets line on the consolidated statements of income. Construction in progress includes costs of computer software developed for internal use, which is accounted for in accordance with the Internal-Use Software Topic, ASC 350-40. Computer software development costs that are incurred in the preliminary project stage are expensed as incurred. During the development stage, direct consulting costs, payroll, and payroll-related costs for employees that are directly associated with the project are capitalized and amortized over the estimated useful life of the software once placed into operation. Purchases of property and equipment and changes in accounts payable for each of the three years in the period ended December 31, 2019 in the consolidated statements of cash flows have been adjusted to exclude noncash purchases of property and equipment transactions during that period.
Leases	Leases In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842) ("ASU 2016-02"). ASU 2016-02 is intended to improve financial reporting of leasing transactions by requiring organizations that lease assets to recognize assets and liabilities for the rights and obligations created by leases with a term longer than 12 months. ASU 2016-02 also requires additional quantitative and qualitative disclosures surrounding the amount, timing, and uncertainty of cash flows arising from leases. During 2018 and 2019, the FASB issued additional ASUs amending certain aspects of ASU 2016-02. On January 1, 2019, the Company adopted the new accounting standard and all of the related amendments ("ASC 842") using the modified retrospective method. The Company applied ASU 2016-02 to all leases that had commenced as of January 1, 2019. In addition, as permitted by ASU 2016-02, comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company elected the package of practical expedients permitted under ASU 2016-02, which allowed the Company to not reassess prior conclusions regarding lease identification, lease classification, and initial direct costs under the new standard. As a result of adopting the new standard, the Company recognized a lease liability of $123 million and a right-of-use ("ROU") lease asset of $107 million on January 1, 2019. The standard did not materially impact the Company's consolidated statements of income and cash flows. The Company determines if an arrangement is a lease at inception. Leases with an initial term longer than 12 months are included in right-of-use lease assets, lease liabilities, and lease liabilities, non-current on the Company's consolidated balance sheets. The Company combines lease and non-lease components for all leases. ROU lease assets represent the Company's right to use an underlying asset for the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU lease assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the implicit interest rate for most of the Company's leases cannot be readily determined, the Company uses its incremental borrowing rate based on information available at the commencement date in determining the present value of lease payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term for operating leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company subleases certain building space to third parties and sublease income is recognized on a straight-line basis over the lease term. See Note 8 for additional information.
Fair Value	Fair Value The Fair Value Measurement Topic, ASC 820-10 (“ASC 820-10”), establishes a framework for measuring fair value, establishes a fair value hierarchy based upon the observability of inputs used to measure fair value, and expands disclosures about fair value measurements. Assets and liabilities are classified in their entirety within the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Under ASC 820-10, fair value of an investment is the price that would be received to sell an asset or to transfer a liability to an entity in an orderly transaction between market participants at the measurement date. The hierarchy gives the highest priority to assets and liabilities with readily available quoted prices in an active market and lowest priority to unobservable inputs, which require a higher degree of judgment when measuring fair value, as follows: • Level 1 assets or liabilities use quoted prices in active markets for identical assets or liabilities as of the measurement date; • Level 2 assets or liabilities use observable inputs, other than quoted market prices, that are either directly or indirectly observable in the marketplace for identical or similar assets and liabilities; and • Level 3 assets or liabilities use unobservable inputs that are supported by little or no market activity. The Company’s assets and liabilities that are subject to fair value measurement are categorized in one of the three levels above. Fair values are based on the inputs available at the measurement dates, and may rely on certain assumptions that may affect the valuation of fair value for certain assets or liabilities.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill represents the excess of the purchase price of an acquired business over the amount assigned to the assets acquired and liabilities assumed in a business combination. Indefinite-lived intangible assets, which include trade names, are recorded at fair value on their acquisition date. An indefinite life was assigned to the trade names because they have the continued ability to generate cash flows indefinitely. Goodwill and the indefinite-lived intangible assets are assessed at least annually for impairment on the first day of the fourth quarter, or more frequently if events occur or circumstances change between annual tests that would more likely than not reduce the fair value of the respective reporting unit or indefinite-lived intangible asset below its carrying amount. The Company identifies its reporting units by assessing whether the components of its operating segments constitute businesses for which discrete financial information is available and management regularly reviews the operating results of those components. The Company's goodwill impairment test includes an option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount based on the qualitative assessment, or that a qualitative assessment should not be performed for a reporting unit, the Company proceeds with performing a quantitative goodwill impairment test. In performing the quantitative goodwill impairment test, the Company compares the fair value of the reporting unit to the carrying value of its net assets. If the fair value of the reporting unit exceeds the carrying value of the net assets of the reporting unit, goodwill is not impaired and no further testing is required. If the carrying value of the net assets of the reporting unit exceeds the fair value of the reporting unit, an impairment loss is recognized to the extent the fair value of the reporting unit is less than the carrying value of the reporting unit's net assets. Finite-lived intangible assets that are acquired in business combinations are recorded at fair value on their acquisition dates and are amortized on a straight-line basis over the estimated useful life of the asset. Finite-lived intangible assets consist of student relationships. The Company reviews its finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such assets are not recoverable, a potential impairment loss is recognized to the extent the carrying amount of the assets exceeds the fair value of the assets.
Authorized Stock	Authorized Stock The Company has authorized 32,000,000 shares of common stock, par value $.01 , of which 21,743,498 and 21,964,809 shares were issued and outstanding as of December 31, 2018 and 2019 , respectively. The Company also has authorized 8,000,000 shares of preferred stock, none of which is issued or outstanding. Before any preferred stock may be issued in the future, the Board of Directors would need to establish the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications, and the terms or conditions of the redemption of the preferred stock. The Board of Directors declared a quarterly cash dividend of $0.50 per common share in the first, second, and third quarters of 2019 and a quarterly cash dividend of $0.60 per common share in the fourth quarter of 2019 . The Company paid these quarterly cash dividends in each of March, June, September and December of 2019 .
Advertising Costs	Advertising Costs The Company expenses advertising costs in the quarter incurred. Advertising costs were $66.8 million , $102.6 million and $149.8 million for the years ended December 31, 2017 , 2018 , and 2019 , respectively, following the merger with CEC in August 2018, and are included within General and administration expense in our consolidated statements of income.
Stock-Based Compensation	Stock-Based Compensation As required by the Stock Compensation Topic, ASC 718, the Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors, including employee stock options, restricted stock, restricted stock units, performance stock units, and employee stock purchases related to the Company’s Employee Stock Purchase Plan, based on estimated fair values. The Company records compensation expense for all share-based payment awards ratably over the vesting period. For awards with graded vesting, the Company measures fair value and records compensation expense separately for each vesting tranche. Stock-based compensation expense recognized in the consolidated statements of income for each of the three years in the period ended December 31, 2019 is based on awards ultimately expected to vest and, therefore, has been adjusted for estimated forfeitures. The Company estimates forfeitures at the time of grant and revises the estimate, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The forfeiture rate used is based on historical experience. The Company also assesses the likelihood that performance criteria associated with performance-based awards will be met. If it is determined that it is more likely than not that performance criteria will not be achieved, the Company revises its estimate of the number of shares it believes will ultimately vest. Refer to Note 13 for additional information.
Net Income (Loss) Per Share	Net Income (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the periods. Diluted earnings (loss) per share reflects the potential dilution that could occur assuming conversion or exercise of all dilutive unexercised stock options, restricted stock, and restricted stock units. The dilutive effect of stock awards was determined using the treasury stock method. Under the treasury stock method, all of the following are assumed to be used to repurchase shares of the Company’s common stock: (1) the proceeds received from the exercise of stock options, and (2) the amount of compensation cost associated with the stock awards for future service not yet recognized by the Company. Stock options are not included in the computation of diluted earnings (loss) per share when the stock option exercise price of an individual grant exceeds the average market price for the period. Set forth below is a reconciliation of shares used to calculate basic and diluted earnings (loss) per share for each of the three years ended December 31, 2019 (in thousands): 2017 2018 2019 Weighted average shares outstanding used to compute basic earnings per share 10,678 15,190 21,725 Incremental shares issuable upon the assumed exercise of stock options 39 — 54 Unvested restricted stock and restricted stock units 482 — 318 Shares used to compute diluted earnings (loss) per share 11,199 15,190 22,097 During the years ended December 31, 2018 and 2019 , the Company had approximately 611,000 and 16,000 shares, respectively excluded from the diluted earnings (loss) per share calculation because the effect would have been antidilutive. During the year ended December 31, 2017 , the Company had no issued and outstanding awards that were excluded from the calculation.
Income (loss) Comprehensive Income	Comprehensive Income (Loss) Comprehensive income (loss) includes net income (loss) and all changes in the Company’s equity during a period from non-owner sources, which for the Company consists of unrealized gains and losses on available-for-sale marketable securities, net of tax. As of December 31, 2018 and 2019 , the balance of accumulated other comprehensive income was $32,000 , net of tax of $10,000 and $233,000 , net of tax of $90,000 , respectively. There were no reclassifications out of accumulated other comprehensive income to net income (loss) for the years ended December 31, 2018 and 2019
Income Taxes	Income Taxes The Company provides for deferred income taxes based on temporary differences between financial statement and income tax bases of assets and liabilities using enacted tax rates in effect in the year in which the differences are expected to reverse. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount that more likely than not will be realized. The Income Taxes Topic, ASC 740, requires the company to determine whether uncertain tax positions should be recognized within the Company’s financial statements. The Company recognizes interest and penalties, if any, related to uncertain tax positions in income tax expense. Uncertain tax positions are recognized when a tax position, based solely on its technical merits, is determined more likely than not to be sustained upon examination. Upon determination, uncertain tax positions are measured to determine the amount of benefit that is greater than 50% likely to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. A tax position is derecognized if it no longer meets the more likely than not threshold of being sustained. The tax years since 2016 remain open for federal tax examination and the tax years since 2015 remain open to examination by state and local taxing jurisdictions in which the Company is subject.
Other Investments	Other Investments The Company holds investments in limited partnerships that invest in innovative companies in the health care and education-related technology fields. The Company accounts for the investments in limited partnerships under the equity method. The Company's pro-rata share in the net income of the limited partnerships is included in Other income in our consolidated statements of income. The Company accounts for the investments made through its venture fund, SEI Ventures, at cost less impairment as these investments do not have readily determinable fair value.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the period reported. The most significant management estimates include allowances for doubtful accounts, useful lives of property and equipment and intangible assets, incremental borrowing rates, potential sublease income and vacancy periods, accrued expenses, forfeiture rates and the likelihood of achieving performance criteria for stock-based awards, value of free courses earned by students that will be redeemed in the future, valuation of goodwill and intangible assets, and the provision for income taxes. Actual results could differ from those estimates.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”), which simplifies the accounting for share-based payments granted to nonemployees for goods and services. ASU 2018-07 aligns guidance on share-based payments to nonemployees with the requirements for share-based payments granted to employees, including determination of the measurement date and accounting for performance conditions and for share-based payments after vesting. The Company adopted this guidance as of January 1, 2019 with no material impact on its consolidated financial statements
Recently Issues Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). The new guidance revises the accounting requirements related to the measurement of credit losses and will require organizations to measure all expected credit losses for financial assets based on historical experience, current conditions, and reasonable and supportable forecasts about collectibility. Assets must be presented in the financial statements at the net amount expected to be collected. During 2019, the FASB issued additional ASUs amending certain aspects of ASU 2016-13. The guidance will be effective for the Company's annual and interim reporting periods beginning January 1, 2020, with early adoption permitted. The Company is evaluating this standard and believes that adoption will not significantly impact its financial condition or results of operations.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Schedule of prior classification	The following table presents the Company's operating expenses as previously reported and as reclassified on its consolidated statements of income for the years ended (in thousands): New Classification December 31, 2017 December 31, 2018 Prior Classification I&SC G&A I&SC G&A Instruction and educational support $ 249,939 $ — $ 340,076 $ — Admissions advisory 19,004 — 31,466 — Marketing — 82,540 — 136,979 General and administration — 46,792 — 57,056 Total reclassified costs and expenses (1) $ 268,943 $ 129,332 $ 371,542 $ 194,035 _________________________________________ (1) This amount excludes the amortization of intangible assets, merger and integration costs, and fair value adjustments and impairment of intangible assets expense line items on the consolidated statements of income as those expense line items were not impacted by the operating expense reclassification.
Schedule of cash, cash equivalents, and restricted cash	The following table illustrates the reconciliation of cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows as of December 31, 2018 and 2019 (in thousands): As of December 31, 2018 2019 Cash and cash equivalents $ 311,732 $ 419,693 Restricted cash included in other current assets 5 304 Restricted cash included in other assets 500 500 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 312,237 $ 420,497
Schedule of tuition receivable and allowance for doubtful accounts	The Company’s tuition receivable and allowance for doubtful accounts were as follows as of December 31, 2018 and 2019 (in thousands): December 31, 2018 December 31, 2019 Tuition receivable $ 84,151 $ 82,454 Allowance for doubtful accounts (28,457 ) (30,931 ) Tuition receivable, net $ 55,694 $ 51,523
Schedule of allowance for doubtful accounts	The following table illustrates changes in the Company’s allowance for doubtful accounts for each of the three years ended December 31, 2019 (in thousands): 2017 2018 2019 Allowance for doubtful accounts, beginning of period $ 10,201 $ 12,687 $ 28,457 Additions charged to expense 21,751 37,704 49,072 Additions from merger — 6,601 2,207 Write-offs, net of recoveries (19,265 ) (28,535 ) (48,805 ) Allowance for doubtful accounts, end of period $ 12,687 $ 28,457 $ 30,931
Schedule of reconciliation of shares used to calculate basic and diluted earnings (loss) per share	Set forth below is a reconciliation of shares used to calculate basic and diluted earnings (loss) per share for each of the three years ended December 31, 2019 (in thousands): 2017 2018 2019 Weighted average shares outstanding used to compute basic earnings per share 10,678 15,190 21,725 Incremental shares issuable upon the assumed exercise of stock options 39 — 54 Unvested restricted stock and restricted stock units 482 — 318 Shares used to compute diluted earnings (loss) per share 11,199 15,190 22,097

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	Dec. 31, 2019
Business Combinations [Abstract]
Schedule of Components of Aggregate Consideration Transferred for Acquisition	The following table summarizes the components of the aggregate consideration transferred for the acquisition of CEC (in thousands): Fair value of Company common stock issued in exchange for CEC outstanding shares (1) $ 1,209,483 Fair value of Company equity-based awards issued in exchange for CEC equity-based awards 27,478 Total fair value of consideration transferred $ 1,236,961 _____________________________________________________ (1) The Company issued 10,263,775 common shares at a market price of $117.84 in exchange for each issued and outstanding share of CEC common stock.
Schedule of Purchase Price Allocated to Assets Acquired and Liabilities Assumed at Fair Value	The fair value of assets acquired and liabilities assumed, as well as a reconciliation to consideration transferred is presented in the table below (in thousands): Cash and cash equivalents $ 167,859 Marketable securities 31,419 Tuition receivable 36,716 Income tax receivable 163 Other current assets 9,041 Marketable securities, non-current 34,700 Property and equipment, net 53,182 Other assets 14,556 Intangible assets 349,800 Goodwill 725,275 Total assets acquired 1,422,711 Accounts payable and accrued expenses (48,103 ) Contract liabilities (39,000 ) Deferred income taxes (96,320 ) Other long-term liabilities (2,327 ) Total liabilities assumed (185,750 ) Total consideration $ 1,236,961
Schedule of Intangible Assets Acquired and Weighted Average useful lives	The table below presents a summary of intangible assets acquired (in thousands) and the weighted average useful lives of these assets: Fair Value Weighted Average Useful Life in Years Trade names $ 183,800 Indefinite Student relationships 166,000 3 $ 349,800
Schedule of Supplemental Pro Forma Financial Information	The pro forma results do not necessarily represent what would have occurred if the acquisition had actually taken place on January 1, 2017, nor do they represent the results that may occur in the future. The pro forma adjustments are based on available information and upon assumptions the Company believes are reasonable to reflect the impact of this acquisition on the Company’s historical financial information on a supplemental pro forma basis. The following table presents the Company's pro forma combined revenues and net income (in thousands). Pro forma results for the year ended December 31, 2019 are not presented below because the results of CEC are included in the Company's December 31, 2019 consolidated statement of income. Pro Forma Combined Year Ended December 31, 2017 Year Ended December 31, 2018 Revenue $ 895,262 $ 923,945 Net Income 16,364 41,058

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Schedule Of Graduation Fund Liability	The table below presents activity in the Graduation Fund for the years ended December 31, 2018 and 2019 (in thousands): December 31, 2018 December 31, 2019 Balance at beginning of period $ 37,400 $ 43,329 Revenue deferred 27,349 30,071 Benefit redeemed (21,420 ) (23,759 ) Balance at end of period $ 43,329 $ 49,641
Summary of Disaggregation of Revenue	The following table presents the Company’s revenues from contracts with customers disaggregated by material revenue category for the years ended December 31, 2017 , 2018 , and 2019 (in thousands): 2017 2018 2019 Strayer University Segment Tuition, net of discounts, grants and scholarships $ 433,938 $ 451,646 $ 508,734 Other (1) 15,609 19,458 18,298 Total Strayer University Segment 449,547 471,104 527,032 Capella University Segment Tuition, net of discounts, grants and scholarships — 147,138 435,185 Other (1) — 7,780 20,135 Total Capella University Segment — 154,918 455,320 Non-Degree Programs Segment (2) 5,304 8,163 14,785 Consolidated revenue $ 454,851 $ 634,185 $ 997,137 ___________________________________________________________ (1) Other revenue is primarily comprised of academic fees, sales of textbooks, other course materials, and other revenue streams. (2) Non-Degree Programs revenue is primarily comprised of tuition revenue and placement fee revenue.

Restructuring and Related Cha_2

Restructuring and Related Charges (Tables)	12 Months Ended
	Dec. 31, 2019
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Liability by Type of Cost	The following details the changes in the Company’s restructuring liability for the years ended December 31, 2017 , 2018 , and 2019 (in thousands): Lease and Related Costs, Net Severance and Other Employee Separation Costs Total Balance at December 31, 2016 $ 11,985 $ — $ 11,985 Restructuring and other charges (1) — 3,414 3,414 Payments (3,623 ) (3,414 ) (7,037 ) Adjustments (2) 419 — 419 Balance at December 31, 2017 8,781 — 8,781 Restructuring and other charges (1) — 16,319 16,319 Payments (2,684 ) (1,972 ) (4,656 ) Adjustments (2) 443 — 443 Balance at December 31, 2018 (3) 6,540 14,347 20,887 Restructuring and other charges (1) — 3,920 3,920 Payments — (9,984 ) (9,984 ) Adjustments (2) (6,540 ) — (6,540 ) Balance at December 31, 2019 (3) $ — $ 8,283 $ 8,283 ___________________________________________________________ (1) Restructuring and other charges were $3.4 million , $16.3 million , and $3.9 million for the years ended December 31, 2017 , 2018 , and 2019 , respectively. Restructuring and other charges are included in Merger and integration costs on the consolidated statements of income. (2) For the years ended December 31, 2017 and 2018 , adjustments include accretion of interest on lease costs, partially offset by changes in the timing and expected income from subleases. For the year ended December 31, 2019 , adjustments represent the impact of adopting ASC 842 on January 1, 2019. In accordance with ASC 842, the lease related restructuring liability balance as of December 31, 2018 was netted against the initial ROU lease asset recognized upon adoption. Asset retirement obligations related to these restructured properties are also included in the adjustments amount. (3) The current portion of restructuring liabilities was $9.8 million and $6.4 million as of December 31, 2018 and December 31, 2019 , respectively, which are included in accounts payable and accrued expenses. The long-term portion is included in other long-term liabilities.

Marketable Securities (Tables)

Marketable Securities (Tables)	12 Months Ended
	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Schedule for Available-for-Sale Securities	The following is a summary of available-for-sale securities as of December 31, 2019 (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Losses) Estimated Fair Value Corporate debt securities $ 42,584 $ 165 $ (40 ) $ 42,709 Tax-exempt municipal securities 23,301 112 (215 ) 23,198 Variable rate demand notes 5,600 — — 5,600 Total $ 71,485 $ 277 $ (255 ) $ 71,507 The following is a summary of available-for-sale securities as of December 31, 2018 (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Losses) Estimated Fair Value Corporate debt securities $ 48,202 $ 12 $ (284 ) $ 47,930 Tax-exempt municipal securities 22,858 45 (34 ) 22,869 Variable rate demand notes 4,000 — — 4,000 Total $ 75,060 $ 57 $ (318 ) $ 74,799
Schedule of Maturities of Marketable Securities	The following table summarizes the maturities of the Company’s marketable securities as of December 31, 2018 and 2019 (in thousands): December 31, 2018 December 31, 2019 Due within one year $ 37,121 $ 34,874 Due after one year through five years 37,678 36,633 Total $ 74,799 $ 71,507

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Composition of property and equipment	The composition of property and equipment as of December 31, 2018 and 2019 is as follows (in thousands): 2018 2019 Estimated useful life (years) Land $ 7,138 $ 7,138 — Buildings and improvements 20,883 21,143 5-40 Furniture and office equipment 76,856 73,457 5-7 Computer hardware 13,546 10,173 3-7 Computer software 129,519 137,150 3-10 Leasehold improvements 44,215 49,241 3-10 Construction in progress 8,354 7,808 — 300,511 306,110 Accumulated depreciation and amortization (177,834 ) (189,081 ) $ 122,677 $ 117,029

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Components of Lease Cost	The components of lease costs were as follows for the year ended December 31, 2019 (in thousands): Year ended Lease cost: Operating lease cost (1) $ 35,335 Short-term lease cost 885 Sublease income (2,696 ) Total lease costs $ 33,524 ___________________________________________________________ (1) Operating lease cost includes a $6.0 million of right-of-use lease asset impairment charge, which is included in Merger and integration costs on the consolidated statements of income, related to redundant leased space that was vacated during the year. The following table provides a summary of the Company's average lease term and discount rate as of December 31, 2019 : As of December 31, 2019 Weighted-average remaining lease term (years) 5.7 Weighted-average discount rate 4.15 % Supplemental information related to the Company's leases for the year ended December 31, 2019 (in thousands): Year ended Cash paid for amounts included in the measurement of lease liabilities $ 32,883 Right-of-use assets obtained in exchange for operating lease liabilities $ 4,431 Leasehold improvements obtained in exchange for TIAs paid directly to third parties $ 2,156
Maturities of Lease Liabilities	Maturities of lease liabilities (in thousands): Year Ending December 31, 2020 $ 29,178 2021 24,351 2022 15,479 2023 12,376 2024 10,692 Thereafter 27,592 Total lease payments (1) 119,668 Less: interest (13,827 ) Present value of lease liabilities $ 105,841 __________________________________________________________ (1) Excludes $6.5 million of legally binding minimum payments for leases signed but not yet commenced.
Minimum Rental Commitments	The minimum rental commitments for the Company as of December 31, 2018 were as follows (in thousands): Minimum Rental Commitments (1) 2019 $ 33,600 2020 28,399 2021 23,485 2022 13,770 2023 10,316 Thereafter 32,745 Total $ 142,315 __________________________________________________________ (1) Amounts are based on the accounting guidance in ASC 840, Leases, that was superseded upon the Company's adoption of ASC 842 on January 1, 2019.

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value On A Recurring Basis	Assets and liabilities measured at fair value on a recurring basis consist of the following as of December 31, 2019 (in thousands): Fair Value Measurements at Reporting Date Using December 31, Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds $ 30,693 $ 30,693 $ — $ — Marketable securities: Corporate debt securities 42,709 — 42,709 — Tax-exempt municipal securities 23,198 — 23,198 — Variable rate demand notes 5,600 — 5,600 — Total assets at fair value on a recurring basis $ 102,200 $ 30,693 $ 71,507 $ — Liabilities: Deferred payments $ 3,257 $ — $ — $ 3,257 Assets and liabilities measured at fair value on a recurring basis consist of the following as of December 31, 2018 (in thousands): Fair Value Measurements at Reporting Date Using December 31, Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds $ 1,791 $ 1,791 $ — $ — Marketable securities: Corporate debt securities 48,430 — 48,430 — Tax-exempt municipal securities 22,869 — 22,869 — Variable rate demand notes 4,000 — 4,000 — Total assets at fair value on a recurring basis $ 77,090 $ 1,791 $ 75,299 $ — Liabilities: Deferred payments $ 4,120 $ — $ — $ 4,120
Schedule of Changes in Fair Value of Level 3 Liability	Changes in the fair value of the Company’s Level 3 liabilities during the years ended December 31, 2018 and 2019 are as follows (in thousands): December 31, 2018 December 31, 2019 Balance as of the beginning of period $ 4,514 $ 4,120 Amounts paid (1,412 ) (1,579 ) Other adjustments to fair value 1,018 716 Balance at end of period $ 4,120 $ 3,257

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Goodwill	The following table presents changes in the carrying value of goodwill by segment for the years ended December 31, 2018 and 2019 (in thousands): Strayer University Capella University Non-Degree Programs Total Balance as of December 31, 2017 $ 6,800 $ — $ 13,944 $ 20,744 Additions 330,581 393,348 — 723,929 Impairments — — (13,944 ) (13,944 ) Adjustments — 1,811 — 1,811 Balance as of December 31, 2018 337,381 395,159 — 732,540 Additions — — — — Impairments — — — — Adjustments — (465 ) — (465 ) Balance as of December 31, 2019 $ 337,381 $ 394,694 $ — $ 732,075
Schedule of Intangible Assets	The following table represents the balance of the Company’s intangible assets for the years ended December 31, 2018 and 2019 (in thousands): December 31, 2018 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Subject to amortization Student relationships $ 166,000 $ (23,056 ) $ 142,944 $ 166,000 $ (78,389 ) $ 87,611 Not subject to amortization Trade names 185,400 — 185,400 185,400 — 185,400 Total $ 351,400 $ (23,056 ) $ 328,344 $ 351,400 $ (78,389 ) $ 273,011
Schedule of Future Amortization Expense for Finite-Lived Intangible Assets	The following table presents future amortization expense for finite-lived intangible assets as of December 31, 2019 (in thousands): 2020 $ 55,333 2021 32,278 2022 — 2023 — 2024 — 2025 and thereafter — Total $ 87,611

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2019
Payables and Accruals [Abstract]
Schedule of Accounts Payables and Accrued Expenses	Accounts payable and accrued expenses consist of the following as of December 31, 2018 and 2019 (in thousands): 2018 2019 Trade payables $ 36,566 $ 47,503 Accrued compensation and benefits 35,844 33,924 Accrued student obligations 4,284 4,580 Real estate liabilities 5,156 751 Other 4,129 4,070 Accounts payable and accrued liabilities $ 85,979 $ 90,828

Equity Awards (Tables)

Equity Awards (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Restricted Stock And Restricted Stock Units Activity	Restricted Stock and Restricted Stock Units The table below sets forth the restricted stock and restricted stock units activity for each of the three years in the period ended December 31, 2019 : Number of shares or units Weighted- average grant price Balance, December 31, 2016 727,100 $ 97.53 Grants 75,140 82.18 Vested shares (84,908 ) 66.60 Forfeitures (1,204 ) 62.28 Balance, December 31, 2017 716,128 99.65 Grants 159,005 93.30 Awards assumed through acquisition of CEC 136,324 118.29 Vested shares (236,164 ) 76.78 Forfeitures (37,343 ) 83.69 Balance, December 31, 2018 737,950 114.43 Grants 158,748 128.87 Vested shares (393,588 ) 141.75 Forfeitures (34,160 ) 79.02 Balance, December 31, 2019 468,950 $ 98.98
Schedule of Stock Option Activity and Other Stock Option Information	Stock Options The table below sets forth the stock option activity and other stock option information for each of the three years in the period ended December 31, 2019 : Number of shares Weighted- average exercise price Weighted- average remaining contractual life (years) Aggregate intrinsic value (1) (in thousands) Balance, December 31, 2016 100,000 $ 51.95 4.1 $ 2,868 Grants — — Exercises — — Forfeitures — — Balance, December 31, 2017 100,000 51.95 3.1 3,763 Grants — — Awards assumed through acquisition of CEC 319,846 66.98 Exercises (162,831 ) 58.11 Forfeitures (769 ) 51.96 Balance, December 31, 2018 256,246 66.80 7.0 11,947 Grants — — Exercises (208,114 ) 67.61 Forfeitures/Expirations (2,036 ) 58.38 Balance, December 31, 2019 46,096 $ 63.49 5.2 $ 4,398 Exercisable, December 31, 2019 24,246 $ 60.27 4.0 $ 2,391 __________________________________________________________________________ (1) The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the respective trading day and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holder had all options been exercised on the respective trading day. The amount of intrinsic value will change based on the fair market value of the Company’s common stock.
Schedule of Stock-based Compensation Expense	The following table reflects the amount of stock-based compensation expense recorded in each of the expense line items for the years ended December 31, 2017 , 2018 , and 2019 (in thousands): 2017 2018 2019 Instructional and support costs $ 1,943 $ 2,588 $ 3,823 General and administration 9,684 10,702 7,970 Merger and integration costs — 2,242 367 Stock-based compensation expense included in operating expense 11,627 15,532 12,160 Tax benefit 4,593 3,922 3,126 Stock-based compensation expense, net of tax $ 7,034 $ 11,610 $ 9,034

Other Long-Term Liabilities (Ta

Other Long-Term Liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
Other Liabilities, Noncurrent [Abstract]
Schedule of Other Long-Term Liabilities	Other long-term liabilities consist of the following as of December 31, 2018 and 2019 (in thousands): 2018 2019 Contract liabilities, net of current portion $ 23,880 $ 30,925 Deferred payments related to acquisitions 5,904 4,963 Deferred rent and other facility costs 6,837 1,961 Employee separation costs 6,800 1,838 Loss on facilities not in use 4,332 — Lease incentives 2,300 — Other 1,263 1,764 Other long-term liabilities $ 51,316 $ 41,451

Other Employee Benefit Plans (T

Other Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2019
Retirement Benefits [Abstract]
Schedule of Shares Purchased in the Open Market For Employees	Shares purchased in the open market for employees for the years ended December 31, 2017 , 2018 , and 2019 were as follows: Shares purchased Average price per share 2017 4,718 $ 77.05 2018 4,647 $ 100.34 2019 4,918 $ 126.83

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of Income Tax Provision	The income tax provision (benefit) for the years ended December 31, 2017 , 2018 and 2019 is summarized below (in thousands): 2017 2018 2019 Current: Federal $ 21,156 $ 9,069 $ 37,878 State 4,477 3,785 11,584 Total current 25,633 12,854 49,462 Deferred: Change in federal tax rate due to the 2017 Act 11,375 — — Federal (3,193 ) (13,381 ) (7,009 ) State (1,781 ) (2,941 ) 133 Total deferred 6,401 (16,322 ) (6,876 ) Total provision (benefit) for income taxes $ 32,034 $ (3,468 ) $ 42,586
Schedule of Tax Effects of Principal Temporary Differences Affecting Net Deferred Tax Assets (Liabilities)	The tax effects of the principal temporary differences that give rise to the Company’s net deferred tax asset (liability) are as follows as of December 31, 2018 and 2019 (in thousands): 2018 2019 Deferred leasing costs $ 1,673 $ 27,074 Allowance for doubtful accounts 7,943 8,884 Contract liabilities 6,107 8,139 Stock-based compensation 19,834 6,322 Capital loss carryforward 4,174 4,459 Other 3,650 1,955 Other facility-related costs 2,080 489 Intangible assets (82,022 ) (65,777 ) Right-of-use lease assets — (21,673 ) Property and equipment (18,441 ) (13,120 ) Valuation allowance (4,356 ) (4,694 ) Net deferred tax asset (liability) $ (59,358 ) $ (47,942 )
Summary of Changes in Unrecognized Tax Benefits	The following table summarizes changes in unrecognized tax benefits, excluding interest and penalties, for the respective periods (in thousands): Year Ended December 31, 2018 2019 Beginning unrecognized tax benefits $ — $ 624 Additions for tax positions taken in the prior year — 845 Additions from merger 687 — Reductions for tax positions taken in prior years (63 ) (304 ) Ending unrecognized tax benefits $ 624 $ 1,165
Schedule of Reconciliation Between Statutory Tax Rate and Effective Tax Rate	A reconciliation between the Company’s statutory tax rate and the effective tax rate for the years ended December 31, 2017 , 2018 , and 2019 is as follows: 2017 2018 2019 Statutory federal rate 35.0 % 21.0 % 21.0 % State income taxes, net of federal benefits 4.2 (1.4 ) 4.6 Adjustment to deferred tax assets as a result of the 2017 Act 21.8 — — Termination of deferred compensation arrangements — — 9.2 Transaction costs 5.2 (6.2 ) — Adjustments to contingent consideration (5.0 ) — — Excess tax benefit on share-based compensation — 15.5 (2.6 ) Impairment of intangible assets — (15.3 ) — Acceleration of deductions due to change in tax law — 6.4 — Other (0.4 ) (1.9 ) 2.2 Effective tax rate 60.8 % 18.1 % 34.4 %

Other Investments Other Investm

Other Investments Other Investments (Tables)	12 Months Ended
	Dec. 31, 2019
Other Investments [Abstract]
Changes in Company's Limited Partnership Investment	The following table illustrates changes in the Company’s limited partnership investments for the years ended December 31, 2018 and 2019 (in thousands): 2018 2019 Limited partnership investments, beginning of period $ — $ 13,449 Additions from merger 12,803 — Capital contributions 737 1,035 Pro-rata share in the net income of limited partnerships (91 ) 2,337 Distributions — (1,026 ) Limited partnership investments, end of period $ 13,449 $ 15,795

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Summary of Financial Information by Reportable Segment	A summary of financial information by reportable segment (in thousands) for the years ended December 31, 2017 , 2018 , and 2019 is presented in the following table: 2017 2018 2019 Revenues Strayer University $ 449,547 $ 471,104 $ 527,032 Capella University — 154,918 455,320 Non-Degree Programs 5,304 8,163 14,785 Consolidated revenues $ 454,851 $ 634,185 $ 997,137 Income (loss) from operations Strayer University $ 64,801 $ 68,188 $ 106,132 Capella University — 6,340 88,981 Non-Degree Programs (8,225 ) (5,920 ) (991 ) Amortization of intangible assets — (25,694 ) (61,667 ) Merger and integration costs (11,879 ) (45,745 ) (21,923 ) Fair value adjustments and impairment of intangible assets 7,512 (19,909 ) — Consolidated income (loss) from operations $ 52,209 $ (22,740 ) $ 110,532 The following table presents a schedule of significant non-cash items included in segment income (loss) from operations by reportable segment (in thousands): 2017 2018 2019 Depreciation and amortization Strayer University $ 18,268 $ 19,997 $ 23,790 Capella University — 7,382 18,006 Non-Degree Programs 465 741 997 Amortization of intangible assets — 25,694 61,667 Merger and integration costs — 729 401 Consolidated depreciation and amortization $ 18,733 $ 54,543 $ 104,861 Stock-Based compensation Strayer University $ 11,627 $ 11,602 $ 5,611 Capella University — 1,495 5,799 Non-Degree Programs — 193 383 Merger and integration costs — 2,242 367 Consolidated stock-based compensation $ 11,627 $ 15,532 $ 12,160

Summarized Quarterly Financia_2

Summarized Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	Quarterly financial information for 2018 and 2019 is as follows (in thousands except per share data): Quarter 2018 First Second Third Fourth Revenues $ 116,469 $ 114,668 $ 160,945 $ 242,103 Income from operations 11,328 4,184 (57,127 ) 18,875 Net income (loss) 9,467 5,188 (52,781 ) 22,455 Net income (loss) per share: Basic $ 0.88 $ 0.48 $ (2.97 ) $ 1.05 Diluted $ 0.84 $ 0.46 $ (2.97 ) $ 1.02 Quarter 2019 First Second Third Fourth Revenues $ 246,508 $ 245,110 $ 241,747 $ 263,772 Income from operations 25,723 27,596 20,000 37,213 Net income 11,500 24,409 16,692 28,537 Net income per share: Basic $ 0.53 $ 1.12 $ 0.77 $ 1.31 Diluted $ 0.52 $ 1.10 $ 0.75 $ 1.29

Nature of Operations (Details)

Nature of Operations (Details)	12 Months Ended
	Dec. 31, 2019segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reporting segments	3

Significant Accounting Polici_4

Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Cash and cash equivalents	$ 419,693	$ 311,732
Restricted cash included in other current assets	304	5
Restricted cash included in other assets	500	500
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 420,497	$ 312,237	$ 156,448	$ 129,758

Significant Accounting Polici_5

Significant Accounting Policies - Tuition Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of tuition receivable and allowance for doubtful accounts
Tuition receivable	$ 82,454	$ 84,151
Allowance for doubtful accounts	(30,931)	(28,457)	$ (12,687)	$ (10,201)
Tuition receivable, net	51,523	55,694
Other assets
Schedule of tuition receivable and allowance for doubtful accounts
Tuition receivable, noncurrent	$ 1,000	$ 1,100

Significant Accounting Polici_6

Significant Accounting Policies - Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of allowance for doubtful accounts
Allowance for doubtful accounts, beginning of period	$ 28,457	$ 12,687	$ 10,201
Additions charged to expense	49,072	37,704	21,751
Additions from merger	2,207	6,601	0
Write-offs, net of recoveries	(48,805)	(28,535)	(19,265)
Allowance for doubtful accounts, end of period	$ 30,931	$ 28,457	$ 12,687

Significant Accounting Polici_7

Significant Accounting Policies - Property and Equipment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Impairment loss	$ 0
Depreciation and amortization	49,500,000	$ 31,400,000	$ 18,700,000
Computer software | Capella Merger
Property, Plant and Equipment [Line Items]
Depreciation	$ 6,300,000	$ 2,600,000
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	3 years
Minimum | Computer software
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	40 years
Maximum | Computer software
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	10 years

Significant Accounting Polici_8

Significant Accounting Policies Significant Accounting Policies - Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019
Accounting Policies [Line Items]
Lease liability	$ 105,841
Right-of-use lease assets	$ 84,778
ASU 2016-02
Accounting Policies [Line Items]
Lease liability		$ 123,000
Right-of-use lease assets		$ 107,000

Significant Accounting Polici_9

Significant Accounting Policies - EPS (Details) - $ / shares	3 Months Ended				12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of reconciliation of shares used to calculate basic and diluted earnings per share
Common stock, shares authorized (in shares)	32,000,000				32,000,000	32,000,000
Common stock, par value (in dollars per share)	$ 0.01				$ 0.01	$ 0.01
Common stock, shares issued (in shares)	21,964,809				21,964,809	21,743,498
Common stock, shares outstanding (in shares)	21,964,809				21,964,809	21,743,498
Preferred stock, shares authorized	8,000,000				8,000,000	8,000,000
Preferred stock, shares issued	0				0
Preferred stock, shares outstanding	0				0	0
Dividends declared, per share	$ 0.60	$ 0.50	$ 0.50	$ 0.50	$ 2.10	$ 1.50	$ 1
Dividends paid, per share	$ 0.60	$ 0.50	$ 0.50	$ 0.50
Antidilutive stock options					16,000	611,000
Weighted average shares outstanding used to compute basic earnings per share					21,725,000	15,190,000	10,678,000
Incremental shares issuable upon the assumed exercise of stock options					54,000	0	39,000
Unvested restricted stock and restricted stock units					318,000	0	482,000
Shares used to compute diluted earnings (loss) per share					22,097,000	15,190,000	11,199,000

Significant Accounting Polic_10

Significant Accounting Policies - Comprehensive Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Accumulated other comprehensive income	$ 233,000	$ 32,000
Tax from unrealized gains and losses on marketable securities	90,000	10,000
Reclassifications AOCI	$ 0	$ 0

Significant Accounting Polic_11

Significant Accounting Policies Significant Accounting Policies- Reclassification Operation Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Error Corrections and Prior Period Adjustments Restatement [Line Items]
General and administration	$ 272,411	$ 194,035	$ 129,332
Instructional and support costs	$ 530,604	371,542	268,943
Previously Reported | Instruction and educational support
Error Corrections and Prior Period Adjustments Restatement [Line Items]
General and administration		0	0
Instructional and support costs		340,076	249,939
Previously Reported | Admissions advisory
Error Corrections and Prior Period Adjustments Restatement [Line Items]
General and administration		0	0
Instructional and support costs		31,466	19,004
Previously Reported | Marketing
Error Corrections and Prior Period Adjustments Restatement [Line Items]
General and administration		136,979	82,540
Instructional and support costs		0	0
Previously Reported | General and administration
Error Corrections and Prior Period Adjustments Restatement [Line Items]
General and administration		57,056	46,792
Instructional and support costs		$ 0	$ 0

Significant Accounting Polic_12

Significant Accounting Policies Significant Accounting Policies- Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Advertising expense	$ 149.8	$ 102.6	$ 66.8

Business Combinations - Fair Va

Business Combinations - Fair Value of Consideration Transferred (Details)	Aug. 01, 2018USD ($)item$ / sharesshares	Dec. 31, 2018USD ($)
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Number of independent universities | item	2
New York Code And Design Academy, Inc.
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Consideration payment		$ 0
Capella Merger
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Conversion ratio (in shares) | shares	0.875
Total fair value of consideration transferred	$ 1,236,961,000
Capella Merger | Common Stock
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Fair value	$ 1,209,483,000
Number of common shares issued (in shares) | shares	10,263,775
Market price (in dollars per share) | $ / shares	$ 117.84
Capella Merger | Equity-based awards
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Fair value	$ 27,478,000

Business Combinations - Goodwil

Business Combinations - Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Aug. 01, 2018	Dec. 31, 2017
Business Combination Segment Allocation [Line Items]
Goodwill	$ 732,075	$ 732,540		$ 20,744
Strayer University
Business Combination Segment Allocation [Line Items]
Goodwill	337,381	337,381		$ 6,800
Capella University
Business Combination Segment Allocation [Line Items]
Goodwill	$ 394,694	$ 395,159
Capella Merger
Business Combination Segment Allocation [Line Items]
Goodwill			$ 725,275
Capella Merger | Strayer University
Business Combination Segment Allocation [Line Items]
Goodwill			330,600
Capella Merger | Capella University
Business Combination Segment Allocation [Line Items]
Goodwill			$ 394,700

Business Combinations - Acquisi

Business Combinations - Acquisition Related Costs and Measurement period adjustments (Details) $ in Thousands	Aug. 01, 2018item	Dec. 31, 2018USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Business Acquisition [Line Items]
Number of independent universities | item	2
Issuance costs				$ 148
Measurement period adjustment (reduction), of cash and cash equivalent		$ (500)
Capella Merger
Business Acquisition [Line Items]
Transaction costs			$ 20,100
Issuance costs				$ 100
Measurement period adjustment, (reduction) of other assets		(1,400)
Measurement period adjustment, (reduction) of deferred income taxes		(100)	(3,800)
Measurement period adjustment, (reduction) of current assets			(1,900)
Measurement period adjustment, increase of current liabilities			1,300
Measurement period adjustment, increase of long term liabilities			100
Increase (decrease) of goodwill		$ 1,800	$ (500)

Business Combinations - Fair _2

Business Combinations - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Aug. 01, 2018	Dec. 31, 2017
Fair value of assets and liabilities
Goodwill	$ 732,075	$ 732,540		$ 20,744
Capella Merger
Fair value of assets and liabilities
Cash and cash equivalents			$ 167,859
Marketable securities			31,419
Tuition receivable			36,716
Income tax receivable			163
Other current assets			9,041
Marketable securities, non-current			34,700
Property and equipment, net			53,182
Other assets			14,556
Intangible assets			349,800
Goodwill			725,275
Total assets acquired			1,422,711
Accounts payable and accrued expenses			(48,103)
Contract liabilities			(39,000)
Deferred income taxes			(96,320)
Other long-term liabilities			(2,327)
Total liabilities assumed			(185,750)
Total consideration			$ 1,236,961

Business Combinations - Intangi

Business Combinations - Intangible Assets Acquired (Details) - USD ($) $ in Thousands	Aug. 01, 2018	Dec. 31, 2019
Business Acquisition [Line Items]
Weighted average useful life		3 years
Student relationships
Business Acquisition [Line Items]
Weighted average useful life	3 years
Capella Merger
Business Acquisition [Line Items]
Total intangible assets	$ 349,800
Capella Merger | Student relationships
Business Acquisition [Line Items]
Student relationships	$ 166,000
Weighted average useful life	3 years
Capella Merger | Trade names
Business Acquisition [Line Items]
Trade names	$ 183,800

Business Combinations - Valuati

Business Combinations - Valuation Methodology (Details) - USD ($) $ in Thousands	Aug. 01, 2018	Dec. 31, 2019
Business Acquisition [Line Items]
Weighted average useful life		3 years
Capella Merger
Business Acquisition [Line Items]
Property and equipment, net	$ 53,182
Capella Merger | Relief from royalty approach
Business Acquisition [Line Items]
Property and equipment, net	14,000
Capella Merger | Cost approach
Business Acquisition [Line Items]
Property and equipment, net	$ 5,000
Student relationships
Business Acquisition [Line Items]
Weighted average useful life	3 years
Student relationships | Capella Merger
Business Acquisition [Line Items]
Weighted average useful life	3 years

Business Combinations - Revenue

Business Combinations - Revenue and Net Loss (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Revenues	$ 263,772	$ 241,747	$ 245,110	$ 246,508	$ 242,103	$ 160,945	$ 114,668	$ 116,469	$ 997,137	$ 634,185	$ 454,851
Net income (loss)	$ 28,537	$ 16,692	$ 24,409	$ 11,500	$ 22,455	$ (52,781)	$ 5,188	$ 9,467	$ 81,138	(15,671)	$ 20,612
Capella Education Company
Business Acquisition [Line Items]
Revenues										160,400
Net income (loss)										$ (39,600)

Business Combinations - Prom Fo

Business Combinations - Prom Forma Information (Details) - Capella Merger - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Pro Forma Financial information
Revenue	$ 923,945	$ 895,262
Net Income	$ 41,058	$ 16,364

Business Combinations - Acqui_2

Business Combinations - Acquisition of New York Code and Design Academy (Details) - USD ($)	Jan. 13, 2016	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Deferred payment arrangements value		$ 2,200,000	$ 3,100,000
New York Code And Design Academy, Inc.
Business Acquisition [Line Items]
Deferred payment arrangements value				$ 0
New York Code And Design Academy, Inc. | Earnout Period
Business Acquisition [Line Items]
Contingent consideration	$ 12,500,000
Term of additional contingent payments	5 years
Reduction in amount of contingent consideration		0	$ 0	$ 7,800,000
Maximum | New York Code And Design Academy, Inc.
Business Acquisition [Line Items]
Contingent consideration		$ 11,500,000

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Revenues	$ 997,137	$ 634,185	$ 454,851
Strayer University
Disaggregation of Revenue [Line Items]
Revenues	527,032	471,104	449,547
Strayer University | Tuition, net of discounts, grants and scholarships
Disaggregation of Revenue [Line Items]
Revenues	508,734	451,646	433,938
Strayer University | Other
Disaggregation of Revenue [Line Items]
Revenues	18,298	19,458	15,609
Capella University
Disaggregation of Revenue [Line Items]
Revenues	455,320	154,918	0
Capella University | Tuition, net of discounts, grants and scholarships
Disaggregation of Revenue [Line Items]
Revenues	435,185	147,138	0
Capella University | Other
Disaggregation of Revenue [Line Items]
Revenues	20,135	7,780	0
Non-Degree Programs
Disaggregation of Revenue [Line Items]
Revenues	$ 14,785	$ 8,163	$ 5,304

Revenue Recognition - Graduatio

Revenue Recognition - Graduation Fund (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Graduation Fund [Roll Forward]
Balance at beginning of period	$ 43,329	$ 37,400
Revenue deferred	30,071	27,349
Benefit redeemed	(23,759)	(21,420)
Balance at end of period	$ 49,641	$ 43,329

Revenue Recognition Additional

Revenue Recognition Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)Course
Graduation Fund [Line Items]
Number of free courses	1
Number of successfully completed courses	3
Consecutive terms of non attendance in which Graduation Fund credits will be lost	1
Expected collection period of tuition receivable	12 months
Unbilled receivables | $	$ 1.3
Current Liability
Graduation Fund [Line Items]
Graduation fund estimated to be redeemed | $	$ 19.6
Minimum
Graduation Fund [Line Items]
Expected collection period of tuition receivable, noncurrent	2 years
Maximum
Graduation Fund [Line Items]
Expected collection period of tuition receivable, noncurrent	4 years

Restructuring and Related Cha_3

Restructuring and Related Charges (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2013item	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Restructuring Cost and Reserve [Line Items]
Campus location closed | item	20
Lease marginal borrowing rate		4.50%
Restructuring charges		$ 3,920	$ 16,319	$ 3,414
Accounts payable and accrued expenses
Restructuring Cost and Reserve [Line Items]
Restructuring liabilities		$ 6,400	$ 9,800

Restructuring and Related Cha_4

Restructuring and Related Charges - Restructuring liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restructuring Liability Rollforward
Beginning balance	$ 20,887	$ 8,781	$ 11,985
Restructuring and other charges	3,920	16,319	3,414
Payments	(9,984)	(4,656)	(7,037)
Adjustments	(6,540)	443	419
Ending balance	8,283	20,887	8,781
Lease and Related Costs, Net
Restructuring Liability Rollforward
Beginning balance	6,540	8,781	11,985
Payments	0	(2,684)	(3,623)
Adjustments	(6,540)	443	419
Ending balance	0	6,540	8,781
Severance And Other Employee Separation Costs
Restructuring Liability Rollforward
Beginning balance	14,347
Restructuring and other charges	3,920	16,319	3,414
Payments	(9,984)	(1,972)	$ (3,414)
Ending balance	$ 8,283	$ 14,347

Marketable Securities - Availab

Marketable Securities - Available-For-Sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Available-For-Sale Securities
Amortized Cost	$ 71,485	$ 75,060
Gross Unrealized Gain	277	57
Gross Unrealized (Losses)	(255)	(318)
Estimated Fair Value - Total	71,507	74,799
Corporate debt securities
Available-For-Sale Securities
Amortized Cost	42,584	48,202
Gross Unrealized Gain	165	12
Gross Unrealized (Losses)	(40)	(284)
Estimated Fair Value - Total	42,709	47,930
Tax-exempt municipal securities
Available-For-Sale Securities
Amortized Cost	23,301	22,858
Gross Unrealized Gain	112	45
Gross Unrealized (Losses)	(215)	(34)
Estimated Fair Value - Total	23,198	22,869
Variable rate demand notes
Available-For-Sale Securities
Amortized Cost	5,600	4,000
Estimated Fair Value - Total	$ 5,600	$ 4,000

Marketable Securities - Loss po

Marketable Securities - Loss position (Details)	12 Months Ended
	Dec. 31, 2019USD ($)
Fair value of unrealized loss position longer than twelve months:
Unrealized loss position for a period longer than twelve months	$ 0
Other than temporary impairment charges:
Other-than-temporary impairment charges	$ 0

Marketable Securities - Maturit

Marketable Securities - Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Summary of maturities of marketable securities
Due within one year	$ 34,874	$ 37,121
Due after one year through five years	36,633	37,678
Estimated Fair Value - Total	$ 71,507	$ 74,799

Marketable Securities - Matur_2

Marketable Securities - Maturity Period (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Due within one year	$ 34,874	$ 37,121
Variable rate demand notes
Debt Securities, Available-for-sale [Line Items]
Due within one year	$ 5,600
Variable rate demand notes | Minimum
Debt Securities, Available-for-sale [Line Items]
Contractual maturities (in years)	18 years
Settlement basis period (in days)	1 day
Effective maturity period (in days)	1 day
Variable rate demand notes | Maximum
Debt Securities, Available-for-sale [Line Items]
Contractual maturities (in years)	26 years
Settlement basis period (in days)	7 days
Effective maturity period (in days)	7 days

Marketable Securities - Proceed

Marketable Securities - Proceeds (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Proceeds from maturities of available-for-sale securities	$ 43,762,000	$ 16,367,000	$ 0
Proceeds from sale of marketable securities	$ 0	$ 0

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 306,110	$ 300,511
Accumulated depreciation and amortization	(189,081)	(177,834)
Property and equipment, net	$ 117,029	122,677
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	40 years
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,138	7,138
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 21,143	20,883
Buildings and improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	5 years
Buildings and improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	40 years
Furniture and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 73,457	76,856
Furniture and office equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	5 years
Furniture and office equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	7 years
Computer hardware
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 10,173	13,546
Computer hardware | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	3 years
Computer hardware | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	7 years
Computer software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 137,150	129,519
Computer software | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	3 years
Computer software | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	10 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 49,241	44,215
Leasehold improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	3 years
Leasehold improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	10 years
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,808	$ 8,354

Leases Additional Lease Informa

Leases Additional Lease Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Lessee, Lease, Description [Line Items]
Lease cost recognized	$ 33,524
Rent expense		$ 35,900	$ 33,600
Maximum
Lessee, Lease, Description [Line Items]
Lease term	10 years
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year

Leases Components of Lease Cost

Leases Components of Lease Cost (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Leases [Abstract]
Operating lease cost	$ 35,335
Short-term lease cost	885
Sublease income	(2,696)
Total lease costs	33,524
Right of Use asset impairment charge	$ 6,000
Weighted-average remaining lease term (years)	5 years 8 months 12 days
Weighted-average discount rate	4.15%
Cash paid for amounts included in the measurement of lease liabilities	$ 32,883
Right-of-use assets obtained in exchange for operating lease liabilities	4,431
Leasehold improvements obtained in exchange for TIAs paid directly to third parties	$ 2,156

Leases Maturities of Lease Liab

Leases Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Operating Lease Liabilities, Payments, Due, Rolling Maturity [Abstract]
2020	$ 29,178
2021	24,351
2022	15,479
2023	12,376
2024	10,692
Thereafter	27,592
Total lease payments	119,668
Less: interest	(13,827)
Present value of lease liabilities	105,841
Operating lease payments	$ 6,500
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2019		$ 33,600
2020		28,399
2021		23,485
2022		13,770
2023		10,316
Thereafter		32,745
Operating Leases, Future Minimum Payments Due		$ 142,315

Fair Value Measurement (Details

Fair Value Measurement (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Schedule of assets and liabilities measured at fair value on a recurring basis
Money market funds	$ 419,693	$ 311,732
Marketable securities	71,507	74,799
Liabilities:
Accounts payable and accrued liabilities	90,828	85,979
Recurring
Schedule of assets and liabilities measured at fair value on a recurring basis
Total assets at fair value on a recurring basis	102,200	77,090
Money market funds | Recurring
Schedule of assets and liabilities measured at fair value on a recurring basis
Money market funds	30,693	1,791
Corporate debt securities
Schedule of assets and liabilities measured at fair value on a recurring basis
Marketable securities	42,709	47,930
Corporate debt securities | Recurring
Schedule of assets and liabilities measured at fair value on a recurring basis
Marketable securities	42,709	48,430
Tax-exempt municipal securities
Schedule of assets and liabilities measured at fair value on a recurring basis
Marketable securities	23,198	22,869
Tax-exempt municipal securities | Recurring
Schedule of assets and liabilities measured at fair value on a recurring basis
Marketable securities	23,198	22,869
Variable rate demand notes
Schedule of assets and liabilities measured at fair value on a recurring basis
Marketable securities	5,600	4,000
Variable rate demand notes | Recurring
Schedule of assets and liabilities measured at fair value on a recurring basis
Marketable securities	5,600	4,000
Deferred payments | Recurring
Liabilities:
Accounts payable and accrued liabilities	3,257	4,120
Quoted Prices In Active Markets For Identical Assets/Liabilities (Level 1) | Recurring
Schedule of assets and liabilities measured at fair value on a recurring basis
Total assets at fair value on a recurring basis	30,693	1,791
Quoted Prices In Active Markets For Identical Assets/Liabilities (Level 1) | Money market funds | Recurring
Schedule of assets and liabilities measured at fair value on a recurring basis
Money market funds	30,693	1,791
Significant Other Observable Inputs (Level 2) | Recurring
Schedule of assets and liabilities measured at fair value on a recurring basis
Total assets at fair value on a recurring basis	71,507	75,299
Significant Other Observable Inputs (Level 2) | Corporate debt securities | Recurring
Schedule of assets and liabilities measured at fair value on a recurring basis
Marketable securities	42,709	48,430
Significant Other Observable Inputs (Level 2) | Tax-exempt municipal securities | Recurring
Schedule of assets and liabilities measured at fair value on a recurring basis
Marketable securities	23,198	22,869
Significant Other Observable Inputs (Level 2) | Variable rate demand notes | Recurring
Schedule of assets and liabilities measured at fair value on a recurring basis
Marketable securities	5,600	4,000
Significant Unobservable Inputs (Level 3) | Deferred payments | Recurring
Liabilities:
Accounts payable and accrued liabilities	$ 3,257	$ 4,120

Fair Value Measurement - Level

Fair Value Measurement - Level 3 Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Accounts payable and accrued expenses
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short-term portion of deferred payments	$ 1,600
Deferred payments
Schedule of changes in fair value of level 3 liability
Balance at beginning of year	4,120	$ 4,514
Amounts paid	(1,579)	(1,412)
Other adjustments to fair value	716	1,018
Balance at end of year	$ 3,257	$ 4,120

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Changes in carrying amount
Balance, beginning of period	$ 732,540	$ 20,744
Additions		723,929
Impairments	0	(13,944)	$ 0
Measurement period adjustment, goodwill	(465)	1,811
Balance, end of period	732,075	732,540	20,744
Strayer University
Changes in carrying amount
Balance, beginning of period	337,381	6,800
Additions		330,581
Balance, end of period	337,381	337,381	6,800
Capella University
Changes in carrying amount
Balance, beginning of period	395,159
Additions		393,348
Impairments	0
Measurement period adjustment, goodwill	(465)	1,811
Balance, end of period	394,694	395,159
JWMI
Changes in carrying amount
Impairments	0
Non-Degree Programs
Changes in carrying amount
Balance, beginning of period	$ 0	13,944
Impairments		(13,944)
Measurement period adjustment, goodwill		0
Balance, end of period		$ 0	$ 13,944

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Intangibles Impairment (Details) - USD ($)	Aug. 01, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Measurement period adjustment, goodwill		$ (465,000)	$ 1,811,000
Impairment of goodwill		$ 0	13,944,000	$ 0
Useful life - acquired		3 years
Finite-lived intangible assets		$ 87,611,000
Impairment of intangible assets				0
Amortization expenses		61,667,000	25,694,000	$ 0
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2020		55,333,000
2021		32,278,000
2022		0
2023		0
2024		0
2025 and thereafter		0
Net		87,611,000
New York Code And Design Academy, Inc.
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment of goodwill			13,900,000
Capella Merger
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Measurement period adjustment, goodwill		(500,000)
Trade names
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Indefinite-lived intangible assets		185,400,000	185,400,000
Trade names | New York Code And Design Academy, Inc.
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment of intangible assets		0	5,400,000
Student relationships
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Useful life - acquired	3 years
Finite-lived intangible assets		87,611,000	142,944,000
Amortization expenses		55,300,000	23,100,000
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Net		87,611,000	142,944,000
Student relationships | Capella Merger
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Useful life - acquired	3 years
Capella University
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Measurement period adjustment, goodwill		(465,000)	1,811,000
Impairment of goodwill		0
Non-Degree Programs
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Measurement period adjustment, goodwill			0
Impairment of goodwill			$ 13,944,000
Strayer University
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment of intangible assets		$ 0

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Intangibles (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Subject to amortization
Accumulated amortization	$ (78,389)	$ (23,056)
Net	87,611
Total
Intangible assets, gross	351,400	351,400
Intangible assets, net	273,011	328,344
Trade names
Not Subject to amortization
Indefinite-lived intangible assets	185,400	185,400
Student relationships
Subject to amortization
Gross carrying amount	166,000	166,000
Accumulated amortization	(78,389)	(23,056)
Net	$ 87,611	142,944
Trade names
Not Subject to amortization
Indefinite-lived intangible assets		$ 185,400

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Trade payables	$ 47,503	$ 36,566
Accrued compensation and benefits	33,924	35,844
Accrued student obligations	4,580	4,284
Real estate liabilities	751	5,156
Other	4,070	4,129
Accounts payable and accrued liabilities	$ 90,828	$ 85,979

Long Term Debt (Details)

Long Term Debt (Details)	Aug. 01, 2018USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Maximum total leverage ratio		2
Minimum coverage ratio		1.75
Minimum department of education financial composite score		1.5
Revolving credit facility, outstanding		$ 0	$ 0	$ 0
Commitment fees		$ 500,000	$ 400,000
Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Margin rate		1.50%
Unused commitment fee		0.20%
Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Margin rate		2.00%
Unused commitment fee		0.30%
Amended Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, value	$ 250,000,000
Debt financing costs	$ 1,200,000
Debt instrument term	5 years
Prior Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, value	$ 150,000,000

Equity Awards (Details)

Equity Awards (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net cash proceeds related to stock options exercised	$ (1.8)	$ 8.6
Aggregate intrinsic value of stock options exercised	17.4	$ 11.3
Stock-based compensation cost which has not yet been recognized	$ 24.7
Stock-based compensation cost recognized period, in months	23 months
Restricted stock awarded subject to performance condition (in shares)	313,000
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum term of the awards granted under the Plan	10 years
Additional shares authorized for grants	700,000

Equity Awards - RSU (Details)

Equity Awards - RSU (Details) - Restricted stock and restricted stock units - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of restricted stock and restricted stock units activity
Beginning Balance (in shares)	737,950	716,128	727,100
Grants (in shares)	158,748	159,005	75,140
Vested (in shares)	(393,588)	(236,164)	(84,908)
Awards assumed through acquisition of CEC (in shares)		136,324
Forfeitures (in shares)	(34,160)	(37,343)	(1,204)
Ending Balance (in shares)	468,950	737,950	716,128
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested,Weighted Average Grant Date Fair Value [Roll Forward] [Roll Forward]
Beginning Balance, Weighted-average grant price (in dollars per share)	$ 114.43	$ 99.65	$ 97.53
Grants, Weighted-average grant price (in dollars per share)	128.87	93.30	82.18
Awards assumed through acquisition of CEC, Weighted-average grant price (in dollars per share)		118.29
Vested shares, Weighted-average grant price (in dollars per share)	141.75	76.78	66.60
Forfeitures, Weighted-average grant price (in dollars per share)	79.02	83.69	62.28
Ending Balance, Weighted-average grant price (in dollars per share)	$ 98.98	$ 114.43	$ 99.65

Equity Awards - Stock Options (

Equity Awards - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of stock option activity and other stock option information
Grants (in shares)	0	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Grants, Weighted-average exercise price (in dollars share)	$ 0	$ 0	$ 0
Additional information regarding share-based payment arrangements
Net cash proceeds related to stock options exercised	$ (1,800)	$ 8,600
Aggregate intrinsic value of stock options exercised	$ 17,400	$ 11,300
Stock options
Schedule of stock option activity and other stock option information
Beginning Balance (in shares)	256,246	100,000	100,000
Awards assumed through acquisition of CEC (in shares)		319,846
Exercise of stock options, net (in shares)	(208,114)	(162,831)	0
Forfeitures/Expirations (in shares)	(2,036)	(769)	0
Ending Balance (in shares)	46,096	256,246	100,000	100,000
Exercisable (in shares)	24,246
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Beginning Balance, Weighted-average exercise price (in dollars share)	$ 66.80	$ 51.95	$ 51.95
Awards assumed through acquisition of CEC, Weighted-average exercise price (in dollars share)		66.98
Exercises, Weighted-average exercise price (in dollars share)	67.61	$ 58.11	0
Forfeitures/Expirations, Weighted-average exercise price (in dollars share)	58.38	51.96	0
Ending Balance, Weighted-average exercise price (in dollars share)	$ 63.49	$ 66.80	$ 51.95	$ 51.95
Exercisable, Weighted-average exercise price (in dollars share)					$ 60.27
Weighted-average remaining contractual life (years)	5 years 2 months 12 days	7 years	3 years 1 month 6 days	4 years 1 month 6 days
Exercisable, Weighted-average remaining contractual life (years)	4 years
Aggregate intrinsic value					$ 4,398	$ 11,947	$ 3,763	$ 2,868
Exercisable, Aggregate intrinsic value					$ 2,391
Additional information regarding share-based payment arrangements
Stock options outstanding	46,096	256,246	100,000	100,000	46,096	256,246	100,000	100,000

Equity Awards - Stock-based com

Equity Awards - Stock-based compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of stock-based compensation expense
Stock-based compensation expense included in operating expense	$ 12,160	$ 15,532	$ 11,627
Tax benefit	3,126	3,922	4,593
Stock-based compensation expense, net of tax	9,034	11,610	7,034
Instructional and support costs
Schedule of stock-based compensation expense
Stock-based compensation expense included in operating expense	3,823	2,588	1,943
General and administration
Schedule of stock-based compensation expense
Stock-based compensation expense included in operating expense	7,970	10,702	9,684
Merger and integration costs
Schedule of stock-based compensation expense
Stock-based compensation expense included in operating expense	$ 367	$ 2,242	$ 0

Equity Awards - Tax windfall (D

Equity Awards - Tax windfall (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Additional information regarding share-based payment arrangements
Tax windfall related to share-based payment arrangements	$ 4	$ 3.5	$ 0.6

Other Long-Term Liabilities (De

Other Long-Term Liabilities (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Other Liabilities, Noncurrent [Abstract]
Contract liabilities, net of current portion	$ 30,925,000	$ 23,880,000
Deferred payments related to acquisitions	4,963,000	5,904,000
Deferred rent and other facility costs	1,961,000	6,837,000
Employee separation costs	1,838,000	6,800,000
Loss on facilities not in use	0	4,332,000
Lease incentives	0	2,300,000
Other	1,764,000	1,263,000
Other long-term liabilities	$ 41,451,000	$ 51,316,000

Other Long-Term Liabilities - D

Other Long-Term Liabilities - Deferred (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)
Other Liabilities, Noncurrent [Line Items]
Deferred payment arrangement number of sellers | item	1
Deferred payment arrangements value	$ 2.2	$ 3.1
Funds received from investor	2.8
Asset Retirement Obligation
Other Liabilities, Noncurrent [Line Items]
Deferred rent and other facility costs	$ 2.1	$ 1.9
Minimum
Other Liabilities, Noncurrent [Line Items]
Leasehold improvements and long-term liability amortization period	5 years
Maximum
Other Liabilities, Noncurrent [Line Items]
Leasehold improvements and long-term liability amortization period	10 years

Other Employee Benefit Plans (D

Other Employee Benefit Plans (Details) - USD ($)	Jan. 01, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Company's contributions to 401(K) plan		$ 7,200,000	$ 3,500,000	$ 1,300,000
Common stock shares purchase price limit for employees as percentage of market value under Employee Stock Purchase Plan		90.00%
Employee stock purchase plan maximum percentage of purchase employee can make on eligible compensation		10.00%
Maximum number of shares available for purchase by participating employees (in shares)		2,500,000
Subsequent Event
Maximum annual contribution to 401(k) plan by employees, effective January 1, 2019	$ 19,500
Strayer Education, Inc. 401k Plan
Percentage of company matching contribution to 401(K) plan		50.00%
Defined contribution plan employer matching contribution percent		3.00%
Capella Education Company Retirement Savings Plan
Percentage of company matching contribution to 401(K) plan, first tier		100.00%
Percentage of company matching contribution to 401(K) plan, second tier		50.00%
Defined contribution plan employer matching contribution percent, first tier		2.00%
Defined contribution plan employer matching contribution percent, second tier		4.00%

Other Employee Benefit Plans -

Other Employee Benefit Plans - Shares purchased (Details) - ESPP - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares purchased	4,918	4,647	4,718
Average price per share	$ 126.83	$ 100.34	$ 77.05

Stock Repurchase Plan (Details)

Stock Repurchase Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Feb. 29, 2020	Nov. 30, 2003
Equity, Class of Treasury Stock [Line Items]
Additional paid in capital	$ 0
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Authorized common stock for repurchases, amount				$ 250,000,000
Stock Repurchase Plan
Equity, Class of Treasury Stock [Line Items]
Authorized common stock for repurchases, amount					$ 15,000,000
Remaining authorized share for repurchases, amount	$ 70,000,000
Number of shares repurchased	0	0	0

Income Taxes - Income tax provi

Income Taxes - Income tax provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current:
Federal	$ 37,878	$ 9,069	$ 21,156
State	11,584	3,785	4,477
Total current	49,462	12,854	25,633
Deferred:
Change in federal tax rate due to the 2017 Act	0	0	11,375
Federal	(7,009)	(13,381)	(3,193)
State	133	(2,941)	(1,781)
Total deferred	(6,876)	(16,322)	6,401
Total provision for income taxes	$ 42,586	$ (3,468)	$ 32,034

Income Taxes - Deferred tax ass

Income Taxes - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Schedule of tax effects of principal temporary differences that give rise to deferred tax assets
Right-of-use lease assets	$ (21,673)	$ 0
Allowance for doubtful accounts	8,884	7,943
Contract liabilities	8,139	6,107
Stock-based compensation	6,322	19,834
Capital loss carryforward	4,459	4,174
Other	1,955	3,650
Other facility-related costs	489	2,080
Intangible assets	(65,777)	(82,022)
Deferred leasing costs	27,074	1,673
Property and equipment	(13,120)	(18,441)
Valuation allowance	(4,694)	(4,356)
Net deferred tax asset (liability)	$ (47,942)	$ (59,358)

Income Taxes - Unrecognized tax

Income Taxes - Unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 11,500
Deferred tax assets, valuation allowance	4,694	$ 4,356
Tax expense (benefits) related to interest and penalties	145	12
Change in federal tax rate due to the 2017 Act	0	$ 0	$ 11,375
Tax benefit from 2017 Act	$ 1,200
Statutory federal rate	21.00%	21.00%	35.00%
Amount of interest and penalties	$ 119	$ 36
Unrecognized tax benefits	1,000
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Beginning unrecognized tax benefits	624	0
Additions for tax positions taken in the prior year	845	0
Additions from merger	0	687
Reductions for tax positions taken in prior years	(304)	(63)
Ending unrecognized tax benefits	$ 1,165	$ 624	$ 0

Income Taxes - Statutory rate (

Income Taxes - Statutory rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of reconciliation between statutory tax rate and effective tax rate
Statutory federal rate	21.00%	21.00%	35.00%
State income taxes, net of federal benefits	4.60%	(1.40%)	4.20%
Adjustment to deferred tax assets as a result of the 2017 Act	0.00%	0.00%	21.80%
Termination of deferred compensation arrangements	9.20%	0.00%	0.00%
Transaction costs	0.00%	(6.20%)	5.20%
Adjustments to contingent consideration	0.00%	0.00%	(5.00%)
Excess tax benefit on share-based compensation	(2.60%)	15.50%	0.00%
Impairment of intangible assets	0.00%	(15.30%)	0.00%
Acceleration of deductions due to change in tax law	0.00%	6.40%	0.00%
Other	2.20%	(1.90%)	(0.40%)
Effective tax rate	34.40%	18.10%	60.80%
Cash payments for income taxes	$ 48.8	$ 13.4	$ 26.2

Other Investments (Details)

Other Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2027
Equity Securities without Readily Determinable Fair Value [Line Items]
Investments in certain limited partnerships	$ 15,800
Investment Company, Net Assets [Roll Forward]
Limited partnership investments, beginning of period	13,449	$ 0
Additions from merger	0	12,803
Capital contributions	1,035	737
Pro-rata share in the net income of limited partnerships	2,337	(91)
Distributions	(1,026)	0
Limited partnership investments, end of period	$ 15,795	$ 13,449
Forecast
Equity Securities without Readily Determinable Fair Value [Line Items]
Additional investment			$ 2,200
Certain Limited Partnerships | Minimum
Equity Securities without Readily Determinable Fair Value [Line Items]
Partnership interest (as a percentage)	3.00%
Certain Limited Partnerships | Maximum
Equity Securities without Readily Determinable Fair Value [Line Items]
Partnership interest (as a percentage)	5.00%

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2019USD ($)segment	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Segment Reporting Information [Line Items]
Operating segments that meet the threshold to qualify as reportable segments | segment									2
Revenues
Revenues									$ 997,137	$ 634,185	$ 454,851
Operating income (loss)
Amortization of intangible assets									(61,667)	(25,694)	0
Merger costs									(21,923)	(45,745)	(11,879)
Fair value adjustments and impairment of intangible assets									0	(19,909)	7,512
Income (loss) from operations	$ 37,213	$ 20,000	$ 27,596	$ 25,723	$ 18,875	$ (57,127)	$ 4,184	$ 11,328	110,532	(22,740)	52,209
Strayer University
Revenues
Revenues									527,032	471,104	449,547
Operating income (loss)
Income (loss) from operations									106,132	68,188	64,801
Capella University
Revenues
Revenues									455,320	154,918	0
Operating income (loss)
Income (loss) from operations									88,981	6,340	0
Non-Degree Programs
Revenues
Revenues									14,785	8,163	5,304
Operating income (loss)
Income (loss) from operations									(991)	(5,920)	(8,225)
Segment Reconciling Items
Operating income (loss)
Amortization of intangible assets									$ (61,667)	$ (25,694)	$ 0

Segment Reporting - Non-cash it

Segment Reporting - Non-cash items (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Non cash items included in segment income (loss) from operations by reportable segment
Depreciation and amortization	$ 104,861	$ 54,543	$ 18,733
Amortization of intangible assets	61,667	25,694	0
Stock-based compensation	12,160	15,532	11,627
Segments | Strayer University
Non cash items included in segment income (loss) from operations by reportable segment
Depreciation and amortization	23,790	19,997	18,268
Stock-based compensation	5,611	11,602	11,627
Segments | Capella University
Non cash items included in segment income (loss) from operations by reportable segment
Depreciation and amortization	18,006	7,382	0
Stock-based compensation	5,799	1,495	0
Segments | Non-Degree Programs
Non cash items included in segment income (loss) from operations by reportable segment
Depreciation and amortization	997	741	465
Stock-based compensation	383	193	0
Segment Reconciling Items
Non cash items included in segment income (loss) from operations by reportable segment
Amortization of intangible assets	61,667	25,694	0
Merger costs	401	729	0
Merger costs	$ 367	$ 2,242	$ 0

Summarized Quarterly Financia_3

Summarized Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Selected Quarterly Financial Information [Abstract]
Revenues	$ 263,772	$ 241,747	$ 245,110	$ 246,508	$ 242,103	$ 160,945	$ 114,668	$ 116,469	$ 997,137	$ 634,185	$ 454,851
Income (loss) from operations	37,213	20,000	27,596	25,723	18,875	(57,127)	4,184	11,328	110,532	(22,740)	52,209
Net income (loss)	$ 28,537	$ 16,692	$ 24,409	$ 11,500	$ 22,455	$ (52,781)	$ 5,188	$ 9,467	$ 81,138	$ (15,671)	$ 20,612
Net income (loss) per share:
Basic (dollars per share)	$ 1.31	$ 0.77	$ 1.12	$ 0.53	$ 1.05	$ (2.97)	$ 0.48	$ 0.88	$ 3.73	$ (1.03)	$ 1.93
Diluted (dollars per share)	$ 1.29	$ 0.75	$ 1.10	$ 0.52	$ 1.02	$ (2.97)	$ 0.46	$ 0.84	$ 3.67	$ (1.03)	$ 1.84

Regulation (Details)

Regulation (Details)	Jan. 08, 2017item	Dec. 31, 2019itemMetricuniversityprograms
Regulation [Line Items]
Number of debt-to-earnings measures | item		2
Failed programs | item	0
Number of ineligible years		3 years
Pass Status
Regulation [Line Items]
Average of median discretionary percentage		20.00%
Fails
Regulation [Line Items]
Number of consecutive years program has to fail both metrics to become ineligible		3 years
MInimum Number of Metric to Pass | Metric		1
Number of metrics that can't be failed for consecutive years		2 years
Minimum
Regulation [Line Items]
Average of median annual earning percentage		8.00%
Average of median discretionary percentage		20.00%
Minimum | Fails
Regulation [Line Items]
Average of median discretionary percentage		30.00%
Maximum
Regulation [Line Items]
Average of median annual earning percentage		12.00%
Average of median discretionary percentage		30.00%
Capella University
Regulation [Line Items]
Number of current programs in the Zone | universityprograms		1
Strayer University
Regulation [Line Items]
Number of current programs in the Zone | universityprograms		2