Strategic Education (STRA) 10-Q 1 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Jul. 15, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'STRAYER EDUCATION INC	'
Entity Central Index Key	'0001013934	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	10,905,843

Unaudited_Condensed_Consolidat

Unaudited Condensed Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$136,076	$94,760
Tuition receivable, net	15,009	15,842
Other current assets	15,398	16,738
Total current assets	166,483	127,340
Property and equipment, net	87,097	94,421
Deferred income taxes	14,875	17,129
Goodwill	6,800	6,800
Other assets	6,938	8,576
Total assets	282,193	254,266
Current liabilities:	'	'
Accounts payable and accrued expenses	33,174	38,527
Income taxes payable	7,741	2,569
Deferred revenue	3,372	656
Other current liabilities	281	281
Current portion of term loan	4,688	3,125
Total current liabilities	49,256	45,158
Term loan, less current portion	115,625	118,750
Other long-term liabilities	47,349	51,456
Total liabilities	212,230	215,364
Commitments and contingencies	'	'
Stockholders' equity:	'	'
Common stock, par value $0.01; 20,000,000 shares authorized; 10,797,464 and 10,905,843 shares issued and outstanding at December 31, 2013 and June 30, 2014, respectively	109	108
Additional paid-in capital	9,832	7,137
Retained earnings	60,089	31,629
Accumulated other comprehensive income (loss)	-67	28
Total stockholders' equity	69,963	38,902
Total liabilities and stockholders' equity	$282,193	$254,266

Unaudited_Condensed_Consolidat1

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Balance Sheets [Abstract]	'	'
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	10,905,843	10,797,464
Common stock, shares outstanding	10,905,843	10,797,464

Unaudited_Condensed_Consolidat2

Unaudited Condensed Consolidated Statements of Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Statements of Income [Abstract]	'	'	'	'
Revenues	$112,747	$131,980	$229,215	$269,486
Costs and expenses:	'	'	'	'
Instruction and educational support	59,799	71,305	118,912	144,732
Marketing	13,360	16,228	29,674	33,949
Admissions advisory	4,433	5,212	8,552	10,563
General and administration	11,157	12,978	22,170	24,066
Total costs and expenses	88,749	105,723	179,308	213,310
Income from operations	23,998	26,257	49,907	56,176
Investment income	2	'	3	'
Interest expense	1,281	1,337	2,634	2,633
Income before income taxes	22,719	24,920	47,276	53,543
Provision for income taxes	9,042	9,918	18,816	21,310
Net income	$13,677	$15,002	$28,460	$32,233
Earnings per share:	'	'	'	'
Basic	$1.29	$1.43	$2.70	$3.02
Diluted	$1.29	$1.42	$2.68	$3.01
Weighted average shares outstanding:	'	'	'	'
Basic	10,565	10,502	10,547	10,658
Diluted	10,623	10,535	10,602	10,693

Unaudited_Condensed_Consolidat3

Unaudited Condensed Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Statements of Comprehensive Income [Abstract]	'	'	'	'
Net income	$13,677	$15,002	$28,460	$32,233
Other comprehensive income:	'	'	'	'
Change in fair value of derivative instrument, net of income tax	-170	883	-95	1,022
Comprehensive income	$13,507	$15,885	$28,365	$33,255

Unaudited_Condensed_Consolidat4

Unaudited Condensed Consolidated Statements of Stockholders' Equity (USD $)	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
In Thousands, except Share data
Beginning balance at Dec. 31, 2012	$40,988	$114	$299	$41,311	($736)
Beginning balance, shares at Dec. 31, 2012	'	11,387,299	'	'	'
Tax shortfall associated with stock-based compensation arrangements	-3,521	'	-656	-2,865	'
Repurchase of common stock	-24,999	-5	-1,752	-23,242	'
Repurchase of common stock, shares	'	-495,085	'	'	'
Restricted stock grants, net of forfeitures and conversions	'	'	'	'	'
Restricted stock grants, net of forfeitures and conversions, shares	'	-21,746	'	'	'
Stock-based compensation	5,232	'	5,232	'	'
Change in fair value of derivative instrument, net of income tax	1,022	'	'	'	1,022
Net income	32,233	'	'	32,233	'
Ending balance at Jun. 30, 2013	50,955	109	3,123	47,437	286
Ending balance, shares at Jun. 30, 2013	'	10,870,468	'	'	'
Beginning balance at Dec. 31, 2013	38,902	108	7,137	31,629	28
Beginning balance, shares at Dec. 31, 2013	'	10,797,464	'	'	'
Tax shortfall associated with stock-based compensation arrangements	-1,811	'	-1,811	'	'
Repurchase of common stock	'	'	'	'	'
Repurchase of common stock, shares	'	'	'	'	'
Restricted stock grants, net of forfeitures and conversions	'	1	-1	'	'
Restricted stock grants, net of forfeitures and conversions, shares	'	108,379	'	'	'
Stock-based compensation	4,507	'	4,507	'	'
Change in fair value of derivative instrument, net of income tax	-95	'	'	'	-95
Net income	28,460	'	'	28,460	'
Ending balance at Jun. 30, 2014	$69,963	$109	$9,832	$60,089	($67)
Ending balance, shares at Jun. 30, 2014	'	10,905,843	'	'	'

Unaudited_Condensed_Consolidat5

Unaudited Condensed Consolidated Statements of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:	'	'
Net income	$28,460	$32,233
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Amortization of gain on sale of assets	-140	-140
Amortization of deferred rent	-471	-114
Amortization of deferred financing costs	390	390
Depreciation and amortization	10,827	12,434
Deferred income taxes	-358	-1,447
Stock-based compensation	4,507	5,232
Changes in assets and liabilities:	'	'
Tuition receivable, net	2,019	-74
Other current assets	1,042	2,496
Other assets	'	-3
Accounts payable and accrued expenses	-5,376	-7,536
Income taxes payable and income taxes receivable	6,331	8,209
Deferred revenue	5,922	-267
Other long-term liabilities	-7,956	165
Net cash provided by operating activities	45,197	51,578
Cash flows from investing activities:	'	'
Purchases of property and equipment	-2,319	-4,994
Net cash used in investing activities	-2,319	-4,994
Cash flows from financing activities:	'	'
Payments on term loan	-1,562	-1,562
Repurchase of common stock	'	-24,999
Net cash used in financing activities	-1,562	-26,561
Net increase in cash and cash equivalents	41,316	20,023
Cash and cash equivalents - beginning of period	94,760	47,517
Cash and cash equivalents - end of period	136,076	67,540
Non-cash transactions:	'	'
Purchases of property and equipment included in accounts payable	$209	$557

Nature_of_Operations

Nature of Operations	6 Months Ended
	Jun. 30, 2014
Nature of Operations [Abstract]	'
Nature of Operations	'
	1	Nature of Operations
	Strayer Education, Inc. (the “Company”), a Maryland corporation, conducts its operations through its wholly owned subsidiary, Strayer University (the “University”). The University is an accredited institution of higher education that provides undergraduate and graduate degrees in various fields of study through physical campuses, predominantly located in the eastern United States, and online. With the Company’s focus on the student, regardless of whether he or she chooses to take classes at a physical campus or online, it has only one reporting segment.

Significant_Accounting_Policie

Significant Accounting Policies

6 Months Ended

Jun. 30, 2014

Significant Accounting Policies [Abstract]

'

Significant Accounting Policies

'

2

Significant Accounting Policies

Financial Statement Presentation

The consolidated financial statements include the accounts of the Company and its only subsidiary, the University. All intercompany accounts and transactions have been eliminated in the consolidated financial statements.

All information as of December 31, 2013 and June 30, 2013 and 2014, and for the three and six months ended June 30, 2013 and 2014 is unaudited but, in the opinion of management, contains all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the condensed consolidated financial position, results of operations and cash flows of the Company. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013. The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the results to be expected for the full fiscal year.

Revenue Recognition

The Company’s educational programs are offered on a quarterly basis and such periods coincide with the Company’s quarterly financial reporting periods. Approximately 96% of the Company’s revenues during the six months ended June 30, 2014 consisted of tuition revenue. Tuition revenue is recognized in the quarter of instruction. Tuition revenue is assessed for collectibility on a student-by-student basis throughout the quarter of instruction, and is shown net of any withdrawals, refunds, corporate discounts, scholarships and employee tuition discounts. At the start of each academic term, a liability (deferred revenue) is recorded for academic services to be provided and a tuition receivable is recorded for the portion of the tuition not paid upfront in cash. Any cash received prior to the start of an academic term is recorded as deferred revenue. The estimated value of scholarship awards which will be realized in the future is based on historical experience of students who are expected to realize scholarship awards earned as courses are successfully completed. Deferred revenue is recorded as a current or long-term liability in the balance sheet based on when the benefit is expected to be realized. Revenues also include textbook-related income, certificate revenue, certain academic fees, and other income, which are recognized when earned.

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 University during the academic term. Unpaid obligations are included in restricted cash in the Company’s balance sheet. There were no amounts payable for these obligations at December 31, 2013 or June 30, 2014.

As part of commencing operations in Pennsylvania in 2003, the Company was required to maintain a “minimum protective endowment” of at least $500,000 in an interest-bearing account. These funds are required as long as the Company operates its campuses in the state. The Company accounts for these funds as a long-term asset.

Tuition Receivable and Allowance for Doubtful Accounts

The Company records tuition receivable and deferred revenue for its students upon the start of the academic term. Therefore, at the end of the quarter (and academic term), tuition receivable represents amounts due from students for educational services already provided, and deferred revenue represents advance payments from students for academic services to be provided in the future. Tuition receivables are not collateralized; however, credit risk is minimized as a result of the diverse nature of the University’s student base. The University establishes an allowance for doubtful accounts primarily based upon historical collection rates by age of receivable (net of recoveries). 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:

($ in thousands)

December 31,

June 30,

2013

2014

Tuition receivable

$

26,145

$

24,153

Allowance for doubtful accounts

(10,303

)

(9,144

)

Tuition receivable, net

$

15,842

$

15,009

Approximately $3.4 million and $2.2 million of tuition receivable is included in Other assets in the accompanying unaudited condensed consolidated balance sheets as of December 31, 2013 and June 30, 2014, respectively, because these amounts are expected to be collected after 12 months.

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 Indefinite-Lived 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. Indefinite-lived intangible assets, which include a trade name, are recorded at fair market value on their acquisition date. An indefinite life was assigned to the trade name because it has the continued ability to generate cash flows indefinitely.

Goodwill and the indefinite-lived intangible asset are assessed at least annually for impairment during the three-month period ending September 30, 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. Under Accounting Standards Update No. 2011-08, Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment, the Company is permitted, but not required, to first assess qualitative factors to determine whether it is necessary to perform the more thorough quantitative goodwill impairment test. No qualitative factors were present to indicate that an impairment existed at June 30, 2014.

Accounting for Derivative Instruments and Hedging Activities

On the date that the Company enters into a derivative contract, it designates the derivative as a hedge of (a) a forecasted transaction or (b) the variability of cash flows that are to be received or paid in connection with a recognized asset or liability (a cash flow hedge). All derivatives are recognized in the balance sheet at their fair value.

Changes in the fair value of a derivative that is highly effective and that is designated and qualifies as a cash flow hedge, to the extent that the hedge is effective, are recorded, net of income tax, in other comprehensive income, until earnings are affected by the variability of cash flows of the hedged transaction (e.g., until periodic settlements of a variable-rate asset or liability are recorded in earnings). Any hedge ineffectiveness (which represents the amount by which the changes in the fair value of the derivative exceed the variability in the cash flows of the forecasted transaction) is recorded in current-period earnings.

The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. The Company also formally assesses (both at the hedge’s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the fair value or cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. When it is determined that a derivative is not (or has ceased to be) highly effective as a hedge, the Company discontinues hedge accounting prospectively.

Authorized Stock

The Company has authorized 20,000,000 shares of common stock, par value $0.01, of which 10,797,464 and 10,905,843 shares were issued and outstanding as of December 31, 2013 and June 30, 2014, respectively. The Company also has authorized 8,000,000 shares of preferred stock, none of which has been issued or outstanding since 2004. 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.

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, and employee stock purchases related to the Company’s Employee Stock Purchase Plan, based on estimated fair values. Stock-based compensation expense recognized in the unaudited condensed consolidated statements of income for the three and six months ended June 30, 2013 and 2014, is based on awards ultimately expected to vest and, therefore, has been adjusted for estimated forfeitures. The Company is required to estimate forfeitures at the time of grant and revise, if necessary, the estimate 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.

Net Income Per Share

Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the periods. Diluted earnings 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, (2) the amount of compensation cost associated with the stock awards for future service not yet recognized by the Company, and (3) the amount of tax benefits that would be recorded in additional paid-in capital when the stock awards become deductible for income tax purposes. Stock options are not included in the computation of diluted earnings per share when the stock option exercise price of an individual grant exceeds the average market price for the period. During the three and six months ended June 30, 2013 and 2014, the Company had no issued and outstanding stock options that were included in the calculation.

Set forth below is a reconciliation of shares used to calculate basic and diluted earnings per share (in thousands):

For the three months

For the six months

ended June 30,

ended June 30,

2013

2014

2013

2014

Weighted average shares outstanding used to compute basic earnings per share

10,502

10,565

10,658

10,547

Unvested restricted stock

33

58

35

55

Shares used to compute diluted earnings per share

10,535

10,623

10,693

10,602

Recent Accounting Pronouncements

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). The standard establishes a new recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. ASU 2014-09 is effective for fiscal years beginning after December 15, 2016, and early adoption is not permitted. The Company currently is evaluating the impact that the standard will have on its financial condition, results of operations, and disclosures.

Restructuring_and_Related_Char

Restructuring and Related Charges	6 Months Ended
	Jun. 30, 2014
Restructuring and Related Charges [Abstract]	'
Restructuring and Related Charges	'
	3	Restructuring and Related Charges
	In October 2013, the Company implemented a restructuring to better align the Company’s resources with its current student enrollments. This restructuring, which occurred primarily in the fourth quarter of 2013, included the closing of approximately 20 physical locations and reductions in the number of campus-based and corporate employees.
	The following details the changes in the Company’s restructuring liability by type of cost during the six months ended June 30, 2014:
	($ in thousands)		Lease and			Severance and Other			Total
			Related Costs,			Employee
			Net			Separation Costs
	Balance at December 31, 2013(1)		$	42,550		$	2,216		$	44,766
	Non-cash adjustments(2)			(1,595	)		(46	)		(1,641	)
	Payments			(6,700	)		(2,138	)		(8,838	)
	Balance at June 30, 2014(1)		$	34,255		$	32		$	34,287
	-1	The current portion of restructuring liabilities was $10.4 million and $7.5 million as of December 31, 2013 and June 30, 2014, respectively, which are included in Accounts payable and accrued expenses. The long-term portion is included in Other long-term liabilities in the unaudited condensed consolidated balance sheets.
	-2	Non-cash adjustments for lease and related costs primarily result from changes in the timing and expected income from sublease agreements signed during the period as well as the accretion of interest on lease costs of approximately $0.8 million. Non-cash adjustments for severance and other employee separation costs primarily related to employees who were re-hired to other roles within the Company and were not paid severance.
	Lease and Related Costs, Net – During the fourth quarter of 2013, the University implemented a plan to close approximately 20 of its campus locations. The Company recorded approximately $36.0 million of aggregate charges representing the estimated fair value of future contractual operating lease obligations, which were recorded in the periods the Company ceased using the respective facilities. Lease obligations, some of which continue through 2022, are measured at fair value using a discounted cash flow approach encompassing significant unobservable inputs (Level 3). The estimation of future cash flows includes non-cancelable contractual lease costs over the remaining terms of the leases, partially offset by estimated future sublease rental income discounted at credit-adjusted rates, which involves significant judgment. The Company’s estimate of the amount and timing of sublease rental income considers subleases that have been executed and subleases expected to be executed, based on current commercial real estate market data and conditions, and other qualitative factors specific to the facilities. The estimates are adjusted as market conditions change or as new information becomes available, including the execution of additional sublease agreements.
	Severance and Other Employee Separation Costs – The Company implemented workforce reductions in order to better align its human capital resources with the evolving needs of students. A total of $6.9 million in severance and other employee separation costs, net of $1.4 million of non-cash adjustments of share-based compensation, were recorded in the year ended December 31, 2013, of which approximately $6.1 million was paid in 2013.

Term_Loan_and_Revolving_Credit

Term Loan and Revolving Credit Facility	6 Months Ended
	Jun. 30, 2014
Term Loan and Revolving Credit Facility [Abstract]	'
Term Loan and Revolving Credit Facility	'
	4	Term Loan and Revolving Credit Facility
	On November 8, 2012, the Company entered into a Second Amended and Restated Revolving Credit and Term Loan Agreement (the “Amended Credit Facility”), providing for a $100.0 million revolving credit facility and $125.0 million term loan facility, with an option, subject to obtaining additional loan commitments and the satisfaction of certain conditions, to increase the commitments under the Credit Facility by up to $50.0 million in the future. Each of the revolving portions of the Amended Credit Facility, which includes a letter of credit subfacility of $50.0 million, and the term loan portion of the Amended Credit Facility matures on December 31, 2016, and amends and refinances the Company’s original Credit Facility. The term loan portion of the Amended Credit Facility also includes required quarterly amortization payments in the amount of $781,250 in the case of each payment made during calendar years 2013 and 2014, (0.625% of the aggregate original principal amount of the term loan facility), and $1,562,500 in the case of each payment made during calendar years 2015 and 2016, (1.25% of the aggregate original principal amount of the term loan facility). The Amended Credit Facility is guaranteed by the Company’s subsidiary and is secured by substantially all of the personal property and assets of the Company and the guarantor.
	Borrowings under the Amended Credit Facility bear interest at LIBOR or a base rate plus a margin ranging from 2.00% to 2.50%, depending on the Company’s leverage ratio. The Company is party to an interest rate swap arrangement that fixes its interest rate on the entire term loan facility at an effective rate ranging from 2.85% to 3.35%, depending on the Company’s leverage ratio. In addition, an unused commitment fee ranging from 0.30% to 0.40%, depending on the Company’s leverage ratio, accrues on unused amounts under the revolving portion of the Amended Credit Facility. 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 total leverage ratio of not greater than 2.00:1.00;
	●	a coverage ratio of not less than 1.75:1.00; and
	●	a Department of Education financial composite score of not less than 1.5.
	The Company was in compliance with all the terms of the Amended Credit Facility at June 30, 2014.
	As of June 30, 2014, the Company had outstanding $120.3 million under the term loan facility and no balance outstanding under the revolving credit facility. During the three and six months ended June 30, 2014, the Company paid cash interest of $1.1 million and $2.2 million, respectively, compared to $1.1 million and $2.2 million during the three and six months ended June 30, 2013, respectively.
	Debt and short-term borrowings consist of the following as of June 30, 2014 (in thousands):
	Term loan		$	120,313
	Revolving credit facility			—
	Total debt			120,313
	Less: Current portion of long-term debt			4,688
	Long-term debt		$	115,625
	Aggregate debt maturities as of June 30, 2014 are as follows:
	2014		$	1,563
	2015			6,250
	2016			112,500
			$	120,313
	Interest Rate Swap
	The Company is party to an interest rate swap on the outstanding balance of the Credit Facility in order to minimize the interest rate exposure on the balance of the term loan facility (the “Swap”). The Swap effectively fixes the variable interest rate on the associated term loan at a rate ranging from 2.85% to 3.35%, depending on the Company’s leverage ratio, rather than being subject to fluctuations in the LIBOR rate. The term of the Swap effectively matches the term of the underlying term loan facility. The Swap has been designated as a cash flow hedge and has been deemed effective in accordance with the Derivatives and Hedging Topic, ASC 815. The Company expects the Swap to continue to be deemed effective for the duration of the Swap. The fair value of the Swap is included in Other long-term liabilities in the Company’s unaudited condensed consolidated balance sheets.

Fair_Value_Measurement

Fair Value Measurement	6 Months Ended
	Jun. 30, 2014
Fair Value Measurement [Abstract]	'
Fair Value Measurement	'
	5	Fair Value Measurement
	Assets and liabilities measured at fair value on a recurring basis consist of the following as of June 30, 2014 (in thousands):
						Fair Value Measurements at Reporting Date Using
			30-Jun-14			Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	Assets:
	Cash equivalents:
	Money market funds		$	36,481		$	36,481	$	—	$	—
	Total assets at fair value on a recurring basis		$	36,481		$	36,481	$	—	$	—
	Liabilities:
	Other liabilities:
	Deferred payments		$	2,115		$	—	$	—	$	2,115
	Interest rate swap			110			—		110		—
	Total liabilities at fair value on a recurring basis		$	2,225		$	—	$	110	$	2,115
	Assets and liabilities measured at fair value on a recurring basis consist of the following as of December 31, 2013 (in thousands):
						Fair Value Measurements at Reporting Date Using
			31-Dec-13			Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	Assets:
	Cash equivalents:
	Money market funds		$	8,382		$	8,382	$	—	$	—
	Interest rate swap			45			—		45		—
	Total assets at fair value on a recurring basis		$	8,427		$	8,382	$	45	$	—
	Liabilities:
	Other liabilities:
	Deferred payments		$	2,115		$	—	$	—	$	2,115
	Total liabilities at fair value on a recurring basis		$	2,115		$	—	$	—	$	2,115
	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, and are included in Cash and cash equivalents in the accompanying unaudited condensed 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, 2013 and June 30, 2014 approximate fair value and is not disclosed in the above tables because of the short-term nature of the financial instruments.
	●	Interest rate swap — The Company has an interest rate swap with a notional amount of $120.3 million as of June 30, 2014, used to minimize the interest rate exposure and fix the variable interest rate on a portion of the Company’s variable rate debt. The swap is classified within Level 2 and is valued using readily available pricing sources which utilize market observable inputs including the current variable interest rate for similar types of instruments.
	●	Deferred payments — The Company acquired certain assets and entered into a deferred payment arrangement with one of the sellers in connection with an acquisition completed in 2011, which is classified within Level 3 as there is no liquid market for similarly priced instruments. The deferred payment is valued using a discounted cash flow model that encompasses significant unobservable inputs to estimate the operating results of the acquired assets. 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 program matures.
	At June 30, 2014, the carrying value of the Company’s debt was $120.3 million. All of the Company’s debt is variable interest rate debt and is classified within Level 2 because it is valued using readily available pricing sources which utilize market observable inputs. The Company has determined the carrying amount approximates fair value.
	The Company did not change its valuation techniques associated with recurring fair value measurements from prior periods, and no assets or liabilities were transferred between levels of the fair value hierarchy during the six months ended June 30, 2013 or 2014. Assets measured at fair value on a non-recurring basis as of December 31, 2013 and June 30, 2014, include $6.8 million of goodwill and $1.6 million of other indefinite-lived intangible assets. Changes in the fair value of the Company’s Level 3 liability during the six months ended June 30, 2014 are as follows (in thousands):
			Deferred
			Payments
	Balance at December 31, 2013		$	2,115
	Amounts earned			(244	)
	Adjustments to fair value			244
	Transfers in or out of Level 3			—
	Balance at June 30, 2014		$	2,115

Stock_Options_Restricted_Stock

Stock Options, Restricted Stock and Restricted Stock Units	6 Months Ended
	Jun. 30, 2014
Stock Options, Restricted Stock and Restricted Stock Units [Abstract]	'
Stock Options, Restricted Stock and Restricted Stock Units	'
	6	Stock Options, Restricted Stock and Restricted Stock Units
	In April 2011, the Company’s stockholders approved the Strayer Education, Inc. 2011 Equity Compensation Plan (the “Plan”), which replaced the Company’s 1996 equity compensation plan (the “1996 Plan”) and made 300,000 new shares available for issuance as equity compensation. In addition, shares previously available for issuance under the 1996 Plan were effectively carried over and are available for issuance under the Plan, for a total of approximately 350,000 shares that were made available for issuance as equity compensation under the Plan. The 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 Plan is ten years.
	In February 2014, the Company’s Board of Directors approved grants of 46,064 shares of restricted stock to certain individuals. These shares, which vest 100% in February 2018, were granted pursuant to the Plan. The Company’s stock price closed at $33.65 on the date of these restricted stock grants.
	In May 2014, the Company’s Board of Directors approved grants of 46,674 shares of restricted stock. These shares, which vest in their entirety four years from the date of grant, were granted pursuant to the Plan. The Company’s Board of Directors also approved grants of 15,868 shares of restricted stock. These shares, which vest over a three-year period, were awarded to non-employee members of the Company’s Board of Directors, as part of the Company’s annual director compensation program. The Company’s stock price closed at $42.85 on the date of these restricted stock grants.
	Dividends paid on unvested restricted stock are reimbursed to the Company if the recipient forfeits his or her shares as a result of termination of employment prior to vesting in the award, unless waived by the Board of Directors.
	Restricted Stock and Restricted Stock Units
	The table below sets forth the restricted stock and restricted stock units activity for the six months ended June 30, 2014:
			Number			Weighted-
			of shares			average grant
			or units			price
	Balance, December 31, 2013			487,773		$	131.51
	Grants			108,606		$	38.95
	Vested shares			(61,600	)	$	175.13
	Forfeitures			(227	)	$	132.23
	Balance, June 30, 2014			534,552		$	115.73
	Stock Options
	The table below sets forth the stock option activity for the six months ended June 30, 2014 and other stock option information at June 30, 2014:
			Number of			Weighted-average exercise price		Weighted-average		Aggregate intrinsic
			shares					remaining		value(1)
								contractual		(in thousands)
								life (years)
	Balance, December 31, 2013			100,000		$	51.95		7	$	—
	Grants			—			—
	Exercises			—			—
	Forfeitures/Expirations			—			—
	Balance, June 30, 2014			100,000		$	51.95		6.5	$	56
	Exercisable, June 30, 2014			—		$	—		—	$	—
	-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.
	Valuation and Expense Information under Stock Compensation Topic ASC 718
	At June 30, 2014, total stock-based compensation cost which has not yet been recognized was $33.6 million for unvested restricted stock, restricted stock units, and stock option awards. This cost is expected to be recognized over the next 47 months on a weighted-average basis. Awards of approximately 398,000 shares of restricted stock and restricted stock units 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. Such a determination involves significant judgment surrounding the Company’s ability to maintain regulatory compliance. If the performance targets are not reached during the 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 sets forth the amount of stock-based compensation expense recorded in each of the expense line items (in thousands):
			For the three months					For the six months
			ended June 30,					ended June 30,
			2013			2014		2013		2014
	Instruction and educational support		$	844		$	475	$	1,941	$	909
	Marketing			—			—		—		—
	Admissions advisory			—			—		—		—
	General and administration			2,138			2,071		3,291		3,598
	Stock-based compensation expense included in operating expense			2,982			2,546		5,232		4,507
	Tax benefit			1,187			1,013		2,082		1,794
	Stock-based compensation expense, net of income tax		$	1,795		$	1,533	$	3,150	$	2,713
	During the six months ended June 30, 2013 and 2014, the Company recognized a tax shortfall related to share-based payment arrangements of $3.5 million and $1.8 million, respectively. No stock options were exercised during the six months ended June 30, 2013 or 2014.

Other_LongTerm_Liabilities

Other Long-Term Liabilities	6 Months Ended
	Jun. 30, 2014
Other Long-Term Liabilities [Abstract]	'
Other Long-Term Liabilities	'
	7	Other Long-Term Liabilities
	Other long-term liabilities consist of the following as of December 31, 2013 and June 30, 2014 (in thousands):
			2013		2014
	Loss on facilities not in use		$	34,339	$	26,800
	Deferred rent and other facility costs			8,258		8,729
	Deferred payments related to acquisition			4,915		4,915
	Deferred revenue, net of current portion			1,897		5,103
	Lease incentives			1,353		1,138
	Deferred gain on sale of campus building			694		554
	Fair value of interest rate swap (see Note 4)			—		110
			$	51,456	$	47,349
	Loss on Facilities Not in Use and Deferred Rent and Other Facility Costs
	The Company records lease costs of campuses and non-campus facilities that are not currently in use (see Note 3). For facilities still in use, the Company records 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 is recorded as a liability.
	Deferred Payments Related to Acquisition
	The Company acquired certain assets and entered into deferred payment arrangements with one of the sellers in connection with an acquisition completed in 2011. In addition, one of the sellers contributed $2.8 million to the Company representing the seller’s continuing interest in the assets acquired.
	Deferred Revenue
	The Company provides for certain scholarship and awards programs that are earned by students when they successfully complete course requirements. The Company also has licensed certain of its non-credit bearing course content to a third party. Included in long-term deferred revenue is the amount of revenue under these arrangements that the Company expects will be realized after one year.
	Lease Incentives
	In conjunction with the opening of new campuses or renovating existing ones, the Company, in some instances, was reimbursed by the lessors for improvements made to the leased properties. In accordance with ASC 840-20, these improvements were capitalized as leasehold improvements and a liability was established for the reimbursements. The leasehold improvements and the liability are amortized on a straight-line basis over the corresponding lease terms, which generally range from five to 10 years.
	Deferred Gain on Sale of Campus Building
	In June 2007, the Company sold one of its campus buildings for $5.8 million. The Company is leasing back most of the campus building over a 10-year period. In conjunction with this sale and lease back transaction, the Company realized a gain of $2.8 million before tax, which is deferred and recognized over the 10-year lease term.

Income_Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2014
Income Taxes [Abstract]	'
Income Taxes	'
	8	Income Taxes
	The Income Taxes Topic, ASC 740 (“ASC 740”), requires the Company to determine whether uncertain tax positions should be recognized within the Company’s financial statements. The amount of unrecognized tax benefits and liabilities at June 30, 2014 is immaterial. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of June 30, 2014, the amount of accrued interest related to uncertain tax positions was immaterial. The tax years 2011-2013 remain open for Federal tax examination, and the tax years 2009-2013 remain open to examination by the state and local taxing jurisdictions in which the Company is subject.
	The Company had $0.5 million of unrecognized tax benefits at June 30, 2014, all of which resulted from tax positions taken during the year ended December 31, 2013. A liability for uncertain tax positions of $1.9 million as of June 30, 2014, also for tax positions taken during the year ended December 31, 2013, is included in income taxes payable in the unaudited condensed consolidated balance sheets.

Litigation

Litigation	6 Months Ended
	Jun. 30, 2014
Litigation [Abstract]	'
Litigation	'
	9	Litigation
	From time to time, the Company is involved in litigation and other legal proceedings arising out of the ordinary course of its business. There are no pending material legal proceedings to which the Company is subject or to which the Company’s property is subject.

Regulation

Regulation	6 Months Ended
	Jun. 30, 2014
Regulation [Abstract]	'
Regulation	'
	10	Regulation
	The Department of Education (the "Department") previously attempted to define “an eligible program of training to prepare students for gainful employment in a recognized occupation.” After a federal court invalidated the Department’s regulation (except for the disclosure requirements), the Department established a negotiated rulemaking committee to again consider the issue of gainful employment, but the Committee did not achieve the required consensus.
	On March 25, 2014, the Department issued a Notice of Proposed Rulemaking for public comment. Under the proposed rule, a gainful employment program would pass the metrics if:
	●	The estimated annual loan payment of graduates does not exceed 20 percent of their discretionary earnings or 8 percent of their total earnings; and
	●	The program cohort default rate for former students enrolled in the program does not exceed 30 percent.
	The proposal would also establish a “zone” for gainful employment programs that have a discretionary income rate between 20 percent and 30 percent, or an annual earnings rate between 8 percent and 12 percent. A gainful employment program would become ineligible for Title IV funding if it fails the debt-to-earnings rates measure for two out of three consecutive years, or has a combination of debt-to-earnings rates that are in the zone or failing for four consecutive years. Additionally, a gainful employment program that has a program cohort default rate of 30 percent or greater for three consecutive fiscal years would become ineligible. Institutions would also be required to disclose to students and prospective students certain information about gainful employment programs and to report to the Department certain data relating to gainful employment programs. At this time, the Company is unable to determine what impact, if any, a final rule will have on its financial condition or results of operations.
	Strayer University is subject to announced and unannounced compliance reviews and audits by various external agencies, including the Department of Education, its Office of Inspector General, state licensing agencies, guaranty agencies, and accrediting agencies. On July 30, 2014, the Company received a letter from the Department of Education indicating that it will conduct an on-site program review of a Strayer University campus. The review, which is scheduled to commence August 18, 2014, will cover federal financial aid years 2012-2013 and 2013-2014, as well as compliance with the James Clery Disclosure of Campus Security Policy and Campus Crime Statistics Act, the Drug-Free Schools and Communities Act, and regulations related thereto. Strayer University’s last program review occurred in the third quarter of 2010, with no material adverse findings and no additional actions required.

Significant_Accounting_Policie1

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2014

Significant Accounting Policies [Abstract]

'

Financial Statement Presentation

'

Financial Statement Presentation

The consolidated financial statements include the accounts of the Company and its only subsidiary, the University. All intercompany accounts and transactions have been eliminated in the consolidated financial statements.

All information as of December  31, 2013 and June  30, 2013 and 2014, and for the three and six months ended June 30, 2013 and 2014 is unaudited but, in the opinion of management, contains all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the condensed consolidated financial position, results of operations and cash flows of the Company. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December  31, 2013. The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the results to be expected for the full fiscal year.

Revenue Recognition

'

Revenue Recognition

The Company’s educational programs are offered on a quarterly basis and such periods coincide with the Company’s quarterly financial reporting periods. Approximately 96% of the Company’s revenues during the six months ended June 30, 2014 consisted of tuition revenue. Tuition revenue is recognized in the quarter of instruction. Tuition revenue is assessed for collectibility on a student-by-student basis throughout the quarter of instruction, and is shown net of any withdrawals, refunds, corporate discounts, scholarships and employee tuition discounts. At the start of each academic term, a liability (deferred revenue) is recorded for academic services to be provided and a tuition receivable is recorded for the portion of the tuition not paid upfront in cash. Any cash received prior to the start of an academic term is recorded as deferred revenue. The estimated value of scholarship awards which will be realized in the future is based on historical experience of students who are expected to realize scholarship awards earned as courses are successfully completed. Deferred revenue is recorded as a current or long-term liability in the balance sheet based on when the benefit is expected to be realized. Revenues also include textbook-related income, certificate revenue, certain academic fees, and other income, which are recognized when earned.

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 University during the academic term. Unpaid obligations are included in restricted cash in the Company’s balance sheet. There were no amounts payable for these obligations at December 31, 2013 or June 30, 2014.

As part of commencing operations in Pennsylvania in 2003, the Company was required to maintain a “minimum protective endowment” of at least $500,000 in an interest-bearing account. These funds are required as long as the Company operates its campuses in the state. The Company accounts for these funds as a long-term asset.

Tuition Receivable and Allowance for Doubtful Accounts

'

Tuition Receivable and Allowance for Doubtful Accounts

The Company records tuition receivable and deferred revenue for its students upon the start of the academic term. Therefore, at the end of the quarter (and academic term), tuition receivable represents amounts due from students for educational services already provided, and deferred revenue represents advance payments from students for academic services to be provided in the future. Tuition receivables are not collateralized; however, credit risk is minimized as a result of the diverse nature of the University’s student base. The University establishes an allowance for doubtful accounts primarily based upon historical collection rates by age of receivable (net of recoveries). 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:

($ in thousands)

December 31,

June 30,

2013

2014

Tuition receivable

$

26,145

$

24,153

Allowance for doubtful accounts

(10,303

)

(9,144

)

Tuition receivable, net

$

15,842

$

15,009

Approximately $3.4 million and $2.2 million of tuition receivable is included in Other assets in the accompanying unaudited condensed consolidated balance sheets as of December 31, 2013 and June 30, 2014, respectively, because these amounts are expected to be collected after 12 months.

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 Indefinite-Lived Intangible Assets

'

Goodwill and Indefinite-Lived 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. Indefinite-lived intangible assets, which include a trade name,  are recorded at fair market value on their acquisition date. An indefinite life was assigned to the trade name because it has the continued ability to generate cash flows indefinitely.

Goodwill and the indefinite-lived intangible asset are assessed at least annually for impairment during the three-month period ending September 30, 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. Under Accounting Standards Update No. 2011-08,  Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment, the Company is permitted, but not required, to first assess qualitative factors to determine whether it is necessary to perform the more thorough quantitative goodwill impairment test. No qualitative factors were present to indicate that an impairment existed at June 30, 2014.

Accounting for Derivative Instruments and Hedging Activities

'

Accounting for Derivative Instruments and Hedging Activities

On the date that the Company enters into a derivative contract, it designates the derivative as a hedge of (a)  a forecasted transaction or (b)  the variability of cash flows that are to be received or paid in connection with a recognized asset or liability (a cash flow hedge). All derivatives are recognized in the balance sheet at their fair value.

Changes in the fair value of a derivative that is highly effective and that is designated and qualifies as a cash flow hedge, to the extent that the hedge is effective, are recorded, net of income tax, in other comprehensive income, until earnings are affected by the variability of cash flows of the hedged transaction (e.g., until periodic settlements of a variable-rate asset or liability are recorded in earnings). Any hedge ineffectiveness (which represents the amount by which the changes in the fair value of the derivative exceed the variability in the cash flows of the forecasted transaction) is recorded in current-period earnings.

The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. The Company also formally assesses (both at the hedge’s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the fair value or cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. When it is determined that a derivative is not (or has ceased to be) highly effective as a hedge, the Company discontinues hedge accounting prospectively.

Authorized Stock

'

Authorized Stock

The Company has authorized 20,000,000 shares of common stock, par value $0.01, of which 10,797,464 and 10,905,843 shares were issued and outstanding as of December  31, 2013 and June 30, 2014, respectively. The Company also has authorized 8,000,000 shares of preferred stock, none of which has been issued or outstanding since 2004. 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.

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, and employee stock purchases related to the Company’s Employee Stock Purchase Plan, based on estimated fair values. Stock-based compensation expense recognized in the unaudited condensed consolidated statements of income for the three and six months ended June 30, 2013 and 2014, is based on awards ultimately expected to vest and, therefore, has been adjusted for estimated forfeitures. The Company is required to estimate forfeitures at the time of grant and revise, if necessary, the estimate 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.

Net Income Per Share

'

Net Income Per Share

Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the periods. Diluted earnings 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, (2)  the amount of compensation cost associated with the stock awards for future service not yet recognized by the Company, and (3)  the amount of tax benefits that would be recorded in additional paid-in capital when the stock awards become deductible for income tax purposes. Stock options are not included in the computation of diluted earnings per share when the stock option exercise price of an individual grant exceeds the average market price for the period. During the three and six months ended June 30, 2013 and 2014, the Company had no issued and outstanding stock options that were included in the calculation.

Set forth below is a reconciliation of shares used to calculate basic and diluted earnings per share (in thousands):

For the three months

For the six months

ended June 30,

ended June 30,

2013

2014

2013

2014

Weighted average shares outstanding used to compute basic earnings per share

10,502

10,565

10,658

10,547

Unvested restricted stock

33

58

35

55

Shares used to compute diluted earnings per share

10,535

10,623

10,693

10,602

Recent Accounting Pronouncements

'

Recent Accounting Pronouncements

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). The standard establishes a new recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. ASU 2014-09 is effective for fiscal years beginning after December 15, 2016, and early adoption is not permitted. The Company currently is evaluating the impact that the standard will have on its financial condition, results of operations, and disclosures.

Significant_Accounting_Policie2

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2014
Significant Accounting Policies [Abstract]	'
Schedule of tuition receivable and allowance for doubtful accounts	'
	($ in thousands)	December 31,			June 30,
		2013			2014
	Tuition receivable	$	26,145		$	24,153
	Allowance for doubtful accounts		(10,303	)		(9,144	)
	Tuition receivable, net	$	15,842		$	15,009
Schedule of reconciliation of shares used to calculate basic and diluted earnings per share	'
		For the three months						For the six months
		ended June 30,						ended June 30,
		2013			2014			2013		2014
	Weighted average shares outstanding used to compute basic earnings per share		10,502			10,565			10,658		10,547
	Unvested restricted stock		33			58			35		55
	Shares used to compute diluted earnings per share		10,535			10,623			10,693		10,602

Restructuring_and_Related_Char1

Restructuring and Related Charges (Tables)	6 Months Ended
	Jun. 30, 2014
Restructuring and Related Charges [Abstract]	'
Schedule of restructuring liability by type of cost	'
	($ in thousands)		Lease and			Severance and Other			Total
			Related Costs,			Employee
			Net			Separation Costs
	Balance at December 31, 2013(1)		$	42,550		$	2,216		$	44,766
	Non-cash adjustments(2)			(1,595	)		(46	)		(1,641	)
	Payments			(6,700	)		(2,138	)		(8,838	)
	Balance at June 30, 2014(1)		$	34,255		$	32		$	34,287
	-1	The current portion of restructuring liabilities was $10.4 million and $7.5 million as of December 31, 2013 and June 30, 2014, respectively, which are included in Accounts payable and accrued expenses. The long-term portion is included in Other long-term liabilities in the unaudited condensed consolidated balance sheets.
	-2	Non-cash adjustments for lease and related costs primarily result from changes in the timing and expected income from sublease agreements signed during the period as well as the accretion of interest on lease costs of approximately $780,000. Non-cash adjustments for severance and other employee separation costs primarily related to employees who were re-hired to other roles within the Company and were not paid severance.

Term_Loan_and_Revolving_Credit1

Term Loan and Revolving Credit Facility (Tables)	6 Months Ended
	Jun. 30, 2014
Term Loan and Revolving Credit Facility [Abstract]	'
Schedule of debt and short-term borrowings	'
	Term loan	$	120,313
	Revolving credit facility		—
	Total debt		120,313
	Less: Current portion of long-term debt		4,688
	Long-term debt	$	115,625
Schedule of aggregate debt maturities	'
	2014	$	1,563
	2015		6,250
	2016		112,500
		$	120,313

Fair_Value_Measurement_Tables

Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 2014
Fair Value Measurement [Abstract]	'
Schedule of assets and liabilities measured at fair value on a recurring basis	'
					Fair Value Measurements at Reporting Date Using
		30-Jun-14				Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	Assets:
	Cash equivalents:
	Money market funds	$	36,481			$	36,481	$	—	$	—
	Total assets at fair value on a recurring basis	$	36,481			$	36,481	$	—	$	—
	Liabilities:
	Other liabilities:
	Deferred payments	$	2,115			$	—	$	—	$	2,115
	Interest rate swap		110				—		110		—
	Total liabilities at fair value on a recurring basis	$	2,225			$	—	$	110	$	2,115
						Fair Value Measurements at Reporting Date Using
		31-Dec-13				Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	Assets:
	Cash equivalents:
	Money market funds	$	8,382			$	8,382	$	—	$	—
	Interest rate swap		45				—		45		—
	Total assets at fair value on a recurring basis	$	8,427			$	8,382	$	45	$	—
	Liabilities:
	Other liabilities:
	Deferred payments	$	2,115			$	—	$	—	$	2,115
	Total liabilities at fair value on a recurring basis	$	2,115			$	—	$	—	$	2,115
Schedule of changes in fair value of level 3 liability	'
		Deferred
		Payments
	Balance at December  31, 2013	$	2,115
	Amounts earned		(244	)
	Adjustments to fair value		244
	Transfers in or out of Level 3		—
	Balance at June 30, 2014	$	2,115

Stock_Options_Restricted_Stock1

Stock Options, Restricted Stock and Restricted Stock Units (Tables)	6 Months Ended
	Jun. 30, 2014
Stock Options, Restricted Stock and Restricted Stock Units [Abstract]	'
Schedule of restricted stock and restricted stock units activity	'
			Number			Weighted-
			of shares			average grant
			or units			price
	Balance, December 31, 2013			487,773		$	131.51
	Grants			108,606		$	38.95
	Vested shares			(61,600	)	$	175.13
	Forfeitures			(227	)	$	132.23
	Balance, June 30, 2014			534,552		$	115.73
Schedule of stock option activity and other stock option information	'
			Number of			Weighted-average exercise price		Weighted-average		Aggregate intrinsic
			shares					remaining		value(1)
								contractual		(in thousands)
								life (years)
	Balance, December 31, 2013			100,000		$	51.95		7	$	—
	Grants			—			—
	Exercises			—			—
	Forfeitures/Expirations			—			—
	Balance, June 30, 2014			100,000		$	51.95		6.5	$	56
	Exercisable, June 30, 2014			—		$	—		—	$	—
	-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	'
			For the three months					For the six months
			ended June 30,					ended June 30,
			2013			2014		2013		2014
	Instruction and educational support		$	844		$	475	$	1,941	$	909
	Marketing			—			—		—		—
	Admissions advisory			—			—		—		—
	General and administration			2,138			2,071		3,291		3,598
	Stock-based compensation expense included in operating expense			2,982			2,546		5,232		4,507
	Tax benefit			1,187			1,013		2,082		1,794
	Stock-based compensation expense, net of income tax		$	1,795		$	1,533	$	3,150	$	2,713

Other_LongTerm_Liabilities_Tab

Other Long-Term Liabilities (Tables)	6 Months Ended
	Jun. 30, 2014
Other Long-Term Liabilities [Abstract]	'
Schedule of other long-term liabilities	'
		2013		2014
	Loss on facilities not in use	$	34,339	$	26,800
	Deferred rent and other facility costs		8,258		8,729
	Deferred payments related to acquisition		4,915		4,915
	Deferred revenue, net of current portion		1,897		5,103
	Lease incentives		1,353		1,138
	Deferred gain on sale of campus building		694		554
	Fair value of interest rate swap (see Note 4)		—		110
		$	51,456	$	47,349

Nature_of_Operations_Details

Nature of Operations (Details)	6 Months Ended
	Jun. 30, 2014
	Segments
Nature of Operations [Abstract]	'
Number of reporting segments	1

Significant_Accounting_Policie3

Significant Accounting Policies (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Schedule of tuition receivable and allowance for doubtful accounts	'	'
Tuition receivable	$24,153	$26,145
Allowances for doubtful accounts	-9,144	-10,303
Tuition receivable, net	$15,009	$15,842

Significant_Accounting_Policie4

Significant Accounting Policies (Details 1)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Schedule of reconciliation of shares used to calculate basic and diluted earnings per share	'	'	'	'
Weighted average shares outstanding used to compute basic earnings per share	10,565	10,502	10,547	10,658
Unvested restricted stock	58	33	55	35
Shares used to compute diluted earnings per share	10,623	10,535	10,602	10,693

Significant_Accounting_Policie5

Significant Accounting Policies (Details Textual) (USD $)	3 Months Ended	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2014	Dec. 31, 2013
Significant Accounting Policies (Textual)	'	'	'
Percentage of tuition revenue in total revenue	'	96.00%	'
Tuition receivable included in other assets	'	$2,200,000	$3,400,000
Goodwill and intangible assets impairment	'	0	'
Common stock, shares authorized	'	20,000,000	20,000,000
Common stock, par value	'	$0.01	$0.01
Common stock, shares issued	'	10,905,843	10,797,464
Common stock, shares outstanding	'	10,905,843	10,797,464
Preferred stock, shares authorized	'	8,000,000	'
Preferred stock, shares issued	'	'	'
Preferred stock, shares outstanding	'	'	'
Issued and outstanding of stock options	'	'	'
Minimum protective endowment	'	$500,000	'

Restructuring_and_Related_Char2

Restructuring and Related Charges (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014
Schedule of restructuring liability by type of cost	'
Balance at December 31, 2013	$44,766	[1]
Non-cash adjustments	-1,641	[2]
Payments	-8,838
Balance at June 30, 2014	34,287	[1]
Lease and Related Costs, Net [Member]	'
Schedule of restructuring liability by type of cost	'
Balance at December 31, 2013	42,550	[1]
Non-cash adjustments	-1,595	[2]
Payments	-6,700
Balance at June 30, 2014	34,255	[1]
Severance and Other Employee Separation Costs [Member]	'
Schedule of restructuring liability by type of cost	'
Balance at December 31, 2013	2,216	[1]
Non-cash adjustments	-46	[2]
Payments	-2,138
Balance at June 30, 2014	$32	[1]
[1]	The current portion of restructuring liabilities was $10.4 million and $7.5 million as of December 31, 2013 and June 30, 2014, respectively, which are included in Accounts payable and accrued expenses. The long-term portion is included in Other long-term liabilities in the unaudited condensed consolidated balance sheets.
[2]	Non-cash adjustments for lease and related costs primarily result from changes in the timing and expected income from sublease agreements signed during the period as well as the accretion of interest on lease costs of approximately $780,000. Non-cash adjustments for severance and other employee separation costs primarily related to employees who were re-hired to other roles within the Company and were not paid severance.

Restructuring_and_Related_Char3

Restructuring and Related Charges (Details Textual) (USD $)	3 Months Ended	6 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Jun. 30, 2014	Dec. 31, 2013
	Campus
Restructuring Cost and Reserve [Line Items]	'	'	'
Restructuring liabilities	$10.40	$7.50	$10.40
Lease term expire	'2022	'	'
Campus location closed	20	'	'
Severance and other employee separation costs	'	'	6.9
Non cash adjustments of accretion of interest on lease costs	'	0.8	'
Non-cash adjustments of share-based compensation	'	'	1.4
Severance and other employee separation costs paid	'	'	6.1
Lease and Related Costs, Net [Member]	'	'	'
Restructuring Cost and Reserve [Line Items]	'	'	'
Contractual obligation	$36	'	$36

Term_Loan_and_Revolving_Credit2

Term Loan and Revolving Credit Facility (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Schedule of debt and short-term borrowings	'	'
Total debt	$120,313	'
Less: Current portion of long-term debt	4,688	3,125
Long-term debt	115,625	118,750
Term loan [Member]	'	'
Schedule of debt and short-term borrowings	'	'
Total debt	120,313	'
Revolving credit facility [Member]	'	'
Schedule of debt and short-term borrowings	'	'
Total debt	'	'

Term_Loan_and_Revolving_Credit3

Term Loan and Revolving Credit Facility (Details 1) (USD $)	Jun. 30, 2014
In Thousands, unless otherwise specified
Schedule of aggregate debt maturities	'
2014	$1,563
2015	6,250
2016	112,500
Total debt	$120,313

Term_Loan_and_Revolving_Credit4

Term Loan and Revolving Credit Facility (Details Textual) (USD $)	1 Months Ended	3 Months Ended		6 Months Ended
	Nov. 30, 2012	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Nov. 08, 2012
Term Loan and Revolving Credit Facility (Textual)	'	'	'	'	'	'
Maturity date	31-Dec-16	'	'	'	'	'
Debt	'	$120,313,000	'	$120,313,000	'	'
Term loan facility, quarterly amortization payments, during 2013	'	'	'	'	'	781,250
Term loan facility, quarterly amortization payments, during 2014	'	'	'	'	'	781,250
Term loan facility, quarterly amortization payments, during 2015	'	'	'	'	'	1,562,500
Term loan facility, quarterly amortization payments, during 2016	'	'	'	'	'	1,562,500
Quarterly payment percentage of aggregate original principal amount of term loan facility in year one and two	'	'	'	'	'	0.63%
Quarterly payment percentage of aggregate original principal amount of term loan facility in year three and four	'	'	'	'	'	1.25%
Cash interest paid	'	1,100,000	1,100,000	2,200,000	2,200,000	'
Covenant terms required by credit facility	'	'	'	'1) A total leverage ratio of not greater than 2.00:1.00; 2) A coverage ratio of not less than 1.75:1.00; 3) A Department of Education financial composite score of not less than 1.5.	'	'
Maximum total leverage ratio	'	2	'	2	'	'
Minimum coverage ratio	'	1.75	'	1.75	'	'
Minimum department of education financial composite score	'	1.5	'	1.5	'	'
Revolving Credit Facility [Member]	'	'	'	'	'	'
Term Loan and Revolving Credit Facility (Textual)	'	'	'	'	'	'
Revolving credit facility, value	'	'	'	'	'	100,000,000
Option to increase commitments under credit facility	'	'	'	'	'	50,000,000
Revolving Credit Facility [Member] | Base Rate [Member]	'	'	'	'	'	'
Term Loan and Revolving Credit Facility (Textual)	'	'	'	'	'	'
Debt instrument description of variable rate basis	'	'	'	'	'	'
				Base rate
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]	'	'	'	'	'	'
Term Loan and Revolving Credit Facility (Textual)	'	'	'	'	'	'
Debt instrument description of variable rate basis	'	'	'	'LIBOR	'	'
Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member]	'	'	'	'	'	'
Term Loan and Revolving Credit Facility (Textual)	'	'	'	'	'	'
Margin rate for interest if using base rate	'	'	'	2.00%	'	'
Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member]	'	'	'	'	'	'
Term Loan and Revolving Credit Facility (Textual)	'	'	'	'	'	'
Margin rate for interest if using base rate	'	'	'	2.50%	'	'
Revolving Credit Facility [Member] | Letter of Credit [Member]	'	'	'	'	'	'
Term Loan and Revolving Credit Facility (Textual)	'	'	'	'	'	'
Option to increase commitments under credit facility	'	'	'	'	'	50,000,000
Term Loan Facility [Member]	'	'	'	'	'	'
Term Loan and Revolving Credit Facility (Textual)	'	'	'	'	'	'
Revolving credit facility, value	'	'	'	'	'	125,000,000
Debt	'	$120,300,000	'	$120,300,000	'	'
Term Loan Facility [Member] | Interest Rate Swap [Member]	'	'	'	'	'	'
Term Loan and Revolving Credit Facility (Textual)	'	'	'	'	'	'
Interest rate swap, fixed rate minimum	'	'	'	2.85%	'	'
Interest rate swap, fixed rate maximum	'	'	'	3.35%	'	'
Term Loan Facility [Member] | Minimum [Member]	'	'	'	'	'	'
Term Loan and Revolving Credit Facility (Textual)	'	'	'	'	'	'
Unused commitment fee	'	'	'	0.30%	'	'
Term Loan Facility [Member] | Maximum [Member]	'	'	'	'	'	'
Term Loan and Revolving Credit Facility (Textual)	'	'	'	'	'	'
Unused commitment fee	'	'	'	0.40%	'	'

Fair_Value_Measurement_Details

Fair Value Measurement (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Cash equivalents:	'	'
Total assets at fair value on a recurring basis	$36,481	$8,427
Other liabilities:	'	'
Total liabilities at fair value on a recurring basis	2,225	2,115
Money Market Funds [Member]	'	'
Cash equivalents:	'	'
Total assets at fair value on a recurring basis	36,481	8,382
Deferred Payments [Member]	'	'
Other liabilities:	'	'
Total liabilities at fair value on a recurring basis	2,115	2,115
Interest Rate Swaps [Member]	'	'
Cash equivalents:	'	'
Total assets at fair value on a recurring basis	'	45
Other liabilities:	'	'
Total liabilities at fair value on a recurring basis	110	'
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member]	'	'
Cash equivalents:	'	'
Total assets at fair value on a recurring basis	36,481	8,382
Other liabilities:	'	'
Total liabilities at fair value on a recurring basis	'	'
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Money Market Funds [Member]	'	'
Cash equivalents:	'	'
Total assets at fair value on a recurring basis	36,481	8,382
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Deferred Payments [Member]	'	'
Other liabilities:	'	'
Total liabilities at fair value on a recurring basis	'	'
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Interest Rate Swaps [Member]	'	'
Cash equivalents:	'	'
Total assets at fair value on a recurring basis	'	'
Other liabilities:	'	'
Total liabilities at fair value on a recurring basis	'	'
Significant Other Observable Inputs (Level 2) [Member]	'	'
Cash equivalents:	'	'
Total assets at fair value on a recurring basis	'	45
Other liabilities:	'	'
Total liabilities at fair value on a recurring basis	110	'
Significant Other Observable Inputs (Level 2) [Member] | Money Market Funds [Member]	'	'
Cash equivalents:	'	'
Total assets at fair value on a recurring basis	'	'
Significant Other Observable Inputs (Level 2) [Member] | Deferred Payments [Member]	'	'
Other liabilities:	'	'
Total liabilities at fair value on a recurring basis	'	'
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Swaps [Member]	'	'
Cash equivalents:	'	'
Total assets at fair value on a recurring basis	'	45
Other liabilities:	'	'
Total liabilities at fair value on a recurring basis	110	'
Significant Unobservable Inputs (Level 3) [Member]	'	'
Cash equivalents:	'	'
Total assets at fair value on a recurring basis	'	'
Other liabilities:	'	'
Total liabilities at fair value on a recurring basis	2,115	2,115
Significant Unobservable Inputs (Level 3) [Member] | Money Market Funds [Member]	'	'
Cash equivalents:	'	'
Total assets at fair value on a recurring basis	'	'
Significant Unobservable Inputs (Level 3) [Member] | Deferred Payments [Member]	'	'
Other liabilities:	'	'
Total liabilities at fair value on a recurring basis	2,115	2,115
Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Swaps [Member]	'	'
Cash equivalents:	'	'
Total assets at fair value on a recurring basis	'	'
Other liabilities:	'	'
Total liabilities at fair value on a recurring basis	'	'

Fair_Value_Measurement_Details1

Fair Value Measurement (Details 1) (Deferred Payments [Member], USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014
Deferred Payments [Member]	'
Schedule of changes in fair value of level 3 liability	'
Balance at December 31, 2013	$2,115
Amounts earned	-244
Adjustments to fair value	244
Transfers in or out of Level 3	'
Balance at June 30, 2014	$2,115

Fair_Value_Measurement_Details2

Fair Value Measurement (Details Textual) (USD $)	6 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
	Sellers
Fair Value Measurement (Textual)	'	'
Interest rate swap, notional amount	$120,300,000	'
Carrying value of the debt	120,313,000	'
Deferred payment arrangement number of sellers	1	'
Fair value assets and liabilities hierarchy level transfers amount	'	'
Fair Value, Measurements, Nonrecurring [Member]	'	'
Fair Value Measurement (Textual)	'	'
Assets measured at fair value on a non-recurring basis, goodwill	6,800,000	6,800,000
Assets measured at fair value on a non-recurring basis, other indefinite-lived intangible assets	$1,600,000	$1,600,000

Stock_Options_Restricted_Stock2

Stock Options, Restricted Stock and Restricted Stock Units (Details) (Restricted stock and restricted stock units [Member], USD $)	6 Months Ended
	Jun. 30, 2014
Restricted stock and restricted stock units [Member]	'
Schedule of restricted stock and restricted stock units activity	'
Beginning Balance, Number of shares or units	487,773
Grants, Number of shares or units	108,606
Vested shares, Number of shares or units	-61,600
Forfeitures, Number of shares or units	-227
Ending Balance, Number of shares	534,552
Beginning Balance, Weighted-average grant price	$131.51
Grants, Weighted-average grant price	$38.95
Vested shares, Weighted-average grant price	$175.13
Forfeitures, Weighted-average grant price	$132.23
Ending Balance, Weighted-average grant price	$115.73

Stock_Options_Restricted_Stock3

Stock Options, Restricted Stock and Restricted Stock Units (Details 1) (Stock options [Member], USD $)	6 Months Ended		12 Months Ended
	Jun. 30, 2014		Dec. 31, 2013
Stock options [Member]	'		'
Schedule of stock option activity and other stock option information	'		'
Beginning Balance, Number of shares	100,000		'
Grants, Number of shares	'		'
Exercises, Number of shares	'		'
Forfeitures/Expirations, Number of shares	'		'
Ending Balance, Number of shares	100,000		100,000
Exercisable, Number of shares	'		'
Beginning Balance, Weighted-average exercise price	$51.95		'
Grants, Weighted-average exercise price	'		'
Exercises, Weighted-average exercise price	'		'
Forfeitures/Expirations, Weighted-average exercise price	'		'
Ending Balance, Weighted-average exercise price	$51.95		$51.95
Exercisable, Weighted-average exercise price	'		'
Weighted-average remaining contractual life (yrs.)	'6 years 6 months		'7 years
Beginning Balance, Aggregate intrinsic value	'	[1]	'
Ending Balance, Aggregate intrinsic value	56	[1]	'	[1]
Exercisable, Aggregate intrinsic value	'	[1]	'
[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.

Stock_Options_Restricted_Stock4

Stock Options, Restricted Stock and Restricted Stock Units (Details 2) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Schedule of stock-based compensation expense	'	'	'	'
Stock-based compensation expense included in operating expense	$2,546	$2,982	$4,507	$5,232
Tax benefit	1,013	1,187	1,794	2,082
Stock-based compensation expense, net of income tax	1,533	1,795	2,713	3,150
Instruction and educational support [Member]	'	'	'	'
Schedule of stock-based compensation expense	'	'	'	'
Stock-based compensation expense included in operating expense	475	844	909	1,941
Marketing [Member]	'	'	'	'
Schedule of stock-based compensation expense	'	'	'	'
Stock-based compensation expense included in operating expense	'	'	'	'
Admissions advisory [Member]	'	'	'	'
Schedule of stock-based compensation expense	'	'	'	'
Stock-based compensation expense included in operating expense	'	'	'	'
General and administration [Member]	'	'	'	'
Schedule of stock-based compensation expense	'	'	'	'
Stock-based compensation expense included in operating expense	$2,071	$2,138	$3,598	$3,291

Stock_Options_Restricted_Stock5

Stock Options, Restricted Stock and Restricted Stock Units (Details Textual) (USD $)	6 Months Ended		1 Months Ended					6 Months Ended
In Millions, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Feb. 28, 2014	31-May-14	31-May-14	Apr. 30, 2011	Apr. 30, 2011	Jun. 30, 2014
			Board of Directors [Member]	Board of Directors [Member]	Board of Directors [Member]	1996 Equity Compensation Plan [Member]	2011 Equity Compensation Plan [Member]	Stock options [Member]
				Vesting over four years [Member]	Vesting over three years [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'	'	'	'
Shares available for grant	'	'	'	'	'	350,000	300,000	'
Shares approved for grants	'	'	46,064	46,674	15,868	'	'	'
Vesting period, years	'	'	'	'4 years	'3 years	'	'	'
Vesting percentage	'	'	100.00%	'	'	'	'	'
Vesting date	'	'	28-Feb-18	'	'	'	'	'
Closing price of stock on date of stock grant	'	'	$33.65	'	$42.85	'	'	'
Maximum term of the awards granted under the Plan	'10 years	'	'	'	'	'	'	'
Stock-based compensation cost which has not yet been recognized	$33.60	'	'	'	'	'	'	'
Stock-based compensation cost recognized period, in months	'47 months	'	'	'	'	'	'	'
Tax shortfall related to share-based payment arrangements	$1.80	$3.50	'	'	'	'	'	'
Restricted stock awarded subject to performance condition	398,000	'	'	'	'	'	'	'
Number of stock options, exercised	'	'	'	'	'	'	'	'

Other_LongTerm_Liabilities_Det

Other Long-Term Liabilities (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Other Long-Term Liabilities [Abstract]	'	'
Loss on facilities not in use	$26,800	$34,339
Deferred rent and other facility costs	8,729	8,258
Deferred payments related to acquisition	4,915	4,915
Deferred revenue, net of current portion	5,103	1,897
Lease incentives	1,138	1,353
Deferred gain on sale of campus building	554	694
Fair value of interest rate swap (see Note 4)	110	'
Total other long-term liabilities	$47,349	$51,456

Other_LongTerm_Liabilities_Det1

Other Long-Term Liabilities (Details Textual) (USD $)	1 Months Ended	6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2007	Jun. 30, 2014
	Asset
Other Long -Term Liabilities (Textual)	'	'
Sale price of one of campus buildings	$5.80	'
Sale and lease back term for most of the campus building	'10 years	'
Gain on sale and lease back of one of campus buildings before tax	2.8	'
Funds received from investor	'	$2.80
Sale and lease back term	'10 years	'
Number of assets sold	1	'
Minimum [Member]	'	'
Other Long -Term Liabilities (Textual)	'	'
Leasehold improvements and long-term liability amortization period	'	'5 years
Maximum [Member]	'	'
Other Long -Term Liabilities (Textual)	'	'
Leasehold improvements and long-term liability amortization period	'	'10 years

Income_Taxes_Details

Income Taxes (Details) (USD $)	Jun. 30, 2014
In Millions, unless otherwise specified
Income Taxes [Abstract]	'
Unrecognized tax benefits	$0.50
Liability for uncertain tax positions, current	$1.90

Regulation_Details

Regulation (Details)	6 Months Ended
	Jun. 30, 2014
	years
	Cohort
Regulation (Textual)	'
Maximum cohort default rate percentage to pass the metrics under the proposed rule for gainful employment programs	30.00%
Maximum percentage of the estimated annual loan payment to total earnings allowed to pass the metrics under the proposed rule for gainful employment programs	8.00%
Maximum percentage of the estimated annual loan payment to discretionary earnings allowed to pass the metrics under the proposed rule for gainful employment programs	20.00%
Ineligibility period for funding	'3 years
Number of years out of three the Company must fail to be ineligible	2
Measurement period for determining ineligibility	'3 years
Warning zone period for ineligibility	'4 years
Default rate period	'3 years
Number of consecutive cohorts of students	3
Maximum default rate	30.00%
Minimum discretionary income rate to establish zone	20.00%
Maximum discretionary income rate to establish zone	30.00%
Minimum annual earnings rate to establish zone	8.00%
Maximum annual earnings rate to establish zone	12.00%