Strategic Education (STRA) 10-K 17 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Feb. 01, 2017	Jun. 30, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	STRAYER EDUCATION INC
Entity Central Index Key	1,013,934
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,016
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 516.3
Entity Common Stock, Shares Outstanding		11,093,489

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 129,245	$ 106,889
Tuition receivable, net	20,532	18,519
Other current assets	10,766	6,944
Total current assets	160,543	132,352
Property and equipment, net	73,124	77,139
Deferred income taxes	31,096	26,449
Goodwill	20,744	6,800
Other assets	13,189	5,694
Total assets	298,696	248,434
Current liabilities:
Accounts payable and accrued expenses	41,132	42,253
Income taxes payable	1,883	2,684
Deferred revenue	16,691	12,373
Other current liabilities	133	281
Total current liabilities	59,839	57,591
Other long-term liabilities	50,483	47,987
Total liabilities	110,322	105,578
Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.01; 20,000,000 shares authorized; 11,027,177 and 11,093,489 shares issued and outstanding at December 31, 2015 and 2016, respectively	111	110
Additional paid-in capital	35,453	24,738
Retained earnings	152,810	118,008
Total stockholders' equity	188,374	142,856
Total liabilities and stockholders' equity	$ 298,696	$ 248,434

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
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	11,093,489	11,027,177
Common stock, shares outstanding	11,093,489	11,027,177

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statements of Income [Abstract]
Revenues	$ 441,088	$ 434,437	$ 446,041
Costs and expenses:
Instruction and educational support	241,026	234,097	236,303
Marketing	79,025	70,084	66,495
Admissions advisory	17,832	16,304	16,661
General and administration	45,733	44,254	44,835
Total costs and expenses	383,616	364,739	364,294
Income from operations	57,472	69,698	81,747
Investment income	462	283	117
Interest expense	642	3,850	5,248
Income before income taxes	57,292	66,131	76,616
Provision for income taxes	22,490	26,108	30,260
Net income	$ 34,802	$ 40,023	$ 46,356
Earnings per share:
Basic	$ 3.28	$ 3.78	$ 4.39
Diluted	$ 3.21	$ 3.73	$ 4.35
Weighted average shares outstanding:
Basic	10,610	10,588	10,561
Diluted	10,845	10,740	10,650

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statements of Comprehensive Income [Abstract]
Net income	$ 34,802	$ 40,023	$ 46,356
Other comprehensive income:
Change in fair value of derivative instrument, net of income tax		(88)	60
Comprehensive income	$ 34,802	$ 39,935	$ 46,416

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Beginning balance at Dec. 31, 2013	$ 108	$ 7,137	$ 31,629	$ 28	$ 38,902
Beginning balance, shares at Dec. 31, 2013	10,797,464
Tax shortfall associated with stock-based compensation arrangements		(2,039)			(2,039)
Restricted stock grants, net of forfeitures	$ 1	(1)
Restricted stock grants, net of forfeitures, shares	105,877
Stock-based compensation		9,453			9,453
Change in fair value of derivative instrument, net of income tax				60	60
Net income			46,356		46,356
Ending balance at Dec. 31, 2014	$ 109	14,550	77,985	88	92,732
Ending balance, shares at Dec. 31, 2014	10,903,341
Tax shortfall associated with stock-based compensation arrangements		(24)			(24)
Restricted stock grants, net of forfeitures	$ 1	(1)
Restricted stock grants, net of forfeitures, shares	123,836
Stock-based compensation		10,213			10,213
Change in fair value of derivative instrument, net of income tax				$ (88)	(88)
Net income			40,023		40,023
Ending balance at Dec. 31, 2015	$ 110	24,738	118,008		142,856
Ending balance, shares at Dec. 31, 2015	11,027,177
Tax shortfall associated with stock-based compensation arrangements		(51)			(51)
Restricted stock grants, net of forfeitures	$ 1	(1)
Restricted stock grants, net of forfeitures, shares	66,312
Stock-based compensation		10,767			10,767
Net income			34,802		34,802
Ending balance at Dec. 31, 2016	$ 111	$ 35,453	$ 152,810		$ 188,374
Ending balance, shares at Dec. 31, 2016	11,093,489

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net income	$ 34,802	$ 40,023	$ 46,356
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of gain on sale of assets	(281)	(280)	(280)
Amortization of deferred rent	(1,441)	(345)	(1,092)
Amortization of deferred financing costs	262	1,229	780
Depreciation and amortization	17,817	18,104	20,630
Deferred income taxes	(8,697)	(4,006)	(1,036)
Stock-based compensation	10,767	10,213	9,453
Changes in assets and liabilities:
Tuition receivable, net	(1,453)	(1,991)	685
Other current assets	(3,949)	4,005	(2,862)
Other assets	(1,865)	22	219
Accounts payable and accrued expenses	(262)	(752)	6,550
Income taxes payable and income taxes receivable	(408)	1,835	737
Deferred revenue	7,018	12,465	11,783
Other long-term liabilities	(7,800)	(2,974)	(13,946)
Net cash provided by operating activities	44,510	77,548	77,977
Cash flows from investing activities:
Purchases of property and equipment	(13,161)	(12,692)	(6,902)
Cash used in acquisition, net of cash acquired	(7,635)
Net cash used in investing activities	(20,796)	(12,692)	(6,902)
Cash flows from financing activities:
Payments on term loan		(118,750)	(3,125)
Payments of contingent consideration	(1,358)	(650)	(427)
Payment of deferred financing costs		(850)
Net cash used in financing activities	(1,358)	(120,250)	(3,552)
Net increase in cash and cash equivalents	22,356	(55,394)	67,523
Cash and cash equivalents - beginning of year	106,889	162,283	94,760
Cash and cash equivalents - end of year	129,245	106,889	162,283
Noncash transactions:
Purchases of property and equipment included in accounts payable	$ 349	$ 365	$ 412

Nature of Operations

Nature of Operations	12 Months Ended
	Dec. 31, 2016
Nature of Operations [Abstract]
Nature of Operations	1. Nature of Operation Strayer Education, Inc. (the “Company”), a Maryland corporation, conducts its operations through its wholly-owned subsidiaries, Strayer University (the “University”) and New York Code and Design Academy (“NYCDA”). 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. NYCDA is a New York City-based provider of non-degree web and mobile app development courses. NYCDA courses are delivered on-ground to students seeking to further their career in software application development. The Company has only one reporting segment.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
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 wholly-owned subsidiaries. On January 13, 2016, the Company acquired all of the outstanding stock of NYCDA, and the results of NYCDA are included with the Company from the acquisition date. All intercompany accounts and transactions have been eliminated in the consolidated financial statements. Revenue Recognition The Company’s educational programs typically are offered on a quarterly basis and such periods coincide with the Company’s quarterly financial reporting periods. Approximately 95% of the Company’s revenues during the year ended December 31, 2016 consisted of tuition revenue, which is recognized ratably over the course of instruction as academic services are provided. Tuition revenue is assessed for collectibility on a student-by-student basis throughout the quarter of instruction, and is shown net of any refunds, withdrawals, corporate discounts, scholarships and employee tuition discounts. This collectibility assessment considers available sources of funds for the student including Federal Financial Student Aid programs. The Company reassesses the collectibility of tuition revenue that it may earn based on new information and changes in the facts and circumstances relevant to a student’s ability to pay, including the timing of a student’s withdrawal from a program of study. At the start of each academic term or program, 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 in advance. Any cash received prior to the start of an academic term or program is recorded as deferred revenue. 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. Deferred revenue is recorded as a current or long-term liability in the consolidated balance sheets based on when the benefit is expected to be realized. Revenues also include textbook-related income, certificate revenue, certain academic fees, licensing revenue, and other income, all of which are recognized when earned. The Company’s refund policy typically permits students who complete less than half of a course to receive a partial refund of tuition for that course. Refunds reduce the tuition revenue that would have otherwise been recognized for that student. Since the University’s academic terms coincide with the Company’s financial reporting periods, nearly all refunds are processed and recorded within the same quarter as the corresponding revenue. The amount of tuition revenue refundable to students may vary based on the student’s state of residence. Unused books and related academic materials may be returned for a full refund within 21 days of the start of class; however, purchases of electronic content are not refundable if downloaded. Revenues derived from fees are not eligible for a refund. Graduation Fund In the third quarter of 2013, the Company 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 the 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 the University in the future. Revenue from students participating in the Graduation Fund is recorded in accordance with the Revenue Recognition Topic, ASC 605-50. The Company defers the value of benefits 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 twelve months is $14.5 million and is included in deferred revenue as a current liability in the consolidated balance sheets. The table below presents activity in the Graduation Fund for the years ended December 31, 2015 and 2016 (in thousands): December 31, December 31, 2015 2016 Balance at beginning of period $ $ Revenue deferred Benefit redeemed Balance at end of period $ $ 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 University during the academic term. At December 31, 2016, the Company had approximately $13,000 of these unpaid obligations, which are recorded as restricted cash and included in other current assets in the consolidated balance sheets. There were no amounts payable for these obligations at December 31, 2015. 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. These funds are required 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. 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 or program. 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 generally 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. 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, 2015 and 2016 (in thousands): December 31, 2015 December 31, 2016 Tuition receivable $ $ Allowance for doubtful accounts Tuition receivable, net $ $ Approximately $2.0 million and $2.3 million of tuition receivable is included in other assets as of December 31, 2015 and 2016, 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, 2016 (in thousands): 2014 2015 2016 Allowance for doubtful accounts, beginning of period $ $ $ Additions charged to expense Write-offs, net of recoveries Allowance for doubtful accounts, end of period $ $ $ 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 2016, 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 3 to 40 years. Depreciation and amortization expense was $20.6 million, $18.1 million and $17.8 million for the years ended December 31, 2014, 2015, and 2016, respectively. 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 will be 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, 2016 in the consolidated statements of cash flows have been adjusted to exclude noncash purchases of property and equipment transactions during that period. 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 acquired businesses over the amount assigned to the assets acquired and liabilities assumed. At the time of an acquisition, the Company assigns the goodwill and related acquired assets and liabilities to its reporting units. Accordingly, the Company’s goodwill is allocated to JWMI and NYCDA. Indefinite-lived intangible assets, which include trade names, are recorded at fair market 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 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. During the fourth quarter of 2016, the Company changed the date of its annual impairment test from September 30 to December 31. The change was made to more closely align the impairment testing date with the Company’s planning and forecasting process. The change in the annual impairment testing date did not delay, accelerate, or avoid an impairment charge. The Company has determined that this change in accounting principle is preferable under the circumstances and does not result in adjustments to its financial statements when applied retrospectively. During 2016, the annual impairment test was performed as of September 30, 2016 and was performed again as of December 31, 2016. 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 for each reporting unit. Following its qualitative assessment as of September 30 and December 31, the Company determined it was not more likely than not that the fair value of its goodwill for JWMI and NYCDA was less than the carrying amount and, accordingly, no impairment existed in 2016. The Company tested its intangible assets concurrently with goodwill and determined that no impairment existed in 2016. The following table presents changes in goodwill for the years ended December 31, 2015 and 2016 (in thousands): 2015 2016 Balance as of the beginning of period $ $ Acquisition (see Note 3) — Measurement period adjustments — Balance as of the end of period $ $ Long-Term Liabilities Included in the Company’s long-term liabilities are amounts related to the Company’s operating leases, deferred payments related to an acquisition completed in 2011, and the non-current portion of deferred revenue. In conjunction with the opening of some campuses and other facilities, the Company was reimbursed by the lessors for improvements made to those leased properties. In accordance with the Operating Leases Subtopic, ASC 840-20 (“ASC 840-20”), these underlying assets 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 ten years. In accordance with ASC 840-20, the Company records rent expense on a straight-line basis over the initial term of a lease. The cumulative difference between the rent payment and the straight-line rent expense is recorded as a liability. The Company also recorded the non-current portion of the gain related to the sale and lease back of a campus facility as a long-term liability. 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 $.01, of which 11,027,177 and 11,093,489 shares were issued and outstanding as of December 31, 2015 and 2016, 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. Advertising Costs The Company expenses advertising costs in the quarter incurred, except for costs associated with the production of media commercials which are expensed when the commercial is first aired. 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 consolidated statements of income for each of the three years in the period ended December 31, 2016 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. 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 year ended December 31, 2016, the Company had no issued and outstanding stock options that were excluded from the calculation. Set forth below is a reconciliation of shares used to calculate basic and diluted earnings per share for each of the three years ended December 31, 2016 (in thousands): 2014 2015 2016 Weighted average shares outstanding used to compute basic earnings per share Incremental shares issuable upon the assumed exercise of stock options Unvested restricted stock and restricted stock units Shares used to compute diluted earnings per share 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. 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 to be 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 2013-2016 remain open for Federal tax examination and the tax years 2012-2016 remain open to examination by state and local taxing jurisdictions in which the Company is subject. 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 included allowances for doubtful accounts, the useful lives of property and equipment, fair value of future contractual operating lease obligations, 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, intangible assets and the interest rate swap arrangement, fair value of contingent consideration, and the provision for income taxes. Actual results could differ from those estimates. Comprehensive Income Comprehensive income consists of net income and the change in the fair value of the Company’s interest rate swap, net of income taxes. Recent Accounting Pronouncements In November 2015, the FASB issued ASU No. 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). The new guidance requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The Company adopted ASU 2015-17 effective January 1, 2016 and reclassified approximately $6.4 million of its deferred tax asset from current to non-current assets in the consolidated balance sheet as of December 31, 2015, to conform to the current period presentation. In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). The new guidance requires the recognition of right-of-use assets and lease liabilities on the balance sheet for most leases. Under current guidance, operating leases are off-balance sheet. ASU 2016-02 also requires more extensive quantitative and qualitative disclosures about leasing arrangements. ASU 2016-02 applies to fiscal periods beginning after December 15, 2018, using the modified retrospective method, with early adoption permitted. The Company anticipates that the impact of ASU 2016-02 on its consolidated balance sheet will be material as the Company will record significant asset and liability balances in connection with its leased properties. In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 impacts several aspects of the accounting for share-based payment transactions, including classification of certain items on the consolidated statement of cash flows and accounting for income taxes. Specifically, ASU 2016-09 requires excess tax benefits and tax deficiencies to be recognized as income tax expense or benefit in earnings. In addition, ASU 2016-09 allows companies to recognize the impact of stock award forfeitures at the time of forfeiture, rather than as an estimate ratably over the life of awards. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. The Company will adopt ASU 2016-09, effective January 1, 2017, which may introduce significant volatility to the Company’s provision for income taxes In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“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. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date , which defers the effective date of ASU 2014-09 by one year to fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2016. Accordingly, the new revenue recognition standard is effective for the Company on January 1, 2018 using either a full retrospective or a modified retrospective approach. During 2016, the FASB issued four new ASUs amending certain aspects of ASU 2014-09. The Company is currently evaluating which transition approach to use and the impact that the new revenue recognition standard and related ASUs will have on our Consolidated Financial Statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses , which is included in ASC Topic 326, Measurement of Credit Losses on Financial Instruments . 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. 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 the impact this standard will have on its financial condition, results of operations, and disclosures. In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-15, Classification of Certain Cash Receipts and Cash Payments , which is included in FASB Accounting Standards Codification (ASC) Topic 230, Statement of Cash Flows . The new guidance clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows, including contingent consideration payments made after a business acquisition. The guidance will be effective for the Company's annual and interim reporting periods beginning January 1, 2018, and early adoption is permitted. The Company does not expect adoption of this guidance to have a material impact on its financial condition, results of operations, or disclosures. 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.

Acquisition of New York Code an

Acquisition of New York Code and Design Academy	12 Months Ended
	Dec. 31, 2016
Acquisition of New York Code and Design Academy [Abstract]
Acquisition of New York Code and Design Academy	3. On January 13, 2016, the Company acquired all of the outstanding stock of NYCDA, a provider of non-degree information technology curriculum based in New York City (the “Acquisition”). The Acquisition supports the Company’s strategy to leverage current resources and capabilities to grow into new high demand sectors of the education marketplace. The Company incurred transaction costs of approximately $0.2 million, and these costs are included in general and administrative costs in the consolidated statements of income. The Acquisition is accounted for as a business combination. The purchase price included $2.4 million paid up front in cash, plus contingent cash payments of (a) up to $12.5 million payable based on NYCDA’s results of operations over a five-year period (the “Earnout”), and (b) $5.5 million payable based on NYCDA’s receipt of state regulatory permits. Pursuant to the Acquisition, $1.0 million of the Earnout may be accelerated upon receipt of one of the state regulatory permits. In April 2016 and August 2016, NYCDA received the state regulatory permits and the Company paid $6.0 and $0.5 million of contingent consideration to the sellers, respectively. In addition, the Company paid a total of $4.6 million to two of NYCDA’s founders who are required to remain employed for at least three years from the acquisition date. If either of them terminates employment voluntarily, or is terminated for cause (as defined), he is required to reimburse the Company his respective portion of the retention amount. This amount is classified as prepaid compensation and is amortized to compensation expense over three years. Total potential cash payments for the acquisition and the Earnout could total $25.0 million. The Company estimated the fair values of the assets acquired and liabilities assumed at the date of the Acquisition. During 2016, based on final analyses that supported the underlying estimate, the Company recorded measurement period adjustments of $0.3 million to goodwill and deferred tax liabilities. The final allocation of the purchase price is as follows: Purchase Price Allocation Useful Life Cash $ Other assets Intangibles: Trade name Indefinite Goodwill Liabilities assumed Total assets acquired and liabilities assumed, net Less: contingent consideration Less: cash acquired Cash paid for acquisition, net of cash acquired $ The fair value of the contingent consideration was measured by applying a probability weighted discounted cash flow model based on significant inputs not observable in the market (Level 3 inputs). Key assumptions include a discount rate of 4.5% and expected future value of payments of $12.5 million. During the fourth quarter of 2016, the Company revised its assumptions of the timing of future cash flows and recorded an adjustment to reduce the fair value of contingent consideration by $1.3 million. The fair value of assets acquired and liabilities assumed was determined based on assumptions that reasonable market participants would use while employing the concept of highest and best use of the respective items. The following assumptions were used, the majority of which include significant unobservable inputs (Level 3), and valuation methodologies to determine fair value: · Intangibles – Income approaches were used to value the substantial majority of the acquired intangibles. The trade name was valued using the relief from-royalty method, which represents the benefit of owning these intangible assets rather than paying royalties for their use. · Other assets and liabilities – The carrying value of all other assets and liabilities approximated fair value at the time of acquisition. Pro forma financial information for the NYCDA acquisition has not been presented as it was not material to the Company’s consolidated results.

Restructuring and Related Charg

Restructuring and Related Charges	12 Months Ended
	Dec. 31, 2016
Restructuring and Related Charges [Abstract]
Restructuring and Related Charges	4. 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. A liability for lease obligations, some of which continue through 2022, was recorded and is 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 discounted at the Company’s marginal borrowing rate of 4.5%, partially offset by estimated future sublease rental income discounted at credit-adjusted rates. The Company’s estimates, which involve significant judgment, also consider the amount and timing of sublease rental income based on 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 subject to adjustment as market conditions change or as new information becomes available, including the execution of additional sublease agreements. The following details the changes in the Company’s restructuring liability by type of cost during the three years ended December 31, 2016 (in thousands): Severance Lease and Other and Related Employee Costs, Net Separation Costs Total Balance at December 31, 2013 $ $ $ Payments Adjustments (2) Balance at December 31, 2014 (1) — Payments — Adjustments (2) — Balance at December 31, 2015 (1) — Payments — Adjustments (2) — Balance at December 31, 2016 (1) $ $ — $ (1) The current portion of restructuring liabilities was $4.8 million and $4.2 million as of December 31, 2015 and December 31, 2016, respectively, which are included in accounts payable and accrued expenses. The long-term portion is included in other long-term liabilities. (2) Adjustments include accretion of interest on lease costs, offset by changes in the timing and expected income from sublease agreements.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2016
Property and Equipment [Abstract]
Property and Equipment	5. Property and Equipment The composition of property and equipment as of December 31, 2015 and 2016 is as follows (in thousands): Estimated useful 2015 2016 life (years) Land $ $ — Buildings and improvements 5-40 Furniture, equipment, and computer hardware and software 5-10 Leasehold improvements 3-10 Construction in progress Accumulated depreciation and amortization $ $ Construction in progress includes costs associated with the construction and renovation of campuses and the development of information technology applications. In 2015 and 2016, the Company recorded leasehold improvements of $2.9 million and $0.3 million, respectively, which were reimbursed by lessors as lease incentives. In 2015 and 2016, the Company wrote off $13.3 million and $3.2 million, respectively, in fixed assets that were fully depreciated and no longer in service.

Fair Value Measurement

Fair Value Measurement	12 Months Ended
	Dec. 31, 2016
Fair Value Measurement [Abstract]
Fair Value Measurement	6. Fair Value Measurement Assets and liabilities measured at fair value on a recurring basis consist of the following as of December 31, 2016 (in thousands): Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable December 31, Assets/Liabilities Inputs Inputs 2016 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ $ $ — $ — Liabilities: Deferred payments $ $ — $ — $ Assets and liabilities measured at fair value on a recurring basis consist of the following as of December 31, 2015 (in thousands): Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable December 31, Assets/Liabilities Inputs Inputs 2015 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ $ $ — $ — Liabilities: Deferred payments $ $ — $ — $ 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 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, 2015 and 2016, approximate fair value and are not disclosed in the above tables because of the short-term nature of the financial instruments. · Deferred payments — The Company acquired certain assets and entered into deferred payment arrangements with the sellers in transactions in 2011 and January 2016, which are classified within Level 3 as there is no liquid market for similarly priced instruments. The deferred payments are valued using a discounted cash flow model that encompasses significant unobservable inputs to estimate the operating results of the acquired assets. The assumptions used include estimates for interest rates, enrollment growth, retention rates, obtaining regulatory approvals for expansion into new markets, pricing strategies, and future cash flows. These assumptions are subject to change as the underlying data sources evolve and the program matures. The short-term portion of deferred payments was $1.1 million as of December 31, 2016 and is included in accounts payable and accrued expense. The Company’s lease loss liability incorporates an assessment of current sublease market conditions and uses Level 3 inputs, but is not deemed a fair value liability as the future lease payments are required to be discounted using the Company’s incremental borrowing rate at the date of lease abandonment without subsequent adjustment. See Note 4 for further discussion of the Company’s lease loss liability. 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 years ended December 31, 2015 or 2016. Changes in the fair value of the Company’s Level 3 liabilities during the years ended December 31, 2015 and 2016 are as follows (in thousands): 2015 2016 Balance as of the beginning of period $ $ Amounts paid Contingent consideration originally recorded in connection with NYCDA acquisition — Other adjustments to fair value Balance as of the beginning of period $ $

Long Term Debt

Long Term Debt	12 Months Ended
	Dec. 31, 2016
Long Term Debt [Abstract]
Long Term Debt	7. Long Term Debt On July 2, 2015, the Company entered into an amended credit facility (the “Amended Credit Facility”) which provides for a revolving line of credit (the “Revolver”) up to $150 million and provides the Company with an option, under certain conditions, to increase the commitments under the Revolver or establish one or more incremental term loans in an amount up to $50 million in the aggregate in the future. The maturity date of the Amended Credit Facility is July 2, 2020. The Amended Credit Facility replaced the Company’s prior credit agreement (the “Prior Credit Agreement”), dated November 8, 2012, which had provided for both a term loan and revolving line of credit and an original maturity date of December 31, 2016. All amounts outstanding under the Prior Credit Agreement were repaid upon execution of the Amended Credit Facility. The Company paid approximately $0.9 million in debt financing costs associated with 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 1.75% to 2.25% depending on the Company’s leverage ratio. The Company also is subject to a quarterly unused commitment fee ranging from 0.25% to 0.35% per annum depending on the Company’s leverage ratio, times the daily unused amount under the Revolver. All other remaining terms of the Prior Credit Agreement remain in full force and effect. The Amended Credit Facility is guaranteed by the University and is secured by substantially all of the personal property and assets of the Company and its subsidiaries. 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, as with the Prior Credit Agreement, 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 Department of Education Financial Responsibility Composite Score of not less than 1.5. The Company was in compliance with all the terms of the Amended Credit Facility at December 31, 2016. During the years ended December 31, 2015 and 2016, the Company paid cash interest of $2.4 million and $0.3 million, respectively. The Company’s average annual interest rate, including noncash charges for the amortization of debt financing costs, was 4.3% in 2015 during the period in which the Company had debt outstanding. The Company had no balance outstanding under the Revolver during 2016 and as of December 31, 2016.

Stock Options, Restricted Stock

Stock Options, Restricted Stock and Restricted Stock Units	12 Months Ended
	Dec. 31, 2016
Stock Options, Restricted Stock and Restricted Stock Units [Abstract]
Stock Options, Restricted Stock and Restricted Stock Units	8. Stock Options, Restricted Stock and Restricted Stock Units On May 5, 2015, the Company’s shareholders approved the Strayer Education, Inc. 2015 Equity Compensation Plan (the “2015 Plan”), which 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 2015 Plan is ten years. The number of shares of common stock reserved for issuance under the 2015 Plan is 500,000 authorized but unissued shares, plus the number of shares available for grant under the Company’s previously existing equity compensation plans at the time of stockholder approval of the 2015 Plan, and plus the number of shares which may in the future become available under any previously existing equity compensation Plan due to forfeitures of outstanding awards. In February 2016, the Company’s Board of Directors approved grants of 176,802 shares of restricted stock and restricted stock units to certain employees. These shares, which vest over a two- to four -year period, were granted pursuant to the 2015 Plan. The Company’s stock price closed at $50.67 on the date of these restricted stock grants. In May 2016, the Company’s Board of Directors approved grants of 11,365 shares of restricted stock. These shares, which vest annually 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 and the 2015 Plan. The Company’s stock price closed at $49.27 on the date of these restricted stock grants. In November 2016, the Company’s Board of Directors approved a grant of 570 shares of restricted stock. These shares, which vest annually over a three-year period, were awarded to a non-employee member of the Company’s Board of Directors upon his appointment to serve on the Board of Direcrors, as part of the Company’s annual director compensation program and the 2015 Plan. The Company’s stock price closed at $65.75 on the date of this restricted stock grant. 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 each of the three years in the period ended December 31, 2016: Number of Weighted- Balance, December 31, 2013 $ Grants Vested shares Forfeitures Balance, December 31, 2014 $ Grants Vested shares Forfeitures Balance, December 31, 2015 $ Grants Vested shares Forfeitures Balance, December 31, 2016 $ 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, 2016: Weighted- average Weighted- remaining Aggregate Number of average contractual intrinsic value (1) shares exercise price life (years) (in thousands) Balance, December 31, 2013 $ $ — Grants — — Exercises — — Forfeitures — — Balance, December 31, 2014 $ $ Grants — — Exercises — — Forfeitures — — Balance, December 31, 2015 $ $ Grants — — Exercises — — Forfeitures/Expirations — — Balance, December 31, 2016 $ $ Exercisable, December 31, 2016 $ $ (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 number of shares exercisable as of December 31, 2014, 2015 and 2016 are as follows: Number of Weighted-average shares exercise price Exercisable, December 31, 2014 — $ Exercisable, December 31, 2015 $ Exercisable, December 31, 2016 $ Valuation and Expense Information under Stock Compensation Topic ASC 718 At December 31, 2016, total stock-based compensation cost which has not yet been recognized was $20.9 million for unvested restricted stock, restricted stock units, and stock option awards. This cost is expected to be recognized over the next 26 months on a weighted-average basis. Awards of approximately 550,000 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 over the respective vesting periods. Such a determination involves significant 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 sets forth the amount of stock-based compensation expense recorded in each of the expense line items for the years ended December 31, 2014, 2015 and 2016 (in thousands): 2014 2015 2016 Instruction and educational support $ $ $ Marketing — — — Admissions advisory — — — General and administration Stock-based compensation expense included in operating expense Tax benefit Stock-based compensation expense, net of tax $ $ $ The following table summarizes information regarding share-based payment arrangements for the years ended December 31, 2014, 2015 and 2016 (in thousands): 2014 2015 2016 Proceeds from stock options exercised $ — $ — $ — Tax shortfall related to share-based payment arrangements $ $ $ Intrinsic value of stock options exercised $ — $ — $ —

Other Long-Term Liabilities

Other Long-Term Liabilities	12 Months Ended
	Dec. 31, 2016
Other Long-Term Liabilities [Abstract]
Other Long-Term Liabilities	9. Other Long-Term Liabilities Other long-term liabilities consist of the following as of December 31, 2015 and 2016 (in thousands): 2015 2016 Deferred payments related to acquisitions $ $ Deferred revenue, net of current portion Loss on facilities not in use Deferred rent and other facility costs Lease incentives Deferred gain on sale of campus building — Other long-term liabilities $ $ Deferred Payments Related to Acquisitions In the first quarter of 2016, the Company acquired NYCDA and entered into deferred payment arrangements with the sellers in connection with this transaction. In April and August 2016, NYCDA achieved certain performance targets and the Company subsequently paid $6.0 million and $0.5 million of deferred payments to the sellers, respectively. The remaining deferred payment arrangements of up to $11.5 million are valued at approximately $7.5 million at December 31, 2016. See Note 3 for further information on the NYCDA deferred payments. In 2011, the Company acquired certain assets associated with the Jack Welch Management Institute, and entered into deferred payment arrangements with the sellers in connection with that acquisition. The deferred payment arrangements are valued at approximately $3.3 million and $3.4 million as of December 31, 2015 and 2016, respectively. 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, such as the Graduation Fund (see Note 2 for additional information), that are earned by students when they successfully complete course requirements. The Company also has licensed certain of its noncredit 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. Loss on Facilities Not in Use and Deferred Rent and Other Facility Costs The Company records a liability for lease costs of campuses and non-campus facilities that are not currently in use (see Note 4). 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. 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, the underlying assets 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 ten 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.

Other Employee Benefit Plans

Other Employee Benefit Plans	12 Months Ended
	Dec. 31, 2016
Other Employee Benefit Plans [Abstract]
Other Employee Benefit Plans	10. Other Employee Benefit Plans The Company has a 401(k) plan covering all eligible employees of the Company. Effective January 1, 2017, participants may contribute up to $18,000 of their base compensation annually. Employee contributions are voluntary. Discretionary contributions were made by the Company matching 50% of employee deferrals up to a maximum of 3% of the employee’s annual salary. The Company’s contributions, which vest immediately, totaled $0.9 million, $1.1 million and $1.1 million for the years ended December 31, 2014, 2015, and 2016, 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, 2014, 2015, and 2016 were as follows: Shares Average price purchased per share 2014 $ 2015 $ 2016 $

Stock Repurchase Plan

Stock Repurchase Plan	12 Months Ended
	Dec. 31, 2016
Stock Repurchase Plan [Abstract]
Stock Repurchase Plan	11. 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, 2016, approximately $70 million of the Company’s share repurchase authorization was remaining for repurchases through December 31, 2017. 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 during each of the three years ended December 31, 2014, 2015, and 2016, and the Company has $70.0 million available for future repurchases.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies The University participates 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. As of December 31, 2016, the Company had 85 long-term, non-cancelable operating leases for campuses and other administrative facilities. Rent expense was $35.7 million, $37.5 million, and $33.7 million for the years ended December 31, 2014, 2015, and 2016, respectively. Rent expense for 2015 and 2016 includes benefits of approximately $0.4 million and $ 1.9 million, respectively, to reduce the Company’s liability for losses on facilities no longer in use. The rents on the Company’s leases are subject to annual increases. The minimum rental commitments for the Company as of December 31, 2016 are as follows (in thousands): Minimum rental commitments 2017 $ 2018 2019 2020 2021 Thereafter Total $

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Taxes [Abstract]
Income Taxes	13. Income Taxes The income tax provision for the years ended December 31, 2014, 2015 and 2016 is summarized below (in thousands): 2014 2015 2016 Current: Federal $ $ $ State Total current Deferred: Federal State Total deferred Total provision for income taxes $ $ $ The tax effects of the principal temporary differences that give rise to the Company’s deferred tax assets are as follows as of December 31, 2015 and 2016 (in thousands): 2015 2016 Stock-based compensation $ $ Property and equipment Other facility-related costs Deferred revenue Tuition receivable Deferred leasing costs Prepaid compensation — Other Net deferred tax asset $ $ As of December 31, 2015 and 2016, the Company’s liabilities for unrecognized tax benefits are included in income taxes payable 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 $0.1 million of expense in 2015 and 2016, related to interest and penalties. The total amount of interest and penalties included in the consolidated balance sheets was $0.2 million and $0.1 million as of December 31, 2015 and 2016, respectively. The following table summarizes changes in unrecognized tax benefits, excluding interest and penalties, for the respective periods (in thousands): Year Ended December 31, 2015 2016 Beginning unrecognized tax benefits $ $ Reductions for tax positions taken in prior years Ending unrecognized tax benefits $ $ It is reasonably possible that approximately $0.1 million of unrecognized tax benefits will be reduced in the next twelve months due to expiration of the applicable statutes of limitations. The Company does not anticipate significant changes to other unrecognized tax benefits. As of December 31, 2016, $0.2 million of the Company’s total unrecognized tax benefits would favorably affect the Company’s effective tax rate if recognized. If amounts accrued are less than amounts ultimately assessed by taxing authorities, the Company would record additional income tax expense. A reconciliation between the Company’s statutory tax rate and the effective tax rate for the years ended December 31, 2014, 2015, and 2016 is as follows: 2014 2015 2016 Statutory federal rate % % % State income taxes, net of federal benefits Other Effective tax rate % % % Cash payments for income taxes were $30.8 million, $28.5 million, and $31.6 million in 2014, 2015, and 2016, respectively.

Summarized Quarterly Financial

Summarized Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2016
Summarized Quarterly Financial Data (Unaudited) [Abstract]
Summarized Quarterly Financial Data (Unaudited)	14. Summarized Quarterly Financial Data (Unaudited) Quarterly financial information for 2015 and 2016 is as follows (in thousands except per share data): Quarter 2015 First Second Third Fourth Revenues $ $ $ $ Income from operations Net income Net income per share: Basic $ $ $ $ Diluted $ $ $ $ Quarter 2016 First Second Third Fourth Revenues $ $ $ $ Income from operations Net income Net income per share: Basic $ $ $ $ Diluted $ $ $ $

Litigation

Litigation	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies [Abstract]
Litigation	15. 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	12 Months Ended
	Dec. 31, 2016
Regulation [Abstract]
Regulation	16. 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. On October 31, 2014, the Department of Education published final regulations related to gainful employment. The regulation went into effect on July 1, 2015, with the exception of new disclosure requirements, which were scheduled to go into effect January 1, 2017, but have been delayed until April 3, 2017. The new regulations include two debt-to-earnings measures, consisting of an annual income rate and a discretionary income rate. The annual income rate measures student debt in relation to earnings, and the discretionary income rate measures student debt in relation to discretionary income. A program passes 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 does not pass either of the debt-to-earnings metrics, and that has an annual income rate between 8% and 12%, or a discretionary income rate between 20% and 30%, is considered to be in a warning zone. A program fails if the program’s graduates have an annual income rate of 12% or greater and a discretionary income rate of 30% or greater. A program would become Title IV-ineligible for three years if it fails both metrics for two out of three consecutive years, or fails to pass at least one metric for four consecutive award years. The regulations provide a means by which an institution may challenge the Department of Education’s calculation of any of the debt metrics prior to loss of Title IV eligibility. On January 8, 2017, Strayer received its final 2015 debt-to-earnings measures. None of Strayer’s programs failed the debt-to-earnings metrics. Two active programs, the Associate in Arts in Accounting and Associate in Arts in Business Administration, are “in the zone,” which means each program remains fully eligible unless (1) either program has a combination of zone and failing designations for four consecutive years, in which case it would become Title IV-ineligible in the fifth year; or (2) either program fails the metrics for two out of three consecutive years, in which case the program could become ineligible for the following award year. If an institution is notified by the Secretary of Education that a program could become ineligible, based on its final rates, for the next award year: · The institution must provide a warning with respect to the program to students and prospective students indicating, among other things, that students may not be able to use Title IV funds to attend or continue in the program; and · The institution must not enroll, register or enter into a financial commitment with a prospective student until a specified time after providing the warning to the prospective student. The new regulation also requires institutions annually to report student- and program-level data to the Department of Education, and comply with additional disclosure requirements. Final regulations adopted by the Department of Education, which generally became effective on July 1, 2011, require an institution to use a template designed by the Department of Education to disclose to prospective students, with respect to each gainful employment program, occupations that the program prepares students to enter, total cost of the program, on-time graduation rate, job placement rate, if applicable, and the median loan debt of program completers for the most recently completed award year. The regulation effective July 1, 2015 expands upon those existing disclosure requirements and institutions must update their disclosure templates to comply by April 3, 2017. In addition, the gainful employment regulation requires institutions to certify, among other things, that each eligible gainful employment program is programmatically accredited if required by a federal governmental entity or a state governmental entity of a state in which it is located or is otherwise required to obtain state approval. Institutions also must certify that each eligible program satisfies the applicable educational prerequisites for professional licensure or certification requirements in each state in which it is located or is otherwise required to obtain state approval, so that a student who completes the program and seeks employment in that state qualifies to take any licensure or certification exam that is needed for the student to practice or find employment in an occupation that the program prepares students to enter. The University has timely made the required certification. Under the gainful employment regulation, an institution may establish a new program’s Title IV eligibility by updating the list of the institution’s programs maintained by the Department of Education. However, an institution may not update its list of eligible programs to include a failing or zone program that the institution voluntarily discontinued or became ineligible, or a gainful employment program that is substantially similar to such a program, until three years after the loss of eligibility or discontinuance. The requirements associated with the gainful employment regulations may substantially increase the Company’s administrative burdens and could affect our program offerings, student enrollment, persistence and retention. Further, although the regulations provide opportunities for an institution to correct any potential deficiencies in a program prior to the loss of Title IV eligibility, the continuing eligibility of the Company’s academic programs will be affected by factors beyond management’s control such as changes in the Company’s graduates’ income levels, changes in student borrowing levels, increases in interest rates, changes in the percentage of former students who are current in the repayment of their student loans, and various other factors. Even if the Company were able to correct any deficiency in the gainful employment metrics in a timely manner, the disclosure requirements associated with a program’s failure to meet at least one metric may adversely affect student enrollments in that program and may adversely affect the reputation of the University. The Clery Act Strayer 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 to comply with the Clery Act or Title IX requirements or regulations thereunder could result in action by the Department fining Strayer University, or limiting or suspending its participating in Title IV programs, could lead to litigation, and could harm Strayer University’s reputation. We believe that Strayer University is in compliance with these requirements. Compliance Reviews 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. The Department conducted four campus-based program reviews of Strayer University campuses in three states and the District of Columbia, with one on-site review conducted August 18-20, 2014; one on-site review conducted September 8-11, 2014; and two on-site reviews conducted September 22-26, 2014. The reviews covered federal financial aid years 2012-2013 and 2013-2014, and two of the reviews also covered compliance with the Jeanne Clery Disclosure of Campus Security Policy and Campus Crime Statistics Act, the Drug-Free Schools and Communities Act, and regulations related thereto. On October 21, 2014, the Department issued an Expedited Final Program Review Determination Letter for one of the program reviews conducted the week of September 22, 2014, closing the program review with no further action required by the University. On November 17, 2014, the University received a Program Review Report for the program review conducted in August 2014, and provided a response to the Department on December 15, 2014. On January 7, 2015, the University received a Final Program Review Determination letter from that review, closing the review with no further action required by the University. On March 24, 2015, the University received a Program Review Report for another program review, and provided a response to the Department on April 21, 2015. On April 29, 2015, the University received a Final Program Review Determination Letter closing the review and identifying a payment of less than $500 due to the Department of Education based on an underpayment on a return to Title IV calculation. The University remitted payment, and received a letter from the Department on May 26, 2015, indicating that no further action was required and that the matter was closed. On September 15, 2015, the University received a Program Review Report for the final program review, and provided a response to the Department on October 5, 2015. On January 5, 2016 the University received a Final Program Review Determination Letter for the final program review, indicating that the program review was closed and no further action was required. 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 1, 2014, Strayer University received an executed provisional Program Participation Agreement from the Department allowing it to participate in Title IV programs until June 30, 2017. The Program Participation Agreement was issued on a provisional basis because of the Department’s program reviews open at the time of issuance. Under the provisional agreement, the only material additional condition that the University must comply with is obtaining Department approval for substantial changes, including the addition of any new location, level of academic offering, non-degree program, or degree program.

Significant Accounting Polici24

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Significant Accounting Policies [Abstract]
Financial Statement Presentation	Financial Statement Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. On January 13, 2016, the Company acquired all of the outstanding stock of NYCDA, and the results of NYCDA are included with the Company from the acquisition date. All intercompany accounts and transactions have been eliminated in the consolidated financial statements.
Revenue Recognition	Revenue Recognition The Company’s educational programs typically are offered on a quarterly basis and such periods coincide with the Company’s quarterly financial reporting periods. Approximately 95% of the Company’s revenues during the year ended December 31, 2016 consisted of tuition revenue, which is recognized ratably over the course of instruction as academic services are provided. Tuition revenue is assessed for collectibility on a student-by-student basis throughout the quarter of instruction, and is shown net of any refunds, withdrawals, corporate discounts, scholarships and employee tuition discounts. This collectibility assessment considers available sources of funds for the student including Federal Financial Student Aid programs. The Company reassesses the collectibility of tuition revenue that it may earn based on new information and changes in the facts and circumstances relevant to a student’s ability to pay, including the timing of a student’s withdrawal from a program of study. At the start of each academic term or program, 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 in advance. Any cash received prior to the start of an academic term or program is recorded as deferred revenue. 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. Deferred revenue is recorded as a current or long-term liability in the consolidated balance sheets based on when the benefit is expected to be realized. Revenues also include textbook-related income, certificate revenue, certain academic fees, licensing revenue, and other income, all of which are recognized when earned. The Company’s refund policy typically permits students who complete less than half of a course to receive a partial refund of tuition for that course. Refunds reduce the tuition revenue that would have otherwise been recognized for that student. Since the University’s academic terms coincide with the Company’s financial reporting periods, nearly all refunds are processed and recorded within the same quarter as the corresponding revenue. The amount of tuition revenue refundable to students may vary based on the student’s state of residence. Unused books and related academic materials may be returned for a full refund within 21 days of the start of class; however, purchases of electronic content are not refundable if downloaded. Revenues derived from fees are not eligible for a refund.
Graduation Fund	Graduation Fund In the third quarter of 2013, the Company 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 the 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 the University in the future. Revenue from students participating in the Graduation Fund is recorded in accordance with the Revenue Recognition Topic, ASC 605-50. The Company defers the value of benefits 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 twelve months is $14.5 million and is included in deferred revenue as a current liability in the consolidated balance sheets. The table below presents activity in the Graduation Fund for the years ended December 31, 2015 and 2016 (in thousands): December 31, December 31, 2015 2016 Balance at beginning of period $ $ Revenue deferred Benefit redeemed Balance at end of period $ $
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 University during the academic term. At December 31, 2016, the Company had approximately $13,000 of these unpaid obligations, which are recorded as restricted cash and included in other current assets in the consolidated balance sheets. There were no amounts payable for these obligations at December 31, 2015. 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. These funds are required 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.
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 or program. 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 generally 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. 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, 2015 and 2016 (in thousands): December 31, 2015 December 31, 2016 Tuition receivable $ $ Allowance for doubtful accounts Tuition receivable, net $ $ Approximately $2.0 million and $2.3 million of tuition receivable is included in other assets as of December 31, 2015 and 2016, 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, 2016 (in thousands): 2014 2015 2016 Allowance for doubtful accounts, beginning of period $ $ $ Additions charged to expense Write-offs, net of recoveries Allowance for doubtful accounts, end of period $ $ $
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 2016, 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 3 to 40 years. Depreciation and amortization expense was $20.6 million, $18.1 million and $17.8 million for the years ended December 31, 2014, 2015, and 2016, respectively. 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 will be 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, 2016 in the consolidated statements of cash flows have been adjusted to exclude noncash purchases of property and equipment transactions during that period.
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 acquired businesses over the amount assigned to the assets acquired and liabilities assumed. At the time of an acquisition, the Company assigns the goodwill and related acquired assets and liabilities to its reporting units. Accordingly, the Company’s goodwill is allocated to JWMI and NYCDA. Indefinite-lived intangible assets, which include trade names, are recorded at fair market 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 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. During the fourth quarter of 2016, the Company changed the date of its annual impairment test from September 30 to December 31. The change was made to more closely align the impairment testing date with the Company’s planning and forecasting process. The change in the annual impairment testing date did not delay, accelerate, or avoid an impairment charge. The Company has determined that this change in accounting principle is preferable under the circumstances and does not result in adjustments to its financial statements when applied retrospectively. During 2016, the annual impairment test was performed as of September 30, 2016 and was performed again as of December 31, 2016. 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 for each reporting unit. Following its qualitative assessment as of September 30 and December 31, the Company determined it was not more likely than not that the fair value of its goodwill for JWMI and NYCDA was less than the carrying amount and, accordingly, no impairment existed in 2016. The Company tested its intangible assets concurrently with goodwill and determined that no impairment existed in 2016. The following table presents changes in goodwill for the years ended December 31, 2015 and 2016 (in thousands): 2015 2016 Balance as of the beginning of period $ $ Acquisition (see Note 3) — Measurement period adjustments — Balance as of the end of period $ $
Long-Term Liabilities	Long-Term Liabilities Included in the Company’s long-term liabilities are amounts related to the Company’s operating leases, deferred payments related to an acquisition completed in 2011, and the non-current portion of deferred revenue. In conjunction with the opening of some campuses and other facilities, the Company was reimbursed by the lessors for improvements made to those leased properties. In accordance with the Operating Leases Subtopic, ASC 840-20 (“ASC 840-20”), these underlying assets 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 ten years. In accordance with ASC 840-20, the Company records rent expense on a straight-line basis over the initial term of a lease. The cumulative difference between the rent payment and the straight-line rent expense is recorded as a liability. The Company also recorded the non-current portion of the gain related to the sale and lease back of a campus facility as a long-term liability.
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 $.01, of which 11,027,177 and 11,093,489 shares were issued and outstanding as of December 31, 2015 and 2016, 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.
Advertising Costs	Advertising Costs The Company expenses advertising costs in the quarter incurred, except for costs associated with the production of media commercials which are expensed when the commercial is first aired.
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 consolidated statements of income for each of the three years in the period ended December 31, 2016 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.
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 year ended December 31, 2016, the Company had no issued and outstanding stock options that were excluded from the calculation. Set forth below is a reconciliation of shares used to calculate basic and diluted earnings per share for each of the three years ended December 31, 2016 (in thousands): 2014 2015 2016 Weighted average shares outstanding used to compute basic earnings per share Incremental shares issuable upon the assumed exercise of stock options Unvested restricted stock and restricted stock units Shares used to compute diluted earnings per share
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. 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 to be 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 2013-2016 remain open for Federal tax examination and the tax years 2012-2016 remain open to examination by state and local taxing jurisdictions in which the Company is subject.
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 included allowances for doubtful accounts, the useful lives of property and equipment, fair value of future contractual operating lease obligations, 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, intangible assets and the interest rate swap arrangement, fair value of contingent consideration, and the provision for income taxes. Actual results could differ from those estimates.
Comprehensive Income	Comprehensive Income Comprehensive income consists of net income and the change in the fair value of the Company’s interest rate swap, net of income taxes.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2015, the FASB issued ASU No. 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). The new guidance requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The Company adopted ASU 2015-17 effective January 1, 2016 and reclassified approximately $6.4 million of its deferred tax asset from current to non-current assets in the consolidated balance sheet as of December 31, 2015, to conform to the current period presentation. In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). The new guidance requires the recognition of right-of-use assets and lease liabilities on the balance sheet for most leases. Under current guidance, operating leases are off-balance sheet. ASU 2016-02 also requires more extensive quantitative and qualitative disclosures about leasing arrangements. ASU 2016-02 applies to fiscal periods beginning after December 15, 2018, using the modified retrospective method, with early adoption permitted. The Company anticipates that the impact of ASU 2016-02 on its consolidated balance sheet will be material as the Company will record significant asset and liability balances in connection with its leased properties. In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 impacts several aspects of the accounting for share-based payment transactions, including classification of certain items on the consolidated statement of cash flows and accounting for income taxes. Specifically, ASU 2016-09 requires excess tax benefits and tax deficiencies to be recognized as income tax expense or benefit in earnings. In addition, ASU 2016-09 allows companies to recognize the impact of stock award forfeitures at the time of forfeiture, rather than as an estimate ratably over the life of awards. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. The Company will adopt ASU 2016-09, effective January 1, 2017, which may introduce significant volatility to the Company’s provision for income taxes In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“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. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date , which defers the effective date of ASU 2014-09 by one year to fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2016. Accordingly, the new revenue recognition standard is effective for the Company on January 1, 2018 using either a full retrospective or a modified retrospective approach. During 2016, the FASB issued four new ASUs amending certain aspects of ASU 2014-09. The Company is currently evaluating which transition approach to use and the impact that the new revenue recognition standard and related ASUs will have on our Consolidated Financial Statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses , which is included in ASC Topic 326, Measurement of Credit Losses on Financial Instruments . 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. 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 the impact this standard will have on its financial condition, results of operations, and disclosures. In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-15, Classification of Certain Cash Receipts and Cash Payments , which is included in FASB Accounting Standards Codification (ASC) Topic 230, Statement of Cash Flows . The new guidance clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows, including contingent consideration payments made after a business acquisition. The guidance will be effective for the Company's annual and interim reporting periods beginning January 1, 2018, and early adoption is permitted. The Company does not expect adoption of this guidance to have a material impact on its financial condition, results of operations, or disclosures. 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.

Significant Accounting Polici25

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Significant Accounting Policies [Abstract]
Schedule of graduation fund liability	The table below presents activity in the Graduation Fund for the years ended December 31, 2015 and 2016 (in thousands): December 31, December 31, 2015 2016 Balance at beginning of period $ $ Revenue deferred Benefit redeemed Balance at end of period $ $
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, 2015 and 2016 (in thousands): December 31, 2015 December 31, 2016 Tuition receivable $ $ Allowance for doubtful accounts Tuition receivable, net $ $
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, 2016 (in thousands): 2014 2015 2016 Allowance for doubtful accounts, beginning of period $ $ $ Additions charged to expense Write-offs, net of recoveries Allowance for doubtful accounts, end of period $ $ $
Schedule of changes in goodwill	The following table presents changes in goodwill for the years ended December 31, 2015 and 2016 (in thousands): 2015 2016 Balance as of the beginning of period $ $ Acquisition (see Note 3) — Measurement period adjustments — Balance as of the end of period $ $
Schedule of reconciliation of shares used to calculate basic and diluted earnings per share	Set forth below is a reconciliation of shares used to calculate basic and diluted earnings per share for each of the three years ended December 31, 2016 (in thousands): 2014 2015 2016 Weighted average shares outstanding used to compute basic earnings per share Incremental shares issuable upon the assumed exercise of stock options Unvested restricted stock and restricted stock units Shares used to compute diluted earnings per share

Acquisition of New York Code 26

Acquisition of New York Code and Design Academy (Tables)	12 Months Ended
	Dec. 31, 2016
Acquisition of New York Code and Design Academy [Abstract]
Summary of purchase price allocated to assets acquired and liabilities assumed at fair value	Purchase Price Allocation Useful Life Cash $ Other assets Intangibles: Trade name Indefinite Goodwill Liabilities assumed Total assets acquired and liabilities assumed, net Less: contingent consideration Less: cash acquired Cash paid for acquisition, net of cash acquired $

Restructuring and Related Cha27

Restructuring and Related Charges (Tables)	12 Months Ended
	Dec. 31, 2016
Restructuring and Related Charges [Abstract]
Schedule of restructuring liability by type of cost	The following details the changes in the Company’s restructuring liability by type of cost during the three years ended December 31, 2016 (in thousands): Severance Lease and Other and Related Employee Costs, Net Separation Costs Total Balance at December 31, 2013 $ $ $ Payments Adjustments (2) Balance at December 31, 2014 (1) — Payments — Adjustments (2) — Balance at December 31, 2015 (1) — Payments — Adjustments (2) — Balance at December 31, 2016 (1) $ $ — $ (1) The current portion of restructuring liabilities was $4.8 million and $4.2 million as of December 31, 2015 and December 31, 2016, respectively, which are included in accounts payable and accrued expenses. The long-term portion is included in other long-term liabilities. Adjustments include accretion of interest on lease costs, offset by changes in the timing and expected income from sublease agreements.

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2016
Property and Equipment [Abstract]
Composition of property and equipment	The composition of property and equipment as of December 31, 2015 and 2016 is as follows (in thousands): Estimated useful 2015 2016 life (years) Land $ $ — Buildings and improvements 5-40 Furniture, equipment, and computer hardware and software 5-10 Leasehold improvements 3-10 Construction in progress Accumulated depreciation and amortization $ $

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Measurement [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, 2016 (in thousands): Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable December 31, Assets/Liabilities Inputs Inputs 2016 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ $ $ — $ — Liabilities: Deferred payments $ $ — $ — $ Assets and liabilities measured at fair value on a recurring basis consist of the following as of December 31, 2015 (in thousands): Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable December 31, Assets/Liabilities Inputs Inputs 2015 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ $ $ — $ — Liabilities: Deferred payments $ $ — $ — $
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, 2015 and 2016 are as follows (in thousands): 2015 2016 Balance as of the beginning of period $ $ Amounts paid Contingent consideration originally recorded in connection with NYCDA acquisition — Other adjustments to fair value Balance as of the beginning of period $ $

Stock Options, Restricted Sto30

Stock Options, Restricted Stock and Restricted Stock Units (Tables)	12 Months Ended
	Dec. 31, 2016
Stock Options, Restricted Stock and Restricted Stock Units [Abstract]
Schedule of restricted stock and restricted stock units activity	Number of Weighted- Balance, December 31, 2013 $ Grants Vested shares Forfeitures Balance, December 31, 2014 $ Grants Vested shares Forfeitures Balance, December 31, 2015 $ Grants Vested shares Forfeitures Balance, December 31, 2016 $
Schedule of stock option activity and other stock option information	Weighted- average Weighted- remaining Aggregate Number of average contractual intrinsic value (1) shares exercise price life (years) (in thousands) Balance, December 31, 2013 $ $ — Grants — — Exercises — — Forfeitures — — Balance, December 31, 2014 $ $ Grants — — Exercises — — Forfeitures — — Balance, December 31, 2015 $ $ Grants — — Exercises — — Forfeitures/Expirations — — Balance, December 31, 2016 $ $ Exercisable, December 31, 2016 $ $ (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.
Summary of number of shares exercisable	The number of shares exercisable as of December 31, 2014, 2015 and 2016 are as follows: Number of Weighted-average shares exercise price Exercisable, December 31, 2014 — $ Exercisable, December 31, 2015 $ Exercisable, December 31, 2016 $
Schedule of stock-based compensation expense	The following table sets forth the amount of stock-based compensation expense recorded in each of the expense line items for the years ended December 31, 2014, 2015 and 2016 (in thousands): 2014 2015 2016 Instruction and educational support $ $ $ Marketing — — — Admissions advisory — — — General and administration Stock-based compensation expense included in operating expense Tax benefit Stock-based compensation expense, net of tax $ $ $
Schedule of information regarding share-based payment arrangements	The following table summarizes information regarding share-based payment arrangements for the years ended December 31, 2014, 2015 and 2016 (in thousands): 2014 2015 2016 Proceeds from stock options exercised $ — $ — $ — Tax shortfall related to share-based payment arrangements $ $ $ Intrinsic value of stock options exercised $ — $ — $ —

Other Long-Term Liabilities (Ta

Other Long-Term Liabilities (Tables)	12 Months Ended
	Dec. 31, 2016
Other Long-Term Liabilities [Abstract]
Schedule of other long-term liabilities	Other long-term liabilities consist of the following as of December 31, 2015 and 2016 (in thousands): 2015 2016 Deferred payments related to acquisitions $ $ Deferred revenue, net of current portion Loss on facilities not in use Deferred rent and other facility costs Lease incentives Deferred gain on sale of campus building — Other long-term liabilities $ $

Other Employee Benefit Plans (T

Other Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2016
Other Employee Benefit Plans [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, 2014, 2015, and 2016 were as follows: Shares Average price purchased per share 2014 $ 2015 $ 2016 $

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies [Abstract]
Schedule of minimum rental commitments	The minimum rental commitments for the Company as of December 31, 2016 are as follows (in thousands): Minimum rental commitments 2017 $ 2018 2019 2020 2021 Thereafter Total $

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Taxes [Abstract]
Schedule of income tax provision	The income tax provision for the years ended December 31, 2014, 2015 and 2016 is summarized below (in thousands): 2014 2015 2016 Current: Federal $ $ $ State Total current Deferred: Federal State Total deferred Total provision for income taxes $ $ $
Schedule of tax effects of principal temporary differences that give rise to deferred tax assets	The tax effects of the principal temporary differences that give rise to the Company’s deferred tax assets are as follows as of December 31, 2015 and 2016 (in thousands): 2015 2016 Stock-based compensation $ $ Property and equipment Other facility-related costs Deferred revenue Tuition receivable Deferred leasing costs Prepaid compensation — Other Net deferred tax asset $ $
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, 2015 2016 Beginning unrecognized tax benefits $ $ Reductions for tax positions taken in prior years Ending unrecognized tax benefits $ $
Schedule of reconciliation between statutory tax rate and effective tax rate	2014 2015 2016 Statutory federal rate % % % State income taxes, net of federal benefits Other Effective tax rate % % %

Summarized Quarterly Financia35

Summarized Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Summarized Quarterly Financial Data (Unaudited) [Abstract]
Schedule of quarterly financial information	Quarterly financial information for 2015 and 2016 is as follows (in thousands except per share data): Quarter 2015 First Second Third Fourth Revenues $ $ $ $ Income from operations Net income Net income per share: Basic $ $ $ $ Diluted $ $ $ $ Quarter 2016 First Second Third Fourth Revenues $ $ $ $ Income from operations Net income Net income per share: Basic $ $ $ $ Diluted $ $ $ $

Nature of Operations (Details)

Nature of Operations (Details)	12 Months Ended
	Dec. 31, 2016segment
Nature of Operations [Abstract]
Number of reporting segments	1

Significant Accounting Polici37

Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2016
Significant Accounting Policies [Abstract]
Percentage of tuition revenue in total revenue	95.00%
Unused books and academic material refundable period	21 days

Significant Accounting Polici38

Significant Accounting Policies - Graduation Fund (Details)	12 Months Ended
	Dec. 31, 2016USD ($)classitem	Dec. 31, 2015USD ($)
Consecutive terms of non attendance in which Graduation Fund credits will be lost | item	1
Number of free courses | class	1
Number of successfully completed courses | class	3
Balance at beginning of year	$ 20,937,000	$ 9,706,000
Revenue deferred	20,766,000	16,219,000
Benefit redeemed	(12,204,000)	(4,988,000)
Balance at end of year	29,499,000	$ 20,937,000
Current Liability [Member]
Graduation fund estimated to be redeemed	14,500,000
Other Assets [Member]
Restricted cash
Minimum protective endowment	500,000
Other Current Assets [Member]
Restricted cash
Restricted cash	$ 13,000

Significant Accounting Polici39

Significant Accounting Policies - Tuition Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of tuition receivable and allowance for doubtful accounts
Tuition receivable	$ 30,733	$ 28,543
Allowance for doubtful accounts	(10,201)	(10,024)	$ (8,835)	$ (10,303)
Tuition receivable, net	20,532	18,519
Other Assets [Member]
Schedule of tuition receivable and allowance for doubtful accounts
Tuition receivable included in other assets	$ 2,300	$ 2,000

Significant Accounting Polici40

Significant Accounting Policies - Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of allowance for doubtful accounts
Beginning allowance for doubtful accounts	$ 10,024	$ 8,835	$ 10,303
Additions charged to expense	16,503	13,067	16,947
Write-offs, net of recoveries	(16,326)	(11,878)	(18,415)
Ending allowance for doubtful accounts	$ 10,201	$ 10,024	$ 8,835

Significant Accounting Polici41

Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Impairment loss	$ 0
Depreciation and amortization	$ 17,817	$ 18,104	$ 20,630
Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	3 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	40 years

Significant Accounting Polici42

Significant Accounting Policies - Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Goodwill [Line Items]
Balance as of the beginning of the period	$ 6,800
Acquisition (see Note 3)	14,242
Measurement period adjustments	(298)
Balance as of the end of period	20,744
Goodwill and intangible assets impairment	$ 0
Minimum [Member]
Long-Term Liabilities
Lease Term	5 years
Maximum [Member]
Long-Term Liabilities
Lease Term	10 years

Significant Accounting Polici43

Significant Accounting Policies - EPS (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
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	10,610,000	10,588,000	10,561,000
Incremental shares issuable upon the assumed exercise of stock options	5,000	6,000	6,000
Unvested restricted stock	230,000	146,000	83,000
Shares used to compute diluted earnings per share	10,845,000	10,740,000	10,650,000
Common stock, shares authorized	20,000,000	20,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	11,093,489	11,027,177
Common stock, shares outstanding	11,093,489	11,027,177
Preferred stock, shares authorized	8,000,000
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0

Significant Accounting Polici44

Significant Accounting Policies - Accounting Pronouncements (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred tax assets, noncurrent	$ 31,096	$ 26,449
Accounting Standards Update 2015 17
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred tax assets, current	(6,400)
Deferred tax assets, noncurrent	$ 6,400

Acquisition of New York Code 45

Acquisition of New York Code and Design Academy (Details) - New York Code And Design Academy, Inc. $ in Millions	Jan. 13, 2016USD ($)	Aug. 31, 2016USD ($)	Apr. 30, 2016USD ($)	Dec. 31, 2016USD ($)individual
Business Acquisition [Line Items]
Cash paid up front	$ 2.4
Contingent consideration				$ 25
Contingent consideration payment		$ 0.5	$ 6	$ 4.6
Number of founders | individual				2
Employment term				3 years
Contingent Consideration Results of Operations Over Five Year Period [Member]
Business Acquisition [Line Items]
Contingent consideration	$ 12.5
Term of additional contingent payments	5 years
Contingent Consideration Receipt Of State Regulatory Permit [Member]
Business Acquisition [Line Items]
Contingent consideration	$ 5.5
Contingent Consideration Accelerated Earnout Upon Receipt Of One State Regulatory Permit [Member]
Business Acquisition [Line Items]
Contingent consideration	1
Selling, General and Administrative Expenses [Member]
Business Acquisition [Line Items]
Transaction Costs	$ 0.2

Acquisition of New York Code 46

Acquisition of New York Code and Design Academy - Purchase Price Allocation (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Goodwill	$ 20,744	$ 20,744	$ 6,800	$ 6,800
Cash paid for acquisition, net of cash acquired		7,635
New York Code And Design Academy, Inc.
Business Acquisition [Line Items]
Cash	790	790
Other assets	1,265	1,265
Trade name	5,660	5,660
Goodwill	13,944	13,944
Liabilities assumed	(4,734)	(4,734)
Total assets acquired and liabilities assumed, net	16,925	16,925
Less: contingent consideration	(14,500)	(14,500)
Cash paid for acquisition, net of cash acquired		$ 1,635
Discount rate		4.50%
Measurement adjustment to goodwill		$ 300
Reduction in fair value of contingent consideration	$ 1,300
Measurement adjustment to deferred tax liabilities		$ 300

Restructuring and Related Cha47

Restructuring and Related Charges (Details) - item	1 Months Ended	12 Months Ended
	Oct. 31, 2013	Dec. 31, 2016
Restructuring and Related Charges [Abstract]
Campus location closed	20
Lease marginal borrowing rate		4.50%

Restructuring and Related Cha48

Restructuring and Related Charges - Liability for lease (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of restructuring liability
Beginning balance	$ 20,055	$ 27,283	$ 44,766
Payments	(6,438)	(7,754)	(14,556)
Adjustments	(1,632)	526	(2,927)
Ending balance	11,985	20,055	27,283
Restructuring liabilities	4,200	4,800
Lease and Related Costs, Net [Member]
Schedule of restructuring liability
Beginning balance	20,055	27,283	42,550
Payments	(6,438)	(7,754)	(12,418)
Adjustments	(1,632)	526	(2,849)
Ending balance	$ 11,985	$ 20,055	27,283
Severance And Other Employee Separation Costs [Member]
Schedule of restructuring liability
Beginning balance			2,216
Payments			(2,138)
Adjustments			$ (78)

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 230,255	$ 219,734
Accumulated depreciation and amortization	(157,131)	(142,595)
Property and equipment, net	73,124	77,139
Leasehold improvements reimbursed by lessors as lease incentives	300	2,900
Fixed assets written off	3,200	13,300
Land [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	7,138	7,138
Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	19,238	19,109
Furniture Equipment And Computer Hardware And Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	157,104	150,597
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	39,769	38,639
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,006	$ 4,251
Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	40 years
Maximum [Member] | Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	40 years
Maximum [Member] | Furniture Equipment And Computer Hardware And Software [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	10 years
Maximum [Member] | Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	10 years
Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	3 years
Minimum [Member] | Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	5 years
Minimum [Member] | Furniture Equipment And Computer Hardware And Software [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	5 years
Minimum [Member] | Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	3 years

Fair Value Measurement (Details

Fair Value Measurement (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Money Market Funds [Member]
Schedule of assets and liabilities measured at fair value on a recurring basis
Total assets at fair value on a recurring basis	$ 5,103	$ 100
Deferred payments [Member]
Liabilities:
Total liabilities at fair value on a recurring basis	11,741	3,278
Quoted Prices In Active Markets For Identical Assets/Liabilities (Level 1) [Member] | Money Market Funds [Member]
Schedule of assets and liabilities measured at fair value on a recurring basis
Total assets at fair value on a recurring basis	5,103	100
Significant Unobservable Inputs (Level 3) [Member] | Deferred payments [Member]
Liabilities:
Total liabilities at fair value on a recurring basis	$ 11,741	$ 3,278

Fair Value Measurement - Level

Fair Value Measurement - Level 3 Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Schedule of changes in fair value of level 3 liability
Balance at beginning of year	$ 3,278	$ 2,398
Amounts paid	(7,358)	(650)
Contingent consideration in connection with NYCDA acquisition	14,500
Other adjustments to fair value	1,321	1,530
Balance at end of year	11,741	$ 3,278
Accounts payable and accrued expenses
Fair Value, Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short-term portion of deferred payments	$ 1,100

Long Term Debt (Details)

Long Term Debt (Details)	Jul. 02, 2015USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Revolving credit facility, value	$ 150,000,000
Maximum aggregate incremental term loans	50,000,000
Payments of debt financing costs	$ 900,000
Cash interest paid		$ 300,000	$ 2,400,000
Maximum total leverage ratio		2
Minimum coverage ratio		1.75
Minimum department of education financial composite score		1.5
Average annual interest rate			4.30%
Revolving credit facility, outstanding		$ 0
Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Margin rate for interest if using base rate		1.75%
Unused commitment fee		0.25%
Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Margin rate for interest if using base rate		2.25%
Unused commitment fee		0.35%

Stock Options, Restricted Sto53

Stock Options, Restricted Stock and Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended			12 Months Ended
	Nov. 30, 2016	May 31, 2016	Feb. 29, 2016	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares authorized for grants				500,000
Maximum term of the awards granted under the Plan				10 years
Stock-based compensation cost which has not yet been recognized				$ 20.9
Stock-based compensation cost recognized period, in months				26 months
Restricted stock awarded subject to performance condition				550,000
Restricted stock and restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for grants	570	11,365	176,802
Vesting period	3 years	3 years
Share Price	$ 65.75	$ 49.27	$ 50.67
Restricted stock and restricted stock units [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			2 years
Restricted stock and restricted stock units [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years

Stock Options, Restricted Sto54

Stock Options, Restricted Stock and Restricted Stock Units - RSU (Details) - Restricted stock and restricted stock units [Member] - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of restricted stock and restricted stock units activity
Beginning Balance, Number of shares or units	634,327	524,216	487,773
Grants, Number of shares or units	188,737	126,655	108,606
Vested shares, Number of shares or units	(23,539)	(13,725)	(69,434)
Forfeitures, Number of shares or units	(72,425)	(2,819)	(2,729)
Ending Balance, Number of shares or units	727,100	634,327	524,216
Beginning Balance, Weighted-average grant price	$ 104.66	$ 115.67	$ 131.51
Grants, Weighted-average grant price	50.63	61	38.95
Vested shares, Weighted-average grant price	50.43	52.94	158.97
Forfeitures, Weighted-average grant price	62.41	115.55	93.44
Ending Balance, Weighted-average grant price	$ 97.53	$ 104.66	$ 115.67

Stock Options, Restricted Sto55

Stock Options, Restricted Stock and Restricted Stock Units - Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of stock option activity and other stock option information
Exercisable, Number of shares	100,000	100,000
Exercisable, Weighted-average exercise price	$ 51.95	$ 51.95	$ 51.95
Stock options [Member]
Schedule of stock option activity and other stock option information
Beginning Balance, Number of shares	100,000	100,000	100,000
Grants, Number of shares
Exercises, Number of shares
Forfeitures/Expirations, Number of shares
Ending Balance, Number of shares	100,000	100,000	100,000	100,000
Exercisable, Number of shares	100,000
Beginning Balance, Weighted-average exercise price	$ 51.95	$ 51.95	$ 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	$ 51.95	$ 51.95
Exercisable, Weighted-average exercise price	$ 51.95
Weighted-average remaining contractual life (years)	4 years 1 month 6 days	5 years 1 month 6 days	6 years	7 years
Exercisable, Weighted-average remaining contractual life (years)	4 years 1 month 6 days
Beginning Balance, Aggregate intrinsic value	$ 817	$ 2,233
Ending Balance, Aggregate intrinsic value	2,868	$ 817	$ 2,233
Exercisable, Aggregate intrinsic value	$ 2,868

Stock Options, Restricted Sto56

Stock Options, Restricted Stock and Restricted Stock Units - Stock-based compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of stock-based compensation expense
Stock-based compensation expense included in operating expense	$ 10,767	$ 10,213	$ 9,453
Tax benefit	4,256	4,032	3,734
Stock-based compensation expense, net of income tax	6,511	6,181	5,719
Instruction and educational support [Member]
Schedule of stock-based compensation expense
Stock-based compensation expense included in operating expense	1,432	2,134	1,736
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	$ 9,335	$ 8,079	$ 7,717

Stock Options, Restricted Sto57

Stock Options, Restricted Stock and Restricted Stock Units - Share-based payment arrangements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of information regarding share-based payment arrangements
Proceeds from stock options exercised
Tax shortfall related to share-based payment arrangements	(51)	(24)	(2,039)
Intrinsic value of stock options exercised

Other Long-Term Liabilities (De

Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Other Long-Term Liabilities [Abstract]
Deferred payments related to acquisition	$ 13,754	$ 6,078
Deferred revenue, net of current portion	17,981	14,429
Loss on facilities not in use	7,813	15,229
Deferred rent and other facility costs	8,251	8,993
Lease incentives	2,684	3,125
Deferred gain on sale of campus building		133
Total other long-term liabilities	$ 50,483	$ 47,987

Other Long-Term Liabilities - D

Other Long-Term Liabilities - Deferred (Details) $ in Millions	1 Months Ended			12 Months Ended
	Aug. 31, 2016USD ($)	Apr. 30, 2016USD ($)	Jun. 30, 2007USD ($)Asset	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)
Sale price of one of campus buildings			$ 5.8
Gain on sale and lease back of one of campus buildings before tax			$ 2.8
Sale and lease back term				10 years
Number of assets sold | Asset			1
Minimum [Member]
Leasehold improvements and long-term liability amortization period				5 years
Maximum [Member]
Leasehold improvements and long-term liability amortization period				10 years
New York Code And Design Academy, Inc.
Deferred payment arrangements value				$ 7.5
Contingent consideration payment	$ 0.5	$ 6		4.6
New York Code And Design Academy, Inc. | Maximum [Member]
Deferred payment arrangements value				11.5
Jack Welch Management Institute
Funds received from investor				$ 2.8
Deferred payment arrangement number of sellers | item				1
Deferred payment arrangements value				$ 3.4	$ 3.3

Other Employee Benefit Plans (D

Other Employee Benefit Plans (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Other Employee Benefit Plans [Abstract]
Maximum annual contribution to 401(k) plan by employees, effective January 1, 2016	$ 18,000
Percentage of company matching contribution to 401(K) plan	50.00%
Defined contribution plan employer matching contribution percent	3.00%
Company's contributions to 401(K) plan	$ 1,100,000	$ 1,100,000	$ 900,000
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	2,500,000

Other Employee Benefit Plans -

Other Employee Benefit Plans - Shares purchased (Details) - Employee Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares purchased	4,988	5,136	5,872
Average price per share	$ 46.46	$ 49.10	$ 44.55

Stock Repurchase Plan (Details)

Stock Repurchase Plan (Details) - Stock Repurchase Plan [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Nov. 30, 2003
Equity, Class of Treasury Stock [Line Items]
Authorized common stock for repurchases, amount				$ 15
Remaining authorized share for repurchases, amount	$ 70	$ 70	$ 70
Number of shares repurchased	0	0	0

Commitments and Contingencies63

Commitments and Contingencies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)lease	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Commitments and Contingencies [Abstract]
Number of long-term, non-cancelable operating leases | lease	85
Rent expense	$ 33.7	$ 37.5	$ 35.7
Reduction of liability	$ 1.9	$ 0.4

Commitments and Contingencies -

Commitments and Contingencies - Minimum rental commitments (Details) $ in Thousands	Dec. 31, 2016USD ($)
Schedule of minimum rental commitments
2,017	$ 33,665
2,018	29,731
2,019	24,384
2,020	19,440
2,021	14,300
Thereafter	14,027
Total	$ 135,547

Income Taxes - Income tax provi

Income Taxes - Income tax provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current:
Federal	$ 26,015	$ 25,515	$ 25,285
State	4,869	4,538	4,490
Total current	30,884	30,053	29,775
Deferred:
Federal	(7,748)	(3,634)	141
State	(646)	(311)	344
Total deferred	(8,394)	(3,945)	485
Total provision for income taxes	$ 22,490	$ 26,108	$ 30,260

Income Taxes - Deferred tax ass

Income Taxes - Deferred tax assets (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Schedule of tax effects of principal temporary differences that give rise to deferred tax assets
Stock-based compensation	$ 20,477	$ 16,742
Property and equipment	(6,059)	(9,417)
Other facility-related costs	5,242	8,535
Deferred revenue	7,182	4,267
Tuition receivable	3,922	3,908
Deferred leasing costs	3,064	3,362
Prepaid compensation	(1,139)
Other	(1,592)	(948)
Net deferred tax asset	$ 31,097	$ 26,449

Income Taxes - Unrecognized tax

Income Taxes - Unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Taxes [Abstract]
Tax expense (benefits) related to interest and penalties	$ 100	$ 100
Reduction of unrecognized tax benefits in the next twelve months, due to expiration of applicable statues of limitation	100
Unrecognized tax benefits that affects company's effective tax rate	200
Amount of interest and penalties	100	200
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Beginning unrecognized tax benefits	505	2,936
Reductions for tax positions taken in prior years	(329)	(2,431)
Ending unrecognized tax benefits	$ 176	$ 505

Income Taxes - Statutory rate (

Income Taxes - Statutory rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of reconciliation between statutory tax rate and effective tax rate
Statutory federal rate	35.00%	35.00%	35.00%
State income taxes, net of federal benefits	4.50%	4.20%	4.20%
Other	(0.20%)	0.30%	0.30%
Effective tax rate	39.30%	39.50%	39.50%
Cash payments for income taxes	$ 31.6	$ 28.5	$ 30.8

Summarized Quarterly Financia69

Summarized Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Selected Quarterly Financial Information [Abstract]
Revenues	$ 119,279	$ 102,156	$ 108,487	$ 111,166	$ 113,660	$ 99,142	$ 109,750	$ 111,885	$ 441,088	$ 434,437	$ 446,041
Income from operations	19,654	4,830	12,896	20,092	21,656	7,254	20,929	19,859	57,472	69,698	81,747
Net income	$ 11,718	$ 2,878	$ 7,786	$ 12,420	$ 13,041	$ 3,723	$ 11,874	$ 11,385	$ 34,802	$ 40,023	$ 46,356
Net income per share:
Basic	$ 1.10	$ 0.27	$ 0.73	$ 1.17	$ 1.23	$ 0.35	$ 1.12	$ 1.08	$ 3.28	$ 3.78	$ 4.39
Diluted	$ 1.07	$ 0.27	$ 0.72	$ 1.15	$ 1.21	$ 0.35	$ 1.11	$ 1.06	$ 3.21	$ 3.73	$ 4.35

Regulation (Details)

Regulation (Details)	Sep. 26, 2014item	Sep. 11, 2014item	Aug. 20, 2014item	Dec. 31, 2016stateitem	Apr. 29, 2015USD ($)
Regulation [Line Items]
Number of ineligible years				3 years
Minimum [Member]
Regulation [Line Items]
Average of median annual earning percentage.				8.00%
Average of median discretionary percentage				20.00%
Maximum [Member]
Regulation [Line Items]
Average of median annual earning percentage.				12.00%
Average of median discretionary percentage				30.00%
Strayer University
Regulation [Line Items]
Number of debt-to-earnings measures				2
Number of current associate degree programs n the Zone				2
Number of conducted compliance reviews				4
Number of on-site reviews conducted	2	1	1
Number of states in which compliance reviews were conducted | state				3
Strayer University | Maximum [Member]
Regulation [Line Items]
Amount due to department of education | $					$ 500