Document Information
Document Information | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Document information | |
Document type | 10-K |
Amendment flag | false |
Document period end date | 2009-12-31 |
Entity Information
Entity Information (USD $) | |||
In Millions, except Share data | 12 Months Ended
Dec. 31, 2009 | Feb. 19, 2010
| Jun. 30, 2009
|
Entity Information [Line Items] | |||
Entity registrant name | AMERICAN PUBLIC EDUCATION INC | ||
Entity central index key | 0001201792 | ||
Current fiscal year end date | --12-31 | ||
Entity well known seasoned issuer | No | ||
Entity voluntary filers | No | ||
Entity current reporting status | Yes | ||
Entity filer category | Accelerated Filer | ||
Entity public float | $696 | ||
Entity Listings [Line Items] | |||
Entity common stock shares outstanding | 18,302,012 |
Consolidated Balance Sheets
Consolidated Balance Sheets (USD $) | ||
In Thousands | Dec. 31, 2009
| Dec. 31, 2008
|
Current assets: | ||
Cash and cash equivalents | $74,866 | $47,714 |
Accounts receivable, net of allowance of $537 in 2008 and $896 in 2009 | 8,664 | 6,188 |
Prepaid expenses | 2,990 | 2,156 |
Income tax receivable | 863 | 1,306 |
Deferred income taxes | 999 | 640 |
Total current assets | 88,382 | 58,004 |
Property and equipment, net | 25,294 | 19,622 |
Other assets | 2,077 | 1,187 |
Total assets | 115,753 | 78,813 |
Current liabilities: | ||
Accounts payable | 6,756 | 4,946 |
Accrued liabilities | 4,917 | 5,250 |
Accrued bonus | 3,086 | 1,825 |
Deferred revenue and student deposits | 14,204 | 9,626 |
Total current liabilities | 28,963 | 21,647 |
Deferred income taxes | 4,772 | 3,691 |
Total liabilities | 33,735 | 25,338 |
Commitments and contingencies (Note 4 and 9) | 0 | 0 |
Stockholders' equity: | ||
Preferred stock, $.01 par value; Authorized shares - 10,000; no shares issued or outstanding | 0 | 0 |
Common stock, $.01 par value; Authorized shares - 100,000; 18,276 issued and outstanding in 2009; 18,030 issued and 18,024 outstanding in 2008 | 183 | 180 |
Additional paid-in capital | 136,380 | 132,078 |
Less cost of 6 shares of repurchased stock in 2008 | (295) | |
Accumulated deficit | (54,545) | (78,488) |
Total stockholders' equity | 82,018 | 53,475 |
Total liabilities and stockholders' equity | $115,753 | $78,813 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parentheticals (USD $) | |||||||||||||||||||
In Thousands, except Per Share data | 12 Months Ended
Dec. 31, 2008 | Dec. 31, 2009
| |||||||||||||||||
Current assets: | |||||||||||||||||||
Accounts receivable, allowance | ($537) | ($896) | |||||||||||||||||
Stockholders' equity: | |||||||||||||||||||
Preferred stock, par value | 0.01 | 0.01 | |||||||||||||||||
Preferred stock, authorized shares | 10,000 | 10,000 | |||||||||||||||||
Preferred stock, shares issued | 0 | 0 | |||||||||||||||||
Preferred stock, shares outstanding | 0 | 0 | |||||||||||||||||
Common stock, par value | 0.01 | 0.01 | |||||||||||||||||
Common stock, shares authorized | 100,000 | 100,000 | |||||||||||||||||
Common stock, shares issued | 18,030 | 18,276 | |||||||||||||||||
Common stock, shares outstanding | 18,024 | 18,276 | |||||||||||||||||
Treasury Stock, shares repurchased | 6 | [1] | |||||||||||||||||
[1]Represents the parenthetical information to the Consolidated Balance Sheets "Less cost of 6 shares of repurchased stock in 2008", which is presented on the Consolidated Balance Sheets in thousands. |
Consolidated Statements of Inco
Consolidated Statements of Income (USD $) | |||
In Thousands, except Per Share data | 12 Months Ended
Dec. 31, 2009 | 12 Months Ended
Dec. 31, 2008 | 12 Months Ended
Dec. 31, 2007 |
Revenues | $148,998 | $107,147 | $69,095 |
Costs and expenses: | |||
Instructional costs and services | 58,383 | 43,561 | 29,479 |
Selling and promotional | 20,479 | 12,361 | 6,765 |
General and administrative | 25,039 | 21,302 | 15,335 |
Depreciation and amortization | 5,231 | 4,235 | 2,825 |
Total costs and expenses | 109,132 | 81,459 | 54,404 |
Income before interest income and income taxes | 39,866 | 25,688 | 14,691 |
Interest income, net | 94 | 706 | 888 |
Income before income taxes | 39,960 | 26,394 | 15,579 |
Income tax expense | 16,017 | 10,207 | 6,829 |
Net income | $23,943 | $16,187 | $8,750 |
Net income attributable to common stockholders per common share: | |||
Basic | 1.32 | 0.91 | 0.69 |
Diluted | 1.27 | 0.86 | 0.64 |
Weighted average number of shares outstanding: | |||
Basic | 18,167 | 17,840 | 12,759 |
Diluted | 18,906 | 18,822 | 13,601 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (USD $) | |||||||||||||||||||
In Thousands, except Share data | Class A Common Stock
| Common Stock
| Repurchased Stock
| Additional Paid-In Capital
| Accumulated Deficit
| Total
| |||||||||||||
Balance, value at Dec. 31, 2006 | $93 | $25 | $26,378 | ($9,675) | $16,821 | ||||||||||||||
Balance, shares at Dec. 31, 2006 | 9,256,258 | 2,542,342 | |||||||||||||||||
Conversion of class A shares, shares | (9,256,258) | 9,256,258 | |||||||||||||||||
Conversion of class A shares, value | (93) | 93 | |||||||||||||||||
Stock issued in initial public offering, net of issuance costs, shares | 5,390,625 | ||||||||||||||||||
Stock issued in initial public offering, net of issuance costs, value | 54 | 98,195 | 98,249 | ||||||||||||||||
Special distribution to stockholders from initial public offering proceeds | (93,750) | (93,750) | |||||||||||||||||
Stock issued for cash, shares | 509,727 | ||||||||||||||||||
Stock issued for cash, value | 5 | 1,682 | 1,687 | ||||||||||||||||
Stock repurchased from shareholder, shares | (11,000) | ||||||||||||||||||
Stock repurchased from shareholder, value | (55) | (55) | |||||||||||||||||
Stock-based compensation | 1,033 | 1,033 | |||||||||||||||||
Excess tax benefit from stock based compensation | 772 | 772 | |||||||||||||||||
Net income | 8,750 | 8,750 | |||||||||||||||||
Balance, shares at Dec. 31, 2007 | 17,687,952 | ||||||||||||||||||
Balance, value at Dec. 31, 2007 | 177 | 128,005 | (94,675) | 33,507 | |||||||||||||||
Stock issued in public offerings, net of issuance costs, shares | 40,000 | ||||||||||||||||||
Stock issued in public offerings, net of issuance costs, value | 220 | 220 | |||||||||||||||||
Stock issued for cash, shares | 296,919 | ||||||||||||||||||
Stock issued for cash, value | 3 | 547 | 550 | ||||||||||||||||
Stock issued for director compensation, shares | 4,872 | ||||||||||||||||||
Stock issued for director compensation, value | 196 | 196 | |||||||||||||||||
Restricted stock repurchased from stockholders, shares | (6,419) | 6,000 | [1] | ||||||||||||||||
Restricted stock repurchased from stockholders, value | (295) | (295) | |||||||||||||||||
Stock-based compensation | 1,674 | 1,674 | |||||||||||||||||
Excess tax benefit from stock based compensation | 1,436 | 1,436 | |||||||||||||||||
Net income | 16,187 | 16,187 | |||||||||||||||||
Balance, shares at Dec. 31, 2008 | 18,029,743 | (6,419) | |||||||||||||||||
Balance, value at Dec. 31, 2008 | 180 | (295) | 132,078 | (78,488) | 53,475 | ||||||||||||||
Stock issued for cash, shares | 254,041 | ||||||||||||||||||
Stock issued for cash, value | 3 | 637 | 640 | ||||||||||||||||
Stock issued for director compensation, shares | 4,721 | ||||||||||||||||||
Stock issued for director compensation, value | 1 | 185 | 186 | ||||||||||||||||
Repurchased and retired shares of restricted stock from stockholders, shares | (12,850) | 6,419 | |||||||||||||||||
Repurchased and retired shares of restricted stock from stockholders, value | (1) | 295 | (514) | (220) | |||||||||||||||
Stock-based compensation | 2,223 | 2,223 | |||||||||||||||||
Excess tax benefit from stock based compensation | 1,771 | 1,771 | |||||||||||||||||
Net income | 23,943 | 23,943 | |||||||||||||||||
Balance, shares at Dec. 31, 2009 | 18,275,655 | ||||||||||||||||||
Balance, value at Dec. 31, 2009 | $183 | $136,380 | ($54,545) | $82,018 | |||||||||||||||
[1]Represents the parenthetical information to the Consolidated Balance Sheets "Less cost of 6 shares of repurchased stock in 2008", which is presented on the Consolidated Balance Sheets in thousands. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (USD $) | |||
In Thousands | 12 Months Ended
Dec. 31, 2009 | 12 Months Ended
Dec. 31, 2008 | 12 Months Ended
Dec. 31, 2007 |
Operating activities | |||
Net income | $23,943 | $16,187 | $8,750 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Provision for bad debts | 359 | 152 | 121 |
Depreciation and amortization | 5,231 | 4,235 | 2,825 |
Stock-based compensation | 2,223 | 1,674 | 1,033 |
Loss on disposal | 5 | ||
Stock issued for director compensation | 186 | 196 | |
Deferred income taxes | 722 | 1,295 | 618 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (2,835) | (1,443) | 430 |
Prepaid expenses and other assets | (837) | (560) | (739) |
Income tax receivable | 443 | (217) | (410) |
Accounts payable | 1,810 | 2,474 | 969 |
Accrued liabilities | (333) | 2,479 | 561 |
Accrued bonus | 1,261 | 273 | 596 |
Deferred revenue and student deposits | 4,578 | 3,012 | 2,763 |
Net cash provided by operating activities | 36,756 | 29,757 | 17,517 |
Investing activities | |||
Capital expenditures | (10,758) | (10,009) | (6,827) |
Capitalized program development costs and other assets | (1,037) | (896) | (347) |
Net cash used in investing activities | (11,795) | (10,905) | (7,174) |
Financing activities | |||
Payments on long-term debt | (1,973) | ||
Cash paid for repurchase of common/restricted stock | (220) | (295) | (55) |
Cash received from issuance of common stock, net of issuance costs | 640 | 770 | 99,936 |
Cash distributed to shareholders from public offering proceeds | (93,750) | ||
Excess tax benefit from stock based compensation | 1,771 | 1,436 | 772 |
Net cash provided by financing activities | 2,191 | 1,911 | 4,930 |
Net increase in cash and cash equivalents | 27,152 | 20,763 | 15,273 |
Cash and cash equivalents at beginning of period | 47,714 | 26,951 | 11,678 |
Cash and cash equivalents at end of period | 74,866 | 47,714 | 26,951 |
Supplemental disclosures of cash flow information | |||
Interest paid | 56 | ||
Income taxes paid | $12,932 | $8,023 | $5,849 |
Nature of Business and Signific
Nature of Business and Significant Accounting Policies | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Nature of Business and Significant Accounting Policies [Abstract] | |
Nature of Business and Significant Accounting Policies [Text Block] | Note1. Nature of Business and Significant Accounting Policies Nature of business. American Public Education, Inc. (APEI) together with its subsidiary (the Company) is a provider of exclusively online postsecondary education directed at the needs of the military and public service communities that operates in one reportable segment. APEI has one subsidiary, American Public University System, Inc. (the University System), a West Virginia corporation, which operates through two universities, American Military University and American Public University. The University System achieved regional accreditation in May 2006 with The Higher Learning Commission of the North Central Association of Colleges and Schools and became eligible for federal student aid programs under TitleIV for classes beginning in November 2006. A summary of the Companys significant accounting policies follows: Basis of accounting. The accompanying financial statements are presented in accordance with the accrual basis of accounting, whereby revenue is recognized when earned and expenses are recognized when incurred. Principles of consolidation. The accompanying consolidated financial statements include accounts of APEI and its wholly-owned subsidiary. All material inter-company transactions and balances have been eliminated in consolidation. Cash and cash equivalents. The Company considers all highly liquid investments with original maturities of ninety days or less when purchased to be cash equivalents. Accounts receivable. Course registrations are recorded as deferred revenue and accounts receivable at the time students begin a class. Students may remit tuition payments through the online registration process at anytime or they may elect various payment options, which can delay the receipt of payment up until the class starts or longer. These other payment options include payments by sponsors, alternative loans, financial aid, or a tuition assistance program that remits payments directly to the Company. When a student remits payment after a class has begun, accounts receivable is reduced. If payment is made prior to the start of class, the payment is recorded as a student deposit, and the student is provided access to the classroom when classes start. If one of the various other payment options are confirmed as secured, the student is provided access to the classroom. If no receipt is confirmed or payment option secured, the student will be dropped from the class. Therefore, billed amounts represent invoices that have been prepared and sent to students or their sponsor, lender, financial aid, or tuition assistance program according to the billing terms agreed upon in advance. The Department of Defense (DoD) tuition assistance program is billed by branch of service on a course-by-course basis when a student starts class, whereas federal financial aid programs are billed based on the classes included in a students semester. Billed accounts receivable are considered past due if the invoice has been outstanding more than 30days. The allowance for doubtful accounts is based on managements evaluation of the status of existing accounts receivable. Recoveries of re |
Property and Equipment
Property and Equipment | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Property and Equipment [Abstract] | |
Property and Equipment [Text Block] | Note2. Property and Equipment Property and equipment at December31, 2008 and 2009 consisted of the following: Useful Life 2008 2009 (in thousands) Land $ 367 $ 1,881 Building and building improvements 27.5- 39 years 6,080 8,814 Leasehold improvements up to 7 years 1,574 1,574 Office equipment 5years 976 1,239 Computer equipment 3 years 5,413 5,946 Furniture and fixtures 7years 2,218 2,256 Vehicles 5 years 23 47 Software development 5years 12,690 17,143 Program development 3years 969 969 30,310 39,869 Accumulated depreciation and amortization 10,688 14,575 $ 19,622 $ 25,294 During the years ended December31, 2007, 2008 and 2009, the Company recorded $2,825,000, $4,235,000 and $5,081,000, respectively, in depreciation expense. In addition, the Company recorded $150,000 in amortization expense in 2009 related to other assets. |
Line of Credit
Line of Credit | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Line of Credit [Abstract] | |
Line of Credit [Text Block] | Note3. Line of Credit The Company had available a line of credit with a maximum borrowing of up to $5,000,000 with interest at LIBOR plus 200 basis points (2.1% at December 31, 2008 ). The line was secured by substantially all of the assets of the University system. There were no amounts outstanding at December 31, 2008. The line of credit was not renewed in 2009. |
Operating Leases
Operating Leases | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Operating Leases [Abstract] | |
Operating Leases [Text Block] | Note4. Operating Leases The Company leases office space in Virginia and West Virginia under operating leases that expire between July 2010 and March 2015. Rent expense related to these operating leases amounted to $791,000, $1,248,000 and $1,502,000 for the years ended December31, 2007, 2008 and 2009, respectively. The minimum rental commitment under the operating leases is due as follows: Years Ending December 31, (in thousands) 2010 $ 1,021 2011 898 2012 905 2013 927 2014 766 Thereafter 183 $ 4,700 |
Income Taxes
Income Taxes | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Income Taxes [Abstract] | |
Income Taxes [Text Block] | Note5. Income Taxes The components of the income tax expense for the years ended December31, 2007, 2008 and 2009 were as follows: 2007 2008 2009 (in thousands) Current income tax expense: Federal $ 4,899 $ 7,158 $ 12,564 State 1,312 1,754 2,731 6,211 8,912 15,295 Deferred tax expense: Federal 492 1,090 594 State 126 205 128 618 1,295 722 $ 6,829 $ 10,207 $ 16,017 The tax effects of principal temporary differences are as follows: 2008 2009 (in thousands) Deferred tax assets: Property and equipment $ 644 $ 1,632 Stock option compensation expense 509 843 Allowance for doubtful accounts 213 355 Accrued vacationand severance 198 238 Other 69 131 1,633 3,199 Deferred tax liabilities: Income tax deductible capitalized software development costs ( 4,335 ) ( 6,096 ) Prepaid expenses ( 349 ) ( 569 ) Other ( 307 ) ( 4,684 ) ( 6,972 ) $ ( 3,051 ) $ ( 3,773 ) The deferred tax amounts above have been classified on the accompanying balance sheets as of December31, 2008 and 2009, as follows: 2008 2009 (in thousands) Current assets $ 640 $ 999 Non-current liabilities $ ( 3,691 ) $ ( 4,772 ) Income tax expense differs from the amount of tax determined by applying the United States Federal income tax rates to pretax income and loss due to permanent tax differences, research and development tax credits related to capitalized software development costs, and the use of historical tax credits, as follows: 2007 2008 2009 Amount % Amount % Amount % (in thousands) Tax expense at statutory rate $ 5,453 35.00 $ 9,238 35.00 $ 13,986 35.00 State taxes, net 934 6.00 1,273 4.82 1,859 4.65 Permanent differences 184 1.18 138 0.53 159 0.39 Other 258 1.65 ( 442 ) ( 1.67 ) 13 0.04 $ 6,829 43.83 $ 10,207 38.68 $ 16,017 40.08 Permanent differences in the table above are mainly attributable to nondeductible stock-based compensation on incentive stock options. Other is primarily historic rehabilitation credits associated with real estate acquired in 2006, adjustments for estimates made in a prior period, and research and development tax credits related to capitalized software development costs. In June 2006, the FASB issued Interpretation No.48 Accounting for Un |
Other Employee Benefits
Other Employee Benefits | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Other Employee Benefits [Abstract] | |
Other Employee Benefits [Text Block] | Note6. Other Employee Benefits The Company has established a tax deferred 401(k) retirement plan that provides retirement benefits to all of its eligible employees. The participants may elect to contribute up to 60% of their gross annual earnings not to exceed ERISA and IRS limits. The plan provides for Company discretionary profit sharing contributions at matching percentages. Employees immediately vest 100% in all salary reduction contributions and employer contributions. On June20, 2008, the Company filed a FormS-8 to register 100,000shares of common stock that may be purchased in the open market and subsequently issued pursuant to the retirement plan. The Company made discretionary contributions to the plan of $623,000, $843,000 and $1,134,000 for the years ended December31, 2007, 2008 and 2009, respectively. In November 2007, the Company adopted the American Public Education, Inc. Employee Stock Purchase Plan (ESPP). The ESPP was implemented effective July1, 2008, with quarterly enrollment periods. Participants may only enter the plan and establish their withholdings at the start of an enrollment period. They may withdraw from the plan and end payroll deductions any time up to five days before the purchase date and funds will be returned to them. Under the ESPP, eligible employees may purchase shares of the Companys common stock, subject to certain limitations, at 85% of its fair market value on the last day of the quarterly period. The total value of contributions per participant may not exceed approximately $21,000 annually (or the value of the common stock cannot exceed $25,000). The aggregate number of shares of common stock that may be made available for purchase by participating employees under the ESPP is 100,000shares. Shares purchased in the open market for employees for the year ended December31, 2009 were as follows: Purchase Date Shares Common Stock Fair Value Purchase Price Compensation Expense March 31, 2009 2,955 $ 42.06 $ 35.75 $ 18,646 June 30, 2009 2,997 $ 39.55 $ 33.61 $ 17,802 September 30, 2009 4,168 $ 34.73 $ 29.52 $ 21,715 December 31, 2009 3,962 $ 34.36 $ 29.20 $ 20,444 Total/Weighted Average 14,082 $ 37.19 $ 31.61 $ 78,607 |
Stockholders' Equity
Stockholders' Equity | |
1/1/2009 - 12/31/2009
USD / shares | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity [Text Block] | Note7. Stockholders Equity Common Stock In connection with the Companys initial public offering described in Note8, the Company effected an 11-for-1 stock split of its common stock and its ClassA common stock on September19, 2007, the Company increased its authorized capital and each share of ClassA common stock was converted into a share of common stock. All share and per share amounts related to common stock, ClassA common stock, options and the warrant included in the consolidated financial statements have been restated to reflect the stock split. The total number of shares of all classes of stock that the Company has the authority to issue is 110,000,000, of which 100,000,000 of such shares are common stock having a par value of $.01 per share and 10,000,000 of such shares are Preferred Stock, having a par value of $.01 per share. On November8, 2007, the Company declared a special distribution in the amount of $93,750,000 or $7.63 per share of common stock and ClassA common stock, payable upon the completion of the initial public offering to stockholders of record immediately prior to the completion of the offering. The Company used proceeds from the initial public offering to pay the special distribution. Shares of common stock issuable upon the exercise of outstanding stock options issued under prior plans were increased by 350,160shares as a result of an equitable antidilution adjustment triggered by the special distribution. Stock Incentive Plans In February 2002, the Company adopted the 2002 Stock Incentive Plan (the 2002 Stock Plan). The 2002 Stock Plan initially allowed the Company to grant up to 990,000shares of stock options and restricted stock at fair value to employees, officers, directors, and service providers of the Company and its affiliates, at the discretion of the Board of Directors. Options granted to date and currently outstanding vest ratably over periods of three to five years and expire in 10years from the date of grant. The options were granted to employees at a purchase price that approximates the fair value of the Companys stock. In August 2002, the 2002 Stock Plan was amended to increase the shares of common stock reserved for grant under the plan to 1,815,000. In August 2005, the 2002 Stock Plan was amended to increase the shares of common stock reserved for grant under the plan to 2,200,000. On August3, 2007, the Board of Directors adopted the American Public Education, Inc. 2007 Omnibus Incentive Plan (the new equity plan), and the Companys stockholders approved the new equity plan on November6, 2007. The new equity plan was effective as of August3, 2007. Upon adoption of the new equity plan, APEI ceased making awards under the 2002 Stock Plan. The new equity plan allows APEI to grant up to 1,100,000shares plus any shares of common stock remaining available for issuance under the 2002 Stock Plan as of the effective date of the new equity plan and any shares of APEI common stock that are subject to outstanding awards under the 2002 Stock Plan that expire or are forfeited, canceled or settled for cash without delivery of shares of APEI common stock after the effective date of the new equity |
Warrant and Public Offerings
Warrant and Public Offerings | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Warrant and Public Offerings [Abstract] | |
Warrant and Public Offerings [Text Block] | Note8. Warrant and Public Offerings Warrant In connection with an August 2002 equity offering, the Company issued a warrant (the Warrant) to a third party placement agent for its service in arranging and negotiating the offering. In August 2005, in connection with a subsequent financing the Company entered into an agreement to exchange the Warrant into a warrant to purchase 155,815shares of ClassA common stock. The warrant was exercised in October 2007 at $4.62 per share. Upon exercise, the excess tax benefit was $718,000 and the intrinsic value was $1,772,000. Initial Public Offering On August7, 2007, the Company filed a Registration Statement on FormS-1 (Registration No.333-145185) for its initial public offering, which was completed on November14, 2007. In the initial public offering, the Company sold 5,390,625shares of common stock at a price to the public of $20.00 per share, before underwriting discounts and commissions. The sale of the shares included the exercise in full of the underwriters option to purchase up to an additional 703,125shares at the initial public offering price to cover over-allotments. Net proceeds to the Company were approximately $100.3million, after deducting underwriting discounts and commissions and before offering expenses. In connection with the closing of the initial public offering, all of the ClassA common stock was converted into shares of common stock on a 1 for 1 basis. The total number of shares of all classes of stock that the Company has the authority to issue is 110,000,000, of which 100,000,000 of such shares are common stock having a par value of $.01 per share and 10,000,000 of such shares are Preferred Stock, having a par value of $.01 per share. On November8, 2007, the Company declared a special distribution in the amount of $93,750,000 or $7.63 per share of common stock and ClassA common stock, payable upon the completion of the initial public offering to stockholders of record immediately prior to the completion of the offering. The Company used proceeds from the initial public offering to pay the special distribution. Shares of common stock issuable upon the exercise of outstanding stock options issued under prior plans were increased by 350,160shares as a result of an equitable antidilution adjustment triggered by the special distribution. Public Offerings On January25, 2008, APEI filed a Registration Statement on FormS-1 (Registration No.333-148851) for a public offering, which was completed on February19, 2008. In the offering 3,744,500shares were sold, consisting of 25,000shares sold by the Company and 3,719,500shares sold by certain stockholders of the Company. Total net proceeds to the Company were $167,000, after deducting underwriting discounts and commissions, and offering expenses. The Company did not receive any of the proceeds from the sale of common stock sold by the selling stockholders. Certain selling stockholders granted the underwriters a 30-day option to purchase up to an additional 500,175shares at the public offering price to cover over-allotments. On February27, 2008, the underwriters of the Companys public offering exercised their over-allotment op |
Contingencies
Contingencies | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Contingencies [Abstract] | |
Contingencies [Text Block] | Note9. Contingencies From time to time the Company may be involved in litigation in the normal course of its business. The Company is not aware of any pending or threatened litigation matters that, in the opinion of management, will have a material adverse effect on the Companys business, operations, financial condition or cash flows. |
Concentration
Concentration | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Concentration [Abstract] | |
Concentration [Text Block] | Note10. Concentration Approximately 61%, 61% and 56% of the Companys 2007, 2008 and 2009 revenues, respectively, were derived from students who receive tuition assistance from tuition assistance programs sponsored by the United States Department of Defense. A reduction in this assistance could have a significant impact on the Companys operations. In October of 2006, APUS was approved for participation in TitleIV programs, allowing the Company to participate in federal student aid programs. Approximately, 11%, 14% and 19% of the Companys 2007, 2008 and 2009 revenues respectively, were derived from students who received federal student aid. |
Segment Information
Segment Information | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Segment Information [Abstract] | |
Segment Information [Text Block] | Note11. Segment Information The Company is organized and operates as one operating segment. In accordance with FASB Statement No.131, Disclosures About Segments of an Enterprise and Related Information (SFASNo.131) (FASB ASC Topic 280), the chief operating decision-maker has been identified as the Chief Executive Officer. The Chief Executive Officer reviews operating results to make decisions about allocating resources and assessing performance for the entire company. Because the Company operates in one segment and provides one group of similar services, all financial segment and product line information required by SFASNo.131 can be found in the consolidated financial statements. |
Subsequent Events
Subsequent Events | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note12. Subsequent Events We have reviewed our business activities through February 22, 2010, and we have no subsequent events to report. |
Financial Statement, Schedule I
Financial Statement, Schedule II - Valuation and Qualifying Accounts | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Schedule I I - Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts [Text Block] | ScheduleII Valuation and Qualifying Accounts Balance at beginning of period Additions/ (reductions) Write-offs Balance atend of period Year ended December 31, 2009: Allowance for receivables $ 537 $ 781 $ ( 422 ) $ 896 Year ended December 31, 2008: Allowance for receivables $ 385 $ 454 $ ( 302 ) $ 537 Year ended December 31, 2007: Allowance for receivables $ 263 $ 606 $ ( 484 ) $ 385 |