American Public Education (APEI) 10-Q6 Nov 142014 Q3 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2014	Nov. 04, 2014
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Trading Symbol	'APEI	'
Entity Registrant Name	'AMERICAN PUBLIC EDUCATION INC	'
Entity Central Index Key	'0001201792	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	17,264,595

Consolidated_Balance_Sheets_Cu

Consolidated Balance Sheets (Current Period Unaudited) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Current assets:	'	'
Cash and cash equivalents	$108,639	$94,820
Accounts receivable, net of allowance of $19,364 in 2014 and $13,175 in 2013	6,624	9,520
Prepaid expenses	6,224	5,598
Income tax receivable	'	3,215
Deferred income taxes	8,779	3,432
Total current assets	130,266	116,585
Property and equipment, net	96,188	90,733
Notes receivable	6,400	6,000
Investments	12,190	10,597
Goodwill	38,634	38,148
Other assets, net	8,833	9,592
Total assets	292,511	271,655
Current liabilities:	'	'
Accounts payable	11,888	11,563
Accrued liabilities	13,896	17,866
Deferred revenue and student deposits	27,263	24,829
Total current liabilities	53,047	54,258
Deferred income taxes	14,578	10,328
Total liabilities	67,625	64,586
Commitments and contingencies (Note 2)	'	'
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; 17,259 issued and outstanding in 2014; 17,578 issued and outstanding in 2013	173	176
Additional paid-in capital	168,169	164,913
Retained earnings	56,544	41,980
Total stockholders' equity	224,886	207,069
Total liabilities and stockholders' equity	$292,511	$271,655

Consolidated_Balance_Sheets_Cu1

Consolidated Balance Sheets (Current Period Unaudited) (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Accounts receivable, allowance	$19,364	$13,175
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, Authorized shares	100,000	100,000
Common stock, issued	17,259	17,578
Common stock, outstanding	17,259	17,578

Consolidated_Statements_of_Inc

Consolidated Statements of Income (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues	$84,707	$81,777	$258,723	$246,542
Costs and expenses:	'	'	'	'
Instructional costs and services	30,626	28,139	92,171	83,751
Selling and promotional	17,948	15,989	51,997	48,573
General and administrative	17,432	16,766	55,447	51,403
Depreciation and amortization	4,054	3,376	11,901	9,895
Total costs and expenses	70,060	64,270	211,516	193,622
Income from operations before interest income and income taxes	14,647	17,507	47,207	52,920
Interest income, net	98	77	277	230
Income before income taxes	14,745	17,584	47,484	53,150
Income tax expense	5,877	6,612	18,377	20,006
Equity investment loss, net of taxes	26	61	27	107
Net income	$8,842	$10,911	$29,080	$33,037
Net Income per common share:	'	'	'	'
Basic	$0.51	$0.62	$1.67	$1.87
Diluted	$0.51	$0.61	$1.65	$1.84
Weighted average number of common shares:	'	'	'	'
Basic	17,255,271	17,658,317	17,394,185	17,689,055
Diluted	17,355,405	17,876,747	17,573,617	17,942,798

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Operating activities	'	'
Net income	$29,080	$33,037
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	11,901	9,895
Stock-based compensation	3,691	3,004
Deferred income taxes	-1,097	1,475
Other	137	244
Changes in operating assets and liabilities:	'	'
Accounts receivable, net of allowance for bad debt	2,896	3,424
Prepaid expenses and other assets	-956	-6
Income tax receivable	3,215	3,062
Accounts payable	325	-5,072
Accrued liabilities	-4,456	2,151
Deferred revenue and student deposits	2,434	2,985
Net cash provided by operating activities	47,170	54,199
Investing activities	'	'
Capital expenditures	-15,258	-15,093
Equity investment	-1,640	-4,000
Note receivable	-380	'
Capitalized program development costs and other assets	-1,045	-195
Net cash used in investing activities	-18,323	-19,288
Financing activities	'	'
Cash paid for repurchase of common stock	-15,756	-8,233
Cash received from issuance of common stock	455	1,718
Excess tax benefit from stock-based compensation	273	483
Net cash used in financing activities	-15,028	-6,032
Net increase/(decrease) in cash and cash equivalents	13,819	28,879
Cash and cash equivalents at beginning of period	94,820	114,901
Cash and cash equivalents at end of period	108,639	143,780
Supplemental disclosure of cash flow information	'	'
Income taxes paid	$15,096	$14,985

Nature_of_the_Business

Nature of the Business	9 Months Ended
	Sep. 30, 2014
Nature of the Business	'
	1. Nature of the Business

	American Public Education, Inc., or APEI, which together with its subsidiaries is referred to as the “Company”, is a provider of online and campus-based postsecondary education to approximately 112,600 students through the operations of two subsidiaries:

	•	American Public University System, Inc., or APUS, provides online postsecondary education directed primarily at the needs of the military and public safety communities through American Military University, or AMU, and American Public University, or APU. APUS is regionally accredited by the Higher Learning Commission.

	•	National Education Seminars, Inc., which is referred to in these financial statements as Hondros College of Nursing, or HCON, provides on-campus nursing education to students at four campuses in Ohio as well as online to serve the needs of the nursing and healthcare community. HCON is nationally accredited by the Accrediting Council of Independent Colleges and Schools. HCON was acquired by APEI on November 1, 2013.

	The Company’s institutions are licensed or otherwise authorized, or are in the process of obtaining such licenses or authorizations, to offer postsecondary education programs by state authorities to the extent the Company believes such licenses or authorizations are required, and are certified by the United States Department of Education, or ED, to participate in student financial aid programs authorized under Title IV of the Higher Education Act of 1965, as amended, or Title IV programs.

	Our operations are organized into two reportable segments:

	•	American Public Education Segment, or APEI Segment. This segment reflects the historical operations of APEI prior to the acquisition of HCON and reflects operational activities at APUS, other corporate activities, and minority investments.

	•	Hondros College of Nursing Segment, or HCON Segment. This segment reflects the operational activities of HCON. The Company acquired HCON on November 1, 2013, and therefore the consolidated results for periods prior to November 1, 2013 do not include any results from HCON.

Basis_of_Presentation

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2014
Basis of Presentation	'
	2. Basis of Presentation

	The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States, or GAAP. All intercompany transactions have been eliminated in consolidation. The financial statements do not include all of the information and footnotes required by GAAP for complete financial statement presentations. In the opinion of management, these statements include all adjustments (consisting of normal recurring adjustments) considered necessary to present a fair statement of the Company's consolidated results of operations, financial position and cash flows. Operating results for any interim period are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and footnotes in its audited financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2013.

	Use of Estimates

	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

	Recent Accounting Pronouncements

	In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). The standard is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is not permitted. Accordingly, the standard will only be effective for the Company for periods beginning on or after January 1, 2017. We will evaluate the impact that the standard will have on our financial condition, results of operations, and disclosures.

	In August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). The standard requires management to evaluate, at each interim and annual reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued, and provide related disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and for annual and interim periods thereafter, and early adoption is permitted. We do not expect to early adopt ASU 2014-15, which will be effective for us for our fiscal year ending December 31, 2016, and we do not believe the standard will have a material impact on our financial statements.

	There have been no other applicable pronouncements since the Company's Annual Report on Form 10-K for the year ended December 31, 2013.

	Investments

	On February 20, 2013, the Company made a $4.0 million investment in preferred stock of Fidelis Education, Inc., or Fidelis Education, representing approximately 21.6% of its fully diluted equity. Fidelis Education is developing a learning relationship management system that will assist working adult students with education advising and career mentoring services as they pursue college degrees. In connection with the investment, the Company is entitled to certain rights, including right to representation on the Board of Directors. The Company accounts for its investment in Fidelis Education under the equity method of accounting. Therefore, the Company recorded the investment at cost and records its share of earnings or losses in the investee in the periods for which they are reported with a corresponding adjustment in the carrying amount of the investment.

	On April 2, 2014, the Company made a $1.5 million investment in preferred stock of Second Avenue Software, Inc. representing approximately 25.9% of its fully diluted equity. Second Avenue Software is a game-based education software company that develops software on a proprietary and “work-for-hire” basis. In connection with the investment, the Company is entitled to certain rights, including right to representation on the Board of Directors. The Company accounts for its investment in Second Avenue Software under the equity method of accounting. Therefore, the Company recorded the investment at cost and will recognize its share of earnings or losses in the investee in the periods for which they are reported with a corresponding adjustment in the carrying amount of the investment.

	Notes Receivable

	The Company evaluates notes receivable by analyzing the borrower's creditworthiness, cash flows and financial status, and the condition and estimated value of the collateral. The Company considers a note receivable to be impaired when, based upon current information and events, the Company believes it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement.

	Commitments and *Contingencies*

	The Company accrues for costs associated with contingencies including, but not limited to, regulatory compliance and legal matters when such costs are probable and can be reasonably estimated. Liabilities established to provide for contingencies are adjusted as further information develops, circumstances change, or contingencies are resolved. The Company bases these accruals on management’s estimate of such costs, which may vary from the ultimate cost and expenses associated with any such contingency.

	HCON entered into an operating lease agreement with an initial term of 15 years that commenced on July 1, 2014. The operating lease requires monthly base rent payments in the amount of $38,710 for years one to five, $39,632 for years six to ten, and $41,475 for years 11 to 15. The lease also provides for an annual upward rent adjustment for HCON's pro-rata share of any increase in the landlord’s total building operating costs, provided that HCON's pro-rata share of any increase related to the landlord’s controllable operating costs cannot exceed 10% per annum. HCON has an option to terminate the lease at the end of the one hundred twentieth (120th) month of the lease term subject to payment of a $263,923 termination fee.

	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 the resolution of which, in the opinion of management, will have a material adverse effect on the Company’s business, operations, financial condition or cash flows.

	On or about November 18, 2013, a putative class action styled Tabatha Vickery, Bryan Lynn, on behalf of themselves and a similarly situated class v. Hondros College, Inc. and John G. Hondros, was filed in the Court of Common Pleas, Cuyahoga County, Ohio, as Case No. CV 13 817299. National Education Seminars, Inc., which we refer to as Hondros College of Nursing, or HCON, was not named in the lawsuit, but a then member of HCON’s board of directors, John Hondros, was named in the lawsuit, and the allegations made in the Complaint related to HCON’s operations and not the operations of the entity named in the lawsuit. The lawsuit asserted claims for fraud and fraudulent inducement, negligent misrepresentation, breach of implied-in-fact contract, promissory estoppel, unjust enrichment, and violation of the Ohio Consumer Sales Practices Act, for, among other things, the alleged provision of false or misleading information to the named plaintiffs and other putative class members in 2011 and 2012 regarding the status of accreditation by National League for Nursing Accrediting Commission of HCON’s Associate Degree in Nursing, or ADN, program offered at its Independence, Ohio campus. The plaintiffs alleged that the putative class consisted of more than 60 former students who in the summer or fall quarters of 2011 enrolled in the ADN or the licensed practical nursing, or LPN, program at the Independence campus with the intention of pursuing a degree in nursing, but who withdrew from the ADN or LPN program. On February 11, 2014, the plaintiffs filed their First Amended Complaint, which removed Hondros College, Inc. as a defendant and added HCON as a defendant. On February 24, 2014, the defendants filed a motion to dismiss with prejudice the plaintiffs’ First Amended Complaint. On April 1, 2014, the plaintiffs filed their opposition to the motion to dismiss. On April 10, 2014, the defendants filed their reply brief in support of the motion to dismiss. The Company is currently unable to estimate the likelihood or range of reasonably probable loss, if any, for this matter. The Company does not believe, based on currently available information, that the outcome of this proceeding, if adverse to HCON, would have a material adverse effect on the Company’s financial condition.

	Concentration

	Approximately 36% and 35% of the APEI segment's revenues for the three and nine month periods ended September 30, 2014 were derived from students using financial aid under the Title IV programs, compared to 37% and 36% of the APEI segment's revenues for the three and nine month periods ended September 30, 2013. Approximately 34% and 35% of the APEI segment's revenues for the three and nine month periods ended September 30, 2014 were derived from students who received tuition assistance from tuition assistance programs sponsored by the United States Department of Defense, or DoD, compared to approximately 36% and 37% of the APEI segment's revenues for the three and nine month periods ended September 30, 2013. Approximately 18% of the APEI segment's revenues for the three and nine month periods ended September 30, 2014 were derived from students who were eligible for veterans benefits, compared to approximately 16% of the APEI segment's revenues for the three and nine month periods ended September 30, 2013. A reduction in any of these programs or a change in the benefits allowed to students thereunder could have a significant impact on the APEI segment's operations.

Net_Income_Per_Common_Share

Net Income Per Common Share	9 Months Ended
Net Income Per Common Share	Sep. 30, 2014
Net Income Per Common Share	'
	3. Net Income Per Common Share

	Basic net income per common share is based on the weighted average number of shares of common stock outstanding during the period. Diluted net income per common share increases the shares used in the per share calculation by the dilutive effects of options and restricted stock. Stock options are not included in the computation of diluted earnings per share when their effect is anti-dilutive. There were 358,940 and 214,579 anti-dilutive stock options excluded from the calculation for the three and nine months ended September 30, 2014, respectively, compared to 0 and 169,837 anti-dilutive stock options excluded from the calculation for the three and nine month periods ended September 30, 2013, respectively.

Income_Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2014
Income Taxes	'
	4. Income Taxes

	The Company is subject to U.S. Federal income taxes as well as income taxes of multiple state jurisdictions. For Federal and state tax purposes, the tax years from 2011 to 2013 remain open to examination.

StockBased_Compensation

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Sep. 30, 2014
Stock-Based Compensation	'
	5. Stock-Based Compensation

	On March 15, 2011, the Board of Directors adopted the American Public Education, Inc. 2011 Omnibus Incentive Plan, or the “2011 Incentive Plan”, and the Company's stockholders approved the 2011 Incentive Plan on May 6, 2011, at which time the 2011 Incentive Plan became effective. Upon effectiveness of the 2011 Incentive Plan, the Company ceased making awards under the American Public Education, Inc. 2007 Omnibus Incentive Plan, or the “2007 Incentive Plan”. The 2011 Incentive Plan allows the Company to grant up to 2,000,000 shares plus any shares of common stock that are subject to outstanding awards under the 2007 Incentive Plan or the American Public Education, Inc. 2002 Stock Incentive Plan, or the “2002 Stock Plan”, that terminate due to expiration, forfeiture, cancellation or otherwise without the issuance of such shares. As of September 30, 2014, there were 249,802 shares subject to outstanding awards under the 2011 Incentive Plan, and 453,231 shares subject to outstanding awards under the 2007 Stock Plan and the 2002 Incentive Plan. Awards under the 2011 Incentive Plan may include the following award types: stock options, which may be either incentive stock options or nonqualified stock options; stock appreciation rights; restricted stock; restricted stock units; dividend equivalent rights; performance shares; performance units; cash-based awards; other stock-based awards, including unrestricted shares; or any combination of the foregoing.

	Stock-based compensation expense related to restricted stock grants is expensed over the vesting period using the straight-line method for Company employees and the graded-vesting method for members of the Board of Directors and is measured using the Company's stock price on the date of grant. The fair value of each option award is estimated at the date of grant using a Black-Scholes option-pricing model. Prior to 2012, the Company calculated the expected term of stock option awards using the “simplified method” in accordance with Staff Accounting Bulletins No. 107 and 110 because the Company lacked sufficient historical data and was unable to make reasonable expectations regarding the future. The Company also estimates forfeitures of share-based awards at the time of grant and revises such estimates in subsequent periods if actual forfeitures differ from original projections. The Company makes assumptions with respect to expected stock price volatility based on the average historical volatility of the stock prices of peers with similar attributes. In addition, the Company determines the risk-free interest rate by selecting the U.S. Treasury five-year constant maturity, quoted on an investment basis in effect at the time of grant for that business day. Estimates of fair value are subjective and are not intended to predict actual future events, and subsequent events are not indicative of the reasonableness of the original estimates of fair value made under FASB ASC Topic 718. In the nine month periods ended September 30, 2014 and September 30, 2013 there were no options granted.

	Options previously granted vest ratably over periods of three to five years and expire in seven to ten years from the date of grant. Option activity is summarized as follows (unaudited):

			Number			Weighted				Weighted-Average		Aggregate
			of Options			Average				Contractual		Intrinsic
						Exercise Price				Life (Yrs)		Value
												(In thousands)
	Outstanding, December 31, 2013		501,202			$	28.82
	Options granted		—			$	—
	Awards exercised		(36,443	)		$	12.49
	Awards forfeited		(11,528	)		$	37.26
	Outstanding, September 30, 2014		453,231			$	29.92			2.36		$	2,024

	Exercisable, September 30, 2014		453,231			$	29.92			2.36		$	2,024

	The following table summarizes information regarding stock option exercises (unaudited):

			30-Sep-14				30-Sep-13
			(In thousands)
	Proceeds from stock options exercised		$	455			$	1,658
	Intrinsic value of stock options exercised		$	904			$	2,022
	Tax benefit from exercises		$	160			$	339

	The table below summarizes the restricted stock activity for the nine months ended September 30, 2014 (unaudited):

		Number			Weighted-Average
		of Shares			Grant Price
					and Fair Value
	Non-vested, December 31, 2013	190,761			$	38.61
	Shares granted	157,916			$	43.9
	Vested shares	(87,445	)		$	38.73
	Shares forfeited	(11,430	)		$	41.96
	Non-vested, September 30, 2014	249,802			$	41.75

	Stock-based compensation cost charged against income during the three and nine month periods ended September 30, 2014 and September 30, 2013 is as follows (unaudited):

			Three Months Ended								Nine Months Ended
			September 30,								September 30,
			2014				2013				2014			2013
			(In thousands)
	Instructional costs and services		$	312			$	224			$	920		$	653
	Selling and promotional			131				113				392			331
	General and administrative			824				685				2,379			2,020
	Stock-based compensation expense in operating income			1,267				1,022				3,691			3,004
	Tax benefit			(502	)			(404	)			(1,461	)		(1,190	)
	Stock-based compensation expense, net of tax		$	765			$	618			$	2,230		$	1,814

	As of September 30, 2014, there was $7.3 million of total unrecognized compensation cost, representing unrecognized compensation cost associated with non-vested restricted stock. The total remaining cost is expected to be recognized over a weighted average period of 1.7 years.

Other_Employee_Benefits

Other Employee Benefits	9 Months Ended
Other Employee Benefits	Sep. 30, 2014
Other Employee Benefits	'
	Note 6. Other Employee Benefits

	In November 2007, the Company adopted the American Public Education Employee Stock Purchase Plan, or the ESPP, which was implemented effective July 1, 2008. There were initially 100,000 shares of common stock available for purchase by participating employees under the ESPP. On June 13, 2014, the Company's shareholders approved an amendment to the ESPP to increase the number of shares of the Company’s common stock available for issuance under the plan by 100,000 shares, extend the term of the ESPP to March 7, 2024, and make other administrative changes. As of September 30, 2014, 92,440 shares remained available for purchase under the ESPP, including the 100,000 additional shares registered under the plan following the shareholder approval.

Segment_Information

Segment Information	9 Months Ended
Segment Information	Sep. 30, 2014
Segment Information	'
	Note 7. Segment Information

	On November 1, 2013, APEI acquired HCON and subsequently revised the Company’s segment reporting to maintain consistency with the method management uses to evaluate performance and allocate resources, as well as to provide additional information to shareholders. Accordingly, the Company has identified two operating segments that are managed in the following reportable segments:

	• American Public Education Segment, or APEI Segment; and

	• Hondros College of Nursing Segment, or HCON Segment.

	In accordance with FASB ASC Topic 280, Segment Reporting, 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 APEI and HCON segments.

	APEI acquired HCON on November 1, 2013. Therefore the consolidated results for periods prior to November 1, 2013 do not include any results from the HCON segment. A summary of financial information by operating segment is as follows (unaudited):

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2014		2013		2014		2013
		(In thousands)
	Revenues:
	American Public Education Segment	$	77,191	$	81,777	$	236,834	$	246,542
	Hondros College of Nursing Segment		7,516		—		21,889		—
	Total Revenues	$	84,707	$	81,777	$	258,723	$	246,542
	Depreciation and Amortization:
	American Public Education Segment	$	3,718	$	3,376	$	10,937	$	9,895
	Hondros College of Nursing Segment		336		—		964		—
	Total Depreciation and Amortization	$	4,054	$	3,376	$	11,901	$	9,895
	Income from continuing operations before interest income and income taxes:
	American Public Education Segment	$	13,964	$	17,507	$	45,043	$	52,920
	Hondros College of Nursing Segment		683		—		2,164		—
	Total income from continuing operations before interest income and income taxes	$	14,647	$	17,507	$	47,207	$	52,920
	Capital Expenditures:
	American Public Education Segment	$	5,998	$	4,172	$	14,978	$	15,093
	Hondros College of Nursing Segment		45		—		280		—
	Total Capital Expenditures	$	6,043	$	4,172	$	15,258	$	15,093

	A summary of the Company’s consolidated assets by reportable segment is as follows (unaudited):

		Nine Months Ended
		September 30,
		2014		2013
		(In thousands)
	Assets
	American Public Education Segment	$	240,259	$	266,737
	Hondros College of Nursing Segment		52,252		—
	Total Assets	$	292,511	$	266,737

Acquisition_Accounting

Acquisition Accounting	9 Months Ended
Acquisition Accounting	Sep. 30, 2014
Acquisition Accounting	'
	Note 8. Acquisition Accounting

	On November, 1, 2013, APEI acquired all of the outstanding common stock of HCON, for an initial adjusted aggregate purchase price of $46.3 million. The HCON acquisition was accounted for under FASB ASC Topic 805, Business Combinations, which requires the acquisition method to be used for all business combinations. Under FASB ASC Topic 805, the assets and liabilities of an acquired company are reported at fair value along with the fair value of unrecorded intangible assets at the date of acquisition. Goodwill represents the amount by which the purchase price of an acquired business exceeds the amount assigned to the assets acquired and liabilities assumed and the fair value assigned to identifiable intangible assets. Based on the initial adjusted aggregate purchase price, the goodwill allocation for the HCON acquisition was $38.1 million. Goodwill is deductible by APEI for tax purposes.

	As part of the transaction, APEI and the selling shareholders of HCON agreed to an election under Section 338(h)(10) of the Internal Revenue Code of 1986, as amended, as it relates to the acquisition of HCON by APEI. A Section 338(h)(10) election is an election made jointly by buyer(s) and seller(s) to treat a stock acquisition as an asset acquisition for U.S. federal income tax purposes. The acquisition yielded a preliminary estimate of fair value of the obligation to the selling shareholders related to the Section 338(h)(10) election in the amount of $150,000, which was included in the initial $38.1 million goodwill allocation. As of September 30, 2014, APEI increased its estimate of the fair value of its obligation to HCON's selling shareholders related to the Section 338(h)(10) election to $638,733. As a result, the total adjusted aggregate purchase price and the amount of goodwill have been revised to $46.8 and $38.6 million, respectively.

Basis_of_Presentation_Policies

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2014
Use of Estimates	'
	Use of Estimates

	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements

	In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). The standard is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is not permitted. Accordingly, the standard will only be effective for the Company for periods beginning on or after January 1, 2017. We will evaluate the impact that the standard will have on our financial condition, results of operations, and disclosures.

	In August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). The standard requires management to evaluate, at each interim and annual reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued, and provide related disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and for annual and interim periods thereafter, and early adoption is permitted. We do not expect to early adopt ASU 2014-15, which will be effective for us for our fiscal year ending December 31, 2016, and we do not believe the standard will have a material impact on our financial statements.

	There have been no other applicable pronouncements since the Company's Annual Report on Form 10-K for the year ended December 31, 2013.
Investments	'
	Investments

	On February 20, 2013, the Company made a $4.0 million investment in preferred stock of Fidelis Education, Inc., or Fidelis Education, representing approximately 21.6% of its fully diluted equity. Fidelis Education is developing a learning relationship management system that will assist working adult students with education advising and career mentoring services as they pursue college degrees. In connection with the investment, the Company is entitled to certain rights, including right to representation on the Board of Directors. The Company accounts for its investment in Fidelis Education under the equity method of accounting. Therefore, the Company recorded the investment at cost and records its share of earnings or losses in the investee in the periods for which they are reported with a corresponding adjustment in the carrying amount of the investment.

	On April 2, 2014, the Company made a $1.5 million investment in preferred stock of Second Avenue Software, Inc. representing approximately 25.9% of its fully diluted equity. Second Avenue Software is a game-based education software company that develops software on a proprietary and “work-for-hire” basis. In connection with the investment, the Company is entitled to certain rights, including right to representation on the Board of Directors. The Company accounts for its investment in Second Avenue Software under the equity method of accounting. Therefore, the Company recorded the investment at cost and will recognize its share of earnings or losses in the investee in the periods for which they are reported with a corresponding adjustment in the carrying amount of the investment.
Notes Receivable	'
	Notes Receivable

	The Company evaluates notes receivable by analyzing the borrower's creditworthiness, cash flows and financial status, and the condition and estimated value of the collateral. The Company considers a note receivable to be impaired when, based upon current information and events, the Company believes it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement.
Commitments and Contingencies	'
	Commitments and *Contingencies*

	The Company accrues for costs associated with contingencies including, but not limited to, regulatory compliance and legal matters when such costs are probable and can be reasonably estimated. Liabilities established to provide for contingencies are adjusted as further information develops, circumstances change, or contingencies are resolved. The Company bases these accruals on management’s estimate of such costs, which may vary from the ultimate cost and expenses associated with any such contingency.

	HCON entered into an operating lease agreement with an initial term of 15 years that commenced on July 1, 2014. The operating lease requires monthly base rent payments in the amount of $38,710 for years one to five, $39,632 for years six to ten, and $41,475 for years 11 to 15. The lease also provides for an annual upward rent adjustment for HCON's pro-rata share of any increase in the landlord’s total building operating costs, provided that HCON's pro-rata share of any increase related to the landlord’s controllable operating costs cannot exceed 10% per annum. HCON has an option to terminate the lease at the end of the one hundred twentieth (120th) month of the lease term subject to payment of a $263,923 termination fee.

	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 the resolution of which, in the opinion of management, will have a material adverse effect on the Company’s business, operations, financial condition or cash flows.

	On or about November 18, 2013, a putative class action styled Tabatha Vickery, Bryan Lynn, on behalf of themselves and a similarly situated class v. Hondros College, Inc. and John G. Hondros, was filed in the Court of Common Pleas, Cuyahoga County, Ohio, as Case No. CV 13 817299. National Education Seminars, Inc., which we refer to as Hondros College of Nursing, or HCON, was not named in the lawsuit, but a then member of HCON’s board of directors, John Hondros, was named in the lawsuit, and the allegations made in the Complaint related to HCON’s operations and not the operations of the entity named in the lawsuit. The lawsuit asserted claims for fraud and fraudulent inducement, negligent misrepresentation, breach of implied-in-fact contract, promissory estoppel, unjust enrichment, and violation of the Ohio Consumer Sales Practices Act, for, among other things, the alleged provision of false or misleading information to the named plaintiffs and other putative class members in 2011 and 2012 regarding the status of accreditation by National League for Nursing Accrediting Commission of HCON’s Associate Degree in Nursing, or ADN, program offered at its Independence, Ohio campus. The plaintiffs alleged that the putative class consisted of more than 60 former students who in the summer or fall quarters of 2011 enrolled in the ADN or the licensed practical nursing, or LPN, program at the Independence campus with the intention of pursuing a degree in nursing, but who withdrew from the ADN or LPN program. On February 11, 2014, the plaintiffs filed their First Amended Complaint, which removed Hondros College, Inc. as a defendant and added HCON as a defendant. On February 24, 2014, the defendants filed a motion to dismiss with prejudice the plaintiffs’ First Amended Complaint. On April 1, 2014, the plaintiffs filed their opposition to the motion to dismiss. On April 10, 2014, the defendants filed their reply brief in support of the motion to dismiss. The Company is currently unable to estimate the likelihood or range of reasonably probable loss, if any, for this matter. The Company does not believe, based on currently available information, that the outcome of this proceeding, if adverse to HCON, would have a material adverse effect on the Company’s financial condition.
Concentration	'
	Concentration

	Approximately 36% and 35% of the APEI segment's revenues for the three and nine month periods ended September 30, 2014 were derived from students using financial aid under the Title IV programs, compared to 37% and 36% of the APEI segment's revenues for the three and nine month periods ended September 30, 2013. Approximately 34% and 35% of the APEI segment's revenues for the three and nine month periods ended September 30, 2014 were derived from students who received tuition assistance from tuition assistance programs sponsored by the United States Department of Defense, or DoD, compared to approximately 36% and 37% of the APEI segment's revenues for the three and nine month periods ended September 30, 2013. Approximately 18% of the APEI segment's revenues for the three and nine month periods ended September 30, 2014 were derived from students who were eligible for veterans benefits, compared to approximately 16% of the APEI segment's revenues for the three and nine month periods ended September 30, 2013. A reduction in any of these programs or a change in the benefits allowed to students thereunder could have a significant impact on the APEI segment's operations.

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	9 Months Ended
Stock-Based Compensation (Tables)	Sep. 30, 2014
Stock Option Activity	'
	Options previously granted vest ratably over periods of three to five years and expire in seven to ten years from the date of grant. Option activity is summarized as follows (unaudited):

			Number			Weighted				Weighted-Average		Aggregate
			of Options			Average				Contractual		Intrinsic
						Exercise Price				Life (Yrs)		Value
												(In thousands)
	Outstanding, December 31, 2013		501,202			$	28.82
	Options granted		—			$	—
	Awards exercised		(36,443	)		$	12.49
	Awards forfeited		(11,528	)		$	37.26
	Outstanding, September 30, 2014		453,231			$	29.92			2.36		$	2,024

	Exercisable, September 30, 2014		453,231			$	29.92			2.36		$	2,024
Stock Option Exercise	'
	The following table summarizes information regarding stock option exercises (unaudited):

			30-Sep-14				30-Sep-13
			(In thousands)
	Proceeds from stock options exercised		$	455			$	1,658
	Intrinsic value of stock options exercised		$	904			$	2,022
	Tax benefit from exercises		$	160			$	339
Restricted Stock Activity	'
	The table below summarizes the restricted stock activity for the nine months ended September 30, 2014 (unaudited):

		Number			Weighted-Average
		of Shares			Grant Price
					and Fair Value
	Non-vested, December 31, 2013	190,761			$	38.61
	Shares granted	157,916			$	43.9
	Vested shares	(87,445	)		$	38.73
	Shares forfeited	(11,430	)		$	41.96
	Non-vested, September 30, 2014	249,802			$	41.75
Stock-Based Compensation Cost Charged Against Income	'
	Stock-based compensation cost charged against income during the three and nine month periods ended September 30, 2014 and September 30, 2013 is as follows (unaudited):

			Three Months Ended								Nine Months Ended
			September 30,								September 30,
			2014				2013				2014			2013
			(In thousands)
	Instructional costs and services		$	312			$	224			$	920		$	653
	Selling and promotional			131				113				392			331
	General and administrative			824				685				2,379			2,020
	Stock-based compensation expense in operating income			1,267				1,022				3,691			3,004
	Tax benefit			(502	)			(404	)			(1,461	)		(1,190	)
	Stock-based compensation expense, net of tax		$	765			$	618			$	2,230		$	1,814

Segment_Information_Tables

Segment Information (Tables)	9 Months Ended
Segment Information (Tables)	Sep. 30, 2014
Summary of Financial Information by Operating Segment	'
	A summary of financial information by operating segment is as follows (unaudited):

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2014		2013		2014		2013
		(In thousands)
	Revenues:
	American Public Education Segment	$	77,191	$	81,777	$	236,834	$	246,542
	Hondros College of Nursing Segment		7,516		—		21,889		—
	Total Revenues	$	84,707	$	81,777	$	258,723	$	246,542
	Depreciation and Amortization:
	American Public Education Segment	$	3,718	$	3,376	$	10,937	$	9,895
	Hondros College of Nursing Segment		336		—		964		—
	Total Depreciation and Amortization	$	4,054	$	3,376	$	11,901	$	9,895
	Income from continuing operations before interest income and income taxes:
	American Public Education Segment	$	13,964	$	17,507	$	45,043	$	52,920
	Hondros College of Nursing Segment		683		—		2,164		—
	Total income from continuing operations before interest income and income taxes	$	14,647	$	17,507	$	47,207	$	52,920
	Capital Expenditures:
	American Public Education Segment	$	5,998	$	4,172	$	14,978	$	15,093
	Hondros College of Nursing Segment		45		—		280		—
	Total Capital Expenditures	$	6,043	$	4,172	$	15,258	$	15,093
Summary of Company's Consolidated Assets by Reportable Segment	'
	A summary of the Company’s consolidated assets by reportable segment is as follows (unaudited):

		Nine Months Ended
		September 30,
		2014		2013
		(In thousands)
	Assets
	American Public Education Segment	$	240,259	$	266,737
	Hondros College of Nursing Segment		52,252		—
	Total Assets	$	292,511	$	266,737

Nature_of_The_Business_Additio

Nature of The Business - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2014
	Segment
	Subsidiary
	Person
Basis of Presentation [Line Items]	'
Number of students	112,600
Number of subsidiaries	2
Number of reportable segments	2
Hondros College of Nursing Segment	'
Basis of Presentation [Line Items]	'
Number of Campuses	4

Basis_of_Presentation_Addition

Basis of Presentation - Additional Information (Detail) (USD $)

9 Months Ended

0 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Jul. 01, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Feb. 20, 2013

Apr. 02, 2014

Hondros College of Nursing Segment

Maximum

Putative Class Action Ohio

Sales Revenue, Services, Net

Fidelis Education Inc

Second Avenue Software, Inc

One To Five Years

Six To Ten Years

Eleven To Fifteen Years

Hondros College of Nursing Segment

Minimum

Customer Concentration Risk

Plaintiff

Students Who Receive Tuition Assistance Sponsored by United States Department of Defense

Students Eligible for Veterans Benefits

Students Who Received Federal Student Aid

Basis of Presentation [Line Items]

Minority investment

$1,640,000

$4,000,000

$1,500,000

Minority investment, ownership percentage

21.60%

25.90%

Lease agreement, initial term

'15 years

Operating lease, monthly base rent payment

38,710

39,632

41,475

Share of increase in operating cost needed for annual upward rent adjustment

10.00%

Lease term to be completed for termination eligibility

'120 months

Termination fee

$263,923

Number of plaintiffs

Concentration risk, percentage

34.00%

36.00%

35.00%

37.00%

18.00%

16.00%

18.00%

16.00%

36.00%

37.00%

35.00%

36.00%

Net_Income_Per_Common_Share_Ad

Net Income Per Common Share - Additional Information (Detail) (Equity Option)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Equity Option	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Anti-dilutive securities excluded from computation of diluted earnings per share	358,940	0	214,579	169,837

Stock_Based_Compensation_Addit

Stock Based Compensation - Additional Information (Detail) (USD $)	9 Months Ended		9 Months Ended
In Millions, except Share data, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	6-May-11	Sep. 30, 2014
			Employee Stock Option	Employee Stock Option	Restricted Stock	2011 Incentive Plan	2011 Incentive Plan	2011 Incentive Plan	2002 Incentive Plan and 2007 Incentive Plan
			Minimum	Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'	'	'	'	'
Share based compensation award, shares authorized for grant	'	'	'	'	'	'	'	2,000,000	'
Share based compensation award, shares outstanding	453,231	501,202	'	'	'	249,802	'	'	453,231
Share based compensation award, shares issued	'	'	'	'	'	0	0	'	'
Option vesting period	'	'	'3 years	'5 years	'	'	'	'	'
Option expiration period	'	'	'7 years	'10 years	'	'	'	'	'
Unrecognized compensation cost	'	'	'	'	$7.30	'	'	'	'
Unrecognized compensation cost, weighted average period for recognition	'	'	'	'	'1 year 8 months 12 days	'	'	'	'

Stock_Option_Activity_Detail

Stock Option Activity (Detail) (USD $)	9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014
Number of options	'
Outstanding, Beginning Balance	501,202
Options granted	'
Awards exercised	-36,443
Options forfeited	-11,528
Outstanding, Ending Balance	453,231
Exercisable, Ending Balance	453,231
Weighted average exercise price	'
Outstanding, Beginning Balance	$28.82
Options granted	'
Awards exercised	$12.49
Options forfeited	$37.26
Outstanding, Ending Balance	$29.92
Exercisable, Ending Balance	$29.92
Weighted average contractual life (years)	'
Outstanding, Ending Balance	'2 years 4 months 10 days
Exercisable, Ending Balance	'2 years 4 months 10 days
Aggregate intrinsic value	'
Outstanding, September 30, 2014	$2,024
Exercisable, September 30, 2014	$2,024

Stock_Option_Exercise_Detail

Stock Option Exercise (Detail) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Proceeds from stock options exercised	$455	$1,658
Intrinsic value of stock options exercised	904	2,022
Tax benefit from exercises	$160	$339

Restricted_Stock_Activity_Deta

Restricted Stock Activity (Detail) (Restricted Stock, USD $)	9 Months Ended
	Sep. 30, 2014
Restricted Stock	'
Number of shares	'
Non-vested, December 31, 2013	190,761
Shares granted	157,916
Vested shares	-87,445
Shares forfeited	-11,430
Non-vested, September 30, 2014	249,802
Weighted-average grant price and fair value	'
Non vested, beginning balance	$38.61
Shares granted	$43.90
Vested shares	$38.73
Shares forfeited	$41.96
Non vested, ending balance	$41.75

StockBased_Compensation_Cost_C

Stock-Based Compensation Cost Charged Against Income (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Stock-based compensation expense in operating income	$1,267	$1,022	$3,691	$3,004
Tax benefit	-502	-404	-1,461	-1,190
Stock-based compensation expense, net of tax	765	618	2,230	1,814
Instructional costs and services	'	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Stock-based compensation expense in operating income	312	224	920	653
Selling and promotional	'	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Stock-based compensation expense in operating income	131	113	392	331
General and administrative	'	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Stock-based compensation expense in operating income	$824	$685	$2,379	$2,020

Other_Employee_Benefits_Additi

Other Employee Benefits - Additional Information (Detail) (APEI ESPP)	0 Months Ended
	Jun. 13, 2014	Sep. 30, 2014	Jul. 01, 2008
APEI ESPP	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'
ESPP, common stock that may be available for purchase	'	'	100,000
ESPP, common stock remained available	'	92,440	'
ESPP, additional shares approved for issuance	100,000	'	'

Segment_Information_Additional

Segment Information - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2014
	Segment
Segment Reporting Information [Line Items]	'
Number of operating segments	2

Summary_of_Financial_Informati

Summary of Financial Information by Operating Segment (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Segment Reporting Information [Line Items]	'	'	'	'
Revenue	$84,707	$81,777	$258,723	$246,542
Depreciation and amortization	4,054	3,376	11,901	9,895
Income from continuing operations before interest income and income taxes	14,647	17,507	47,207	52,920
Capital Expenditures	6,043	4,172	15,258	15,093
American Public Education Segment	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Revenue	77,191	81,777	236,834	246,542
Depreciation and amortization	3,718	3,376	10,937	9,895
Income from continuing operations before interest income and income taxes	13,964	17,507	45,043	52,920
Capital Expenditures	5,998	4,172	14,978	15,093
Hondros College of Nursing Segment	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Revenue	7,516	'	21,889	'
Depreciation and amortization	336	'	964	'
Income from continuing operations before interest income and income taxes	683	'	2,164	'
Capital Expenditures	$45	'	$280	'

Summary_of_Companys_Consolidat

Summary of Company's Consolidated Assets by Reportable Segment (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013
Segment Reporting Information [Line Items]	'	'	'
Assets	$292,511	$271,655	$266,737
American Public Education Segment	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Assets	240,259	'	266,737
Hondros College of Nursing Segment	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Assets	$52,252	'	'

Acquisition_Accounting_Additio

Acquisition Accounting - Additional Information (Detail) (Hondros College of Nursing Segment, USD $)	0 Months Ended	9 Months Ended
	Nov. 01, 2013	Sep. 30, 2014	Nov. 01, 2013
Business Acquisition [Line Items]	'	'	'
Business acquisition date	'	1-Nov-13	'
Business acquisition purchase price	$46,300,000	'	'
Business acquisition goodwill tax deductible amount	'	'	38,100,000
Fair value of contingently issuable shares	150,000	'	'
Increase in estimated fair value of contingent obligation	'	638,733	'
Revised Value	'	'	'
Business Acquisition [Line Items]	'	'	'
Business acquisition purchase price	'	46,800,000	'
Business acquisition goodwill tax deductible amount	'	$38,600,000	'