American Public Education (APEI) 10-Q 11 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	7-May-15
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	APEI
Entity Registrant Name	AMERICAN PUBLIC EDUCATION INC
Entity Central Index Key	1201792
Current Fiscal Year End Date	-19
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		17,146,418

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents (Note 2)	$112,337	$115,634
Accounts receivable, net of allowance of $13,550 in 2015 and $10,699 in 2014	9,241	6,130
Prepaid expenses	6,954	6,379
Income tax receivable	1,947	2,029
Deferred income taxes	6,009	6,046
Total current assets	136,488	136,218
Property and equipment, net	104,278	102,424
Investments	12,013	12,051
Goodwill	38,634	38,634
Other assets, net	9,094	8,577
Total assets	300,507	297,904
Current liabilities:
Accounts payable	6,251	11,029
Accrued liabilities	15,017	13,416
Deferred revenue and student deposits	23,741	23,805
Total current liabilities	45,009	48,250
Deferred income taxes	16,031	15,436
Total liabilities	61,040	63,686
Commitments and contingencies (Note 2)
Stockholders' equity:
Preferred stock, $.01 par value; Authorized shares - 10,000; no shares issued or outstanding
Common stock, $.01 par value; Authorized shares - 100,000; 17,146 issued and outstanding in 2015; 17,152 issued and outstanding in 2014	171	172
Additional paid-in capital	169,279	169,654
Retained earnings	70,017	64,392
Total stockholders' equity	239,467	234,218
Total liabilities and stockholders' equity	$300,507	$297,904

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, except Per Share data, unless otherwise specified
Accounts receivable, allowance	$13,550	$10,699
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	17,146	17,152
Common stock, outstanding	17,146	17,152

Consolidated_Statements_of_Inc

Consolidated Statements of Income (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenue	$85,444	$88,553
Costs and expenses:
Instructional costs and services	30,260	31,348
Selling and promotional	17,019	17,067
General and administrative	19,105	19,524
Depreciation and amortization	4,589	3,889
Total costs and expenses	70,973	71,828
Income from operations before interest income and income taxes	14,471	16,725
Interest income	10	81
Income before income taxes	14,481	16,806
Income tax expense	5,650	6,327
Equity investment loss, net of taxes	38	43
Net income	$8,793	$10,436
Net Income per common share:
Basic	$0.51	$0.59
Diluted	$0.51	$0.59
Weighted average number of common shares:
Basic	17,183,952	17,599,199
Diluted	17,353,529	17,805,473

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Operating activities
Net income	$8,793	$10,436
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,589	3,889
Stock-based compensation	1,394	1,156
Investment loss	38	43
Deferred income taxes	632	486
Other	25	35
Changes in operating assets and liabilities:
Accounts receivable, net of allowance for bad debt	-3,111	-3,826
Prepaid expenses and other assets	-800	-1,071
Income tax receivable	82	3,215
Accounts payable	-4,778	848
Accrued liabilities	346	-6,340
Income taxes payable		1,928
Deferred revenue and student deposits	-64	1,650
Net cash provided by operating activities	7,146	12,449
Investing activities
Capital expenditures	-5,288	-4,612
Equity investment		-120
Note receivable		-380
Capitalized program development costs and other assets	-138	-128
Net cash used in investing activities	-5,426	-5,240
Financing activities
Cash paid for repurchase of common stock	-4,668	-2,647
Cash received from issuance of common stock		45
Excess (tax)/tax benefit from stock-based compensation	-349	253
Net cash used in financing activities	-5,017	-2,349
Net increase/(decrease) in cash and cash equivalents	-3,297	4,860
Cash and cash equivalents at beginning of period	115,634	94,820
Cash and cash equivalents at end of period	112,337	99,680
Supplemental disclosure of cash flow information
Income taxes paid	$5,285	$412

Nature_of_the_Business

Nature of the Business	3 Months Ended
	Mar. 31, 2015
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 113,080 students through the operations of two subsidiary institutions:
	●	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 nursing education to students at four campuses in the State of 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 and the RN-to-BSN Program is accredited by the Commission on Collegiate Nursing Education.  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.

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2015
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, 2015. 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, 2014.
	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 Financial Accounting Standards Board, or 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.  As originally issued, ASU 2014-09 would be effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption not permitted.  Accordingly, the standard would only be effective for the Company for periods beginning on or after January 1, 2017.
	However, on April 1, 2015, the FASB voted to propose a one-year deferral of the effective date of the new revenue recognition standard.  Under the FASB proposal, public companies would apply the new revenue standard to annual reporting periods beginning after December 15, 2017, and to all interim reporting periods within the year of adoption.  Accordingly, if the proposal is adopted, the revised revenue recognition standard will be effective for the Company for the year ending December 31, 2018,  with early adoption permitted for annual periods beginning after December 16, 2016.  The revised standard will be effective for all interim periods within the year of adoption. We will evaluate the impact that the standard will have on our financial condition, results of operations, and disclosures.
	There have been no other applicable material pronouncements since the Company's Annual Report on Form 10-K for the year ended December 31, 2014.
	Revenue Recognition - APEI Segment
	APUS recognizes revenue on a pro rata basis over the period of its courses as APUS completes the tasks entitling it to the benefits represented by such revenue. If a student withdraws during the academic term, APUS recognizes as revenue the remaining non-refundable amount due from the student in the period the withdrawal occurs. The calculation of the remaining non-refundable amount is based upon the APUS student refund policy.  For those students who have an outstanding receivable balance at the date of withdrawal, APUS assesses collectability and only recognizes as revenue those amounts where collectability is reasonably assured based on APUS’s history with similar student accounts. This policy was implemented effective January 1, 2015. Prior to this, APUS recognized revenue for all student withdrawals and established an allowance for those receivables considered uncollectible. The Company does not believe that this change in policy will have a material effect on its results of operations or financial condition.
	Restricted Cash
	Cash and cash equivalents includes funds held for students for unbilled educational services that were received from Title IV programs.  As a trustee of these Title IV program funds, the Company is required to maintain and restrict these funds pursuant to the terms of its subsidiary institution's program participation agreements with the U.S. Department of Education.  Restricted cash on our Consolidated Balance Sheets as of March 31, 2015 (unaudited) and December 31, 2014 is $2.6 million and $3.9 million, respectively.  Changes in restricted cash that represent funds held for students as described above are included in cash flows from operating activities on our Consolidated Statements of Cash Flows because these restricted funds are a core activity of our operations.
	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.
	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.
	Concentration
	APUS students utilize various payment sources and programs to finance tuition.  These programs include funds from Department of Defense, or DoD, tuition assistance programs, education benefit programs administered by the U.S. Department of Veterans Affairs, or VA, and federal student aid from Title IV programs, as well as cash and other sources. Reductions in or changes to DoD tuition assistance, VA education benefits, Title IV programs and other payment sources could have a significant impact on the Company’s business, operations, financial condition or cash flows. A summary of APEI Segment revenue derived from students by primary funding source for the quarters ended March 31, 2015 and March 31, 2014 is as follows (unaudited):
		Three Months Ended March 31,
		2015	2014
	Title IV programs	33%	35%
	DoD tuition assistance programs	35%	36%
	VA education benefits	20%	17%
	Cash and other sources	12%	12%
	As of March 31, 2015, approximately 86% of the HCON Segment’s revenue was derived from students who received federal student aid.

Net_Income_Per_Common_Share

Net Income Per Common Share	3 Months Ended
	Mar. 31, 2015
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 awards.  Stock options are not included in the computation of diluted earnings per share when their effect is anti-dilutive.  There were 342,066 anti-dilutive stock options excluded from the calculation for the three months ended March 31, 2015 and no anti-dilutive stock options excluded from the calculation for the three months ended March 31, 2014.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2015
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 2012 to 2014 remain open to examination.

StockBased_Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2015
Stock-Based Compensation	5. Stock-Based Compensation
	On March 15, 2011, the Company’s 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 Plan, or the 2002 Stock Plan, that terminate due to expiration, forfeiture, cancellation or otherwise without the issuance of such shares. As of March 31, 2015, there were 337,119 shares subject to outstanding awards under the 2011 Incentive Plan, and 428,329 shares subject to outstanding awards under the 2007 Incentive Plan and the 2002 Stock Plan.
	Stock-based compensation expense related to restricted stock and restricted stock unit 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 Securities and Exchange Commission Staff Accounting Bulletins No. 107 and 110 because the Company lacked historical data and was unable to make reasonable assumptions 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 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.
	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-		Aggregate
		of Options			Average			Average		Intrinsic
					Exercise Price			Contractual		Value
								Life (Years)		(In thousands)
	Outstanding, December 31, 2014		434,401		$	30.04
	Options granted		—		$	—
	Awards exercised		—		$	—
	Awards forfeited		(6,072	)	$	36.43
	Outstanding, March 31, 2015		428,329		$	29.95			1.9	$	2,188
	Exercisable, March 31, 2015		428,329		$	29.95			1.9	$	2,188
	The following table summarizes information regarding stock option exercises (unaudited):
		31-Mar-15			31-Mar-14
		(In thousands)
	Proceeds from stock options exercised	$	—		$	45
	Intrinsic value of stock options exercised	$	—		$	405
	Tax benefit from exercises	$	—		$	1
	The table below summarizes the restricted stock awards activity for the three months ended March 31, 2015 (unaudited):
		Number			Weighted-Average
		of Shares			Grant Price
					and Fair Value
	Non-vested, December 31, 2014		360,769		$	37.03
	Shares granted		112,615		$	36.41
	Vested shares		(116,910	)	$	41.52
	Shares forfeited		(19,355	)	$	37.53
	Non-vested, March 31, 2015		337,119		$	35.28
	Stock-based compensation cost charged against income during the three-month periods ended March 31, 2015 and March 31, 2014 is as follows (unaudited):
		Three Months Ended March 31,
		2015			2014
		(In thousands)
	Instructional costs and services	$	384		$	290
	Marketing and promotional		165			126
	General and administrative		845			740
	Stock-based compensation expense in operating income		1,394			1,156
	Tax benefit		(574	)		(458	)
	Stock-based compensation expense, net of tax	$	820		$	698
	As of  March 31, 2015, there was $9.7 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 2.1 years.

Other_Employee_Benefits

Other Employee Benefits	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015, 88,609 shares remained available for purchase under the ESPP.

Segment_Information

Segment Information	3 Months Ended
	Mar. 31, 2015
Segment Information	Note 7. Segment Information
	The Company has identified two operating segments that are managed in the following reportable segments:
	● American Public Education Segment, or APEI Segment
	● 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.
	A summary of financial information by reportable segment is as follows (unaudited):
		Three Months Ended March 31,
		2015		2014
		(In thousands)
	Revenue:
	American Public Education Segment	$	77,452	$	81,349
	Hondros College of Nursing Segment		7,992		7,204
	Total Revenue	$	85,444	$	88,553
	Depreciation and Amortization:
	American Public Education Segment	$	4,315	$	3,565
	Hondros College of Nursing Segment		274		324
	Total Depreciation and Amortization	$	4,589	$	3,889
	Income from continuing operations before interest income and income taxes:
	American Public Education Segment	$	13,316	$	16,027
	Hondros College of Nursing Segment		1,155		698
	Total income from continuing operations before interest income and income taxes	$	14,471		16,725
	Capital Expenditures:
	American Public Education Segment	$	5,247	$	4,588
	Hondros College of Nursing Segment		41		24
	Total Capital Expenditures	$	5,288	$	4,612
	A summary of the Company’s consolidated assets by reportable segment is as follows (unaudited):
		Three Months Ended March 31,
		2015		2014
		(In thousands)
	Assets:
	American Public Education Segment	$	247,367	$	230,807
	Hondros College of Nursing Segment		53,140		51,450
	Total Assets	$	300,507	$	282,257

Basis_of_Presentation_Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2015
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 Financial Accounting Standards Board, or 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.  As originally issued, ASU 2014-09 would be effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption not permitted.  Accordingly, the standard would only be effective for the Company for periods beginning on or after January 1, 2017.
	However, on April 1, 2015, the FASB voted to propose a one-year deferral of the effective date of the new revenue recognition standard.  Under the FASB proposal, public companies would apply the new revenue standard to annual reporting periods beginning after December 15, 2017, and to all interim reporting periods within the year of adoption.  Accordingly, if the proposal is adopted, the revised revenue recognition standard will be effective for the Company for the year ending December 31, 2018,  with early adoption permitted for annual periods beginning after December 16, 2016.  The revised standard will be effective for all interim periods within the year of adoption. We will evaluate the impact that the standard will have on our financial condition, results of operations, and disclosures.
	There have been no other applicable material pronouncements since the Company's Annual Report on Form 10-K for the year ended December 31, 2014.
Revenue Recognition	Revenue Recognition - APEI Segment
	APUS recognizes revenue on a pro rata basis over the period of its courses as APUS completes the tasks entitling it to the benefits represented by such revenue. If a student withdraws during the academic term, APUS recognizes as revenue the remaining non-refundable amount due from the student in the period the withdrawal occurs. The calculation of the remaining non-refundable amount is based upon the APUS student refund policy.  For those students who have an outstanding receivable balance at the date of withdrawal, APUS assesses collectability and only recognizes as revenue those amounts where collectability is reasonably assured based on APUS’s history with similar student accounts. This policy was implemented effective January 1, 2015. Prior to this, APUS recognized revenue for all student withdrawals and established an allowance for those receivables considered uncollectible. The Company does not believe that this change in policy will have a material effect on its results of operations or financial condition.
Restricted Cash	Restricted Cash
	Cash and cash equivalents includes funds held for students for unbilled educational services that were received from Title IV programs.  As a trustee of these Title IV program funds, the Company is required to maintain and restrict these funds pursuant to the terms of its subsidiary institution's program participation agreements with the U.S. Department of Education.  Restricted cash on our Consolidated Balance Sheets as of March 31, 2015 (unaudited) and December 31, 2014 is $2.6 million and $3.9 million, respectively.  Changes in restricted cash that represent funds held for students as described above are included in cash flows from operating activities on our Consolidated Statements of Cash Flows because these restricted funds are a core activity of our operations.
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.
	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.
Concentration	Concentration
	APUS students utilize various payment sources and programs to finance tuition.  These programs include funds from Department of Defense, or DoD, tuition assistance programs, education benefit programs administered by the U.S. Department of Veterans Affairs, or VA, and federal student aid from Title IV programs, as well as cash and other sources. Reductions in or changes to DoD tuition assistance, VA education benefits, Title IV programs and other payment sources could have a significant impact on the Company’s business, operations, financial condition or cash flows. A summary of APEI Segment revenue derived from students by primary funding source for the quarters ended March 31, 2015 and March 31, 2014 is as follows (unaudited):
		Three Months Ended March 31,
		2015	2014
	Title IV programs	33%	35%
	DoD tuition assistance programs	35%	36%
	VA education benefits	20%	17%
	Cash and other sources	12%	12%
	As of March 31, 2015, approximately 86% of the HCON Segment’s revenue was derived from students who received federal student aid.

Basis_of_Presentation_Tables

Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2015
Summary of APEI Segment Revenues	A summary of APEI Segment revenue derived from students by primary funding source for the quarters ended March 31, 2015 and March 31, 2014 is as follows (unaudited):
		Three Months Ended March 31,
		2015	2014
	Title IV programs	33%	35%
	DoD tuition assistance programs	35%	36%
	VA education benefits	20%	17%
	Cash and other sources	12%	12%

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2015
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-		Aggregate
		of Options			Average			Average		Intrinsic
					Exercise Price			Contractual		Value
								Life (Years)		(In thousands)
	Outstanding, December 31, 2014		434,401		$	30.04
	Options granted		—		$	—
	Awards exercised		—		$	—
	Awards forfeited		(6,072	)	$	36.43
	Outstanding, March 31, 2015		428,329		$	29.95			1.9	$	2,188
	Exercisable, March 31, 2015		428,329		$	29.95			1.9	$	2,188
Stock Option Exercise	The following table summarizes information regarding stock option exercises (unaudited):
		31-Mar-15			31-Mar-14
		(In thousands)
	Proceeds from stock options exercised	$	—		$	45
	Intrinsic value of stock options exercised	$	—		$	405
	Tax benefit from exercises	$	—		$	1
Restricted Stock Activity	The table below summarizes the restricted stock awards activity for the three months ended March 31, 2015 (unaudited):
		Number			Weighted-Average
		of Shares			Grant Price
					and Fair Value
	Non-vested, December 31, 2014		360,769		$	37.03
	Shares granted		112,615		$	36.41
	Vested shares		(116,910	)	$	41.52
	Shares forfeited		(19,355	)	$	37.53
	Non-vested, March 31, 2015		337,119		$	35.28
Stock-Based Compensation Cost Charged Against Income	Stock-based compensation cost charged against income during the three-month periods ended March 31, 2015 and March 31, 2014 is as follows (unaudited):
		Three Months Ended March 31,
		2015			2014
		(In thousands)
	Instructional costs and services	$	384		$	290
	Marketing and promotional		165			126
	General and administrative		845			740
	Stock-based compensation expense in operating income		1,394			1,156
	Tax benefit		(574	)		(458	)
	Stock-based compensation expense, net of tax	$	820		$	698

Segment_Information_Tables

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2015
Summary of Financial Information by Reportable Segment	A summary of financial information by reportable segment is as follows (unaudited):
		Three Months Ended March 31,
		2015		2014
		(In thousands)
	Revenue:
	American Public Education Segment	$	77,452	$	81,349
	Hondros College of Nursing Segment		7,992		7,204
	Total Revenue	$	85,444	$	88,553
	Depreciation and Amortization:
	American Public Education Segment	$	4,315	$	3,565
	Hondros College of Nursing Segment		274		324
	Total Depreciation and Amortization	$	4,589	$	3,889
	Income from continuing operations before interest income and income taxes:
	American Public Education Segment	$	13,316	$	16,027
	Hondros College of Nursing Segment		1,155		698
	Total income from continuing operations before interest income and income taxes	$	14,471		16,725
	Capital Expenditures:
	American Public Education Segment	$	5,247	$	4,588
	Hondros College of Nursing Segment		41		24
	Total Capital Expenditures	$	5,288	$	4,612
Summary of Company's Consolidated Assets by Reportable Segment	A summary of the Company’s consolidated assets by reportable segment is as follows (unaudited):
		Three Months Ended March 31,
		2015		2014
		(In thousands)
	Assets:
	American Public Education Segment	$	247,367	$	230,807
	Hondros College of Nursing Segment		53,140		51,450
	Total Assets	$	300,507	$	282,257

Nature_of_the_Business_Additio

Nature of the Business - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2015
	Segment
	Subsidiary
	Person
Basis of Presentation [Line Items]
Number of students	113,080
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 Presentation (Detail) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Basis of Presentation [Line Items]
Restricted cash	2.6	$3.90
Sales Revenue, Services, Net | Customer Concentration Risk | Students Who Received Federal Student Aid | Hondros College of Nursing Segment
Basis of Presentation [Line Items]
Concentration risk, percentage	86.00%

Summary_of_Segment_Revenues_De

Summary of Segment Revenues Derived from Students by Primary Funding Source (Detail) (Sales Revenue, Services, Net, Customer Concentration Risk)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Title IV programs
Concentration Risk [Line Items]
Concentration risk, percentage	33.00%	35.00%
Represents the students who utilize tuition aid from Department of Defense assistance programs as their funding source.
Concentration Risk [Line Items]
Concentration risk, percentage	35.00%	36.00%
VA education benefits
Concentration Risk [Line Items]
Concentration risk, percentage	20.00%	17.00%
Represents the students who is funded by cash or other sources.
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%	12.00%

Net_Income_Per_Common_Share_Ad

Net Income Per Common Share - Additional Information (Detail) (Equity Option)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Equity Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net income per common share	342,066	0

Stock_Based_Compensation_Addit

Stock Based Compensation - Additional Information (Detail) (USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	6-May-11
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation award, shares outstanding	428,329	434,401
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$9.70
Unrecognized compensation cost, weighted average period for recognition	2 years 1 month 6 days
2011 Incentive Plan
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	337,119
Represents the 2002 Stock Plan and the 2007 Incentive Plan adopted by the company for equity-based compensation arrangements.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation award, shares outstanding	428,329

Summary_of_Status_of_Companys_

Summary of Status of Company's Stock Incentive Plans and Changes During Periods Ended (Detail) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015
Number of options
Outstanding, Beginning Balance	434,401
Options granted	0
Awards exercised	0
Awards forfeited	-6,072
Outstanding, Ending Balance	428,329
Exercisable, Ending Balance	428,329
Weighted average exercise price
Outstanding, Beginning Balance	$30.04
Options granted	$0
Awards exercised	$0
Awards forfeited	$36.43
Outstanding, Ending Balance	$29.95
Exercisable, Ending Balance	$29.95
Weighted average contractual life (years)
Outstanding, Ending Balance	1 year 10 months 24 days
Exercisable, Ending Balance	1 year 10 months 24 days
Aggregate intrinsic value
Outstanding, Ending Balance	$2,188
Exercisable, Ending Balance	$2,188

Stock_Option_Exercise_Detail

Stock Option Exercise (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from stock options exercised	$45
Intrinsic value of stock options exercised	405
Tax benefit from exercises	$1

Restricted_Stock_Awards_Activi

Restricted Stock Awards Activity (Detail) (Restricted Stock, USD $)	3 Months Ended
	Mar. 31, 2015
Restricted Stock
Number of shares
Non vested, beginning balance	360,769
Shares granted	112,615
Vested shares	-116,910
Shares forfeited	-19,355
Non vested, ending balance	337,119
Weighted-average grant price and fair value
Non vested, beginning balance	$37.03
Shares granted	$36.41
Vested shares	$41.52
Shares forfeited	$37.53
Non vested, ending balance	$35.28

StockBased_Compensation_Includ

Stock-Based Compensation Included in Operating Expense Line-Items (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense in operating income	$1,394	$1,156
Tax benefit	-574	-458
Stock-based compensation expense, net of tax	820	698
Instructional costs and services
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense in operating income	384	290
Selling and promotional
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense in operating income	165	126
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense in operating income	$845	$740

Other_Employee_Benefits_Additi

Other Employee Benefits - Additional Information (Detail) (American Public Education, Inc. employee stock purchase plan)	0 Months Ended
	Jun. 13, 2014	Mar. 31, 2015	Jul. 01, 2008
American Public Education, Inc. employee stock purchase plan
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		88,609
ESPP, additional shares approved for issuance	100,000

Segment_Information_Additional

Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2015
	Segment
Segment Reporting Information [Line Items]
Number of operating segments	2

Summary_of_Financial_Informati

Summary of Financial Information by Reportable Segment (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Segment Reporting Information [Line Items]
Revenue	$85,444	$88,553
Depreciation and amortization	4,589	3,889
Income from continuing operations before interest income and income taxes	14,471	16,725
Capital Expenditures	5,288	4,612
American Public Education Segment
Segment Reporting Information [Line Items]
Revenue	77,452	81,349
Depreciation and amortization	4,315	3,565
Income from continuing operations before interest income and income taxes	13,316	16,027
Capital Expenditures	5,247	4,588
Hondros College of Nursing Segment
Segment Reporting Information [Line Items]
Revenue	7,992	7,204
Depreciation and amortization	274	324
Income from continuing operations before interest income and income taxes	1,155	698
Capital Expenditures	$41	$24

Summary_of_Companys_Consolidat

Summary of Company's Consolidated Assets by Reportable Segment (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
In Thousands, unless otherwise specified
Segment Reporting Information [Line Items]
Assets	$300,507	$297,904	$282,257
American Public Education Segment
Segment Reporting Information [Line Items]
Assets	247,367		230,807
Hondros College of Nursing Segment
Segment Reporting Information [Line Items]
Assets	$53,140		$51,450