American Public Education (APEI) 10-Q 8 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 04, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Entity Registrant Name	AMERICAN PUBLIC EDUCATION INC
Entity Central Index Key	1,201,792
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		16,399,199

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents (Note 2)	$ 186,168	$ 179,205
Accounts receivable, net of allowance of $6,181 in 2018 and $6,276 in 2017	7,924	7,136
Prepaid expenses	7,409	4,792
Total current assets	201,501	191,133
Property and equipment, net	90,247	92,374
Investments	12,280	12,481
Goodwill	33,899	33,899
Other assets, net	8,304	9,151
Total assets	346,231	339,038
Current liabilities:
Accounts payable	4,952	8,844
Accrued liabilities	15,744	13,423
Deferred revenue	21,957	19,374
Income tax payable	2,668	1,710
Total current liabilities	45,321	43,351
Deferred income taxes	7,131	6,281
Total liabilities	52,452	49,632
Commitments and contingencies (Note 10)
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; 16,399 issued and outstanding in 2018; 16,268 issued and outstanding in 2017	164	163
Additional paid-in capital	180,735	180,674
Retained earnings	112,880	108,569
Total stockholders’ equity	293,779	289,406
Total liabilities and stockholders’ equity	$ 346,231	$ 339,038

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 6,181	$ 6,276
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized shares (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized shares (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	16,399,000	16,268,000
Common stock, outstanding (in shares)	16,399,000	16,268,000

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Revenue	$ 74,967	$ 75,688
Costs and expenses:
Instructional costs and services	29,686	28,956
Selling and promotional	15,581	15,435
General and administrative	18,888	17,756
Loss on disposals of long-lived assets	128	490
Depreciation and amortization	4,522	4,744
Total costs and expenses	68,805	67,381
Income from operations before interest income and income taxes	6,162	8,307
Interest income	493	11
Income before income taxes	6,655	8,318
Income tax expense	1,865	3,849
Equity investment (loss) income	(201)	40
Net income	$ 4,589	$ 4,509
Net Income per common share:
Basic (in dollars per share)	$ 0.28	$ 0.28
Diluted (in dollars per share)	$ 0.28	$ 0.28
Weighted average number of common shares:
Basic (in shares)	16,359,792	16,190,061
Diluted (in shares)	16,534,053	16,320,858

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating activities
Net income	$ 4,589	$ 4,509
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,522	4,744
Stock-based compensation	1,843	1,246
Equity investment loss (income)	201	(40)
Deferred income taxes	850	2,588
Loss on disposals of long-lived assets	128	490
Other	38	20
Changes in operating assets and liabilities:
Accounts receivable, net of allowance for bad debt	(788)	749
Prepaid expenses and other assets	(2,380)	(2,196)
Income tax receivable	0	(4,233)
Accounts payable	(3,892)	(2,016)
Accrued liabilities	1,870	(2,783)
Income taxes payable	958	(559)
Deferred revenue	2,305	2,535
Net cash provided by operating activities	10,244	5,054
Investing activities
Capital expenditures	(1,427)	(1,670)
Capitalized program development costs and other assets	(239)	(627)
Net cash used in investing activities	(1,666)	(2,297)
Financing activities
Cash paid for repurchase of common stock	(1,615)	(1,402)
Cash received from issuance of common stock	0	98
Net cash used in financing activities	(1,615)	(1,304)
Net increase in cash and cash equivalents	6,963	1,453
Cash and cash equivalents at beginning of period	179,205	146,351
Cash and cash equivalents at end of period	186,168	147,804
Supplemental disclosure of cash flow information
Income taxes paid	$ 0	$ 6,052

Nature of the Business

Nature of the Business	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business	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 84,700 students through two subsidiary institutions: • American Public University System, Inc., or APUS, provides online postsecondary education directed primarily at the needs of the military, military-affiliated, and public service 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 herein as Hondros College of Nursing, or HCN, provides nursing education to students at five campuses in Ohio, as well as online, to serve the needs of the nursing and healthcare communities. HCN is nationally accredited by the Accrediting Council of Independent Colleges and Schools, or ACICS, and the RN-to-BSN Program is accredited by the Commission on Collegiate Nursing Education. 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 institutions believe 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. The Company’s operations are organized into two reportable segments: • American Public Education Segment, or APEI Segment. This segment reflects the operational activities at APUS, other corporate activities, and minority investments. • Hondros College of Nursing Segment, or HCN Segment. This segment reflects the operational activities of HCN.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Accounting The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States, or GAAP. Principles of Consolidation The accompanying unaudited interim Consolidated Financial Statements include accounts of APEI and its wholly owned subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation. Unaudited Interim Financial Information The unaudited interim Consolidated Financial Statements do not include all of the information and notes required by GAAP for audited annual 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, 2018. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Consolidated Financial Statements and accompanying notes in its audited financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2017, or the Annual Report. Use of Estimates The preparation of the Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts in these unaudited interim Consolidated Financial Statements and accompanying notes. Actual results could differ from those estimates. 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 each subsidiary institution’s program participation agreement with ED. Restricted cash on the Company’s Consolidated Balance Sheets was approximately $2.0 million at March 31, 2018 and $2.3 million at December 31, 2017 . Changes in restricted cash that represent funds held for students as described above are included in cash flows from operating activities on the Company’s Consolidated Statements of Cash Flows because these restricted funds are related to a core activity of its operations. Revenue The Company adopted Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, 606, Revenue from Contracts with Customers, with a date of initial application of January 1, 2018. As a result, the Company has changed its accounting policy for revenue recognition. The Company applied ASC 606 using the modified retrospective approach. The cumulative effect of initially applying ASC 606 was recognized as an adjustment to retained earnings at January 1, 2018. Prior periods have not been adjusted, and therefore comparative information continues to be reported under Topic 605, Revenue Recognition . The adoption of ASC 606 had the following impacts on the Company’s Consolidated Balance Sheet (unaudited): Balance at December 31, 2017 Adjustments from adoption of ASC 606 Balance at January 1, 2018 (In thousands) Consolidated Balance Sheet Deferred revenue $ 19,374 $ 379 $ 19,753 Deferred income taxes 6,281 (101 ) 6,180 Retained earnings 108,569 (278 ) 108,291 In accordance with the new revenue standard’s requirements, the impact of adoption on the Company’s Consolidated Balance Sheet at March 31, 2018 and its Consolidated Statement of Income of the three months ended March 31, 2018 were as follows (unaudited): As of March 31, 2018 As Reported Adjustment Balance without adoption Consolidated Balance Sheet (In thousands) Liabilities Deferred revenue $ 21,957 $ (423 ) $ 22,380 Deferred income taxes 7,131 113 7,244 Equity Retained earnings 112,880 310 113,190 Three Months Ended March 31, 2018 As Reported Adjustment Balance without adoption Consolidated Statement of Income (In thousands) Revenue $ 74,967 $ (44 ) $ 75,011 Income tax expense 1,865 12 1,877 Recent Accounting Pronouncements In January 2016, the FASB issued Accounting Standards Update, or ASU, No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . The standard addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. These changes will require an entity to measure, at fair value, investments in equity securities and other ownership interests in an entity and to recognize the changes in fair value within net income. ASU 2016-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption was not permitted. The Company adopted this standard effective January 1, 2018. The Company accounts for its investment in RallyPoint Networks, Inc., or RallyPoint, in accordance with ASU 2016-01 and ASC 321, Investments - Equity Securities . For each reporting period, the Company completes a qualitative assessment considering impairment indicators to evaluate whether the investment is impaired. During the three months ended March 31, 2018 , the Company determined that impairment indicators existed and utilized an independent valuation firm to assess the fair value of the investment. The interim assessment concluded that the fair value of its investment was less than the carrying amount resulting in a non-cash pre-tax impairment charge of $0.5 million . This impairment charge is included in equity investment loss in the interim Consolidated Statements of Income. The Company considers the applicability and impact of all ASUs issued by the FASB. ASUs issued subsequent to the filing of the Annual Report on February 27, 2018 were assessed and determined to be either inapplicable or expected to have minimal impact on the Company’s consolidated financial position and/or results of operations.

Revenue (Notes)

Revenue (Notes)	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue	Revenue On January 1, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers, using the modified retrospective approach. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with previous accounting under ASC 605, Revenue Recognition . The following is a description of principal activities from which the Company generates its revenue. Instructional services . Instructional services revenue includes tuition, technology, and laboratory fees. The Company generally recognizes revenue as instructional services are provided over the period or term, which is, for APUS, either an eight- or sixteen-week period, and for HCN, a quarterly term. Tuition is charged by course or term, technology fees are charged to APUS students on a per course basis, and laboratory fees are charged to HCN students on a per term basis, when applicable. Generally, instructional services are billed when a course or term begins, and paid within thirty days of the bill date. Graduation fees . APUS graduation fee revenue represents a one-time, non-refundable $100 fee per degree, charged to students upon submission of a program graduation application. The fee covers administrative costs associated with completing a review of the student’s academic and financial standing prior to graduation. The Company recognizes revenue once graduation review services are completed. Generally, graduation fees are billed and paid when the student submits the graduation application. Textbook and other course material fees . Textbook and other course materials revenue represent fees related to the sale of textbooks and other course materials to HCN students. Revenue is recognized at the beginning of the term when the textbooks and other course materials fees are billed. Payment is generally received within thirty days of the bill date. Sales tax collected from students on the sale of textbooks and other course materials is excluded from revenue. Other fees . Other fees revenue represent one-time, non-refundable fees such as: application, enrollment, transcript, and other miscellaneous fees. Generally other fees revenue is recognized when the fee is charged to the student which coincides with the specific obligation to the student. Disaggregation of Revenue In the following table, revenue, shown net of grants and scholarships, is disaggregated by type of service provided. The table also includes a reconciliation of the disaggregated revenue with the reportable segments (unaudited). Three Months Ended March 31, 2018 (In thousands) APEI HCN Consolidated Instructional services, net of grants and scholarships $ 65,206 $ 8,061 $ 73,267 Graduation fees 276 — 276 Textbook and other course materials — 1,122 1,122 Other fees 186 116 302 Total Revenue $ 65,668 $ 9,299 $ 74,967 APUS provides a tuition grant to support students who are U.S. Military active-duty service members, National Guard, reservists, military spouses and dependents, and veterans as well as a grant to cover the technology fee for students using DoD tuition assistance programs. APUS and HCN also provide scholarships to certain students to assist them financially with their educational goals. The statement of retained earnings at January 1, 2018 was adjusted by $278,000 to reflect the after tax impact related to the adoption of ASC 606, related to the recognition of graduation fees revenue at APUS. There were no adjustments to any other revenue type as a result of the adoption of ASC 606. Contract Balances and Performance Obligations The Company has no contract assets or deferred contract costs as of March 31, 2018 and December 31, 2017. The Company recognizes a contract liability, or deferred revenue, when a student begins an online course, in the case of APUS, or starts a term, in the case of HCN, and revenue is recognized as described earlier in this footnote. Deferred revenue at March 31, 2018 was $22.0 million and includes $13.0 million in future revenue that has not yet been earned for courses and terms that are in progress as well as $9.0 million in advanced consideration received for future courses or terms, or student deposits, and represents the Company’s performance obligation to transfer future instructional services to students. The Company’s remaining performance obligations represent the transaction price allocated to future reporting periods. The Company has elected, as a practical expedient, to not disclose the value of unsatisfied performance obligations for contracts with customers that have an expected duration of one year or less. When the Company begins providing the performance obligation, a contract receivable is created, resulting in accounts receivable on the Company’s Consolidated Balance Sheets. The Company accounts for receivables in accordance with ASC 310, Receivables . The Company uses the portfolio approach, a practical expedient, to evaluate if a contract exists and to assess collectability at the time of contract inception based on historical experience. Contracts are subsequently reviewed for collectability if significant events or circumstances indicate a change. The allowance for doubtful accounts is based on management’s evaluation of the status of existing accounts receivable. Among other factors, management considers the age of the receivable, the anticipated source of payment and the historical allowance considerations. Consideration is also given to any specific known risk areas among the existing accounts receivable balances. Recoveries of receivables previously written off are recorded when received. The Company does not charge interest on past due receivables. Refund Policies The Company provides a stated period of time during which students may withdraw from a class, for APUS, or a term, for HCN, without further financial obligation resulting in a refund liability. The refund policy for each company is as follows: American Public University System APUS’s tuition revenue varies from period to period based on the number of net course registrations and the volume of undergraduate versus graduate registrations. Students may remit tuition payments through the online registration process at any time or they may elect various payment options, including payments by sponsors, alternative loans, financial aid, or the DoD tuition assistance program which remits payments directly to APUS. If one of the various other payment options is confirmed as secured, the student is allowed to start the course. These other payment options can delay the receipt of payment up until the course starts or longer, resulting in the recording of an account receivable at the beginning of each session. Tuition revenue for sessions in progress that have not been earned by APUS is presented as deferred revenue in the accompanying Consolidated Balance Sheets. APUS refunds 100% of tuition for courses that are dropped before the conclusion of the first seven days of a course. The Company does not recognize revenue for dropped courses. After a course begins, APUS uses the following refund policy: 8-Week Course- Tuition Refund Schedule Withdrawal Date Tuition Refund Percentage Before or During Week 1 100% During Week 2 75% During Weeks 3 and 4 50% During Weeks 5 through 8 No Refund 16-Week Course- Tuition Refund Schedule Withdrawal Date Tuition Refund Percentage Before or During Week 1 100% During Week 2 100% During Weeks 3 and 4 75% During Weeks 5 through 8 50% During Weeks 9 through 16 No Refund Students affiliated with certain organizations may have an alternate refund policy. If a student withdraws during the academic term, APUS calculates the portion of instructional services and other fees that are non-refundable based on the tuition refund policy and recognizes it as revenue in the period the withdrawal occurs. Hondros College of Nursing. HCN’s tuition revenue varies from period to period based on the number of students enrolled and the programs they are enrolled in. Students may remit tuition payments at any time, or they may elect various payment options that can delay receipt of payment up until the term starts or longer. These other payment options include payments by sponsors, financial aid, alternative loans, or payment plan options. If a payment option is confirmed, the student is allowed to start the term. Generally, financial aid is awarded prior to the start of the term and requests for authorization of disbursement begin in the first week of the term. Tuition revenue for the term in progress that has not yet been earned by HCN is presented as deferred revenue in the accompanying Consolidated Balance Sheets. HCN’s refund policy complies with the rules of the Ohio State Board of Career Colleges and Schools and is applicable to each term. For a course with an on-campus or other in-person component, the date of withdrawal is determined by a student’s last attended day of clinical offering, laboratory session, or lecture. For an online course, the date of withdrawal is determined by a student’s last submitted assignment in the course. HCN uses the following refund policy: Quarterly Term Withdrawal Date Tuition Refund Percentage Before first full calendar week of the quarter 100% During first full calendar week of the quarter 75% During second full calendar week of the quarter 50% During third full calendar week of the quarter 25% During fourth full week of the quarter No Refund Students affiliated with certain organizations may have an alternate refund policy. If a student withdraws during the term, HCN calculates the portion of tuition that is non-refundable based on the tuition refund policy and recognizes it as revenue in the period the withdrawal occurs. Refund Liability APUS uses the portfolio approach and applies the expected value method to determine if a refund liability exists. This requires management judgment and the use of estimates and historical data to assess the likelihood and magnitude of a revenue reversal due to a refund liability. Due to the short- duration of the courses, and the refund policy described above, any uncertainty regarding a student’s withdrawal is resolved in a short time period. Based on measurement and analysis, the Company determined that a significant reversal in the cumulative amount of revenue recognized is not expected. The Company includes this estimate in the transaction price. There are approximately $15,000 of refund liabilities for APUS included in deferred revenue. APUS updates the measurement of the refund liability at the end of each reporting period for changes in expectations, and if the reversal becomes significant would recognize the corresponding adjustments to revenue. Because each HCN term coincides with the Company’s fiscal quarter period, there is no refund liability as of March 31, 2018.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment All property and equipment is recorded at cost less accumulated depreciation and amortization, except the acquired assets of HCN, which were recorded at fair value at the acquisition date. Depreciation and amortization are calculated on a straight-line basis over the estimated useful lives of the assets. Different depreciation and amortization methods are used for tax purposes. Maintenance and repairs are expensed as incurred, while other costs are capitalized if they extend the useful life of the asset. The Company’s Partnership At a Distance TM system, or PAD, is a customized student information and services system used by APUS to manage admissions, online orientation, course registrations, tuition payments, grade reporting, progress toward degrees, and various other functions. Costs associated with this system have been capitalized in accordance with FASB ASC Subtopic 350-40, Accounting for the Costs of Computer Software Developed or Obtained for Internal Use , and classified as property and equipment. These costs are amortized over the estimated useful life of five years. The company also capitalizes certain costs for academic program development. These costs are transferred to property and equipment upon completion of each program and amortized over an estimated life not to exceed three years. The carrying amounts of long-lived assets are reviewed whenever certain events or changes in circumstances indicate that the carrying amounts may not be recoverable. Losses incurred on long-lived assets are reported as loss on disposals of long-lived assets in these unaudited interim Consolidated Financial Statements.

Investments

Investments	3 Months Ended
	Mar. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments On December 21, 2015, the Company made a $3.5 million investment in preferred stock of RallyPoint, an online social network for members of the military, representing approximately 12% of its fully diluted equity. On October 24, 2017, the Company made an additional $0.3 million investment in preferred stock of Rally Point. Subsequent to the additional investment, the Company’s fully diluted ownership was unchanged and the Company continues to be entitled to two board observer seats. The Company accounts for its investment in RallyPoint in accordance with ASC 321, Investments - Equity Securities . At each reporting period the Company completes a qualitative assessment considering impairment indicators to evaluate whether the investment is impaired. During the three months ended March 31, 2018 , the Company determined that impairment indicators existed and utilized an independent valuation firm to assess the fair value of the investment. The interim assessment concluded that the fair value of its investment was less than the carrying amount resulting in a non-cash pre-tax impairment charge of $0.5 million . This impairment charge is included in equity investment loss in the interim Consolidated Statements of Income. Determining the fair value of our investments is judgmental in nature and requires the use of significant estimates and assumptions from management, including with respect to revenue growth rates, operating margins, and future economic market conditions, among others. Additionally, the valuation firm’s analysis includes significant assumptions about discount rates and valuation multiples. There can be no assurance that the estimates and assumptions made for purposes of our investment impairment testing will prove to be accurate predictions of the future. If our assumptions are not realized, we may record additional impairments in future periods. It is not possible at this time to determine if any such impairment charge would result or, if it does, whether such charge would be material.

Net Income Per Common Share

Net Income Per Common Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Net Income Per Common Share	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 no anti-dilutive stock options excluded from the calculation for the three months ended March 31, 2018 . There were 134,747 anti-dilutive stock options excluded from the calculation for the three months ended March 31, 2017 .

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company determines its interim tax provision by applying the estimated income tax rate expected for the full calendar year to income before income taxes for the period adjusted for discrete items. 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 2014 to 2017 remain open to examination. The Company recognized tax expense for the three months ended March 31, 2018 and March 31, 2017 of $1.9 million and $3.8 million , respectively, or effective tax rates of 28.9% and 46.1% , respectively. The effective tax rate for the three months ended March 31, 2018 reflects the reduction in the federal corporate tax rate to 21% from the prior existing maximum rate of 35% effective January 1, 2018 under the U.S. Tax Cuts and Jobs Act, or the Tax Act. The effective tax rate for the three months ended March 31, 2018 includes approximately $0.2 million in additional income tax expense due to ASU 2016-09, Compensation - Stock Compensation (Topic 718) . The effective tax rate for the three months ended March 31, 2017 includes approximately $0.5 million in additional income tax expense due to ASU 2016-09.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation On March 31, 2017 the Company’s Board of Directors adopted the American Public Education, Inc. 2017 Omnibus Incentive Plan, or the 2017 Incentive Plan, and on May 12, 2017, or the Effective Date, the Company’s stockholders approved the 2017 Incentive Plan, at which time the 2017 Incentive Plan became effective. Upon effectiveness of the 2017 Incentive Plan, the Company ceased making awards under the American Public Education, Inc. 2011 Omnibus Incentive Plan, or the 2011 Incentive Plan. The 2017 Incentive Plan allows the Company to grant up to 1,675,000 shares, as well as shares of the Company’s common stock that were available for issuance under the 2011 Incentive Plan as of the Effective Date. In addition, the number of shares of common stock available under the 2017 Incentive Plan will be increased from time to time by the number of shares subject to outstanding awards granted under the 2011 Incentive Plan that terminate by expiration or forfeiture, cancellation or otherwise without issuance of such shares following the Effective Date. Prior to 2012, the Company issued a mix of stock options and restricted stock, but since 2011 the Company has not issued any stock options. The 2017 Incentive Plan includes a provision that allows individuals who have reached certain service and retirement eligibility criteria on the date of grant an accelerated service period of one year. The Company recognizes compensation expense for these individuals over the accelerated period. Restricted Stock and Restricted Stock Unit Awards 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 Company estimates forfeitures of share-based awards at the time of grant and revises such estimates in subsequent periods if actual forfeitures differ from original estimates. The table below summarizes the restricted stock and restricted stock unit awards activity for the three months ended March 31, 2018 (unaudited): Number of Shares Weighted-Average Grant Price and Fair Value Non-vested, December 31, 2017 461,262 $ 20.91 Shares granted 274,723 $ 25.60 Vested shares (191,280 ) $ 20.95 Shares forfeited (9,254 ) $ 23.04 Non-vested, March 31, 2018 535,451 $ 23.23 Option Awards 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 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 necessarily indicative of the reasonableness of the original estimates of fair value made under FASB ASC 718, Stock Compensation. Options previously granted vested ratably over periods of three to five years and expired seven to ten years from the date of grant. All of the Company’s remaining outstanding stock options expired during the three months ended March 31, 2018. Option activity is summarized as follows (unaudited): Number of Options Weighted Average Exercise Price Weighted-Average Contractual Life (Years) Aggregate Intrinsic Value (In thousands) Outstanding, December 31, 2017 109,616 $ 37.52 0.01 — Options granted — $ — Awards exercised — $ — Awards forfeited (109,616 ) $ 37.52 Outstanding, March 31, 2018 — $ — $ — Exercisable, March 31, 2018 — $ — $ — Stock-Based Compensation Expense Stock-based compensation expense charged against income during the three months ended March 31, 2018 and 2017 is as follows (unaudited): Three Months Ended 2018 2017 (In thousands) Instructional costs and services $ 377 $ 312 Selling and promotional 240 175 General and administrative 1,226 759 Stock-based compensation expense in operating income 1,843 1,246 Tax benefit (490 ) (494 ) Stock-based compensation expense, net of tax $ 1,353 $ 752 As of March 31, 2018 , there was $11.1 million of total unrecognized compensation cost, representing unrecognized compensation cost associated with non-vested restricted stock and restricted stock units. The total remaining cost is expected to be recognized over a weighted average period of 2.3 years.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has 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 HCN Segment. In accordance with FASB ASC 280, Segment Reporting , the chief operating decision-maker has been identified as the Company’s Chief Executive Officer. The Company’s Chief Executive Officer reviews operating results to make decisions about allocating resources and assessing performance for the APEI Segment and HCN Segment. A summary of financial information by reportable segment is as follows (unaudited): Three Months Ended 2018 2017 (In thousands) Revenue: American Public Education Segment $ 65,668 $ 68,129 Hondros College of Nursing Segment 9,299 7,559 Total Revenue $ 74,967 $ 75,688 Depreciation and amortization: American Public Education Segment $ 4,168 $ 4,406 Hondros College of Nursing Segment 354 338 Total Depreciation and amortization $ 4,522 $ 4,744 Income from operations before interest income and income taxes: American Public Education Segment $ 5,130 $ 7,927 Hondros College of Nursing Segment 1,032 380 Total Income from operations before interest income and income taxes $ 6,162 $ 8,307 Interest income, net: American Public Education Segment $ 485 $ 11 Hondros College of Nursing Segment 8 — Total Interest income, net $ 493 $ 11 Income tax expense: American Public Education Segment $ 1,621 $ 3,689 Hondros College of Nursing Segment 244 160 Total Income tax expense $ 1,865 $ 3,849 Capital expenditures: American Public Education Segment $ 1,394 $ 1,566 Hondros College of Nursing Segment 33 104 Total Capital expenditures $ 1,427 $ 1,670 A summary of the Company’s consolidated assets by reportable segment is as follows (current period unaudited): As of March 31, 2018 As of December 31, 2017 (In thousands) Assets: American Public Education Segment $ 294,315 $ 287,656 Hondros College of Nursing Segment 51,916 51,382 Total Assets $ 346,231 $ 339,038

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
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 costs and expenses, associated with any such contingency. From time to time the Company may be involved in legal matters in the normal course of its business. On August 3, 2017, the Company received from the Attorney General of the Commonwealth of Massachusetts a Civil Investigative Demand, or CID, dated July 31, 2017, relating to an investigation of alleged unfair or deceptive acts or practices by AMU in connection with the recruitment and retention of students and the financing of education. The CID requires the production of documents and information relating to recruitment, enrollment, job placement and other matters. The Company continues to cooperate with the Attorney General’s office and cannot predict the eventual scope, duration or outcome of the investigation at this time, including whether any potential loss, or range of potential losses, is probable or reasonably estimable. In connection with APUS’s Title IV compliance audit for the year ended December 31, 2016, ED indicated that APUS must post an irrevocable letter of credit of approximately $700,000 . APUS posted the letter of credit on March 28, 2018.

Concentration

Concentration	3 Months Ended
	Mar. 31, 2018
Risks and Uncertainties [Abstract]
Concentration	Concentration APUS students utilize various payment sources and programs to finance their educational expenses, including funds from: Department of Defense, or DoD, tuition assistance programs; federal student aid from Title IV programs; and education benefit programs administered by the U.S. Department of Veterans Affairs, or VA education benefits; as well as cash and other sources. Reductions in or changes to DoD tuition assistance, Title IV programs, VA education benefits, and other payment sources could have a significant impact on the Company’s business, operations, financial condition and cash flows. As of March 31, 2018 approximately 54% of APUS students self-reported that they served in the military on active duty at the time of initial enrollment. Active duty military students generally take fewer courses per year on average than non-military students. A summary of APEI Segment revenue derived from APUS students by primary funding source for the three months ended March 31, 2018 and March 31, 2017 is included in the table below (unaudited). Three Months Ended 2018 2017 DoD tuition assistance programs 37% 37% Title IV programs 26% 27% VA education benefits 24% 22% Cash and other sources 13% 14% A summary of HCN Segment revenue derived from students by primary funding source for the three months ended March 31, 2018 and March 31, 2017 is included in the table below (unaudited). Three Months Ended 2018 2017 Title IV programs 82 % 84 % Cash and other sources 15 % 14 % VA education benefits 3 % 2 % 100 % 100 %

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of presentation and accounting	Basis of Presentation and Accounting The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States, or GAAP.
Principles of consolidation	Principles of Consolidation The accompanying unaudited interim Consolidated Financial Statements include accounts of APEI and its wholly owned subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts in these unaudited interim Consolidated Financial Statements and accompanying notes. Actual results could differ from those estimates.
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 each subsidiary institution’s program participation agreement with ED. Restricted cash on the Company’s Consolidated Balance Sheets was approximately $2.0 million at March 31, 2018 and $2.3 million at December 31, 2017 . Changes in restricted cash that represent funds held for students as described above are included in cash flows from operating activities on the Company’s Consolidated Statements of Cash Flows because these restricted funds are related to a core activity of its operations.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In January 2016, the FASB issued Accounting Standards Update, or ASU, No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . The standard addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. These changes will require an entity to measure, at fair value, investments in equity securities and other ownership interests in an entity and to recognize the changes in fair value within net income. ASU 2016-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption was not permitted. The Company adopted this standard effective January 1, 2018. The Company accounts for its investment in RallyPoint Networks, Inc., or RallyPoint, in accordance with ASU 2016-01 and ASC 321, Investments - Equity Securities . For each reporting period, the Company completes a qualitative assessment considering impairment indicators to evaluate whether the investment is impaired. During the three months ended March 31, 2018 , the Company determined that impairment indicators existed and utilized an independent valuation firm to assess the fair value of the investment. The interim assessment concluded that the fair value of its investment was less than the carrying amount resulting in a non-cash pre-tax impairment charge of $0.5 million . This impairment charge is included in equity investment loss in the interim Consolidated Statements of Income. The Company considers the applicability and impact of all ASUs issued by the FASB. ASUs issued subsequent to the filing of the Annual Report on February 27, 2018 were assessed and determined to be either inapplicable or expected to have minimal impact on the Company’s consolidated financial position and/or results of 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 costs and expenses, associated with any such contingency.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Schedule of New Accounting Pronouncements	The adoption of ASC 606 had the following impacts on the Company’s Consolidated Balance Sheet (unaudited): Balance at December 31, 2017 Adjustments from adoption of ASC 606 Balance at January 1, 2018 (In thousands) Consolidated Balance Sheet Deferred revenue $ 19,374 $ 379 $ 19,753 Deferred income taxes 6,281 (101 ) 6,180 Retained earnings 108,569 (278 ) 108,291 In accordance with the new revenue standard’s requirements, the impact of adoption on the Company’s Consolidated Balance Sheet at March 31, 2018 and its Consolidated Statement of Income of the three months ended March 31, 2018 were as follows (unaudited): As of March 31, 2018 As Reported Adjustment Balance without adoption Consolidated Balance Sheet (In thousands) Liabilities Deferred revenue $ 21,957 $ (423 ) $ 22,380 Deferred income taxes 7,131 113 7,244 Equity Retained earnings 112,880 310 113,190 Three Months Ended March 31, 2018 As Reported Adjustment Balance without adoption Consolidated Statement of Income (In thousands) Revenue $ 74,967 $ (44 ) $ 75,011 Income tax expense 1,865 12 1,877

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Disaggregation of Revenue	In the following table, revenue, shown net of grants and scholarships, is disaggregated by type of service provided. The table also includes a reconciliation of the disaggregated revenue with the reportable segments (unaudited). Three Months Ended March 31, 2018 (In thousands) APEI HCN Consolidated Instructional services, net of grants and scholarships $ 65,206 $ 8,061 $ 73,267 Graduation fees 276 — 276 Textbook and other course materials — 1,122 1,122 Other fees 186 116 302 Total Revenue $ 65,668 $ 9,299 $ 74,967
APUS
Disaggregation of Revenue [Line Items]
Schedule of Tuition Refund Percentages Table	After a course begins, APUS uses the following refund policy: 8-Week Course- Tuition Refund Schedule Withdrawal Date Tuition Refund Percentage Before or During Week 1 100% During Week 2 75% During Weeks 3 and 4 50% During Weeks 5 through 8 No Refund 16-Week Course- Tuition Refund Schedule Withdrawal Date Tuition Refund Percentage Before or During Week 1 100% During Week 2 100% During Weeks 3 and 4 75% During Weeks 5 through 8 50% During Weeks 9 through 16 No Refund
HCN
Disaggregation of Revenue [Line Items]
Schedule of Tuition Refund Percentages Table	HCN uses the following refund policy: Quarterly Term Withdrawal Date Tuition Refund Percentage Before first full calendar week of the quarter 100% During first full calendar week of the quarter 75% During second full calendar week of the quarter 50% During third full calendar week of the quarter 25% During fourth full week of the quarter No Refund

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of restricted stock and restricted stock unit awards	The table below summarizes the restricted stock and restricted stock unit awards activity for the three months ended March 31, 2018 (unaudited): Number of Shares Weighted-Average Grant Price and Fair Value Non-vested, December 31, 2017 461,262 $ 20.91 Shares granted 274,723 $ 25.60 Vested shares (191,280 ) $ 20.95 Shares forfeited (9,254 ) $ 23.04 Non-vested, March 31, 2018 535,451 $ 23.23
Summary of option activity	Option activity is summarized as follows (unaudited): Number of Options Weighted Average Exercise Price Weighted-Average Contractual Life (Years) Aggregate Intrinsic Value (In thousands) Outstanding, December 31, 2017 109,616 $ 37.52 0.01 — Options granted — $ — Awards exercised — $ — Awards forfeited (109,616 ) $ 37.52 Outstanding, March 31, 2018 — $ — $ — Exercisable, March 31, 2018 — $ — $ —
Summary of stock-based compensation cost charged against income	Stock-based compensation expense charged against income during the three months ended March 31, 2018 and 2017 is as follows (unaudited): Three Months Ended 2018 2017 (In thousands) Instructional costs and services $ 377 $ 312 Selling and promotional 240 175 General and administrative 1,226 759 Stock-based compensation expense in operating income 1,843 1,246 Tax benefit (490 ) (494 ) Stock-based compensation expense, net of tax $ 1,353 $ 752

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Summary of financial information by reportable segment	A summary of financial information by reportable segment is as follows (unaudited): Three Months Ended 2018 2017 (In thousands) Revenue: American Public Education Segment $ 65,668 $ 68,129 Hondros College of Nursing Segment 9,299 7,559 Total Revenue $ 74,967 $ 75,688 Depreciation and amortization: American Public Education Segment $ 4,168 $ 4,406 Hondros College of Nursing Segment 354 338 Total Depreciation and amortization $ 4,522 $ 4,744 Income from operations before interest income and income taxes: American Public Education Segment $ 5,130 $ 7,927 Hondros College of Nursing Segment 1,032 380 Total Income from operations before interest income and income taxes $ 6,162 $ 8,307 Interest income, net: American Public Education Segment $ 485 $ 11 Hondros College of Nursing Segment 8 — Total Interest income, net $ 493 $ 11 Income tax expense: American Public Education Segment $ 1,621 $ 3,689 Hondros College of Nursing Segment 244 160 Total Income tax expense $ 1,865 $ 3,849 Capital expenditures: American Public Education Segment $ 1,394 $ 1,566 Hondros College of Nursing Segment 33 104 Total Capital expenditures $ 1,427 $ 1,670
Summary of consolidated assets by reportable segment	A summary of the Company’s consolidated assets by reportable segment is as follows (current period unaudited): As of March 31, 2018 As of December 31, 2017 (In thousands) Assets: American Public Education Segment $ 294,315 $ 287,656 Hondros College of Nursing Segment 51,916 51,382 Total Assets $ 346,231 $ 339,038

Concentration (Tables)

Concentration (Tables)	3 Months Ended
	Mar. 31, 2018
American Public Education Segment
Concentration Risk [Line Items]
Summary of APEI segment revenue	A summary of APEI Segment revenue derived from APUS students by primary funding source for the three months ended March 31, 2018 and March 31, 2017 is included in the table below (unaudited). Three Months Ended 2018 2017 DoD tuition assistance programs 37% 37% Title IV programs 26% 27% VA education benefits 24% 22% Cash and other sources 13% 14%
Hondros College of Nursing Segment
Concentration Risk [Line Items]
Summary of APEI segment revenue	A summary of HCN Segment revenue derived from students by primary funding source for the three months ended March 31, 2018 and March 31, 2017 is included in the table below (unaudited). Three Months Ended 2018 2017 Title IV programs 82 % 84 % Cash and other sources 15 % 14 % VA education benefits 3 % 2 % 100 % 100 %

Nature of the Business (Details

Nature of the Business (Details)	3 Months Ended
	Mar. 31, 2018subsidiarystudentCampussegment
Segment Reporting Information [Line Items]
Number of students | student	84,700
Number of subsidiaries | subsidiary	2
Number of reportable segments | segment	2
Hondros College of Nursing Segment
Segment Reporting Information [Line Items]
Number of campuses | Campus	5

Summary of Significant Accoun24

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted cash	$ 2	$ 2.3
Equity method investment impairment	0.5
Accounting Standards Update 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity method investment impairment	$ 0.5

Summary of Significant Accoun25

Summary of Significant Accounting Policies - Schedule of New Accounting Pronouncements Impact on Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Jan. 01, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue	$ 74,967	$ 75,688
Deferred revenue	21,957		$ 19,753	$ 19,374
Deferred income taxes	7,131		6,180	6,281
Retained earnings	112,880		108,291	$ 108,569
Income tax expense	1,865	$ 3,849
Adjustment | Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue	(44)
Deferred revenue	(423)		379
Deferred income taxes	113		(101)
Retained earnings	310		$ (278)
Income tax expense	12
Balance without adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue	75,011
Deferred revenue	22,380
Deferred income taxes	7,244
Retained earnings	113,190
Income tax expense	$ 1,877

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Capitalized Contract Cost [Line Items]
Number of days of bill date to receive payment	30 days
Graduation fee per degree	$ 100
Contract assets	0		$ 0
Deferred contract costs	0		$ 0
Contract with customer, liability	22,000,000
Contract with customer, revenues in progress	13,000,000
Contract with customer,advanced consideration received for future services	9,000,000
Accounting Standards Update 2014-09 | Retained Earnings
Capitalized Contract Cost [Line Items]
Cumulative effect of new accounting principle		$ 278,000
APUS
Capitalized Contract Cost [Line Items]
Refund liability	15,000
HCN
Capitalized Contract Cost [Line Items]
Refund liability	$ 0

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 74,967
Instructional services, net of grants and scholarships
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	73,267
Graduation fees
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	276
Textbook and other course materials
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,122
Other fees
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	302
American Public Education Segment [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	65,668
American Public Education Segment [Member] | Instructional services, net of grants and scholarships
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	65,206
American Public Education Segment [Member] | Graduation fees
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	276
American Public Education Segment [Member] | Textbook and other course materials
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0
American Public Education Segment [Member] | Other fees
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	186
HCN
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	9,299
HCN | Instructional services, net of grants and scholarships
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	8,061
HCN | Graduation fees
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0
HCN | Textbook and other course materials
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,122
HCN | Other fees
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 116

- American Public University Sy

- American Public University System Tuition Refund Schedule (Details)	3 Months Ended
	Mar. 31, 2018
Eight Week Course
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Tuition refund percentage before or during week 1	100.00%
Tuition refund percentage during week 2	75.00%
Tuition refund percentage during weeks 3 and 4	50.00%
Tuition refund percentage during weeks 5 through 8	0.00%
Sixteen Week Course
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Tuition refund percentage before or during week 1	100.00%
Tuition refund percentage during week 2	100.00%
Tuition refund percentage during weeks 3 and 4	75.00%
Tuition refund percentage during weeks 5 through 8	50.00%
Tuition refund percentage during weeks 9 through 16	0.00%

Revenue - Hondros College of Nu

Revenue - Hondros College of Nursing Refund Schedule (Details)	3 Months Ended
	Mar. 31, 2018
Full Calendar Week
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Tuition refund percentage before full calendar week	100.00%
During Full Calendar Week
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Tuition refund percentage	75.00%
During Second Calendar Week
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Tuition refund percentage	50.00%
During Third Full Calendar Week
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Tuition refund percentage	25.00%
During Fourth Full Calendar Week
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Tuition refund percentage	0.00%

Property and Equipment (Details

Property and Equipment (Details)	3 Months Ended
	Mar. 31, 2018
PAD System Development
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years
Academic Program Development
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years

Investments (Details)

Investments (Details) - USD ($) $ in Millions	Oct. 24, 2017	Dec. 21, 2015	Mar. 31, 2018
Schedule of Equity Method Investments [Line Items]
Equity method investment impairment			$ 0.5
RallyPoint
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments	$ 0.3	$ 3.5
Equity method investment, ownership percentage		12.00%

Net Income Per Common Share (De

Net Income Per Common Share (Details) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Stock option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive stock options (in shares)	0	134,747

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income tax expense	$ 1,865	$ 3,849
Effective income tax rate	28.90%	46.10%
Additional income tax expense due to implementation of ASU 2016-09	$ 200	$ 500

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Restricted Stock and Restricted Stock Units Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 11.1
Unrecognized compensation cost, weighted average period	2 years 3 months
Minimum | Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options previously granted vesting period	3 years
Options previously granted expiration period	7 years
Maximum | Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options previously granted vesting period	5 years
Options previously granted expiration period	10 years
2017 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)		1,675,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Restricted Stock Awards Activity (Details) - Restricted Stock and Restricted Stock Units Awards	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Number of Shares
Non-vested, beginning balance (in shares) | shares	461,262
Shares granted (in shares) | shares	274,723
Vested shares (in shares) | shares	(191,280)
Shares forfeited (in shares) | shares	(9,254)
Non-vested, ending balance (in shares) | shares	535,451
Weighted-Average Grant Price and Fair Value
Non-vested, beginning balance (in dollars per share) | $ / shares	$ 20.91
Shares granted (in dollars per share) | $ / shares	25.60
Vested shares (in dollars per share) | $ / shares	20.95
Shares forfeited (in dollars per share) | $ / shares	23.04
Non-vested, ending balance (in dollars per share) | $ / shares	$ 23.23

Stock-Based Compensation - Su36

Stock-Based Compensation - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Number of Options
Outstanding, beginning balance (in shares)	109,616
Options granted (in shares)	0
Awards exercised (in shares)	0
Awards forfeited (in shares)	(109,616)
Outstanding, ending balance (in shares)	0	109,616
Exercisable, ending balance (in shares)	0
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 37.52
Options granted (in dollars per share)	0
Awards exercised (in dollars per share)	0
Awards forfeited (in dollars per share)	37.52
Outstanding, ending balance (in dollars per share)	0	$ 37.52
Exercisable, ending balance (in dollars per share)	$ 0
Weighted-Average Contractual Life and Aggregate Intrinsic Value
Weighted-average contractual life outstanding		4 days
Weighted-average contractual life exercisable
Aggregate intrinsic value outstanding	$ 0	$ 0
Aggregate intrinsic value exercisable	$ 0

Stock-Based Compensation - Su37

Stock-Based Compensation - Summary of Cost Charged Against Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense in operating income	$ 1,843	$ 1,246
Tax benefit	(490)	(494)
Stock-based compensation expense, net of tax	1,353	752
Instructional costs and services
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense in operating income	377	312
Selling and promotional
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense in operating income	240	175
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense in operating income	$ 1,226	$ 759

Segment Information - Narrative

Segment Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2018segment
Segment Reporting [Abstract]
Number of operating segments	2

Segment Information - Summary o

Segment Information - Summary of Financial Information by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue:
Total Revenue	$ 74,967	$ 75,688
Depreciation and amortization:
Total Depreciation and amortization	4,522	4,744
Income from operations before interest income and income taxes:
Total Income from operations before interest income and income taxes	6,162	8,307
Interest income, net:
Interest income	493	11
Income tax expense:
Total Income tax expense	1,865	3,849
Capital expenditures:
Total Capital expenditures	1,427	1,670
American Public Education Segment
Revenue:
Total Revenue	65,668	68,129
Depreciation and amortization:
Total Depreciation and amortization	4,168	4,406
Income from operations before interest income and income taxes:
Total Income from operations before interest income and income taxes	5,130	7,927
Interest income, net:
Interest income	485	11
Income tax expense:
Total Income tax expense	1,621	3,689
Capital expenditures:
Total Capital expenditures	1,394	1,566
Hondros College of Nursing Segment
Revenue:
Total Revenue	9,299	7,559
Depreciation and amortization:
Total Depreciation and amortization	354	338
Income from operations before interest income and income taxes:
Total Income from operations before interest income and income taxes	1,032	380
Interest income, net:
Interest income	8	0
Income tax expense:
Total Income tax expense	244	160
Capital expenditures:
Total Capital expenditures	$ 33	$ 104

Segment Information - Summary40

Segment Information - Summary of Consolidated Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets:
Total Assets	$ 346,231	$ 339,038
American Public Education Segment
Assets:
Total Assets	294,315	287,656
Hondros College of Nursing Segment
Assets:
Total Assets	$ 51,916	$ 51,382

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Mar. 28, 2018USD ($)
APUS
Loss Contingencies [Line Items]
Irrevocable letter of credit posted	$ 700

Concentration (Details)

Concentration (Details)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Concentration Risk [Line Items]
Percentage of students served in military on active duty at time of initial enrollment	54.00%
Customer Concentration Risk | Revenue | American Public Education Segment | DoD tuition assistance programs
Concentration Risk [Line Items]
Percentage of segment revenue	37.00%	37.00%
Customer Concentration Risk | Revenue | American Public Education Segment | Title IV programs
Concentration Risk [Line Items]
Percentage of segment revenue	26.00%	27.00%
Customer Concentration Risk | Revenue | American Public Education Segment | VA education benefits
Concentration Risk [Line Items]
Percentage of segment revenue	24.00%	22.00%
Customer Concentration Risk | Revenue | American Public Education Segment | Cash and other sources
Concentration Risk [Line Items]
Percentage of segment revenue	13.00%	14.00%
Customer Concentration Risk | Revenue | Hondros College of Nursing Segment
Concentration Risk [Line Items]
Percentage of segment revenue	100.00%	100.00%
Customer Concentration Risk | Revenue | Hondros College of Nursing Segment | Title IV programs
Concentration Risk [Line Items]
Percentage of segment revenue	82.00%	84.00%
Customer Concentration Risk | Revenue | Hondros College of Nursing Segment | VA education benefits
Concentration Risk [Line Items]
Percentage of segment revenue	3.00%	2.00%
Customer Concentration Risk | Revenue | Hondros College of Nursing Segment | Cash and other sources
Concentration Risk [Line Items]
Percentage of segment revenue	15.00%	14.00%