American Public Education (APEI) 10-Q 6 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 02, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Registrant Name	AMERICAN PUBLIC EDUCATION INC
Entity Central Index Key	0001201792
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Emerging Filing Entity	false
Entity Small Business	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		16,047,632

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash, cash equivalents, and restricted cash (Note 2)	$ 220,833	$ 212,131
Accounts receivable, net of allowance of $6,481 in 2019 and $6,648 in 2018	6,413	14,059
Prepaid expenses	7,943	5,482
Income tax receivable	4,762	898
Total current assets	239,951	232,570
Property and equipment, net	81,666	86,881
Operating lease assets, net	10,781
Investments	10,485	11,966
Goodwill	28,044	33,899
Other assets, net	5,157	5,642
Total assets	376,084	370,958
Current liabilities:
Accounts payable	4,923	9,110
Accrued compensation and benefits	9,488	13,100
Accrued liabilities	6,763	3,808
Deferred revenue and student deposits	19,054	18,310
Operating lease liabilities, current	1,963
Total current liabilities	42,191	44,328
Operating lease liabilities, long-term	9,182
Deferred income taxes	6,255	5,364
Total liabilities	57,628	49,692
Commitments and contingencies (Note 8)
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; 16,266 issued and outstanding in 2019; 16,425 issued and outstanding in 2018	163	164
Additional paid-in capital	187,979	187,172
Retained earnings	130,314	133,930
Total stockholders’ equity	318,456	321,266
Total liabilities and stockholders’ equity	$ 376,084	$ 370,958

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 6,481	$ 6,648
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)	16,266,000	16,425,000
Common stock, outstanding (in shares)	16,266,000	16,425,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Revenue	$ 70,560	$ 72,798	$ 144,001	$ 147,765
Costs and expenses:
Instructional costs and services	28,725	28,967	56,640	58,653
Selling and promotional	14,087	13,284	29,134	28,865
General and administrative	18,123	17,594	37,188	36,482
Loss on disposals of long-lived assets	4	558	130	686
Impairment of goodwill	0	0	5,855	0
Depreciation and amortization	3,943	4,347	7,994	8,869
Total costs and expenses	64,882	64,750	136,941	133,555
Income from operations before interest income and income taxes	5,678	8,048	7,060	14,210
Interest income, net	1,135	661	2,188	1,154
Income before income taxes	6,813	8,709	9,248	15,364
Income tax expense	1,898	2,280	1,835	4,145
Equity investment income (loss)	6	29	(1,481)	(172)
Net income	$ 4,921	$ 6,458	$ 5,932	$ 11,047
Net Income per common share:
Basic (in dollars per share)	$ 0.30	$ 0.39	$ 0.36	$ 0.67
Diluted (in dollars per share)	$ 0.30	$ 0.39	$ 0.36	$ 0.67
Weighted average number of common shares:
Basic (in shares)	16,511,522	16,408,408	16,522,304	16,384,234
Diluted (in shares)	16,652,544	16,645,863	16,671,405	16,611,177

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2017		16,267,814
Beginning balance at Dec. 31, 2017	$ 289,406	$ 163	$ 180,674	$ 108,569
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee benefit plans (in shares)		211,230
Issuance of common stock under employee benefit plans	0	$ 2	(2)
Repurchased shares of common and restricted stock from stockholders (in shares)		(61,215)
Repurchased shares of common and restricted stock from stockholders	(1,616)	$ (1)	(1,615)
Stock-based compensation	4,550		4,550
Net income	11,047			11,047
Ending balance (in shares) at Jun. 30, 2018		16,417,829
Ending balance at Jun. 30, 2018	303,109	$ 164	183,607	119,338
Beginning balance (in shares) at Dec. 31, 2018		16,424,785
Beginning balance at Dec. 31, 2018	321,266	$ 164	187,172	133,930
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee benefit plans (in shares)		251,845
Issuance of common stock under employee benefit plans	0	$ 3	(3)
Repurchased shares of common and restricted stock from stockholders (in shares)		(83,214)
Repurchased shares of common and restricted stock from stockholders	(2,510)	$ (1)	(2,509)
Stock-based compensation	3,319		3,319
Repurchased and retired shares of common stock (in shares)		(327,461)
Repurchased and retired shares of common stock	(9,551)	$ (3)		(9,548)
Net income	5,932			5,932
Ending balance (in shares) at Jun. 30, 2019		16,265,955
Ending balance at Jun. 30, 2019	$ 318,456	$ 163	$ 187,979	$ 130,314

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating activities
Net income	$ 5,932	$ 11,047
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,994	8,869
Stock-based compensation	3,319	3,440
Equity investment loss	1,481	172
Deferred income taxes	891	972
Loss on disposals of long-lived assets	130	686
Impairment of goodwill	5,855	0
Other	62	259
Changes in operating assets and liabilities:
Accounts receivable, net of allowance for bad debt	7,646	137
Prepaid expenses	(2,407)	(1,419)
Income tax receivable/payable	(3,864)	(5,166)
Operating leases, net	364
Other assets	292	345
Accounts payable	(4,187)	(2,298)
Accrued compensation and benefits	(3,612)	874
Accrued liabilities	3,080	1,366
Deferred revenue and student deposits	744	282
Net cash provided by operating activities	23,720	19,566
Investing activities
Capital expenditures	(2,957)	(3,559)
Net cash used in investing activities	(2,957)	(3,559)
Financing activities
Cash paid for repurchase of common stock	(12,061)	(1,615)
Net cash used in financing activities	(12,061)	(1,615)
Net increase in cash, cash equivalents, and restricted cash	8,702	14,392
Cash, cash equivalents, and restricted cash at beginning of period	212,131	179,205
Cash, cash equivalents, and restricted cash at end of period	220,833	193,597
Supplemental disclosure of cash flow information
Income taxes paid	$ 4,809	$ 5,409

Nature of the Business

Nature of the Business	6 Months Ended
	Jun. 30, 2019
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 81,800 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 and several of its academic programs have specialized accreditation granted by industry-governing organizations. • 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 to serve the needs of the nursing and healthcare communities. HCN is nationally accredited by the Accrediting Bureau for Health Education Schools, or ABHES. 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	6 Months Ended
	Jun. 30, 2019
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. Certain prior period amounts have been reclassified for comparative purposes to conform to the 2019 presentation. 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 financial position, results of operations, 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, 2019 . 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 the Annual Report on Form 10-K for the year ended December 31, 2018 , or the Annual Report. Use of Estimates In preparing financial statements in conformity with GAAP, the Company is required to make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, and various other assumptions that the Company believes are reasonable under the circumstances. Actual results may differ from these estimates. Restricted Cash Cash, cash equivalents, and restricted cash 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 the applicable institution’s program participation agreement with ED. Restricted cash on the Company’s Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018 was $1.7 million . Changes in restricted cash that represent funds held for students as described above are included in cash flows from operating activities on the Consolidated Statements of Cash Flows because these restricted funds are a core activity of operations. Leases In February 2016, the Financial Accounting Standards Board, of FASB, issued Accounting Standards Update, or ASU, No. 2016-02, Leases (Topic 842) . This standard requires entities to recognize most operating leases on their balance sheets as right-of-use assets, or ROU assets, with a corresponding lease liability, in addition to disclosing certain key information about leasing arrangements. The Company adopted the standard effective January 1, 2019 using the cumulative-effect adjustment transition method, which applies the provisions of the standard at the effective date without adjusting the comparative periods presented. The Company adopted the following practical expedients and elected the following accounting policies related to this standard: • Carry forward of historical lease classification; • Short-term lease accounting policy election allowing lessees to not recognize ROU assets and lease liabilities for leases with a term of 12 months or less; and • Not separate lease and non-lease components for office space and campus leases. The adoption of this standard resulted in the recognition of operating lease ROU assets and corresponding lease liabilities of approximately $12.1 million on the Consolidated Balance Sheet as of January 1, 2019 . There was no impact to the Company’s net income or liquidity as a result of the adoption of this ASU. Disclosures related to the amount, timing, and uncertainty of cash flows arising from leases are included in “Note 4. Leases” below. Investments The Company accounts for its investments in less than majority owned companies in accordance with FASB Accounting Standards Codification, or ASC, 323, Investments - Equity Method and Joint Ventures and FASB ASC 321, Investments - Equity Securities . The Company applies the equity method to investments when it has the ability to exercise significant influence, but does not control the operating and financial policies of the company. This is generally represented by equity ownership of at least 20 percent but not more than 50 percent. Investments accounted for under the equity method are initially recorded at cost and subsequently adjusted by the Company’s share of equity in income or losses after the date of acquisition. The pro rata share of the operating results of the investee is reported in the Consolidated Statements of Income as “Equity investment income (loss).” Investments that do not meet the equity method requirements are accounted for under ASC 321, Investments - Equity Securities, with changes in the fair value of the investment reported in the Consolidated Statements of Income as “Equity investment income (loss).” The Company periodically evaluates equity method investments for indicators of other-than-temporary impairments. Factors the Company considers when evaluating for other-than-temporary impairments include the duration and severity of the impairment, the reasons for the decline in value, and the potential recovery period. For an investee with impairment indicators, the Company measures fair value on the basis of discounted cash flows or other appropriate valuation methods. If it is probable that the Company will not recover the carrying amount of the investment, the impairment is considered other-than-temporary and recorded in equity earnings, and the equity investment balance is reduced to its fair value. Each reporting period the Company evaluates its cost method investments for observable prices changes. Factors the Company may consider when evaluating an observable price may include significant changes in the regulatory, economic or technological environment, changes in the general market condition, bona fide offers to purchase or sell similar investments, and other criteria. On September 30, 2012, the Company made an investment in preferred stock, treated as in-substance common stock, of NWHW Holdings, Inc., or NWHW Holdings, representing approximately 20% of the fully diluted equity of NWHW Holdings. During the three months ended March 31, 2019, the Company determined that it no longer qualified to account for its investment in NWHW Holdings under the equity method of accounting because at this time the Company is unable to exercise significant influence over operating and financial policies of NWHW Holdings. The Company has elected to account for the investment under ASC 321, Equity Investments . Earnings or losses that relate to the stock retained and that were previously accrued remain as part of the carrying amount of the investment. As of June 30, 2019 and December 31, 2018 , the carrying value of the investment was $5.2 million and $6.7 million , respectively. Stock-based compensation Stock-based compensation expense related to restricted stock grants is recognized over the vesting period using the straight-line method for the Company’s 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 the grant. The Company estimates forfeitures of stock-based awards at the time of grant and revises such estimates in subsequent periods if actual forfeitures differ from the original estimates. Additionally, judgment is required in estimating the percentage of share-based awards that are expected to vest, and in the case of performance stock units, the level of performance that will be achieved and the number of shares that will be earned. If actual results differ significantly from these estimates, stock-based compensation expense could be higher or lower and have a material impact on the Company’s consolidated financial statements. 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. Stock-based compensation expense for the three and six months ended June 30, 2019 and 2018 is as follows (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 (Unaudited) Instructional costs and services $ 406 $ 411 $ 809 $ 788 Selling and promotional 199 22 393 262 General and administrative 1,025 1,164 2,117 2,390 Stock-based compensation expense in operating income $ 1,630 $ 1,597 $ 3,319 $ 3,440 Incentive-based compensation The Company provides incentive-based compensation opportunities to certain employees through cash incentive and equity awards. The expense associated with these awards is reflected within the Company’s operating expenses. For the years ending December 31, 2019 and 2018, the Company’s Compensation Committee has approved an annual incentive arrangement for senior management employees. The aggregate amount of any awards payable is dependent upon the achievement of certain Company financial and operational goals, as well as individual performance goals. Given that the awards are generally contingent upon achieving annual objectives, determination regarding current year incentive awards is not expected to be made until after the results for the year ending December 31, 2019 are finalized. Because assessing actual performance against many of these objectives cannot generally occur until at or near year-end, determining the amount of expense that the Company incurs in its interim financial statements for incentive-based compensation involves the judgment of management. Amounts accrued are subject to change in future interim periods if actual future financial results or operational performance are better or worse than expected. The Company recognized an aggregate expense associated with the Company’s incentive-based compensation plans of approximately $0.7 million and $1.4 million during the three and six month periods ended June 30, 2019 , respectively, compared to an aggregate expense of $1.4 million and $2.5 million during the three and six month periods ended June 30, 2018 , respectively. 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. Recent Accounting Pronouncements The Company considers the applicability and impact of all ASUs issued by the FASB. All other ASUs issued subsequent to the filing of the Annual Report on March 12, 2019 were assessed and determined to be either inapplicable or not expected to have a material impact on the Company’s consolidated financial position and/or results of operations.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue	Revenue 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 (in thousands): Three Months Ended June 30, 2019 (Unaudited) APEI HCN Intersegment Consolidated Instructional services, net of grants and scholarships $ 62,973 $ 6,238 $ (29 ) $ 69,182 Graduation fees 274 — — 274 Textbook and other course materials — 799 — 799 Other fees 201 104 — 305 Total Revenue $ 63,448 $ 7,141 $ (29 ) $ 70,560 Three Months Ended June 30, 2018 (Unaudited) APEI HCN Intersegment Consolidated Instructional services, net of grants and scholarships $ 63,204 $ 7,925 $ — $ 71,129 Graduation fees 296 — — 296 Textbook and other course materials — 1,055 — 1,055 Other fees 192 126 — 318 Total Revenue $ 63,692 $ 9,106 $ — $ 72,798 Six Months Ended June 30, 2019 (Unaudited) APEI HCN Intersegment Consolidated Instructional services, net of grants and scholarships $ 128,171 $ 13,013 $ (56 ) $ 141,128 Graduation fees 584 — — 584 Textbook and other course materials — 1,661 — 1,661 Other fees 414 214 — 628 Total Revenue $ 129,169 $ 14,888 $ (56 ) $ 144,001 Six Months Ended June 30, 2018 (Unaudited) APEI HCN Intersegment Consolidated Instructional services, net of grants and scholarships $ 128,410 $ 15,986 $ — $ 144,396 Graduation fees 572 — — 572 Textbook and other course materials — 2,177 — 2,177 Other fees 378 242 — 620 Total Revenue $ 129,360 $ 18,405 $ — $ 147,765 Effective January 1, 2019, the APEI Segment began charging the HCN Segment for the value of courses taken by HCN Segment employees at American Public University System. The intersegment revenue elimination is the elimination of this intersegment revenue in consolidation. Contract Balances and Performance Obligations The Company has no contract assets or deferred contract costs as of June 30, 2019 and December 31, 2018 . The Company recognizes a contract liability, or deferred revenue, when a student begins an online course or term, in the case of APUS, or starts a term, in the case of HCN. Deferred revenue at June 30, 2019 was $19.1 million and includes $10.7 million in future revenue that has not yet been earned for courses and terms that are in progress, as well as $8.4 million in consideration received in advance for future courses or terms, or student deposits. Deferred revenue at December 31, 2018 was $18.3 million and includes $9.9 million in future revenue that has not yet been earned for courses and terms that are in progress, as well as $8.4 million in student deposits. Deferred revenue 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, not to disclose additional information about 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.

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	Leases The Company has operating leases for office space and campus facilities. Some leases include options to terminate or extend for one or more years. These options are included in the lease term when it is reasonably certain that the option will be exercised. The APEI Segment leases corporate and administrative office space in Maryland and Virginia under operating leases that expire through June 2023. The HCN Segment leases administrative office space and five campuses in Ohio under operating leases that expire through June 2029. Operating lease assets are ROU assets, which represent the right to use an underlying asset for the lease term. Operating lease liabilities represent the obligation to make lease payments arising from the lease. Operating leases are included in the Operating lease assets, net, and Operating lease liabilities, current and long-term on the Consolidated Balance Sheet at June 30, 2019 . These assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. When the lease does not provide an implicit interest rate, the Company uses an incremental borrowing rate based on information available at lease commencement to determine the present value of the lease payments. The ROU asset includes all lease payments made and excludes lease incentives. Lease expense for operating leases is recognized on a straight-line basis over the lease term. There are no variable lease payments. Lease expense for the three and six month periods ended June 30, 2019 was $0.6 million and $1.2 million, respectively. These costs are primarily related to long-term operating leases, but also include amounts for short-term leases with terms greater than 30 days that are not material. The following tables present information about the amount and timing of cash flows arising from the Company’s operating leases as of June 30, 2019 (dollars in thousands): Maturity of Lease Liabilities Lease Payments 2019 (remaining) $ 1,235 2020 2,517 2021 2,537 2022 2,481 2023 1,523 2024 566 2025 and beyond 2,239 Total future minimum lease payments 13,098 Less imputed interest (1,953 ) Present value of operating lease liabilities $ 11,145 Balance Sheet Classification Operating lease liabilities, current $ 1,963 Operating lease liabilities, long-term 9,182 Total operating lease liabilities $ 11,145 Other Information Weighted average remaining lease term (in years) 6.0 Weighted average discount rate 5.1 % In May 2019, HCN entered into a lease agreement for a new campus location in Indianapolis, Indiana. The lease term begins in October 2019 for a 62 month period expiring in November 2024, with an option for an additional five year renewal. The total value of the minimum rental payments for the initial term of the lease is $1.8 million . Cash Flows An initial ROU asset of $11.8 million was recognized as a non-cash asset addition with the adoption of the standard. There were no additional ROU assets recognized as non-cash asset additions during the three and six month periods ended June 30, 2019 . Cash paid for amounts included in the present value of operating lease liabilities at adoption during the three and six month periods ended June 30, 2019 was $0.6 million and $1.2 million, respectively, and is included in operating cash flows.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets During the three months ended March 31, 2019, the Company completed a qualitative assessment to determine if an interim goodwill impairment test was necessary. The Company concluded it was more likely than not the fair value of HCN was less than its carrying amount as a result of circumstances that included HCN’s underperformance against 2019 internal targets and overall 2019 financial performance. Therefore, the Company proceeded with a quantitative impairment test as of March 31, 2019. The implied fair value of goodwill was calculated and compared to the recorded goodwill, and the Company determined the fair value of goodwill was $28.0 million , or $5.9 million less than its carrying value. There was no impairment of the intangible assets. As a result, the Company recorded a pretax, non-cash charge of $5.9 million to reduce the carrying value of its goodwill in the HCN Segment during the three months ended March 31, 2019. The Company utilized an independent valuation firm to determine the fair value of HCN. The independent valuation firm weighted the results of four different valuation methods: (1) discounted cash flows; (2) guideline company; (3) guideline transaction for comparable transactions; and (4) guideline transaction for private equity transactions. Under the income approach, fair value was determined based on estimated discounted future cash flows of HCN. The cash flows were discounted by an estimated risk weighted-average cost of capital, which was intended to reflect the overall level of inherent risk of HCN. Under the market approach, pricing terms from other transactions in the higher education market were used to determine the value of HCN. Values derived under the four valuation methods were then weighted to estimate HCN’s enterprise value. The goodwill impairment charge recorded in the quarter ended March 31, 2019 eliminated the difference between the fair value of goodwill and the book value of goodwill. As such, future changes, including even minor changes in revenue, operating income, valuation multiples, discount rates, and other inputs to the valuation process may result in future impairment charges and those charges could be material. Determining the fair value of HCN requires judgment and the use of significant estimates and assumptions, including fluctuations in enrollments, revenue growth rates, operating margins, discount rates and future economic market conditions, among others. Given the current competitive and regulatory environment, and the uncertainties regarding the related impact on HCN’s business, there can be no assurance that the estimates and assumptions made for purposes of the Company’s interim and annual goodwill impairment tests will prove to be accurate predictions of the future. If the Company’s assumptions are not realized, the Company may record additional goodwill impairment charges in future periods. It is not possible at this time to determine if any such future impairment charge would result or whether such charge would be material. For additional information on goodwill and intangible assets see the Company’s Consolidated Financial Statements and accompanying notes in its audited financial statements included in the Annual Report.

Net Income Per Common Share

Net Income Per Common Share	6 Months Ended
	Jun. 30, 2019
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 restricted stock awards. The table below reflects the calculation of the weighted average number of common shares outstanding, on an as if converted basis, used in computing basic and diluted net income per common share. Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (Unaudited) Basic weighted average shares outstanding 16,512 16,408 16,522 16,384 Effect of dilutive restricted stock 141 238 149 227 Diluted weighted average shares outstanding 16,653 16,646 16,671 16,611 Share awards are not included in the computation of diluted net income per share when their effect is anti-dilutive. There were 12,774 and 37,738 anti-dilutive restricted stock awards excluded from the calculation for the three and six month periods ended June 30, 2019 , respectively, compared to 36,861 and 47,181 anti-dilutive restricted stock awards excluded from the calculation for the three and six month periods ended June 30, 2018 , respectively.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2019
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 and HCN Segments. A summary of financial information by reportable segment is as follows (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 (Unaudited) (Unaudited) Revenue: American Public Education Segment $ 63,448 $ 63,692 $ 129,169 $ 129,360 Hondros College of Nursing Segment 7,141 9,106 14,888 18,405 Intersegment elimination (29 ) — (56 ) — Total Revenue $ 70,560 $ 72,798 $ 144,001 $ 147,765 Depreciation and amortization: American Public Education Segment $ 3,688 $ 3,988 $ 7,470 $ 8,156 Hondros College of Nursing Segment 255 359 524 713 Total Depreciation and amortization $ 3,943 $ 4,347 $ 7,994 $ 8,869 Income (loss) from operations before interest income and income taxes: American Public Education Segment $ 6,589 $ 7,169 $ 14,111 $ 12,299 Hondros College of Nursing Segment (910 ) 879 (7,056 ) 1,911 Intersegment elimination (1 ) — 5 — Total Income from operations before interest income and income taxes $ 5,678 $ 8,048 $ 7,060 $ 14,210 Interest income, net: American Public Education Segment $ 1,123 $ 645 $ 2,170 $ 1,130 Hondros College of Nursing Segment 12 16 18 24 Total Interest income, net $ 1,135 $ 661 $ 2,188 $ 1,154 Income tax expense (benefit): American Public Education Segment $ 2,132 $ 2,066 $ 3,798 $ 3,687 Hondros College of Nursing Segment (234 ) 214 (1,963 ) 458 Total Income tax expense (benefit) $ 1,898 $ 2,280 $ 1,835 $ 4,145 Capital expenditures: American Public Education Segment $ 1,229 $ 1,756 $ 2,574 $ 3,389 Hondros College of Nursing Segment 143 137 383 170 Total Capital expenditures $ 1,372 $ 1,893 $ 2,957 $ 3,559 A summary of the Company’s consolidated assets by reportable segment is as follows (in thousands): As of June 30, 2019 As of December 31, 2018 (Unaudited) Assets: American Public Education Segment $ 324,451 $ 322,523 Hondros College of Nursing Segment 51,633 48,435 Total Assets $ 376,084 $ 370,958

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
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.

Concentration

Concentration	6 Months Ended
	Jun. 30, 2019
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 benefit programs; 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 operations. As of June 30, 2019 approximately 56% 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 students by primary funding source for the three and six month periods ended June 30, 2019 and 2018 is included in the table below (unaudited): Three Months Ended Six Months Ended 2019 2018 2019 2018 DoD tuition assistance programs 40% 36% 40% 36% Title IV programs 24% 26% 24% 26% VA education benefits 23% 24% 22% 24% Cash and other sources 13% 14% 14% 14% A summary of HCN Segment revenue derived from students by primary funding source for the three and six month periods ended June 30, 2019 and 2018 is included in the table below (unaudited): Three Months Ended Six Months Ended 2019 2018 2019 2018 Title IV programs 80% 83% 80% 83% Cash and other sources 18% 15% 18% 15% VA education benefits 2% 2% 2% 2%

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
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. Certain prior period amounts have been reclassified for comparative purposes to conform to the 2019 presentation.
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 In preparing financial statements in conformity with GAAP, the Company is required to make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, and various other assumptions that the Company believes are reasonable under the circumstances. Actual results may differ from these estimates.
Restricted Cash	Restricted Cash Cash, cash equivalents, and restricted cash 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 the applicable institution’s program participation agreement with ED. Restricted cash on the Company’s Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018 was $1.7 million . Changes in restricted cash that represent funds held for students as described above are included in cash flows from operating activities on the Consolidated Statements of Cash Flows because these restricted funds are a core activity of operations.
Leases	Leases In February 2016, the Financial Accounting Standards Board, of FASB, issued Accounting Standards Update, or ASU, No. 2016-02, Leases (Topic 842) . This standard requires entities to recognize most operating leases on their balance sheets as right-of-use assets, or ROU assets, with a corresponding lease liability, in addition to disclosing certain key information about leasing arrangements. The Company adopted the standard effective January 1, 2019 using the cumulative-effect adjustment transition method, which applies the provisions of the standard at the effective date without adjusting the comparative periods presented. The Company adopted the following practical expedients and elected the following accounting policies related to this standard: • Carry forward of historical lease classification; • Short-term lease accounting policy election allowing lessees to not recognize ROU assets and lease liabilities for leases with a term of 12 months or less; and • Not separate lease and non-lease components for office space and campus leases. The adoption of this standard resulted in the recognition of operating lease ROU assets and corresponding lease liabilities of approximately $12.1 million on the Consolidated Balance Sheet as of January 1, 2019 . There was no impact to the Company’s net income or liquidity as a result of the adoption of this ASU.
Investments	Investments The Company accounts for its investments in less than majority owned companies in accordance with FASB Accounting Standards Codification, or ASC, 323, Investments - Equity Method and Joint Ventures and FASB ASC 321, Investments - Equity Securities . The Company applies the equity method to investments when it has the ability to exercise significant influence, but does not control the operating and financial policies of the company. This is generally represented by equity ownership of at least 20 percent but not more than 50 percent. Investments accounted for under the equity method are initially recorded at cost and subsequently adjusted by the Company’s share of equity in income or losses after the date of acquisition. The pro rata share of the operating results of the investee is reported in the Consolidated Statements of Income as “Equity investment income (loss).” Investments that do not meet the equity method requirements are accounted for under ASC 321, Investments - Equity Securities, with changes in the fair value of the investment reported in the Consolidated Statements of Income as “Equity investment income (loss).” The Company periodically evaluates equity method investments for indicators of other-than-temporary impairments. Factors the Company considers when evaluating for other-than-temporary impairments include the duration and severity of the impairment, the reasons for the decline in value, and the potential recovery period. For an investee with impairment indicators, the Company measures fair value on the basis of discounted cash flows or other appropriate valuation methods. If it is probable that the Company will not recover the carrying amount of the investment, the impairment is considered other-than-temporary and recorded in equity earnings, and the equity investment balance is reduced to its fair value. Each reporting period the Company evaluates its cost method investments for observable prices changes. Factors the Company may consider when evaluating an observable price may include significant changes in the regulatory, economic or technological environment, changes in the general market condition, bona fide offers to purchase or sell similar investments, and other criteria. On September 30, 2012, the Company made an investment in preferred stock, treated as in-substance common stock, of NWHW Holdings, Inc., or NWHW Holdings, representing approximately 20% of the fully diluted equity of NWHW Holdings. During the three months ended March 31, 2019, the Company determined that it no longer qualified to account for its investment in NWHW Holdings under the equity method of accounting because at this time the Company is unable to exercise significant influence over operating and financial policies of NWHW Holdings. The Company has elected to account for the investment under ASC 321, Equity Investments . Earnings or losses that relate to the stock retained and that were previously accrued remain as part of the carrying amount of the investment.
Stock-based and incentive-based compensation	Incentive-based compensation The Company provides incentive-based compensation opportunities to certain employees through cash incentive and equity awards. The expense associated with these awards is reflected within the Company’s operating expenses. For the years ending December 31, 2019 and 2018, the Company’s Compensation Committee has approved an annual incentive arrangement for senior management employees. The aggregate amount of any awards payable is dependent upon the achievement of certain Company financial and operational goals, as well as individual performance goals. Given that the awards are generally contingent upon achieving annual objectives, determination regarding current year incentive awards is not expected to be made until after the results for the year ending December 31, 2019 are finalized. Because assessing actual performance against many of these objectives cannot generally occur until at or near year-end, determining the amount of expense that the Company incurs in its interim financial statements for incentive-based compensation involves the judgment of management. Amounts accrued are subject to change in future interim periods if actual future financial results or operational performance are better or worse than expected. Stock-based compensation Stock-based compensation expense related to restricted stock grants is recognized over the vesting period using the straight-line method for the Company’s 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 the grant. The Company estimates forfeitures of stock-based awards at the time of grant and revises such estimates in subsequent periods if actual forfeitures differ from the original estimates. Additionally, judgment is required in estimating the percentage of share-based awards that are expected to vest, and in the case of performance stock units, the level of performance that will be achieved and the number of shares that will be earned. If actual results differ significantly from these estimates, stock-based compensation expense could be higher or lower and have a material impact on the Company’s consolidated financial statements. 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.
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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company considers the applicability and impact of all ASUs issued by the FASB. All other ASUs issued subsequent to the filing of the Annual Report on March 12, 2019 were assessed and determined to be either inapplicable or not expected to have a material impact on the Company’s consolidated financial position and/or results of 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 costs and expenses, associated with any such contingency.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Summary of stock-based compensation cost charged against income	Stock-based compensation expense for the three and six months ended June 30, 2019 and 2018 is as follows (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 (Unaudited) Instructional costs and services $ 406 $ 411 $ 809 $ 788 Selling and promotional 199 22 393 262 General and administrative 1,025 1,164 2,117 2,390 Stock-based compensation expense in operating income $ 1,630 $ 1,597 $ 3,319 $ 3,440

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	The table also includes a reconciliation of the disaggregated revenue with the reportable segments (in thousands): Three Months Ended June 30, 2019 (Unaudited) APEI HCN Intersegment Consolidated Instructional services, net of grants and scholarships $ 62,973 $ 6,238 $ (29 ) $ 69,182 Graduation fees 274 — — 274 Textbook and other course materials — 799 — 799 Other fees 201 104 — 305 Total Revenue $ 63,448 $ 7,141 $ (29 ) $ 70,560 Three Months Ended June 30, 2018 (Unaudited) APEI HCN Intersegment Consolidated Instructional services, net of grants and scholarships $ 63,204 $ 7,925 $ — $ 71,129 Graduation fees 296 — — 296 Textbook and other course materials — 1,055 — 1,055 Other fees 192 126 — 318 Total Revenue $ 63,692 $ 9,106 $ — $ 72,798 Six Months Ended June 30, 2019 (Unaudited) APEI HCN Intersegment Consolidated Instructional services, net of grants and scholarships $ 128,171 $ 13,013 $ (56 ) $ 141,128 Graduation fees 584 — — 584 Textbook and other course materials — 1,661 — 1,661 Other fees 414 214 — 628 Total Revenue $ 129,169 $ 14,888 $ (56 ) $ 144,001 Six Months Ended June 30, 2018 (Unaudited) APEI HCN Intersegment Consolidated Instructional services, net of grants and scholarships $ 128,410 $ 15,986 $ — $ 144,396 Graduation fees 572 — — 572 Textbook and other course materials — 2,177 — 2,177 Other fees 378 242 — 620 Total Revenue $ 129,360 $ 18,405 $ — $ 147,765

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Minimum rental commitments	The following tables present information about the amount and timing of cash flows arising from the Company’s operating leases as of June 30, 2019 (dollars in thousands): Maturity of Lease Liabilities Lease Payments 2019 (remaining) $ 1,235 2020 2,517 2021 2,537 2022 2,481 2023 1,523 2024 566 2025 and beyond 2,239 Total future minimum lease payments 13,098 Less imputed interest (1,953 ) Present value of operating lease liabilities $ 11,145 Balance Sheet Classification Operating lease liabilities, current $ 1,963 Operating lease liabilities, long-term 9,182 Total operating lease liabilities $ 11,145
Schedule of information related to leases	Other Information Weighted average remaining lease term (in years) 6.0 Weighted average discount rate 5.1 %

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Schedule of earnings per share	The table below reflects the calculation of the weighted average number of common shares outstanding, on an as if converted basis, used in computing basic and diluted net income per common share. Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (Unaudited) Basic weighted average shares outstanding 16,512 16,408 16,522 16,384 Effect of dilutive restricted stock 141 238 149 227 Diluted weighted average shares outstanding 16,653 16,646 16,671 16,611

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Summary of financial information by reportable segment	A summary of financial information by reportable segment is as follows (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 (Unaudited) (Unaudited) Revenue: American Public Education Segment $ 63,448 $ 63,692 $ 129,169 $ 129,360 Hondros College of Nursing Segment 7,141 9,106 14,888 18,405 Intersegment elimination (29 ) — (56 ) — Total Revenue $ 70,560 $ 72,798 $ 144,001 $ 147,765 Depreciation and amortization: American Public Education Segment $ 3,688 $ 3,988 $ 7,470 $ 8,156 Hondros College of Nursing Segment 255 359 524 713 Total Depreciation and amortization $ 3,943 $ 4,347 $ 7,994 $ 8,869 Income (loss) from operations before interest income and income taxes: American Public Education Segment $ 6,589 $ 7,169 $ 14,111 $ 12,299 Hondros College of Nursing Segment (910 ) 879 (7,056 ) 1,911 Intersegment elimination (1 ) — 5 — Total Income from operations before interest income and income taxes $ 5,678 $ 8,048 $ 7,060 $ 14,210 Interest income, net: American Public Education Segment $ 1,123 $ 645 $ 2,170 $ 1,130 Hondros College of Nursing Segment 12 16 18 24 Total Interest income, net $ 1,135 $ 661 $ 2,188 $ 1,154 Income tax expense (benefit): American Public Education Segment $ 2,132 $ 2,066 $ 3,798 $ 3,687 Hondros College of Nursing Segment (234 ) 214 (1,963 ) 458 Total Income tax expense (benefit) $ 1,898 $ 2,280 $ 1,835 $ 4,145 Capital expenditures: American Public Education Segment $ 1,229 $ 1,756 $ 2,574 $ 3,389 Hondros College of Nursing Segment 143 137 383 170 Total Capital expenditures $ 1,372 $ 1,893 $ 2,957 $ 3,559
Summary of consolidated assets by reportable segment	A summary of the Company’s consolidated assets by reportable segment is as follows (in thousands): As of June 30, 2019 As of December 31, 2018 (Unaudited) Assets: American Public Education Segment $ 324,451 $ 322,523 Hondros College of Nursing Segment 51,633 48,435 Total Assets $ 376,084 $ 370,958

Concentration (Tables)

Concentration (Tables)	6 Months Ended
	Jun. 30, 2019
American Public Education Segment
Concentration Risk [Line Items]
Summary of APEI segment revenue	A summary of APEI Segment revenue derived from students by primary funding source for the three and six month periods ended June 30, 2019 and 2018 is included in the table below (unaudited): Three Months Ended Six Months Ended 2019 2018 2019 2018 DoD tuition assistance programs 40% 36% 40% 36% Title IV programs 24% 26% 24% 26% VA education benefits 23% 24% 22% 24% Cash and other sources 13% 14% 14% 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 and six month periods ended June 30, 2019 and 2018 is included in the table below (unaudited): Three Months Ended Six Months Ended 2019 2018 2019 2018 Title IV programs 80% 83% 80% 83% Cash and other sources 18% 15% 18% 15% VA education benefits 2% 2% 2% 2%

Nature of the Business (Details

Nature of the Business (Details)	6 Months Ended
	Jun. 30, 2019subsidiarystudentcampussegment
Segment Reporting Information [Line Items]
Number of students | student	81,800
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 Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jan. 01, 2019	Dec. 31, 2018	Sep. 30, 2012
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Restricted cash	$ 1,700		$ 1,700			$ 1,700
Right-of-use asset	10,781		10,781		$ 11,800
Lease liability	11,145		11,145
Stock-based compensation expense in operating income	1,630	$ 1,597	3,319	$ 3,440
Carrying value of investment	5,200		5,200			$ 6,700
Operating Expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense in operating income	$ 700	$ 1,400	$ 1,400	$ 2,500
NWHW Holdings
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Percentage of full diluted equity							20.00%
ASU 2016-02
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Right-of-use asset					12,100
Lease liability					$ 12,100

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock-based compensation expense in operating income	$ 1,630	$ 1,597	$ 3,319	$ 3,440
Instructional costs and services
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock-based compensation expense in operating income	406	411	809	788
Selling and promotional
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock-based compensation expense in operating income	199	22	393	262
General and administrative
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock-based compensation expense in operating income	$ 1,025	$ 1,164	$ 2,117	$ 2,390

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 70,560	$ 72,798	$ 144,001	$ 147,765
Instructional services, net of grants and scholarships
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	69,182	71,129	141,128	144,396
Graduation fees
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	274	296	584	572
Textbook and other course materials
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	799	1,055	1,661	2,177
Other fees
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	305	318	628	620
Intersegment
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(29)	0	(56)	0
Intersegment | Instructional services, net of grants and scholarships
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(29)	0	(56)	0
Intersegment | Graduation fees
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Intersegment | Textbook and other course materials
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Intersegment | Other fees
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
APEI | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	63,448	63,692	129,169	129,360
APEI | Operating Segments | Instructional services, net of grants and scholarships
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	62,973	63,204	128,171	128,410
APEI | Operating Segments | Graduation fees
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	274	296	584	572
APEI | Operating Segments | Textbook and other course materials
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
APEI | Operating Segments | Other fees
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	201	192	414	378
HCN | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	7,141	9,106	14,888	18,405
HCN | Operating Segments | Instructional services, net of grants and scholarships
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	6,238	7,925	13,013	15,986
HCN | Operating Segments | Graduation fees
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
HCN | Operating Segments | Textbook and other course materials
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	799	1,055	1,661	2,177
HCN | Operating Segments | Other fees
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 104	$ 126	$ 214	$ 242

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Capitalized Contract Cost [Line Items]
Contract assets	$ 0	$ 0
Deferred revenue and student deposits	19,054,000	18,310,000
Courses and Terms in Progress
Capitalized Contract Cost [Line Items]
Contract with customer, liability	10,700,000	9,900,000
Future Courses and Terms
Capitalized Contract Cost [Line Items]
Contract with customer, liability	$ 8,400,000	$ 8,400,000

Leases - Narrative (Details)

Leases - Narrative (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)campus	May 31, 2019USD ($)	Jan. 01, 2019USD ($)
Segment Reporting Information [Line Items]
Lease expense	$ 600,000	$ 1,200,000
Lease term			62 months
Optional lease term renewal			5 years
Minimum rental payments of the initial term of the lease	13,098,000	13,098,000	$ 1,800,000
Right-of-use asset	10,781,000	10,781,000		$ 11,800,000
Additional right-of-use assets recognized	0	0
Present value of operating lease liabilities	$ 600,000	$ 1,200,000
Hondros College of Nursing Segment
Segment Reporting Information [Line Items]
Number of campuses | campus		5

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	May 31, 2019
Leases [Abstract]
2019 (remaining)	$ 1,235
2020	2,517
2021	2,537
2022	2,481
2023	1,523
2024	566
2025 and beyond	2,239
Total future minimum lease payments	13,098	$ 1,800
Less imputed interest	(1,953)
Present value of operating lease liabilities	11,145
Operating lease liabilities, current	1,963
Operating lease liabilities, long-term	$ 9,182

Leases - Other Information (Det

Leases - Other Information (Details)	Jun. 30, 2019
Leases [Abstract]
Weighted average remaining lease term (in years)	6 years 6 days
Weighted average discount rate	5.10%

Goodwill and Intangible Assets

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Business Acquisition [Line Items]
Impairment of goodwill	$ 0		$ 0	$ 5,855,000	$ 0
Impairment of intangible assets		$ 0
Hondros College of Nursing Segment
Business Acquisition [Line Items]
Fair value of goodwill		28,000,000
Impairment of goodwill		$ 5,900,000

Net Income Per Common Share - S

Net Income Per Common Share - Schedule of Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Basic weighted average shares outstanding (in shares)	16,511,522	16,408,408	16,522,304	16,384,234
Effect of dilutive restricted stock (in shares)	141,000	238,000	149,000	227,000
Diluted weighted average shares outstanding (in shares)	16,652,544	16,645,863	16,671,405	16,611,177

Net Income Per Common Share - N

Net Income Per Common Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Restricted Stock Award
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive stock options (in shares)	12,774	36,861	37,738	47,181

Segment Information - Narrative

Segment Information - Narrative (Details)	6 Months Ended
	Jun. 30, 2019segment
Segment Reporting [Abstract]
Number of operating segments	2

Segment Information - Summary o

Segment Information - Summary of Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenue:
Revenue	$ 70,560	$ 72,798	$ 144,001	$ 147,765
Depreciation and amortization:
Total Depreciation and amortization	3,943	4,347	7,994	8,869
Income (loss) from operations before interest income and income taxes:
Total Income from operations before interest income and income taxes	5,678	8,048	7,060	14,210
Interest income, net:
Interest income, net	1,135	661	2,188	1,154
Income tax expense (benefit):
Total Income tax expense (benefit)	1,898	2,280	1,835	4,145
Capital expenditures:
Total Capital expenditures	1,372	1,893	2,957	3,559
Intersegment elimination
Revenue:
Revenue	(29)	0	(56)	0
Income (loss) from operations before interest income and income taxes:
Total Income from operations before interest income and income taxes	(1)	0	5	0
American Public Education Segment
Depreciation and amortization:
Total Depreciation and amortization	3,688	3,988	7,470	8,156
Interest income, net:
Interest income, net	1,123	645	2,170	1,130
Income tax expense (benefit):
Total Income tax expense (benefit)	2,132	2,066	3,798	3,687
Capital expenditures:
Total Capital expenditures	1,229	1,756	2,574	3,389
American Public Education Segment | Operating Segments
Revenue:
Revenue	63,448	63,692	129,169	129,360
Income (loss) from operations before interest income and income taxes:
Total Income from operations before interest income and income taxes	6,589	7,169	14,111	12,299
Hondros College of Nursing Segment
Depreciation and amortization:
Total Depreciation and amortization	255	359	524	713
Interest income, net:
Interest income, net	12	16	18	24
Income tax expense (benefit):
Total Income tax expense (benefit)	(234)	214	(1,963)	458
Capital expenditures:
Total Capital expenditures	143	137	383	170
Hondros College of Nursing Segment | Operating Segments
Revenue:
Revenue	7,141	9,106	14,888	18,405
Income (loss) from operations before interest income and income taxes:
Total Income from operations before interest income and income taxes	$ (910)	$ 879	$ (7,056)	$ 1,911

Segment Information - Summary_2

Segment Information - Summary of Consolidated Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets:
Total Assets	$ 376,084	$ 370,958
American Public Education Segment
Assets:
Total Assets	324,451	322,523
Hondros College of Nursing Segment
Assets:
Total Assets	$ 51,633	$ 48,435

Concentration (Details)

Concentration (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Concentration Risk [Line Items]
Percentage of students served in military on active duty at time of initial enrollment	56.00%		56.00%
Customer Concentration Risk | Revenue | American Public Education Segment | DoD tuition assistance programs
Concentration Risk [Line Items]
Percentage of segment revenue	40.00%	36.00%	40.00%	36.00%
Customer Concentration Risk | Revenue | American Public Education Segment | Title IV programs
Concentration Risk [Line Items]
Percentage of segment revenue	24.00%	26.00%	24.00%	26.00%
Customer Concentration Risk | Revenue | American Public Education Segment | VA education benefits
Concentration Risk [Line Items]
Percentage of segment revenue	23.00%	24.00%	22.00%	24.00%
Customer Concentration Risk | Revenue | American Public Education Segment | Cash and other sources
Concentration Risk [Line Items]
Percentage of segment revenue	13.00%	14.00%	14.00%	14.00%
Customer Concentration Risk | Revenue | Hondros College of Nursing Segment | Title IV programs
Concentration Risk [Line Items]
Percentage of segment revenue	80.00%	83.00%	80.00%	83.00%
Customer Concentration Risk | Revenue | Hondros College of Nursing Segment | VA education benefits
Concentration Risk [Line Items]
Percentage of segment revenue	2.00%	2.00%	2.00%	2.00%
Customer Concentration Risk | Revenue | Hondros College of Nursing Segment | Cash and other sources
Concentration Risk [Line Items]
Percentage of segment revenue	18.00%	15.00%	18.00%	15.00%

Uncategorized Items - apei-2019

Label	Element	Value
Accounting Standards Update 2014-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (278,000)
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (278,000)