American Public Education (APEI) 10-Q 11 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 08, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
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		14,781,231

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash, cash equivalents, and restricted cash (Note 2)	$ 196,839	$ 202,740
Accounts receivable, net of allowance of $6,192 in 2020 and $6,174 in 2019	6,497	11,325
Prepaid expenses	9,489	7,087
Income tax receivable	2,680	1,757
Total current assets	215,505	222,909
Property and equipment, net	76,366	78,495
Operating lease assets, net	11,057	11,658
Investments	10,501	10,502
Goodwill	26,563	26,563
Other assets, net	5,267	4,770
Total assets	345,259	354,897
Current liabilities:
Accounts payable	5,006	3,546
Accrued compensation and benefits	11,016	13,753
Accrued liabilities	7,423	8,270
Deferred revenue and student deposits	19,974	17,426
Operating lease liabilities, current	2,332	2,283
Total current liabilities	45,751	45,278
Operating lease liabilities, long-term	8,890	9,495
Deferred income taxes	5,269	3,391
Total liabilities	59,910	58,164
Commitments and contingencies (Note 7)
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; 14,781 issued and outstanding in 2020; 15,178 issued and outstanding in 2019	148	152
Additional paid-in capital	190,423	190,620
Retained earnings	94,778	105,961
Total stockholders’ equity	285,349	296,733
Total liabilities and stockholders’ equity	$ 345,259	$ 354,897

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 6,192	$ 6,174
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)	14,781,000	15,178,000
Common stock, outstanding (in shares)	14,781,000	15,178,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Revenue	$ 74,616	$ 73,441
Costs and expenses:
Instructional costs and services	29,230	27,915
Selling and promotional	18,186	15,047
General and administrative	21,003	19,065
Loss on disposals of long-lived assets	166	126
Impairment of goodwill	0	5,855
Depreciation and amortization	3,338	4,051
Total costs and expenses	71,923	72,059
Income from operations before interest income and income taxes	2,693	1,382
Interest income, net	702	1,053
Income before income taxes	3,395	2,435
Income tax expense (benefit)	974	(63)
Equity investment loss	(1)	(1,487)
Net income	$ 2,420	$ 1,011
Net income per common share:
Basic (in dollars per share)	$ 0.16	$ 0.06
Diluted (in dollars per share)	$ 0.16	$ 0.06
Weighted average number of common shares:
Basic (in shares)	15,024,080	16,533,205
Diluted (in shares)	15,116,169	16,662,366

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, 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)		244,589
Issuance of common stock under employee benefit plans	0	$ 3	(3)
Deemed repurchased shares of common and restricted stock for tax withholding (in shares)		(83,214)
Deemed repurchased shares of common and restricted stock for tax withholding	(2,513)	$ (1)	(2,512)
Stock-based compensation	1,689		1,689
Net income	1,011			1,011
Ending balance (in shares) at Mar. 31, 2019		16,586,160
Ending balance at Mar. 31, 2019	321,453	$ 166	186,346	134,941
Beginning balance (in shares) at Dec. 31, 2019		15,177,864
Beginning balance at Dec. 31, 2019	296,733	$ 152	190,620	105,961
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee benefit plans (in shares)		224,382
Issuance of common stock under employee benefit plans	0	$ 2	(2)
Deemed repurchased shares of common and restricted stock for tax withholding (in shares)		(73,452)
Deemed repurchased shares of common and restricted stock for tax withholding	(1,946)	$ (1)	(1,945)
Stock-based compensation	1,750		1,750
Repurchased and retired shares of common stock (in shares)		(547,563)
Repurchased and retired shares of common stock	(13,608)	$ (5)		(13,603)
Net income	2,420			2,420
Ending balance (in shares) at Mar. 31, 2020		14,781,231
Ending balance at Mar. 31, 2020	$ 285,349	$ 148	$ 190,423	$ 94,778

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities
Net income	$ 2,420	$ 1,011
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,338	4,051
Stock-based compensation	1,750	1,689
Equity investment loss	1	1,487
Deferred income taxes	1,878	712
Loss on disposals of long-lived assets	166	126
Impairment of goodwill	0	5,855
Other	6	37
Changes in operating assets and liabilities:
Accounts receivable, net of allowance for bad debt	4,828	(44)
Prepaid expenses	(2,639)	(923)
Income tax receivable/payable	(923)	(823)
Operating leases, net	45	365
Other assets	(497)	170
Accounts payable	1,460	(6,707)
Accrued compensation and benefits	(2,737)	(6,445)
Accrued liabilities	(122)	4,621
Deferred revenue and student deposits	2,548	2,713
Net cash provided by operating activities	11,522	7,895
Investing activities
Capital expenditures	(1,869)	(1,585)
Net cash used in investing activities	(1,869)	(1,585)
Financing activities
Cash paid for repurchase of common stock	(15,554)	(2,513)
Net cash used in financing activities	(15,554)	(2,513)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(5,901)	3,797
Cash, cash equivalents, and restricted cash at beginning of period	202,740	212,131
Cash, cash equivalents, and restricted cash at end of period	196,839	215,928
Supplemental disclosure of cash flow information
Income taxes paid	$ 21	$ 48

Nature of the Business

Nature of the Business	3 Months Ended
	Mar. 31, 2020
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 84,400 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, public service and service-minded communities through American Military University, or AMU, and American Public University, or APU. APUS is institutionally accredited by the Higher Learning Commission, or HLC. • 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, and, beginning in April 2020, to students enrolled at a campus in Indianapolis, Indiana, to serve the needs of the nursing and healthcare communities. HCN is institutionally accredited by the Accrediting Bureau for Health Education Schools, or ABHES. In March 2020, in response to the novel coronavirus COVID-19 global pandemic, HCN temporarily closed all its campuses and shifted to online delivery. 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, 2020
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 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, 2020 . 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, 2019 , or the Annual Report. Use of Estimates In preparing financial statements in conformity with GAAP, the Company is required to make estimates and assumptions 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 under different assumptions or conditions, and the impact of such differences may be material to the Company’s Consolidated Financial Statements. 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 the U.S. Department of Education. Restricted cash on the Company’s Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019 was $1.6 million and $1.3 million , respectively. Investments The Company periodically evaluates its equity method investment 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 accordingly. Each reporting period the Company evaluates its cost method investments for observable price 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. Management must exercise significant judgment in evaluating the potential impairment of its equity investments. The Company evaluated its equity method and cost method investments for impairment as of March 31, 2020 , including a review of any impacts related to the COVID-19 pandemic, and determined none of the investments were impaired. Goodwill and indefinite-lived intangible assets During the three months ended March 31, 2020, the Company evaluated events and circumstances related to the valuation of goodwill through March 31, 2020 to determine if there were indicators of impairment. This evaluation included consideration of enrollment trends and financial performance, as well as industry and market conditions, and the impact of the COVID-19 pandemic. This evaluation concluded there were no indicators of impairment during the period, and consequently, there was no impairment during the three months ended March 31, 2020 . During the three months ended March 31, 2019 , the Company completed an interim goodwill impairment test as a result of circumstances that included HCN’s underperformance against 2019 internal targets and overall 2019 financial performance. 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 our HCN Segment. 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. Stock-based compensation Stock-based payments may include: incentive stock options or non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, performance shares, performance units, cash-based awards, other stock-based awards, including unrestricted shares, or any combination of the foregoing. Stock-based compensation cost is recognized as expense generally over a three -year vesting period using the straight-line method for employees and the graded-vesting method for members of the Board of Directors, and is measured using the Company’s closing stock price on the date of the grant. An accelerated one -year period is used to recognize stock-based compensation cost for employees who have reached certain service and retirement eligibility criteria on the date of grant. The fair value of each option award is estimated at the date of grant using Black-Scholes option-pricing model that uses certain assumptions. Judgment is required in estimating the percentage of share-based awards that are expected to vest, and in the case of performance stock units, or PSUs, the level of performance that will be achieved and the number of shares that will be earned. 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 forfeiture assumption is ultimately adjusted to the actual forfeiture rate. If actual results differ significantly from these estimates, stock-based compensation expense could be higher 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 month period ended March 31, 2020 and 2019 is as follows (in thousands): Three Months Ended March 31, 2020 2019 (Unaudited) Instructional costs and services $ 478 $ 403 Selling and promotional 258 194 General and administrative 1,014 1,092 Stock-based compensation expense in operating income $ 1,750 $ 1,689 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, 2020 and 2019, 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, final determination of the current year incentive awards cannot be made until after the results for the year ending December 31, 2020 are finalized. The Company recognizes the estimated fair value of performance-based restricted stock units by assuming the satisfaction of any performance-based objectives at the “target” level, which is the most probable outcome determined for accounting purposes at the time of grant, and multiplying the corresponding number of shares earned based upon such achievement by the closing price of the Company’s stock on the date of grant. To the extent performance goals are not met, compensation cost is not ultimately recognized against the goals and, to the extent previously recognized, compensation cost is reversed. 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 $1.3 million during the three month period ended March 31, 2020 , respectively, compared to an aggregate expense of $0.6 million during the three month period ended March 31, 2019 , 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 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses, which is included in ASC Topic 326, Measurement of Credit Losses on Financial Instruments with certain amendments made to the standard in November 2018 through ASU No. 2018-9, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. The new guidance revises the accounting requirements related to the measurement of credit losses and will require entities to measure all expected credit losses for financial assets based on historical experience, current conditions, and reasonable and supportable forecasts about collectability. Assets must be presented in the financial statements at the net amount expected to be collected. The guidance is effective for the fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption was permitted. The adoption of this standard effective January 1, 2020 did not have a material impact on its Consolidated Financial Statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract , which amends ASC 350-40 to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software or software licenses. The accounting for the service element of a hosting arrangement that is a service contract is not affected by this amendment. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption was permitted. The Company adopted this standard effective January 1, 2020 using the prospective approach. The adoption of this standard effective January 1, 2020 did not have a material impact on its Consolidated Financial Statements. 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 10, 2020 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	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 (Unaudited) APEI HCN Intersegment Consolidated Instructional services, net of grants and scholarships $ 66,556 $ 6,101 $ (17 ) $ 72,640 Graduation fees 326 — — 326 Textbook and other course materials — 1,029 — 1,029 Other fees 212 409 — 621 Total Revenue $ 67,094 $ 7,539 $ (17 ) $ 74,616 Three Months Ended March 31, 2019 (Unaudited) APEI HCN Intersegment Consolidated Instructional services, net of grants and scholarships $ 65,198 $ 6,775 $ (27 ) $ 71,946 Graduation fees 310 — — 310 Textbook and other course materials — 862 — 862 Other fees 213 110 — 323 Total Revenue $ 65,721 $ 7,747 $ (27 ) $ 73,441 The APEI Segment charges the HCN Segment for the value of courses taken by HCN Segment employees at APUS. The intersegment elimination represents 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 March 31, 2020 and December 31, 2019 . 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 March 31, 2020 was $20.0 million and includes $11.8 million in future revenue that has not yet been earned for courses and terms that are in progress, as well as $8.2 million in consideration received in advance for future courses or terms, or student deposits. Deferred revenue at December 31, 2019 was $17.4 million and includes $9.6 million in future revenue that has not yet been earned for courses and terms that are in progress, as well as $7.8 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 performing its obligations, 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 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. APUS does not charge interest on past due accounts receivable. HCN charges interest on payment plans when a student leaves the payment plan program upon graduation or exit of the program. The interest income earned on open receivables during the three months ended March 31, 2020 and 2019 was approximately $4,000 and $5,000 , respectively. For the three months ended March 31, 2020 , there were no material impacts to revenue, deferred revenue, or accounts receivable due to the COVID-19 pandemic.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
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 in suburban Columbus, Ohio, and operates six campuses, located in the suburban areas of Cincinnati, Cleveland, Columbus, Dayton, and Toledo, Ohio, and, beginning in April 2020, Indianapolis, Indiana, under operating leases that expire through June 2029 . Operating lease assets are right of use, or 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 Sheets at March 31, 2020 and December 31, 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 month periods ended March 31, 2020 and 2019 was $0.7 million and $0.6 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 March 31, 2020 (dollars in thousands): Maturity of Lease Liabilities (Unaudited) Lease Payments 2020 (remaining) $ 2,130 2021 2,903 2022 2,857 2023 1,909 2024 928 2025 498 2026 and beyond 1,742 Total future minimum lease payments 12,967 Less imputed interest (1,745 ) Present value of operating lease liabilities $ 11,222 Balance Sheet Classification Operating lease liabilities, current $ 2,332 Operating lease liabilities, long-term 8,890 Total operating lease liabilities $ 11,222 Other Information Weighted average remaining lease term (in years) 5.3 Weighted average discount rate 5.1 %

Net Income Per Common Share

Net Income Per Common Share	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 (Unaudited) Basic weighted average shares outstanding 15,024 16,533 Effect of dilutive restricted stock 92 129 Diluted weighted average shares outstanding 15,116 16,662 Share awards are not included in the computation of diluted net income per share when their effect is anti-dilutive. There were 127,632 and 37,738 anti-dilutive restricted stock awards excluded from the calculation for the three month periods ended March 31, 2020 and 2019 , respectively. There were 43,134 anti-dilutive stock options excluded from the calculation of diluted net income per share for the three month period ended March 31, 2020 . There were no anti-dilutive stock options excluded from the calculation of diluted net income per common share for the three month period ended March 31, 2019 .

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 (Unaudited) Revenue: American Public Education Segment $ 67,094 $ 65,721 Hondros College of Nursing Segment 7,539 7,747 Intersegment elimination (17 ) (27 ) Total Revenue $ 74,616 $ 73,441 Depreciation and amortization: American Public Education Segment $ 3,194 $ 3,782 Hondros College of Nursing Segment 144 269 Total Depreciation and amortization $ 3,338 $ 4,051 Income (loss) from operations before interest income and income taxes: American Public Education Segment $ 3,577 $ 7,522 Hondros College of Nursing Segment (885 ) (6,146 ) Intersegment elimination 1 6 Total income from operations before interest income and income taxes $ 2,693 $ 1,382 Interest income, net: American Public Education Segment $ 690 $ 1,047 Hondros College of Nursing Segment 12 6 Total Interest income, net $ 702 $ 1,053 Income tax expense (benefit): American Public Education Segment $ 1,215 $ 1,666 Hondros College of Nursing Segment (241 ) (1,729 ) Total Income tax expense (benefit) $ 974 $ (63 ) Capital expenditures: American Public Education Segment $ 1,745 $ 1,345 Hondros College of Nursing Segment 124 240 Total Capital expenditures $ 1,869 $ 1,585 The APEI Segment charges the HCN Segment for the value of courses taken by HCN Segment employees at APUS. The intersegment elimination represents the elimination of this intersegment revenue in consolidation. A summary of the Company’s consolidated assets by reportable segment is as follows (in thousands): As of March 31, 2020 As of December 31, 2019 (Unaudited) Assets: American Public Education Segment $ 295,844 $ 305,896 Hondros College of Nursing Segment 49,415 49,001 Total Assets $ 345,259 $ 354,897

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
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	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 , approximately 58% 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 month period ended March 31, 2020 and 2019 is included in the table below (unaudited): Three Months Ended March 31, 2020 2019 DoD tuition assistance programs 41% 39% Title IV programs 23% 24% VA education benefits 23% 23% Cash and other sources 13% 14% A summary of HCN Segment revenue derived from students by primary funding source for the three month period ended March 31, 2020 and 2019 is included in the table below (unaudited): Three Months Ended March 31, 2020 2019 Title IV programs 81% 80% Cash and other sources 17% 18% VA education benefits 2% 2%

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
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 In preparing financial statements in conformity with GAAP, the Company is required to make estimates and assumptions 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 under different assumptions or conditions, and the impact of such differences may be material to the Company’s Consolidated Financial Statements.
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 the U.S. Department of Education.
Investments	Investments The Company periodically evaluates its equity method investment 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 accordingly. Each reporting period the Company evaluates its cost method investments for observable price 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. Management must exercise significant judgment in evaluating the potential impairment of its equity investments. The Company evaluated its equity method and cost method investments for impairment as of March 31, 2020 , including a review of any impacts related to the COVID-19 pandemic, and determined none of the investments were impaired.
Goodwill and indefinite-lived intangible assets	Goodwill and indefinite-lived intangible assets During the three months ended March 31, 2020, the Company evaluated events and circumstances related to the valuation of goodwill through March 31, 2020 to determine if there were indicators of impairment. This evaluation included consideration of enrollment trends and financial performance, as well as industry and market conditions, and the impact of the COVID-19 pandemic. This evaluation concluded there were no indicators of impairment during the period, and consequently, there was no impairment during the three months ended March 31, 2020 . During the three months ended March 31, 2019 , the Company completed an interim goodwill impairment test as a result of circumstances that included HCN’s underperformance against 2019 internal targets and overall 2019 financial performance. 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 our HCN Segment. 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.
Stock-based and incentive-based compensation	Stock-based compensation Stock-based payments may include: incentive stock options or non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, performance shares, performance units, cash-based awards, other stock-based awards, including unrestricted shares, or any combination of the foregoing. Stock-based compensation cost is recognized as expense generally over a three -year vesting period using the straight-line method for employees and the graded-vesting method for members of the Board of Directors, and is measured using the Company’s closing stock price on the date of the grant. An accelerated one -year period is used to recognize stock-based compensation cost for employees who have reached certain service and retirement eligibility criteria on the date of grant. The fair value of each option award is estimated at the date of grant using Black-Scholes option-pricing model that uses certain assumptions. Judgment is required in estimating the percentage of share-based awards that are expected to vest, and in the case of performance stock units, or PSUs, the level of performance that will be achieved and the number of shares that will be earned. 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 forfeiture assumption is ultimately adjusted to the actual forfeiture rate. If actual results differ significantly from these estimates, stock-based compensation expense could be higher 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. 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, 2020 and 2019, 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, final determination of the current year incentive awards cannot be made until after the results for the year ending December 31, 2020 are finalized. The Company recognizes the estimated fair value of performance-based restricted stock units by assuming the satisfaction of any performance-based objectives at the “target” level, which is the most probable outcome determined for accounting purposes at the time of grant, and multiplying the corresponding number of shares earned based upon such achievement by the closing price of the Company’s stock on the date of grant. To the extent performance goals are not met, compensation cost is not ultimately recognized against the goals and, to the extent previously recognized, compensation cost is reversed. Amounts accrued are subject to change in future interim periods if actual future financial results or operational performance are better or worse than expected.
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 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses, which is included in ASC Topic 326, Measurement of Credit Losses on Financial Instruments with certain amendments made to the standard in November 2018 through ASU No. 2018-9, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. The new guidance revises the accounting requirements related to the measurement of credit losses and will require entities to measure all expected credit losses for financial assets based on historical experience, current conditions, and reasonable and supportable forecasts about collectability. Assets must be presented in the financial statements at the net amount expected to be collected. The guidance is effective for the fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption was permitted. The adoption of this standard effective January 1, 2020 did not have a material impact on its Consolidated Financial Statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract , which amends ASC 350-40 to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software or software licenses. The accounting for the service element of a hosting arrangement that is a service contract is not affected by this amendment. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption was permitted. The Company adopted this standard effective January 1, 2020 using the prospective approach. The adoption of this standard effective January 1, 2020 did not have a material impact on its Consolidated Financial Statements. 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 10, 2020 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)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of stock-based compensation cost charged against income	Stock-based compensation expense for the three month period ended March 31, 2020 and 2019 is as follows (in thousands): Three Months Ended March 31, 2020 2019 (Unaudited) Instructional costs and services $ 478 $ 403 Selling and promotional 258 194 General and administrative 1,014 1,092 Stock-based compensation expense in operating income $ 1,750 $ 1,689

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 (Unaudited) APEI HCN Intersegment Consolidated Instructional services, net of grants and scholarships $ 66,556 $ 6,101 $ (17 ) $ 72,640 Graduation fees 326 — — 326 Textbook and other course materials — 1,029 — 1,029 Other fees 212 409 — 621 Total Revenue $ 67,094 $ 7,539 $ (17 ) $ 74,616 Three Months Ended March 31, 2019 (Unaudited) APEI HCN Intersegment Consolidated Instructional services, net of grants and scholarships $ 65,198 $ 6,775 $ (27 ) $ 71,946 Graduation fees 310 — — 310 Textbook and other course materials — 862 — 862 Other fees 213 110 — 323 Total Revenue $ 65,721 $ 7,747 $ (27 ) $ 73,441

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 (dollars in thousands): Maturity of Lease Liabilities (Unaudited) Lease Payments 2020 (remaining) $ 2,130 2021 2,903 2022 2,857 2023 1,909 2024 928 2025 498 2026 and beyond 1,742 Total future minimum lease payments 12,967 Less imputed interest (1,745 ) Present value of operating lease liabilities $ 11,222 Balance Sheet Classification Operating lease liabilities, current $ 2,332 Operating lease liabilities, long-term 8,890 Total operating lease liabilities $ 11,222
Schedule of information related to leases	Other Information Weighted average remaining lease term (in years) 5.3 Weighted average discount rate 5.1 %

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 (Unaudited) Basic weighted average shares outstanding 15,024 16,533 Effect of dilutive restricted stock 92 129 Diluted weighted average shares outstanding 15,116 16,662

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 (Unaudited) Revenue: American Public Education Segment $ 67,094 $ 65,721 Hondros College of Nursing Segment 7,539 7,747 Intersegment elimination (17 ) (27 ) Total Revenue $ 74,616 $ 73,441 Depreciation and amortization: American Public Education Segment $ 3,194 $ 3,782 Hondros College of Nursing Segment 144 269 Total Depreciation and amortization $ 3,338 $ 4,051 Income (loss) from operations before interest income and income taxes: American Public Education Segment $ 3,577 $ 7,522 Hondros College of Nursing Segment (885 ) (6,146 ) Intersegment elimination 1 6 Total income from operations before interest income and income taxes $ 2,693 $ 1,382 Interest income, net: American Public Education Segment $ 690 $ 1,047 Hondros College of Nursing Segment 12 6 Total Interest income, net $ 702 $ 1,053 Income tax expense (benefit): American Public Education Segment $ 1,215 $ 1,666 Hondros College of Nursing Segment (241 ) (1,729 ) Total Income tax expense (benefit) $ 974 $ (63 ) Capital expenditures: American Public Education Segment $ 1,745 $ 1,345 Hondros College of Nursing Segment 124 240 Total Capital expenditures $ 1,869 $ 1,585
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 March 31, 2020 As of December 31, 2019 (Unaudited) Assets: American Public Education Segment $ 295,844 $ 305,896 Hondros College of Nursing Segment 49,415 49,001 Total Assets $ 345,259 $ 354,897

Concentration (Tables)

Concentration (Tables)	3 Months Ended
	Mar. 31, 2020
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 month period ended March 31, 2020 and 2019 is included in the table below (unaudited): Three Months Ended March 31, 2020 2019 DoD tuition assistance programs 41% 39% Title IV programs 23% 24% VA education benefits 23% 23% 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 month period ended March 31, 2020 and 2019 is included in the table below (unaudited): Three Months Ended March 31, 2020 2019 Title IV programs 81% 80% Cash and other sources 17% 18% VA education benefits 2% 2%

Nature of the Business (Details

Nature of the Business (Details)	3 Months Ended
	Mar. 31, 2020subsidiarystudentcampussegment
Segment Reporting Information [Line Items]
Number of students | student	84,400
Number of subsidiaries | subsidiary	2
Number of reportable segments | segment	2
Hondros College of Nursing Segment
Segment Reporting Information [Line Items]
Number of campuses	6
Ohio | Hondros College of Nursing Segment
Segment Reporting Information [Line Items]
Number of campuses	5

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Restricted cash	$ 1,600		$ 1,300
Impairment of goodwill	$ 0	$ 5,855
Options previously granted vesting period	3 years
Award accelerated service period	1 year
Stock-based compensation expense in operating income	$ 1,750	1,689
Hondros College of Nursing Segment
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Fair value of goodwill		28,000
Impairment of goodwill		5,900
Operating Expenses | Incentive-Based Compensation Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense in operating income	$ 1,300	$ 600

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock-based compensation expense in operating income	$ 1,750	$ 1,689
Instructional costs and services
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock-based compensation expense in operating income	478	403
Selling and promotional
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock-based compensation expense in operating income	258	194
General and administrative
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock-based compensation expense in operating income	$ 1,014	$ 1,092

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Total Revenue	$ 74,616	$ 73,441
Instructional services, net of grants and scholarships
Disaggregation of Revenue [Line Items]
Total Revenue	72,640	71,946
Graduation fees
Disaggregation of Revenue [Line Items]
Total Revenue	326	310
Textbook and other course materials
Disaggregation of Revenue [Line Items]
Total Revenue	1,029	862
Other fees
Disaggregation of Revenue [Line Items]
Total Revenue	621	323
Intersegment
Disaggregation of Revenue [Line Items]
Total Revenue	(17)	(27)
Intersegment | Instructional services, net of grants and scholarships
Disaggregation of Revenue [Line Items]
Total Revenue	(17)	(27)
Intersegment | Graduation fees
Disaggregation of Revenue [Line Items]
Total Revenue	0	0
Intersegment | Textbook and other course materials
Disaggregation of Revenue [Line Items]
Total Revenue	0	0
Intersegment | Other fees
Disaggregation of Revenue [Line Items]
Total Revenue	0	0
APEI | Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenue	67,094	65,721
APEI | Operating Segments | Instructional services, net of grants and scholarships
Disaggregation of Revenue [Line Items]
Total Revenue	66,556	65,198
APEI | Operating Segments | Graduation fees
Disaggregation of Revenue [Line Items]
Total Revenue	326	310
APEI | Operating Segments | Textbook and other course materials
Disaggregation of Revenue [Line Items]
Total Revenue	0	0
APEI | Operating Segments | Other fees
Disaggregation of Revenue [Line Items]
Total Revenue	212	213
HCN | Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenue	7,539	7,747
HCN | Operating Segments | Instructional services, net of grants and scholarships
Disaggregation of Revenue [Line Items]
Total Revenue	6,101	6,775
HCN | Operating Segments | Graduation fees
Disaggregation of Revenue [Line Items]
Total Revenue	0	0
HCN | Operating Segments | Textbook and other course materials
Disaggregation of Revenue [Line Items]
Total Revenue	1,029	862
HCN | Operating Segments | Other fees
Disaggregation of Revenue [Line Items]
Total Revenue	$ 409	$ 110

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract assets	$ 0	$ 0
Deferred revenue	19,974,000	17,426,000
Future revenue	11,800,000	9,600,000
Student deposits	8,200,000	$ 7,800,000
Interest receivable	$ 4,000		$ 5,000

Leases - Narrative (Details)

Leases - Narrative (Details)	3 Months Ended
	Mar. 31, 2020USD ($)campus	Mar. 31, 2019USD ($)
Segment Reporting Information [Line Items]
Variable lease payment	$ 0
Lease expense	$ 700,000	$ 600,000
Hondros College of Nursing Segment
Segment Reporting Information [Line Items]
Number of campuses | campus	6

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2020 (remaining)	$ 2,130
2021	2,903
2022	2,857
2023	1,909
2024	928
2025	498
2026 and beyond	1,742
Total future minimum lease payments	12,967
Less imputed interest	(1,745)
Present value of operating lease liabilities	11,222
Operating lease liabilities, current	2,332	$ 2,283
Operating lease liabilities, long-term	$ 8,890	$ 9,495

Leases - Other Information (Det

Leases - Other Information (Details)	Mar. 31, 2020
Leases [Abstract]
Weighted average remaining lease term (in years)	5 years 4 months
Weighted average discount rate	5.10%

Net Income Per Common Share - S

Net Income Per Common Share - Schedule of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Basic weighted average shares outstanding (in shares)	15,024,080	16,533,205
Effect of dilutive restricted stock (in shares)	92,000	129,000
Diluted weighted average shares outstanding (in shares)	15,116,169	16,662,366

Net Income Per Common Share - N

Net Income Per Common Share - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive stock options (in shares)	43,134	0
Restricted Stock Award
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive stock options (in shares)	127,632	37,738

Segment Information - Narrative

Segment Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2020segment
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
	Mar. 31, 2020	Mar. 31, 2019
Revenue:
Revenue	$ 74,616	$ 73,441
Depreciation and amortization:
Total Depreciation and amortization	3,338	4,051
Income (loss) from operations before interest income and income taxes:
Total income from operations before interest income and income taxes	2,693	1,382
Interest income, net:
Interest income, net	702	1,053
Income tax expense (benefit):
Total Income tax expense (benefit)	974	(63)
Capital expenditures:
Total Capital expenditures	1,869	1,585
Intersegment elimination
Revenue:
Revenue	(17)	(27)
Income (loss) from operations before interest income and income taxes:
Total income from operations before interest income and income taxes	1	6
American Public Education Segment
Depreciation and amortization:
Total Depreciation and amortization	3,194	3,782
Interest income, net:
Interest income, net	690	1,047
Income tax expense (benefit):
Total Income tax expense (benefit)	1,215	1,666
Capital expenditures:
Total Capital expenditures	1,745	1,345
American Public Education Segment | Operating Segments
Revenue:
Revenue	67,094	65,721
Income (loss) from operations before interest income and income taxes:
Total income from operations before interest income and income taxes	3,577	7,522
Hondros College of Nursing Segment
Depreciation and amortization:
Total Depreciation and amortization	144	269
Interest income, net:
Interest income, net	12	6
Income tax expense (benefit):
Total Income tax expense (benefit)	(241)	(1,729)
Capital expenditures:
Total Capital expenditures	124	240
Hondros College of Nursing Segment | Operating Segments
Revenue:
Revenue	7,539	7,747
Income (loss) from operations before interest income and income taxes:
Total income from operations before interest income and income taxes	$ (885)	$ (6,146)

Segment Information - Summary_2

Segment Information - Summary of Consolidated Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets:
Total Assets	$ 345,259	$ 354,897
American Public Education Segment
Assets:
Total Assets	295,844	305,896
Hondros College of Nursing Segment
Assets:
Total Assets	$ 49,415	$ 49,001

Concentration (Details)

Concentration (Details)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
American Public Education Segment
Concentration Risk [Line Items]
Percentage of students served in military on active duty at time of initial enrollment	58.00%
Customer Concentration Risk | Revenue | American Public Education Segment | DoD tuition assistance programs
Concentration Risk [Line Items]
Percentage of segment revenue	41.00%	39.00%
Customer Concentration Risk | Revenue | American Public Education Segment | Title IV programs
Concentration Risk [Line Items]
Percentage of segment revenue	23.00%	24.00%
Customer Concentration Risk | Revenue | American Public Education Segment | VA education benefits
Concentration Risk [Line Items]
Percentage of segment revenue	23.00%	23.00%
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 | Title IV programs
Concentration Risk [Line Items]
Percentage of segment revenue	81.00%	80.00%
Customer Concentration Risk | Revenue | Hondros College of Nursing Segment | VA education benefits
Concentration Risk [Line Items]
Percentage of segment revenue	2.00%	2.00%
Customer Concentration Risk | Revenue | Hondros College of Nursing Segment | Cash and other sources
Concentration Risk [Line Items]
Percentage of segment revenue	17.00%	18.00%