American Public Education (APEI) 10-K 9 Mar 21 2020 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Mar. 05, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-33810
Entity Registrant Name	American Public Education, Inc.
Entity Incorporation, State Country Name	DE
Entity Tax Identification Number	01-0724376
Entity Address, Address Line One	111 West Congress Street,
Entity Address, City or Town	Charles Town,
Entity Address, State or Province	WV
Entity Address, Postal Zip Code	25414
City Area Code	304
Local Phone Number	724-3700
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	APEI
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 424
Entity Common Stock, Shares Outstanding		18,641,527
Documents Incorporated by Reference	Certain portions of the registrant’s Definitive Proxy Statement for its 2021 Annual Meeting of Stockholders (which is expected to be filed with the Commission within 120 days after the end of the registrant’s 2020 fiscal year) are incorporated by reference into Part III of this Annual Report.
Entity Central Index Key	0001201792
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash, cash equivalents, and restricted cash (Note 2)	$ 227,686	$ 202,740
Accounts receivable, net of allowance of $6,174 in 2019 and $5,983 in 2020.	17,652	11,325
Prepaid expenses	6,472	7,087
Income tax receivable	0	1,757
Total current assets	251,810	222,909
Property and equipment, net	68,434	78,495
Operating lease assets, net	8,743	11,658
Investments	10,495	10,502
Goodwill	26,563	26,563
Other assets, net	4,973	4,770
Total assets	371,018	354,897
Current liabilities:
Accounts payable	3,757	3,546
Accrued compensation and benefits	15,660	13,753
Accrued liabilities	10,967	8,270
Deferred revenue and student deposits	22,104	17,426
Income tax payable	178	0
Operating lease liabilities, current	2,392	2,283
Total current liabilities	55,058	45,278
Operating lease liability, long term	6,455	9,495
Deferred income taxes	2,580	3,391
Total liabilities	64,093	58,164
Commitments and contingencies (Notes 8 and 12)
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; 15,178 issued and outstanding in 2019; 14,809 issued and outstanding in 2020	148	152
Additional paid-in capital	195,597	190,620
Retained earnings	111,180	105,961
Total stockholders’ equity	306,925	296,733
Total liabilities and stockholders’ equity	$ 371,018	$ 354,897

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Accounts receivable, allowance for credit loss, current	$ 5,983	$ 6,174
Stockholders’ equity:
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)	14,809,000	15,178,000
Common stock, outstanding (in shares)	14,809,000	15,178,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Revenue	$ 321,785,000	$ 286,270,000	$ 297,687,000
Costs and expenses:
Instructional costs and services	122,161,000	111,916,000	115,280,000
Selling and promotional	72,989,000	60,028,000	57,042,000
General and administrative	88,043,000	78,082,000	74,456,000
Loss on disposals of long-lived assets	851,000	556,000	882,000
Impairment of goodwill	0	7,336,000	0
Depreciation and amortization	12,984,000	15,596,000	17,501,000
Total costs and expenses	297,028,000	273,514,000	265,161,000
Income from operations before interest income and income taxes	24,757,000	12,756,000	32,526,000
Interest income, net	1,092,000	3,908,000	2,915,000
Income from operations before income taxes	25,849,000	16,664,000	35,441,000
Income tax expense	7,020,000	5,187,000	9,287,000
Equity investment loss	(7,000)	(1,464,000)	(515,000)
Net income	$ 18,822,000	$ 10,013,000	$ 25,639,000
Net income per common share:
Basic (in dollars per share)	$ 1.27	$ 0.62	$ 1.56
Diluted (in dollars per share)	$ 1.25	$ 0.62	$ 1.54
Weighted average number of shares outstanding:
Basic (in shares)	14,876,000	16,094,000	16,404,000
Diluted (in shares)	15,047,000	16,255,000	16,634,000

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Impact of adoption of ASC 606	Preferred Stock	Common Stock	Additional Paid-In Capital	Retained Earnings	Retained EarningsImpact of adoption of ASC 606
Beginning balance (in shares) at Dec. 31, 2017			0	16,268,000
Beginning balance at Dec. 31, 2017	$ 289,406	$ (278)	$ 0	$ 163	$ 180,674	$ 108,569	$ (278)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee benefit plans (in shares)				223,000
Issuance of common stock under employee benefit plans	0			$ 2	(2)
Deemed repurchased shares of common and restricted stock for tax withholding (in shares)				(66,000)
Deemed repurchased shares of common and restricted stock for tax withholding	(1,823)			$ (1)	(1,822)
Stock-based compensation	$ 8,322				8,322
Repurchased and retired shares of common stock (in shares)	0
Net income	$ 25,639					25,639
Ending balance (in shares) at Dec. 31, 2018			0	16,425,000
Ending balance at Dec. 31, 2018	321,266		$ 0	$ 164	187,172	133,930
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee benefit plans (in shares)				252,000
Issuance of common stock under employee benefit plans	$ 0			$ 3	(3)
Deemed repurchased shares of common and restricted stock for tax withholding (in shares)	(1,416,304)			(83,000)
Deemed repurchased shares of common and restricted stock for tax withholding	$ (2,510)			$ (1)	(2,509)
Stock-based compensation	$ 5,960				5,960
Repurchased and retired shares of common stock (in shares)	(1,416,304)			(1,416,000)
Repurchased and retired shares of common stock	$ (37,996)			$ (14)		(37,982)
Net income	10,013					10,013
Ending balance (in shares) at Dec. 31, 2019			0	15,178,000
Ending balance at Dec. 31, 2019	296,733		$ 0	$ 152	190,620	105,961
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee benefit plans (in shares)				258,000
Issuance of common stock under employee benefit plans	0			$ 2	(2)
Deemed repurchased shares of common and restricted stock for tax withholding (in shares)				(79,000)
Deemed repurchased shares of common and restricted stock for tax withholding	(2,097)			$ (1)	(2,096)
Stock-based compensation	$ 7,075				7,075
Repurchased and retired shares of common stock (in shares)	(547,563)			(548,000)
Repurchased and retired shares of common stock	$ (13,608)			$ (5)		(13,603)
Net income	18,822					18,822
Ending balance (in shares) at Dec. 31, 2020			0	14,809,000
Ending balance at Dec. 31, 2020	$ 306,925		$ 0	$ 148	$ 195,597	$ 111,180

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Net income	$ 18,822,000	$ 10,013,000	$ 25,639,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	12,984,000	15,596,000	17,501,000
Stock-based compensation	7,075,000	5,960,000	7,180,000
Equity investment loss	7,000	1,464,000	515,000
Deferred income taxes	(811,000)	(1,973,000)	(917,000)
Loss on disposals of long-lived assets	851,000	556,000	882,000
Impairment of goodwill	0	7,336,000	0
Other	24,000	145,000	302,000
Changes in operating assets and liabilities:
Accounts receivable, net of allowance for bad debt	(6,327,000)	2,734,000	(6,923,000)
Prepaid expenses	320,000	(1,149,000)	(560,000)
Income tax receivable	1,757,000	(859,000)	(898,000)
Operating lease assets, net	(16,000)	120,000
Other assets	(165,000)	550,000	71,000
Accounts payable	(86,000)	(5,564,000)	266,000
Accrued compensation and benefits	1,907,000	653,000	3,298,000
Accrued liabilities	3,612,000	3,672,000	875,000
Income tax payable	178,000	0	(1,710,000)
Deferred revenue and student deposits	4,678,000	(884,000)	(1,342,000)
Net cash provided by operating activities	44,810,000	38,370,000	44,179,000
Investing activities
Capital expenditures	(4,926,000)	(7,255,000)	(9,430,000)
Proceeds from the sale of real property	767,000	0	0
Net cash used in investing activities	(4,159,000)	(7,255,000)	(9,430,000)
Financing activities
Cash paid for repurchase of common/restricted stock	(15,705,000)	(40,506,000)	(1,823,000)
Net cash used in financing activities	(15,705,000)	(40,506,000)	(1,823,000)
Net increase (decrease) in cash, cash equivalents, and restricted cash	24,946,000	(9,391,000)	32,926,000
Cash, cash equivalents, and restricted cash at beginning of period	202,740,000	212,131,000	179,205,000
Cash, cash equivalents, and restricted cash at end of period	227,686,000	202,740,000	212,131,000
Supplemental disclosures of cash flow information
Income taxes paid	$ 5,898,000	$ 8,019,000	$ 12,712,000

Nature of Business

Nature of Business	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of 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 92,500 students through two subsidiary institutions: • American Public University System, Inc., or APUS, which 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. • National Education Seminars, Inc., which is referred to herein as Hondros College of Nursing, or HCN, which provides nursing education to students enrolled 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. In April 2021, HCN will begin offering classes at a new campus in Akron, Ohio. 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 shifted to a blended model with online delivery of its courses and on campus delivery of certain labs. HCN later fully reopened its campuses, using smaller in person classes with screening, social distancing, and masking requirements. There can be no assurance that HCN will not need to further limit campus interactions or close its campuses in response to the COVID-19 pandemic or as a result of local regulations. 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 U.S. 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.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies A summary of the Company’s significant accounting policies follows: Basis of presentation and accounting. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. Principles of consolidation. The accompanying consolidated financial statements include the accounts of APEI and its wholly owned subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation. 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 those estimates under different assumptions or conditions, and the impact of such differences may be material to the Company’s Consolidated Financial Statements. Cash and cash equivalents. The Company considers all short-term highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of demand deposits with financial institutions, money market funds invested in securities backed by the U.S. government, and U.S. Treasury bills. Cash and cash equivalents are Level 1 assets in the fair value reporting hierarchy. Restricted cash. Cash and cash equivalents include 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 program participation agreement with ED. Restricted cash on the Company’s Consolidated Balance Sheets as of December 31, 2019 and 2020 was $1.3 million and $1.2 million, respectively. Accounts receivable. The Company accounts for receivables in accordance with Financial Accounting Standards Board, or FASB, Accounting Standards Codification Subtopic 310, or ASC 310, Receivables. Course tuition is recorded as accounts receivable and deferred revenue at the time students begin a course or term. Students may remit tuition payments at any time or they may elect various other payment options with payment terms extending beyond the start of the course or term. These other payment options include payments by sponsors, financial aid, alternative loans, or tuition assistance programs that remit payments directly to the subsidiary. HCN also offers an extended payment plan option. When a student remits payment after a course or term has begun, accounts receivable is reduced. If payment is made prior to the start of a course or term, the payment is recorded as a student deposit, and the student is provided access to the online classroom when courses start, in the case of APUS, or allowed to start the term, in the case of HCN. If a payment option is confirmed, the student is allowed to start the course or term. Generally, if no receipt is confirmed or payment option secured, the student will be dropped from the online course or not allowed to start the term. Therefore, billed amounts represent charges that have been prepared and sent to students or the applicable third-party payor according to the terms agreed upon in advance. TA is billed by branch of service on a course-by-course basis when a student starts a course, whereas Title IV programs are billed based on the courses included in a student’s term. Billed accounts receivable are considered past due if the invoice has been outstanding for more than 30 days. Allowance for doubtful accounts. 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 exits the program. Property and equipment. All property and equipment is carried at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated on a straight-line basis over the estimated useful lives of the assets. Leasehold improvement depreciation is calculated on a straight-line basis over the lesser of the estimated useful life of the asset or the term of the lease. For tax purposes, different methods are used. Maintenance and repairs are expensed as incurred, while other costs are capitalized if they extend the useful life of the asset. The Company’s Partnership At a Distance system, or PAD, is a customized student information and services system used by APUS to manage admissions, online orientation, course registrations, tuition payments, grade reporting, progress toward degrees, and various other functions. Costs associated with this system have been capitalized in accordance with FASB ASC 350-40, Accounting for the Costs of Computer Software Developed or Obtained for Internal Use , and classified as property and equipment. These costs are amortized over the estimated useful life of five years. The Company also capitalizes certain costs for academic program development, and these costs are amortized over an estimated life not to exceed three years. Leases. The Company accounts for lease arrangements in accordance with FASB ASC 842, Leases . The Company determines if there is a lease at inception. 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 as of December 31, 2019 and 2020. 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 and excludes lease incentives. 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 to separate lease and non-lease components for office space and campus leases. Investments. The Company accounts for its investments in less than majority owned companies in accordance with FASB ASC 323, Investments - Equity Method and Joint Ventures and FASB ASC 321, Investments - Equity Securities. The Company applies ASC 323, Investments - Equity Method and Joint Ventures to investments w hen 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 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 loss. 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, including the impact of COVID-19, 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 investment loss, and the equity investment balance is reduced to its fair value accordingly. In 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, including the impact of the COVID-19 pandemic. Management must exercise significant judgment in evaluating the potential impairment of its equity investments. The Company’s investments are presented on a one-line basis as “Investments” in the accompanying Consolidated Balance Sheets. Additional information regarding the Company’s investments is located in “Note 6. Investments” below, in these Consolidated Financial Statements. Goodwill and indefinite-lived intangible assets. Goodwill represents the excess of the purchase price of an acquired business over the amount assigned to the assets acquired and liabilities assumed. Goodwill is not amortized. The Company accounts for goodwill and indefinite-lived intangible assets in accordance with FASB ASC 350, Intangibles Goodwill and Other, and in 2018 adopted Accounting Standards Update, or ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . The Company annually assesses goodwill for impairment on October 31 st , or more frequently if events and circumstances indicate that goodwill might be impaired. In connection with the Company’s November 1, 2013 acquisition of HCN, the Company recorded $38.6 million of goodwill, representing the excess of the purchase price over the amount assigned to the new assets acquired and the fair value assigned to identified intangible assets. The Company also recorded $3.7 million of indefinite-lived intangible assets as part of the HCN acquisition. APEI utilizes the services of an independent valuation firm to estimate fair value of goodwill and indefinite-lived intangibles. In completing their analysis, the valuation firm uses a discounted cash flow analysis as well as other valuation methods. The discounted cash flow analysis includes significant estimates and assumptions from management, including revenue growth rates, operating margins and future economic and market conditions, among others. Additionally, the valuation firm’s analysis includes significant assumptions with respect to discount rates and assumed royalty rates. If the fair value is less than the carrying value, the asset is reduced to fair value. During the year ended December 31, 2019, the Company used an independent valuation firm to complete interim assessments of goodwill after qualitative analysis indicated that goodwill at HCN might be impaired. The valuations performed during the first and third quarters of 2019, determined that the fair value was less than the carrying value. As a result, the Company recorded pretax, non-cash impairment charges of $7.3 million at HCN during the year ended December 31, 2019. The Company evaluated events and circumstances related to the valuation of goodwill through the year ended December 31, 2020 and determined there were no indicators of impairment at HCN. 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. The Company completed its annual assessment of goodwill as of October 31, 2020 and concluded that HCN’s fair value was more than the carrying value. This annual assessment concluded that the fair value of HCN exceeded the carrying value by approximately $13.7 million, or 37.1%. Indefinite-lived intangible assets are tested at least annually for impairment by comparing the fair value of the asset to the carrying value. The 2019 and 2020 interim and annual testing concluded that the indefinite-lived assets were not impaired. For additional details regarding goodwill and indefinite-lived intangible assets refer to “Note 7. Goodwill and Intangible Assets” below in these Consolidated Financial Statements. Valuation of long-lived assets. The Company accounts for the valuation of long-lived assets under FASB ASC 360, Accounting for the Impairment or Disposal of Long-Lived Assets. ASC 360 requires that long-lived assets and certain identifiable definite-lived intangible assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell. Deferred revenue and student deposits. Deferred revenue and student deposits at December 31, 2019 and 2020 was $17.4 million and $22.1 million, respectively. Deferred revenue includes payments that have been received from students for courses or terms that are still in process and student deposits represent cash received from students prior to the commencement of a course or term and are refundable to the student in the event the student withdrawals before the start of the course or term. Student deposits at December 31, 2019 and 2020 were $7.8 million and $8.4 million, respectively. Revenue recognition. The Company adopted FASB ASC 606, Revenue from Contracts with Customers, with a date of initial application of January 1, 2018. For periods prior to January 1, 2018, the Company recognized revenue in accordance with the previous accounting standard, ASC 605, Revenue Recognition . Under ASC 606, revenue is recognized when evidence of a contract exists, delivery has occurred or as instructional services are delivered, the price is determinable, and collectability is reasonably assured. Revenue from fees is recognized as information or services are delivered to students, assuming all other revenue recognition criteria are met. For additional information regarding the Company’s adoption of ASC 606 and revenue recognition refer to “Note 4. Revenue” below in these Consolidated Financial Statements. The Company provides scholarships and grants and technology fee grants to certain students to assist them financially and promote their registration. Scholarship assistance and technology fee grants of $26.7 million, $26.1 million, and $45.6 million were provided for the years ended December 31, 2018, 2019 and 2020, respectively, and are included as a reduction to revenue in the accompanying Consolidated Statements of Income. Advertising costs. Advertising costs are expensed as incurred during the year pursuant to FASB ASC 720-35. Advertising expenses for the years ended December 31, 2018, 2019 and 2020 were $37.4 million, $40.9 million, and $51.3 million, respectively, and are included in selling and promotional expenses in the accompanying Consolidated Statements of Income. Income taxes. Deferred taxes are determined using the liability method, whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. As these differences reverse, they will enter into the determination of future taxable income. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment of such changes. Under ASC 740, the Company is required to determine whether uncertain tax positions should be recognized within the Company’s financial statements. The Company recognizes interest and penalties, if any, related to uncertain tax positions in income tax expense. Uncertain tax positions are recognized when a tax position, based solely on its technical merits, is determined more likely than not to not be sustained upon examination. Upon determination, uncertain tax positions are measured to determine the amount of benefit that is greater than 50% likely to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. An uncertain tax position is reversed if it no longer meets the more likely than not threshold of being sustained. There were no material uncertain tax positions as of December 31, 2018, 2019 or 2020. The Company has not recorded any material interest or penalties during any of the years presented. Stock-based compensation. The Company accounts for stock-based compensation in accordance with FASB ASC 718, Stock Compensation , which requires companies to expense share-based compensation based on fair value, and adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting in January 2017. 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. It 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 a Black-Scholes option-pricing model that uses certain assumptions. The Company makes assumptions with respect to expected stock price volatility based on the average historical volatility of APEI’s common stock. In addition, the Company determines the risk-free interest rate by selecting the U.S. Treasury constant maturity for the same maturity as the estimated life of the option quoted on an investment basis in effect at the time of grant for that business day. 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 made under ASC 718 . For additional information regarding stock-based compensation, refer to “Note 11. Stockholders’ Equity” in these Consolidated Financial Statements. Income per common share. Basic net income per common share is based on the weighted average number of shares of common stock outstanding during the period. Diluted net income per common share increases the shares used in the per share calculation by the dilutive effects of options, warrants, and restricted stock. Fair value of financial instruments. Cash equivalents are measured and recorded at fair value. The Company also measures certain financial assets at fair value for disclosure purposes, as well as on a nonrecurring basis when they are deemed to be other-than-temporary impairments. Fair value represents the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset. Assets recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market used to measure fair value: Level 1 - inputs to the valuation techniques that are quoted prices in active markets for identical assets or liabilities; Level 2 - inputs to the valuation techniques that are other than quoted prices but are observable for the assets or liabilities, either directly or indirectly; or Level 3 - inputs to the valuation techniques that are unobservable for the assets or liabilities. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company’s cash, cash equivalents, and restricted cash, accounts receivable, accounts payable and accrued liabilities are all short-term in nature. As such, their carrying amounts approximate fair value and fall within Level 1 of the fair value hierarchy. Concentration of credit risk. The Company maintains its cash, cash equivalents, and restricted cash in bank deposit accounts with various financial institutions. Cash, cash equivalents, and restricted cash balances may exceed the FDIC insurance limit. The Company has historically not experienced any losses in such accounts. Recent Accounting Pronouncements. The Company considers the applicability and impact of all ASUs. ASUs issued but not listed below were assessed and determined to be either not applicable or expected to have minimal impact on its consolidated financial position and/or results of operations. In June 2016, 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 requires 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 Company adopted this standard effective January 1, 2020 using the modified retrospective approach. The adoption of this standard did not have a material impact on its Consolidated Financial Statements. In August 2018, 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.

Acquisition Activity

Acquisition Activity	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Acquisition Activity	Acquisition Activity On October 28, 2020, the Company entered into a definitive agreement to acquire Rasmussen University, a nursing- and health sciences-focused institution serving over 18,000 students at its 24 campuses across six states and online, which the Company refers to as the Rasmussen Acquisition. Pursuant to the terms of a Membership Purchase Agreement, or the Rasmussen Agreement, the Company agreed to purchase from FAH Education, LLC, all of the units of membership interests in Rasmussen LLC, Rasmussen University’s parent company, for $300 million in cash and $29 million in shares of a new series of non-voting preferred stock of the Company to be issued at the closing of the Rasmussen Acquisition (or, at the Company’s election, up to an additional $29 million in cash in lieu thereof), subject to customary adjustments, including for net working capital, cash and debt of the acquired companies. The Rasmussen Acquisition is expected to close in the third quarter of 2021, subject to the satisfaction or waiver of closing conditions that include, among others, regulatory review by ED, approval by the Higher Learning Commission, and approval by or notices to other regulatory and accrediting bodies. In connection with entering into the Rasmussen Agreement, on October 28, 2020, the Company entered into a senior secured credit facilities commitment letter or the Commitment Letter with Macquarie Capital (USA) Inc., or Macquarie Capital, and Macquarie Capital Funding LLC, or Macquarie Lender, pursuant to which Macquarie Lender committed to provide (i) a senior secured term loan facility in the aggregate principal amount of $175 million, or the Term Facility and (ii) a senior secured revolving loan facility in an aggregate commitment amount of $20 million (together with the Term Facility, the Facilities). Macquarie Capital will act as lead arranger and bookrunner with respect to the Facilities. The Company currently expects to pay up to $175 million of the cash consideration for the Rasmussen Acquisition with proceeds from the Facilities.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenue On January 1, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers, using the modified retrospective approach. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with previous accounting under ASC 605, Revenue Recognition . The following is a description of principal activities from which the Company generates its revenue. Instructional services . Instructional services revenue includes tuition, technology, and laboratory fees. The Company generally recognizes revenue ratably as instructional services are provided over the period or term, which is, for APUS, either an eight- or sixteen-week period, and for HCN, a quarterly term. Tuition is charged by course or term, technology fees are charged to APUS students on a per course basis, and technology and laboratory fees are charged to HCN students on a per term basis, when applicable. Generally, instructional services are billed when a course or term begins and paid within thirty days of the bill date. Graduation fees . APUS graduation fee revenue represents a one-time, non-refundable $100 fee per degree, charged to students upon submission of a program graduation application. The fee covers administrative costs associated with completing a review of the student’s academic and financial standing prior to graduation. The Company recognizes revenue once graduation review services are completed. Generally, graduation fees are billed and paid when the student submits the graduation application. Textbook and other course material fees . Textbook and other course materials revenue represent fees related to the sale of textbooks and other course materials to HCN students. Revenue is recognized at the beginning of the term when the textbooks and other course materials fees are billed. Payment is generally received within thirty days of the bill date. Sales tax collected from students on the sale of textbooks and other course materials is excluded from revenue. Other fees . Other fees revenue represents one-time, non-refundable fees such as application, enrollment, transcript, and other miscellaneous fees. Generally, other fees revenue is recognized when the fee is charged to the student, which coincides with the completion of the specific performance obligation to the student. APUS provides an APUS funded tuition grant to support students who are U.S. Military active-duty service members, National Guard members, reservists, military spouses and dependents, and, until January 2020, veterans, as well as a grant to cover the technology fee for students using TA. APUS and HCN also provide grants and scholarships to certain students to assist them financially with their educational goals. The statement of retained earnings at January 1, 2018 was adjusted by $278,000 to reflect the after tax impact of the adoption of ASC 606, related to the recognition of graduation fee revenue at APUS. There were no adjustments to any other revenue type as a result of the adoption of ASC 606. For the year ended December 31, 2020, there were no material adverse impacts to revenue, deferred revenue, or accounts receivable due to the COVID-19 pandemic. 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: Year Ended December 31, 2018 (In thousands) APEI HCN Intersegment Consolidated Instructional services, net of grants and scholarships $ 258,253 $ 32,468 $ — $ 290,721 Graduation fees 1,069 — — 1,069 Textbook and other course materials — 4,678 — 4,678 Other fees 740 479 — 1,219 Total Revenue $ 260,062 $ 37,625 $ — $ 297,687 Year Ended December 31, 2019 (In thousands) APEI HCN Intersegment Consolidated Instructional services, net of grants and scholarships $ 254,961 $ 25,369 $ (108) $ 280,222 Graduation fees 1,138 — — 1,138 Textbook and other course materials — 3,650 — 3,650 Other fees 800 460 — 1,260 Total Revenue $ 256,899 $ 29,479 $ (108) $ 286,270 Year Ended December 31, 2020 (In thousands) APEI HCN Intersegment Consolidated Instructional services, net of grants and scholarships $ 283,656 $ 30,346 $ (72) $ 313,930 Graduation fees 1,336 — — 1,336 Textbook and other course materials — 5,197 — 5,197 Other fees 774 548 — 1,322 Total Revenue $ 285,766 $ 36,091 $ (72) $ 321,785 Effective January 1, 2019, the APEI Segment began charging 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 December 31, 2020. The Company recognizes a contract liability, or deferred revenue, when a student begins an online course, in the case of APUS, or starts a term, in the case of HCN, and revenue is recognized as described earlier in this footnote. Deferred revenue at 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 consideration received in advance for future courses or terms, or student deposits, and represents the Company’s performance obligation to transfer future instructional services to students. Deferred revenue at December 31, 2020 was $22.1 million and includes $13.7 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 student deposits. The Company has elected, as a practical expedient, not to disclose additional information about unsatisfied performance obligations for contracts with students that have an expected duration of one year or less. When the Company begins providing the performance 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. Interest earned for the years ended December 31, 2019, and 2020, was approximately $15,000 and $17,000, respectively. There was no interest earned for the year ended December 31, 2018. Refund Policies The Company provides a stated period of time during which students may withdraw from a course for APUS, or a term for HCN, without further financial obligation resulting in a refund liability. The refund policy for each subsidiary is as follows: American Public University System APUS’s tuition revenue varies from period to period based on the number of students enrolled, the number of net course registrations, the volume of undergraduate versus graduate registrations, and student payor source. Students may remit tuition payments through the online registration process at any time or they may elect various payment options, including payments by sponsors, alternative loans, financial aid, or TA, which remits payments directly to APUS. If one of the various other payment options is confirmed as secured, the student is allowed to start the course. These other payment options can delay the receipt of payment up until the course starts or longer, resulting in the recording of an account receivable at the beginning of each session. Tuition revenue that has not yet been earned by APUS is presented as deferred revenue in the accompanying Consolidated Balance Sheets. APUS refunds 100% of tuition for courses that are dropped before the conclusion of the first seven days of a course. The Company does not recognize revenue for dropped courses. After a course begins, APUS uses the following refund policy: 8-Week Course- Tuition Refund Schedule Withdrawal Date Tuition Refund Percentage Before or During Week 1 100% During Week 2 75% During Weeks 3 through 4 50% During Weeks 5 through 8 No Refund 16-Week Course- Tuition Refund Schedule Withdrawal Date Tuition Refund Percentage Before or During Week 1 100% During Week 2 100% During Weeks 3 through 4 75% During Weeks 5 through 8 50% During Weeks 9 through 16 No Refund Students affiliated with certain organizations may have an alternate refund policy. If a student withdraws during the academic term, APUS calculates the portion of instructional services and technology fees that are non-refundable based on the tuition refund policy and recognizes it as revenue in the period the withdrawal occurs. Hondros College of Nursing HCN’s tuition revenue varies from period to period based on the number of students enrolled and the programs in which they are enrolled. Students may remit tuition payments at any time, or they may elect various payment options that can delay receipt of payment up until the term starts or longer. These other payment options include payments by sponsors, financial aid, and alternative loans. Beginning July 1, 2018, HCN began offering its students an extended payment plan option designed to assist students with educational costs consisting of tuition, textbooks, and fees. The extended payment plan option is only available after all other student financial assistance has been applied to those costs. The payment plan requires monthly payments while the student is enrolled in a program and extends for a period up to six months after the last day of attendance or graduation. To the extent interest is applied, it is generally fixed and does not accrue until the student departs the program or graduates. The extended payment plan option does not impose any origination fees. Borrowers are advised about the terms of the loans and counseled to use all federal funding options. In addition, beginning January 1, 2020, HCN began offering an institutional grant to students demonstrating financial need to cover the difference between the total cost of tuition and fees less the amount of all eligible financial aid resources. The grant is designed to limit a student’s monthly payment to $200 through an award of up to $200 per month or $600 per term after consideration of financial aid, employer tuition reimbursement, and other financial resources. HCN awarded approximately $0.2 million of institutional grants during the year ended December 31, 2020. Generally, financial aid is awarded prior to the start of the term and requests for authorization of disbursement begin in the second week of the term. Tuition revenue that has not yet been earned by HCN is presented as deferred revenue in the accompanying Consolidated Balance Sheets. HCN’s refund policy for Ohio campuses complies with the rules of the Ohio State Board of Career Colleges and Schools and is applicable to each term. For a course with an on-campus or other in-person component, the date of withdrawal is determined by a student’s last attended day of clinical offering, laboratory session, or lecture. For an online course, the date of withdrawal is determined by a student’s last submitted assignment in the course. HCN uses the following refund policies: HCN’s refund policy for students at its Ohio campuses is as follows: Quarterly Term Withdrawal Date Tuition Refund Percentage Before first full calendar week of the quarter 100% During first full calendar week of the quarter 75% During second full calendar week of the quarter 50% During third full calendar week of the quarter 25% During fourth full week of the quarter No Refund HCN’s refund policy for students at its Indianapolis campus is as follows: Withdrawal Date Tuition Refund Percentage Before first calendar week of quarter 100% During first full calendar week of the quarter 90% During third full calendar week of the quarter 75% During sixth full calendar week of the quarter 50% During ninth full calendar week of the quarter 25% After the ninth week of the quarter No Refund If a student withdraws during the term, HCN calculates the portion of tuition that is non-refundable based on the tuition refund policy and recognizes it as revenue in the period the withdrawal occurs. Refund Liability APUS uses the portfolio approach and applies the expected value method to determine if a refund liability exists. This requires management judgment and the use of estimates and historical data to assess the likelihood and magnitude of a revenue reversal due to a refund liability. Due to the short duration of the courses, and the refund policy described above, any uncertainty regarding a student’s withdrawal is resolved in a short time period. Based on measurement and analysis, the Company determined that a significant reversal in the cumulative amount of revenue recognized is not expected. The Company includes this estimate in the transaction price. At December 31, 2019 and 2020, there was approximately $9,000 and $28,800, respectively, of refund liabilities for APUS included in deferred revenue. APUS updates the measurement of the refund liability at the end of each reporting period for changes in expectations, and if the reversal becomes significant, recognizes corresponding adjustments to revenue.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consisted of the following: As of December 31, Useful 2019 2020 (in thousands) Land — $ 9,244 $ 9,019 Building and building improvements 15 - 39 years 54,592 53,309 Leasehold improvements up to 15 years 1,536 1,569 Office equipment 5 years 911 587 Computer equipment 3 years 22,090 20,227 Furniture and fixtures 7 years 9,035 8,447 Other capital assets 5 years 128 150 Software development 5 years 87,774 89,320 Program development 3 years 13,103 13,370 198,413 195,998 Accumulated depreciation and amortization 119,918 127,564 $ 78,495 $ 68,434 The Company disposed of long-lived assets resulting in a loss of $0.9 million, $0.6 million, and $0.9 million during the years ended December 31, 2018, 2019, and 2020, respectively. The disposals and losses were primarily related to assets no longer in use. The losses on long-lived assets are included as loss on disposals of long-lived assets in these Consolidated Financial Statements. For the year ended December 31, 2020, the Company’s APEI Segment sold certain excess real property located in Charles Town, West Virginia, for a net sales price of $0.8 million, resulting in a loss on disposals of long-lived assets of $0.4 million. The loss was included in loss on disposals of long-lived assets in these Consolidated Financial Statements.

Investments

Investments	12 Months Ended
	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments On September 30, 2012, the Company made a $6.8 million investment in preferred stock, treated as in-substance common stock, of NWHW Holdings, Inc., or NWHW Holdings, a holding company that operates an information technology training company, New Horizons Worldwide, Inc., or New Horizons, representing approximately 20% of the fully diluted equity of NWHW Holdings. The Company initially accounted for its investment in New Horizons under ASC 323, Investments - Equity Method and Joint Ventures . Therefore, the Company recorded the investment at cost and recognized its share of earnings or losses in the investee in the periods for which they were reported with a corresponding adjustment in the carrying amount of the investment. During the first quarter of 2019, the Company determined that it no longer qualified to account for its investment in NWHW Holdings under ASC 323 because the Company is unable to exercise significant influence over operating and financial policies of NWHW Holdings; therefore, the Company elected to account for the investment under ASC 321, Equity Investments . Under ASC 321, for each reporting period, the Company completes a qualitative assessment considering impairment indicators to evaluate whether the investment is impaired. Earnings or losses that were previously recorded remain as part of the carrying amount of the investment. The carrying value of the investment was approximately $5.2 million, as of December 31, 2019 and 2020, respectively. On February 20, 2013, the Company made a $4.0 million investment in preferred stock of Fidelis Education, Inc., or Fidelis Education, representing approximately 22% of its fully diluted equity. On February 1, 2016, the Company made an additional $950,000 investment in preferred stock increasing its investment in Fidelis Education to approximately 23% of its fully diluted equity. Fidelis Education offers a learning relationship management platform that improves education advising and career mentoring services offered to students as they pursue college degrees. In connection with the investment, the Company is entitled to certain rights, including the right to representation on the Board of Directors of Fidelis Education. The Company accounts for its investment in Fidelis Education under ASC 323, Investments - Equity Method and Joint Ventures . Therefore, the Company recorded the investment at cost and recognizes its share of earnings or losses in the investee in the periods for which they are reported with a corresponding adjustment in the carrying amount of the investment. Under ASC 323, for each reporting period, the Company completes a qualitative assessment considering impairment indicators to evaluate whether the investment is impaired. Earnings or losses that were previously recorded remain as part of the carrying amount of the investment. The carrying value of the investment is approximately $1.1 million, as of December 31, 2019 and 2020. On April 2, 2014, the Company made a $1.5 million investment in preferred stock of Second Avenue Software, Inc., or Second Avenue Software, representing approximately 26% of its fully diluted equity. Second Avenue Software is a game-based education software company that develops software on a proprietary and “work-for-hire” basis. The Company initially accounted for its investment in Second Avenue Software under ASC 323, Investments - Equity Method and Joint Ventures . Therefore, the Company recorded the investment at cost and recognized its share of earnings or losses in the investee in the periods for which they were reported with a corresponding adjustment in the carrying amount of the investment. During the first quarter of 2019, the Company determined that it no longer qualified to account for its investment in Second Avenue Software under ASC 323 because the Company is no longer able to exercise significant influence over operating and financial policies of Second Avenue Software; therefore, the Company has elected to account for the investment under ASC 321, Equity Investments . Under ASC 321, for each reporting period, the Company completes a qualitative assessment considering impairment indicators to evaluate whether the investment is impaired. The carrying value of the investment is approximately $0.8 million as of December 31, 2019 and 2020. On December 21, 2015, the Company made a $3.5 million investment in preferred stock of RallyPoint, an online social network for members of the military, representing approximately 14% of its fully diluted equity. The Company accounts for its investment in RallyPoint using ASC 321, Investments - Equity Securities . On October 24, 2017, the Company made an additional $0.3 million investment in preferred stock of Rally Point. Subsequent to the additional investment, the Company’s fully diluted ownership was unchanged. Under ASC 321, for each reporting period, the Company completes a qualitative assessment considering impairment indicators to evaluate whether the investment is impaired. The carrying value of the investment was approximately $3.3 million as of December 31, 2019 and 2020. The Company evaluated its equity method investment for impairment as of December 31, 2019 and 2020, including a review of any impacts related to the COVID-19 pandemic, and determined the investment was not impaired. During the year ended December 31, 2018, the Company recorded an impairment charge of approximately $0.1 million on its equity method investment. The Company evaluated its cost method investments for impairment as of December 31, 2019 and 2020, including a review of any impacts related to the COVID-19 pandemic, and determined none of the investments were impaired. During the year ended December 31, 2018, the Company recorded impairment charges of approximately $0.5 million on its cost method investments. The aggregate carrying amount of the Company’s investments accounted for under ASC 321, Investments - Equity Securities , presented on its Consolidated Balance Sheets on a one-line basis as “Investments”, was approximately $9.4 million as of December 31, 2019 and 2020.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets In connection with its November 1, 2013 acquisition of HCN, the Company applied ASC 805, Business Combinations, using the acquisition method of accounting. The Company recorded $38.6 million of goodwill, representing the excess of the purchase price over the amount assigned to the net assets acquired and the fair value assigned to identified intangible assets, and recorded $8.1 million of identified intangible assets. The Company accounts for goodwill and indefinite-lived intangible assets in accordance with FASB ASC 350, Intangibles Goodwill and Other, and in 2018 adopted ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . The Company annually assesses goodwill for impairment on October 31 st , or more frequently if events and circumstances, including a review of any impacts related to the COVID-19 pandemic, indicate that goodwill might be impaired. Goodwill impairment testing consists of an optional qualitative assessment as well as a quantitative test. The quantitative test compares the fair value of the reporting unit to its carrying value. If the carrying value of the reporting unit is greater than zero and its fair value is greater than its carrying amount, there is no impairment. If the carrying value is greater than the fair value, the difference between the two values is recorded as an impairment. In addition to goodwill, HCN recorded identified intangible assets with an indefinite useful life in the aggregate amount of $3.7 million, which includes trade names, accreditation, licensing and Title IV, and affiliate agreements, and recorded $4.4 million of identified intangible assets with a definite useful life. At the acquisition date, the useful life assigned to each type of intangible asset with a definite useful life was as follows: Useful Life Student contracts and relationships 6 years Curricula 3 years Non-compete agreements 5 years As of December 31, 2019 and 2020, all identified intangible assets with a useful life were fully amortized. During the year ended December 31, 2019, as a result of circumstances that included HCN’s continued underperformance against revised 2019 internal targets and overall 2019 financial performance, the Company completed interim goodwill impairment tests during the first and third quarters. The implied fair value of goodwill was calculated and compared to the recorded goodwill, and the Company determined the fair value of goodwill was $26.6 million, or $7.3 million less than its carrying value. There was no impairment of the intangible assets. As a result, the Company recorded a pretax, non-cash charges of $7.3 million to reduce the carrying value of its goodwill in the HCN Segment during 2019. There was no impairment of goodwill or the intangible assets during the year ended December 31, 2020. The Company engaged an independent valuation firm to assist with the valuation and determination of the fair value of HCN for both assessments. 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 discounted cash flow method, 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 guideline company method, valuation metrics from other education companies were used to determine the value. Under the comparable transaction method, pricing terms from other transactions in the higher education market were used to determine the value. Under the private equity method, pricing terms from private equity transactions were used to determine the value. Values derived under the four valuation methods were then weighted to estimate HCN’s enterprise value. The goodwill impairment charges recorded in 2019 eliminated the difference between the fair value of goodwill and the carrying value of goodwill. As of October 31, 2019 and 2020, the Company completed its annual assessment of goodwill and concluded that HCN’s fair value was more than the carrying value; consequently, there was no impairment. The Company’s October 31, 2020 annual assessment concluded that the fair value of HCN exceeded the carrying value by approximately $13.7 million, or 37.1%. Changes in the carrying amount of goodwill by reportable segment during the years ended December 31, 2019 and 2020 are as follows (in thousands): APEI Segment HCN Segment Total Goodwill Goodwill as of December 31, 2018 $ — $ 33,899 $ 33,899 Impairment — (7,336) (7,336) Goodwill as of December 31, 2019 $ — $ 26,563 $ 26,563 Impairment — — — Goodwill as of December 31, 2020 $ — $ 26,563 $ 26,563 Intangible assets, included in Other Assets on the Consolidated Balance Sheets in these Consolidated Financial Statements, consist of the following as of December 31, 2019 and 2020 (in thousands): Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets Curricula $ 405 $ 405 $ — Non-compete agreements 86 86 — Student contracts and relationships 3,870 3,870 — Total finite-lived intangible assets 4,361 4,361 — Indefinite-lived intangible assets Trade name 1,998 — 1,998 Accreditation, licensing and Title IV 1,686 — 1,686 Affiliation agreements 37 — 37 Total indefinite-lived intangible assets 3,721 — 3,721 Total intangible assets $ 8,082 $ 4,361 $ 3,721 Finite-lived intangible assets were amortized in a manner that reflects the estimated economic benefit of the intangible assets. Curricula and non-compete agreements were amortized on a straight-line basis. Student contracts and relationships were amortized using an accelerated method.

Leases

Leases	12 Months Ended
	Dec. 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. In February 2016, FASB issued ASU No. 2016-02, Leases (Topic 842) . 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. 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 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. 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 Sheets as of December 31, 2019 and 2020. 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 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 years ended December 31, 2019 and 2020 was approximately $2.6 million and $2.9 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. Cash paid for amounts included in the present value of operating lease liabilities during the years ended December 31, 2019 and 2020 was $2.8 million and $2.9 million, respectively, and is included in operating cash flows. The following tables present information about the amount and timing of cash flows arising from the Company’s operating leases as of December 31, 2020 (dollars in thousands): Maturity of Lease Liabilities Lease Payments 2021 2,791 2022 2,465 2023 1,709 2024 928 2025 498 2026 and beyond 1,742 Total future minimum lease payments $ 10,133 Less imputed interest (1,286) Present value of operating lease liabilities $ 8,847 Balance Sheet Classification Operating lease liabilities, current $ 2,392 Operating lease liabilities, long-term 6,455 Total operating lease liabilities $ 8,847 Other Information Weighted average remaining lease term (in years) 4.91 Weighted average discount rate 5.1 % The APEI Segment leases corporate and administrative office space in Maryland and Virginia under operating leases that expire through May 2022. Lease expense related to the APEI Segment’s operating leases was $0.5 million in each of the years ended December 31, 2019 and 2020, respectively. HCN leases administrative office space in suburban Columbus, Ohio, and leases six campuses located in the suburban areas of Cincinnati, Cleveland, Columbus, Dayton, and Toledo, Ohio, and a campus in Indianapolis, Indiana, under operating leases that expire through June 2029. Lease expenses related to the HCN Segment’s operating leases were $2.1 million, and $2.4 million for the years ended December 31, 2019 and 2020, respectively. A majority of the leases require the payment of taxes, maintenance, insurance and certain other operating expenses applicable to the leased premises.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The components of income tax expense were as follows (in thousands): Year Ended December 31, 2018 2019 2020 Current income tax expense: Federal $ 8,034 $ 5,803 $ 5,685 State 2,170 1,425 2,146 10,204 7,228 7,831 Deferred tax expense: Federal (776) (1,766) (608) State (141) (275) (203) (917) (2,041) (811) Income Tax Expense $ 9,287 $ 5,187 $ 7,020 The tax effects of principal temporary differences are as follows (in thousands): As of December 31, 2019 2020 Deferred tax assets Operating lease liability $ 2,912 $ 2,187 Allowance for doubtful accounts 1,528 1,487 Restricted stock 1,232 1,573 Accrued vacation and severance 660 695 Investment 304 564 Other 232 596 Stock option compensation expense 1 63 Total gross deferred tax assets 6,869 7,165 Valuation allowance — (536) Total net deferred tax assets 6,869 6,629 Deferred tax liabilities Income tax deductible capitalized software development costs (3,330) (2,468) Operating lease asset (2,882) (2,161) Property and equipment (1,670) (1,867) Prepaid expenses (1,607) (1,294) Goodwill and intangibles (771) (1,419) Total deferred tax liabilities (10,260) (9,209) Deferred tax liabilities, net $ (3,391) $ (2,580) Income tax expense differs from the amount of tax determined by applying the United States Federal income tax rates to pretax income and loss due to the application of state apportionment laws, permanent tax differences, and other temporary differences (in thousands): Year Ended December 31, 2018 2019 2020 Amount % Amount % Amount % Tax expense at statutory rate $ 7,320 21.00 % $ 3,192 21.00 % $ 5,427 21.00 % State taxes, net 1,575 4.51 % 852 5.60 % 1,156 4.48 % Permanent differences 433 1.24 % 244 1.61 % 491 1.90 % Equity-based compensation benefits (126) (0.36) % 371 2.44 % (305) (1.18) % Post-employment benefits — — % 345 2.27 % (67) (0.26) % Uncertain tax position 154 0.44 % 93 0.61 % 49 0.19 % Valuation allowance — — % 213 1.40 % 287 1.11 % Other (69) (0.19) % (123) (0.80) % (18) (0.07) % $ 9,287 26.64 % $ 5,187 34.13 % $ 7,020 27.17 % Permanent differences in the table above are mainly attributable to executive and stock compensation, minority investment losses including other-than-temporary impairment charges, nondeductible meals and entertainment expenses, and non-deductible employer contributions to the American Public Education, Inc. Employee Stock Purchase Plan. There were no material uncertain tax positions as of December 31, 2018, 2019, or 2020. Interest and penalties associated with uncertain income tax positions would be classified as income tax expense. The Company has not recorded any material interest or penalties during any of the years presented. The Company is subject to U.S. federal income taxes as well as income tax of multiple state jurisdictions. For U.S. federal and state tax purposes, tax years 2017-2019 remain open to examination.

Other Employee Benefits

Other Employee Benefits	12 Months Ended
	Dec. 31, 2020
Postemployment Benefits [Abstract]
Other Employee Benefits	Other Employee Benefits The Company has established a tax deferred 401(k) retirement plan that provides retirement benefits to its eligible employees. Participants may elect to contribute up to 60% of their gross annual earnings not to exceed ERISA and IRS limits. The plan provides for Company discretionary profit sharing contributions at matching percentages. Employees immediately vest 100% in all salary reduction contributions and employer contributions. The Company made discretionary contributions to the plan of $3.7 million, $3.7 million, and $4.2 million for the years ended December 31, 2018, 2019, and 2020, respectively. In November 2007, the Company adopted the American Public Education, Inc. Employee Stock Purchase Plan, or the ESPP, which was implemented effective July 1, 2008 with quarterly enrollment periods. Eligible participants may only enter the plan and establish their withholdings at the start of an enrollment period. Participating employees may withdraw from the plan and end payroll deductions at any time up to five days before the share purchase date and funds will be returned to them. Under the ESPP, participating employees may purchase shares of the Company’s common stock, subject to certain limitations, at 85% of its fair market value on the last day of the quarterly period. The total value of contributions per participant may not exceed $21,000 annually or the value of the common stock purchased per participant cannot exceed $25,000. There were initially 100,000 shares of common stock available for purchase by participating employees under the ESPP. On June 13, 2014, the Company’s stockholders approved an amendment to the ESPP to increase the number of shares of the Company’s common stock available for issuance under the plan by 100,000 shares, extend the term of the ESPP to March 7, 2024, and make other administrative changes. On May 15, 2020, the Company’s stockholders further amended the ESPP to increase the number of shares of the Company’s common stock available for issuance under the plan by an additional 100,000 shares and extend the term of the ESPP to May 15, 2030. Shares purchased in the open market for issuance to employees pursuant to the plan for the years ended December 31, 2018, 2019, and 2020 were as follows: Purchase Date Shares Common Stock Purchase Price Compensation Expense March 31, 2018 1,931 $ 42.15 $ 35.83 $ 12,209 June 30, 2018 1,661 $ 43.15 $ 36.68 $ 10,751 September 30, 2018 2,779 $ 32.17 $ 27.34 $ 13,410 December 31, 2018 2,475 $ 28.46 $ 24.19 $ 10,566 Total/Weighted Average 8,846 $ 35.37 $ 30.07 $ 46,936 March 31, 2019 2,905 $ 30.74 $ 26.13 $ 13,395 June 30, 2019 2,465 $ 29.35 $ 24.94 $ 10,873 September 30, 2019 4,511 $ 22.34 $ 18.99 $ 15,116 December 31, 2019 3,339 $ 27.39 $ 23.28 $ 13,723 Total/Weighted Average 13,220 $ 26.77 $ 22.75 $ 53,107 March 31, 2020 3,922 $ 23.93 $ 20.34 $ 14,078 June 30, 2020 2,737 $ 29.60 $ 25.16 $ 12,152 September 30, 2020 4,015 $ 28.19 $ 23.96 $ 16,977 December 31, 2020 3,550 $ 30.48 $ 25.91 $ 16,231 Total/Weighted Average 14,224 $ 27.86 $ 23.68 $ 59,438

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Stock Incentive Plans The American Public Education, Inc. 2017 Omnibus Incentive Plan, or 2017 Incentive Plan, became effective on May 12, 2017, or the Effective Date. Upon effectiveness of the 2017 Incentive Plan, the Company ceased making awards under the American Public Education, Inc. 2011 Omnibus Incentive Plan, or the 2011 Incentive Plan. The 2017 Incentive Plan allows the Company to grant up to 1,675,000 shares, as well as shares of the Company’s common stock that were available for issuance under the 2011 Incentive Plan as of the Effective Date. In addition, the number of shares of common stock available under the 2017 Incentive Plan was increased from time to time by the number of shares subject to outstanding awards granted under the 2011 Incentive Plan that terminate by expiration, forfeiture, cancellation or otherwise without issuance of such shares following the Effective Date. On May 15, 2020, the Company’s stockholders approved an amendment to the 2017 Incentive Plan to increase the number of shares available for issuance thereunder by 1,425,000 and to extend the term of the 2017 Plan to May 15, 2030, as well as to clarify limitations on repricing. Grants under the 2017 Incentive Plan generally vest over a period of three years and the Company recognizes compensation expense over that period. The 2017 Incentive Plan includes a provision that allows individuals who have reached certain service and retirement eligibility criteria on the date of grant an accelerated service period of one year. The Company recognizes compensation expense for these individuals over the accelerated period. As of December 31, 2020, all shares subject to outstanding awards are under the 2017 Incentive Plan. Restricted Stock and Restricted Stock Unit Awards The fair value of the Company’s restricted stock and restricted stock unit awards is calculated based on the closing price of the Company’s stock on the date of grant. The estimated fair value of these awards is recognized as stock-based compensation expense and is expensed over the vesting period using the straight-line method for Company employees and the graded-vesting method for members of the Board of Directors. 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. The Company also estimates forfeitures of share-based awards at the time of grant and revises such estimates in subsequent periods if actual forfeitures differ from original estimates. The table below sets forth the restricted stock and restricted stock unit activity for the year ended December 31, 2018: Number Weighted Non vested, December 31, 2017 461,262 $ 20.91 Shares granted 302,781 27.00 Vested shares (222,069) 21.33 Shares forfeited (51,632) 22.94 Non vested, December 31, 2018 490,342 $ 24.23 The table below sets forth the restricted stock and restricted stock unit activity for the year ended December 31, 2019: Number Weighted Non vested, December 31, 2018 490,342 $ 24.23 Shares granted 333,635 29.48 Vested shares (255,918) 22.98 Shares forfeited (21,119) 26.86 Non vested, December 31, 2019 546,940 $ 27.81 The table below sets forth the restricted stock and restricted stock unit activity for the year ended December 31, 2020: Number Weighted Non vested, December 31, 2019 546,940 $ 27.81 Shares granted 396,976 24.94 Vested shares (307,937) 26.95 Shares forfeited (109,179) 26.56 Non vested, December 31, 2020 526,800 $ 26.43 There were 35,688, 37,738, and 48,434 shares of restricted stock or restricted stock units excluded in the computation of diluted net income per common share for the years ended December 31, 2018, 2019, and 2020, respectively. At December 31, 2020, total unrecognized compensation expense in the amount of $8.7 million relates to non-vested restricted stock, restricted stock units, and stock options, which will be recognized over a weighted average period of 1.8 years. As a result of termination of employment, the Company accepted the following common shares for forfeiture: 48,814 shares for $1,118,842 in 2018, 17,825 shares for $488,974 in 2019, and 73,808 shares for $1,855,784 in 2020. Option Awards The fair value of each option award is estimated at the date of grant using a Black-Scholes option-pricing model. The Company makes assumptions with respect to expected stock price volatility based on the average historical volatility of the Company’s common stock. In addition, the Company determines the risk-free interest rate by selecting the U.S. Treasury constant maturity for the same maturity as the estimated life of the option , quoted on an investment basis in effect at the time of grant for that business day. Estimates of fair value are subjective and are not intended to predict actual future events, and subsequent events are not necessarily indicative of the reasonableness of the original estimates of fair value made under FASB ASC Topic 718. Prior to 2012, the Company issued a mix of stock options and restricted stock, but ceased issuing options until 2019. Options currently outstanding vest ratably over a period of three years and expire in ten years from the date of grant. The table below sets forth stock option activity for the year ended December 31, 2018: Number Weighted Weighted Aggregate (in thousands) Outstanding, December 31, 2017 109,616 $ 37.52 Options granted — — Awards exercised — — Options forfeited (109,616) 37.52 Outstanding, December 31, 2018 — $ — $ — Exercisable, December 31, 2018 — $ — $ — The table below sets forth stock option activity for the year ended December 31, 2019: Number Weighted Weighted Aggregate (in thousands) Outstanding, December 31, 2018 — $ — Options granted 43,134 23.77 10 Awards exercised — — Options forfeited — — Outstanding, December 31, 2019 43,134 $ 23.77 9.73 $ 156 Exercisable, December 31, 2019 — $ — $ — The table below sets forth stock option activity for the year ended December 31, 2020: Number Weighted Weighted Aggregate (in thousands) Outstanding, December 31, 2019 43,134 $ 23.77 9.73 $ 156 Options granted 17,370 33.11 10 $ — Awards exercised — — Options forfeited — — Outstanding, December 31, 2020 60,504 $ 26.45 8.96 $ 264 Exercisable, December 31, 2020 14,378 $ 23.77 8.73 $ 88 The following table sets forth the assumptions used in calculating the fair value at the date of grant of each option award granted: Year Ended December 31, 2018 2019 2020 Expected volatility — % 47.37 % 48.74 % Expected dividends — % — % — % Expected term, in years 0 10 10 Risk-free interest rate — % 1.74 % 0.68 % Weighted-average fair value of options granted during the year $ — $ 13.91 $ 18.99 There were no anti-dilutive stock options excluded from the calculation of diluted net income per common share for the year ended December 31, 2018. For the years ended December 31, 2019, and 2020, there were 43,134, and 60,504 anti-dilutive stock options excluded from the calculation of diluted net income per share, respectively. Stock-Based Compensation Expense For the years ended December 31, 2018, 2019, and 2020, the Company recognized stock-based compensation expense as follows: Year Ended December 31, 2018 2019 2020 (In thousands) Instructional costs and services $ 1,610 $ 1,570 $ 1,535 Selling and promotional 512 766 1,007 General and administrative 5,058 3,624 4,533 Total stock-based compensation expense $ 7,180 $ 5,960 $ 7,075 The Company recognized income tax benefits of $1.9 million, $2.0 million, and $1.9 million from vested restricted stock and restricted stock units for the years ended December 31, 2018, 2019, and 2020, respectively. Repurchase During the year ended December 31, 2018, the Company did not repurchase shares of the Company’s common stock, par value $0.01 per share, other than shares deemed to have been repurchased to satisfy employee minimum tax withholding requirements in connection with the vesting of restricted stock grants. During the year ended December 31, 2019, the Company repurchased 1,416,304 shares of the Company’s common stock, par value $0.01 per share. The chart and footnotes below provide the detail as to the Company’s repurchases during the period. Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2)(3) January 1, 2019 — $ — — — $ 148,008 January 1, 2019 – January 31, 2019 — — — 283,876 148,008 February 1, 2019 – February 28, 2019 — — — 283,876 148,008 March 1, 2019 – March 31, 2019 — — — 283,876 148,008 April 1, 2019 – April 30, 2019 — — — 284,252 148,008 May 1, 2019 – May 31, 2019 129,973 29.38 129,973 299,060 31,181,393 June 1, 2019 – June 30, 2019 197,488 29.03 197,488 299,060 25,448,317 July 1, 2019 – July 31, 2019 218,699 30.79 218,699 299,436 18,714,574 August 1, 2019 – August 31, 2019 220,000 28.16 220,000 299,436 12,519,374 September 1, 2019 – September 30, 2019 199,921 24.12 199,921 352,104 7,697,280 October 1, 2019 – October 31, 2019 229,849 22.34 229,849 352,480 2,562,453 November 1, 2019 – November 30, 2019 110,374 23.21 110,374 352,480 673 December 1, 2019 – December 31, 2019 110,000 27.23 110,000 352,480 22,004,700 Total 1,416,304 $ 26.83 1,416,304 352,480 $ 22,004,700 During the year ended December 31, 2020, the Company repurchased 547,563 shares of the Company’s common stock, par value $0.01 per share. The chart and footnotes below provide the detail as to the Company’s repurchases during the period. Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (2) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2) (3) January 1, 2020 — $ — — — $ 22,004,700 January 1, 2020 – January 31, 2020 198,300 27.10 198,300 284,723 16,630,770 February 1, 2020 – February 29, 2020 179,263 24.51 179,263 284,723 12,237,034 March 1, 2020 – March 31, 2020 170,000 22.59 170,000 284,723 8,396,734 April 1, 2020 – April 30, 2020 — — — 284,723 8,396,734 May 1, 2020 – May 31, 2020 — — — 299,843 8,396,734 June 1, 2020 – June 30, 2020 — — — 312,816 8,396,734 July 1, 2020 – July 31, 2020 — — — 317,924 8,396,734 August 1, 2020 – August 31, 2020 — — — 331,841 8,396,734 September 1, 2020 – September 30, 2020 — — — 331,841 8,396,734 October 1, 2020 – October 31, 2020 — — — 331,841 8,396,734 November 1, 2020 – November 30, 2020 — — — 331,841 8,396,734 December 1, 2020 – December 31, 2020 — — — 331,841 8,396,734 Total 547,563 $ 24.85 547,563 331,841 $ 8,396,734 (1) On December 9, 2011, our Board of Directors approved a stock repurchase program for our common stock, under which we could annually purchase up to the cumulative number of shares issued or deemed issued in that year under our equity incentive and stock purchase plans. Repurchases may be made from time to time in the open market at prevailing market prices or in privately negotiated transactions based on business and market conditions. The stock repurchase program does not obligate us to repurchase any shares, may be suspended or discontinued at any time, and is funded using our available cash. (2) On May 2, 2019, the Company’s Board of Directors authorized the repurchase of up to $35.0 million of the Company’s shares of common stock, and on December 5, 2019, the Board approved an additional authorization of up to $25.0 million of shares. Subject to market conditions, applicable legal requirements, and other factors, the repurchases may be made from time to time in the open market or in privately negotiated transactions. The authorization does not obligate the Company to acquire any shares, and purchases may be commenced or suspended at any time based on market conditions and other factors the Company deem appropriate. The Company may purchase shares at management’s discretion in the open market, in privately negotiated transactions, in transactions structured through investment banking institutions, or a combination of the foregoing. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of shares under this authorization. The amount and timing of repurchases are subject to a variety of factors, including liquidity, cash flow, stock price and general business and market conditions. The Company has no obligation to repurchase shares and may modify, suspend or discontinue the repurchase program at any time. The authorization under this program is in addition to the Company’s repurchase program under which we may annually purchase up to the cumulative number of shares issued or deemed issued in that year under our equity incentive and stock purchase plan. (3) During the years ended December 31, 2018, 2019, and 2020, the Company was deemed to have repurchased 66,088, 83,214, and 78,847 shares of common stock forfeited by employees to satisfy minimum tax-withholding requirements in connection with the vesting of restricted stock grants. These repurchases were not part of the stock repurchase programs authorized by our Board of Directors as described in footnotes 1 and 2 of this table.

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies	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	12 Months Ended
	Dec. 31, 2020
Risks and Uncertainties [Abstract]
Concentration	Concentration APUS students utilize various payment sources and programs to finance their education expenses, including funds from: Department of Defense, or DoD, tuition assistance programs, or TA, education benefit programs administered by the U.S. Department of Veteran’s Affairs, or VA, and federal student aid from Title IV programs, as well as cash and other sources. Reductions in or changes to TA, VA education benefits, Title IV programs and other payment sources could have a significant impact on the Company’s operations. As of December 31, 2020 approximately 61% 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 years ended December 31, 2018, 2019, and 2020 is as follows: Year Ended December 31, 2018 2019 2020 DoD tuition assistance programs 37% 39% 43% VA education benefits 23% 23% 22% Title IV programs 26% 25% 21% Cash and other sources 14% 13% 14% A summary of HCN Segment revenue derived from students by primary funding source for the years ended December 31, 2018, 2019, and 2020 is as follows: Year Ended December 31, 2018 2019 2020 Title IV programs 82% 80% 82% Cash and other sources 16% 18% 16% VA education benefits 2% 2% 2% A reduction in, or change to, any of these programs could have a significant impact on the Company’s operations and financial condition.

Segment Information

Segment Information	12 Months Ended
	Dec. 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 Topic 280, Segment Reporting , the chief operating decision-maker has been identified as the Chief Executive Officer. The Chief Executive Officer reviews operating results to make decisions about allocating resources and assessing performance for APEI and HCN. A summary of financial information by reportable segment is as follows (in thousands): Year Ended December 31, 2018 2019 2020 Revenue American Public Education Segment $ 260,062 $ 256,899 $ 285,766 Hondros College of Nursing Segment 37,625 29,479 36,091 Intersegment elimination — (108) (72) Total Revenue $ 297,687 $ 286,270 $ 321,785 Depreciation and Amortization American Public Education Segment $ 16,175 $ 14,659 $ 12,364 Hondros College of Nursing Segment 1,326 937 620 Total Depreciation and Amortization $ 17,501 $ 15,596 $ 12,984 Income (loss) from operations before interest income and income taxes American Public Education Segment $ 28,561 $ 23,522 $ 24,034 Hondros College of Nursing Segment 3,965 (10,768) 722 Intersegment elimination — 2 1 Total income from operations before interest income and income taxes $ 32,526 $ 12,756 $ 24,757 Interest Income, Net American Public Education Segment $ 2,867 $ 3,866 $ 1,075 Hondros College of Nursing Segment 48 42 17 Total Interest Income, Net $ 2,915 $ 3,908 $ 1,092 Income Tax Expense (Benefit) American Public Education Segment $ 8,267 $ 7,754 $ 6,827 Hondros College of Nursing Segment 1,020 (2,567) 193 Total Income Tax Expense $ 9,287 $ 5,187 $ 7,020 Capital Expenditures American Public Education Segment $ 8,793 $ 6,479 $ 4,724 Hondros College of Nursing Segment 637 776 202 Total Capital Expenditures $ 9,430 $ 7,255 $ 4,926 Effective January 1, 2019, the APEI Segment began charging 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 December 31, 2019 2020 Assets American Public Education Segment $ 305,896 $ 322,544 Hondros College of Nursing Segment 49,001 48,474 Total Assets $ 354,897 $ 371,018

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events    On March 1, 2021, we completed an underwritten public offering of 3,680,000 shares of our common stock at a price to the public of $25.00 per share for estimate aggregate net proceeds of $86.4 million, after deducting underwriting discounts and commissions and other estimated offering expenses.

Quarterly Financial Summary (un

Quarterly Financial Summary (unaudited)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Summary (unaudited)	Quarterly Financial Summary (unaudited) The following unaudited consolidated interim financial information presented should be read in conjunction with other information included in the Company’s Consolidated Financial Statements. In the opinion of management, the following unaudited consolidated financial information reflects all adjustments necessary for the fair presentation of the results of interim periods. Historical results are not necessarily indicative of the results of operations to be expected for future periods. The following tables set forth selected unaudited quarterly financial information for each of the Company’s last eight quarters: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter (in thousands, except per share data) 2019 Revenue $ 73,441 $ 70,560 $ 67,888 $ 74,381 Income (loss) from operations before income taxes 2,435 6,813 (1,894) 9,310 Net income (loss) 1,011 4,921 (1,638) 5,719 Net income (loss) per common share: Basic $ 0.06 $ 0.30 $ (0.10) $ 0.37 Diluted $ 0.06 $ 0.30 $ (0.10) $ 0.37 2020 Revenue $ 74,616 $ 82,127 $ 79,133 $ 85,909 Income from operations before income taxes 3,395 9,220 3,429 9,805 Net income 2,420 6,689 2,642 7,071 Net income per common share: Basic $ 0.16 $ 0.45 $ 0.18 $ 0.48 Diluted $ 0.16 $ 0.45 $ 0.18 $ 0.47

Schedule_II Valuation and Quali

Schedule II Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II Valuation and Qualifying Accounts	AMERICAN PUBLIC EDUCATION, INC. Schedule II Valuation and Qualifying Accounts Balance at Additions/ (Reductions) Write-Offs Balance at (in thousands) Year ended December 31, 2020: American Public Education Segment $ 2,240 $ 1,276 $ (1,320) $ 2,196 Hondros College of Nursing Segment 3,934 2,526 (2,673) 3,787 Allowance for receivables $ 6,174 $ 3,802 $ (3,993) $ 5,983 Year ended December 31, 2019: American Public Education Segment $ 2,669 $ 2,004 $ (2,433) $ 2,240 Hondros College of Nursing Segment 3,979 2,174 (2,219) 3,934 Allowance for receivables $ 6,648 $ 4,178 $ (4,652) $ 6,174 Year ended December 31, 2018: American Public Education Segment $ 3,253 $ 1,937 $ (2,521) $ 2,669 Hondros College of Nursing Segment 3,023 2,634 (1,678) 3,979 Allowance for receivables $ 6,276 $ 4,571 $ (4,199) $ 6,648

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of presentation and accounting	Basis of presentation and accounting. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP.
Principles of consolidation	Principles of consolidation. The accompanying consolidated financial statements include the 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 those estimates under different assumptions or conditions, and the impact of such differences may be material to the Company’s Consolidated Financial Statements.
Cash and cash equivalents	Cash and cash equivalents. The Company considers all short-term highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of demand deposits with financial institutions, money market funds invested in securities backed by the U.S. government, and U.S. Treasury bills. Cash and cash equivalents are Level 1 assets in the fair value reporting hierarchy.
Restricted cash	Restricted cash. Cash and cash equivalents include 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
Accounts receivable	Accounts receivable. The Company accounts for receivables in accordance with Financial Accounting Standards Board, or FASB, Accounting Standards Codification Subtopic 310, or ASC 310, Receivables. Course tuition is recorded as accounts receivable and deferred revenue at the time students begin a course or term. Students may remit tuition payments at any time or they may elect various other payment options with payment terms extending beyond the start of the course or term. These other payment options include payments by sponsors, financial aid, alternative loans, or tuition assistance programs that remit payments directly to the subsidiary. HCN also offers an extended payment plan option. When a student remits payment after a course or term has begun, accounts receivable is reduced. If payment is made prior to the start of a course or term, the payment is recorded as a student deposit, and the student is provided access to the online classroom when courses start, in the case of APUS, or allowed to start the term, in the case of HCN. If a payment option is confirmed, the student is allowed to start the course or term. Generally, if no receipt is confirmed or payment option secured, the student will be dropped from the online course or not allowed to start the term. Therefore, billed amounts represent charges that have been prepared and sent to students or the applicable third-party payor according to the terms agreed upon in advance. TA is billed by branch of service on a course-by-course basis when a student starts a course, whereas Title IV programs are billed based on the courses included in a student’s term. Billed accounts receivable are considered past due if the invoice has been outstanding for more than 30 days.
Property and equipment	Property and equipment. All property and equipment is carried at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated on a straight-line basis over the estimated useful lives of the assets. Leasehold improvement depreciation is calculated on a straight-line basis over the lesser of the estimated useful life of the asset or the term of the lease. For tax purposes, different methods are used. Maintenance and repairs are expensed as incurred, while other costs are capitalized if they extend the useful life of the asset. The Company’s Partnership At a Distance system, or PAD, is a customized student information and services system used by APUS to manage admissions, online orientation, course registrations, tuition payments, grade reporting, progress toward degrees, and various other functions. Costs associated with this system have been capitalized in accordance with FASB ASC 350-40, Accounting for the Costs of Computer Software Developed or Obtained for Internal Use
Leases	Leases. The Company accounts for lease arrangements in accordance with FASB ASC 842, Leases . The Company determines if there is a lease at inception. 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 as of December 31, 2019 and 2020. 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 and excludes lease incentives. 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 to separate lease and non-lease components for office space and campus leases.
Investments	Investments. The Company accounts for its investments in less than majority owned companies in accordance with FASB ASC 323, Investments - Equity Method and Joint Ventures and FASB ASC 321, Investments - Equity Securities. The Company applies ASC 323, Investments - Equity Method and Joint Ventures to investments w hen 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 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 loss. 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, including the impact of COVID-19, 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 investment loss, and the equity investment balance is reduced to its fair value accordingly. In 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, including the impact of the COVID-19 pandemic. Management must exercise significant judgment in evaluating the potential impairment of its equity investments. The Company’s investments are presented on a one-line basis as “Investments” in the accompanying Consolidated Balance Sheets. Additional information regarding the Company’s investments is located in “Note 6. Investments” below, in these Consolidated Financial Statements.
Goodwill and indefinite-lived intangible assets	Goodwill and indefinite-lived intangible assets. Goodwill represents the excess of the purchase price of an acquired business over the amount assigned to the assets acquired and liabilities assumed. Goodwill is not amortized. The Company accounts for goodwill and indefinite-lived intangible assets in accordance with FASB ASC 350, Intangibles Goodwill and Other, and in 2018 adopted Accounting Standards Update, or ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . The Company annually assesses goodwill for impairment on October 31 st , or more frequently if events and circumstances indicate that goodwill might be impaired. In connection with the Company’s November 1, 2013 acquisition of HCN, the Company recorded $38.6 million of goodwill, representing the excess of the purchase price over the amount assigned to the new assets acquired and the fair value assigned to identified intangible assets. The Company also recorded $3.7 million of indefinite-lived intangible assets as part of the HCN acquisition. APEI utilizes the services of an independent valuation firm to estimate fair value of goodwill and indefinite-lived intangibles. In completing their analysis, the valuation firm uses a discounted cash flow analysis as well as other valuation methods. The discounted cash flow analysis includes significant estimates and assumptions from management, including revenue growth rates, operating margins and future economic and market conditions, among others. Additionally, the valuation firm’s analysis includes significant assumptions with respect to discount rates and assumed royalty rates. If the fair value is less than the carrying value, the asset is reduced to fair value. During the year ended December 31, 2019, the Company used an independent valuation firm to complete interim assessments of goodwill after qualitative analysis indicated that goodwill at HCN might be impaired. The valuations performed during the first and third quarters of 2019, determined that the fair value was less than the carrying value. As a result, the Company recorded pretax, non-cash impairment charges of $7.3 million at HCN during the year ended December 31, 2019. The Company evaluated events and circumstances related to the valuation of goodwill through the year ended December 31, 2020 and determined there were no indicators of impairment at HCN. 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. The Company completed its annual assessment of goodwill as of October 31, 2020 and concluded that HCN’s fair value was more than the carrying value. This annual assessment concluded that the fair value of HCN exceeded the carrying value by approximately $13.7 million, or 37.1%.
Valuation of long-lived assets	Valuation of long-lived assets. The Company accounts for the valuation of long-lived assets under FASB ASC 360, Accounting for the Impairment or Disposal of Long-Lived Assets. ASC 360 requires that long-lived assets and certain identifiable definite-lived intangible assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset.
Deferred revenue and student deposits and Revenue recognition	Deferred revenue and student deposits. Deferred revenue and student deposits at December 31, 2019 and 2020 was $17.4 million and $22.1 million, respectively. Deferred revenue includes payments that have been received from students for courses or terms that are still in process and student deposits represent cash received from students prior to the commencement of a course or term and are refundable to the student in the event the student withdrawals before the start of the course or term. Student deposits at December 31, 2019 and 2020 were $7.8 million and $8.4 million, respectively. Revenue recognition. The Company adopted FASB ASC 606, Revenue from Contracts with Customers, with a date of initial application of January 1, 2018. For periods prior to January 1, 2018, the Company recognized revenue in accordance with the previous accounting standard, ASC 605, Revenue Recognition . Under ASC 606, revenue is recognized when evidence of a contract exists, delivery has occurred or as instructional services are delivered, the price is determinable, and collectability is reasonably assured. Revenue from fees is recognized as information or services are delivered to students, assuming all other revenue recognition criteria are met. For additional information regarding the Company’s adoption of ASC 606 and revenue recognition refer to “Note 4. Revenue” below in these Consolidated Financial Statements.
Advertising costs	Advertising costs. Advertising costs are expensed as incurred during the year pursuant to FASB ASC 720-35.
Income taxes	Income taxes. Deferred taxes are determined using the liability method, whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. As these differences reverse, they will enter into the determination of future taxable income. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment of such changes. Under ASC 740, the Company is required to determine whether uncertain tax positions should be recognized within the Company’s financial statements. The Company recognizes interest and penalties, if any, related to uncertain tax positions in income tax expense. Uncertain tax positions are recognized when a tax position, based solely on its technical merits, is determined more likely than not to not be sustained upon examination. Upon determination, uncertain tax positions are measured to determine the amount of benefit that is greater than 50% likely to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. An uncertain tax position is reversed if it no longer meets the more likely than not threshold of being sustained. There were no material uncertain tax positions as of December 31, 2018, 2019 or 2020. The Company has not recorded any material interest or penalties during any of the years presented.
Stock-based compensation	Stock-based compensation. The Company accounts for stock-based compensation in accordance with FASB ASC 718, Stock Compensation , which requires companies to expense share-based compensation based on fair value, and adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting in January 2017. 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. It 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 a Black-Scholes option-pricing model that uses certain assumptions. The Company makes assumptions with respect to expected stock price volatility based on the average historical volatility of APEI’s common stock. In addition, the Company determines the risk-free interest rate by selecting the U.S. Treasury constant maturity for the same maturity as the estimated life of the option quoted on an investment basis in effect at the time of grant for that business day. 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 made under ASC 718 . For additional information regarding stock-based compensation, refer to “Note 11. Stockholders’ Equity” in these Consolidated Financial Statements.
Income per common share	Income per common share. Basic net income per common share is based on the weighted average number of shares of common stock outstanding during the period. Diluted net income per common share increases the shares used in the per share calculation by the dilutive effects of options, warrants, and restricted stock.
Fair value of financial instruments	Fair value of financial instruments. Cash equivalents are measured and recorded at fair value. The Company also measures certain financial assets at fair value for disclosure purposes, as well as on a nonrecurring basis when they are deemed to be other-than-temporary impairments. Fair value represents the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset. Assets recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market used to measure fair value: Level 1 - inputs to the valuation techniques that are quoted prices in active markets for identical assets or liabilities; Level 2 - inputs to the valuation techniques that are other than quoted prices but are observable for the assets or liabilities, either directly or indirectly; or Level 3 - inputs to the valuation techniques that are unobservable for the assets or liabilities. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
Concentration of credit risk	Concentration of credit risk. The Company maintains its cash, cash equivalents, and restricted cash in bank deposit accounts with various financial institutions. Cash, cash equivalents, and restricted cash balances may exceed the FDIC insurance limit. The Company has historically not experienced any losses in such accounts.
Recent accounting pronouncements	Recent Accounting Pronouncements. The Company considers the applicability and impact of all ASUs. ASUs issued but not listed below were assessed and determined to be either not applicable or expected to have minimal impact on its consolidated financial position and/or results of operations. In June 2016, 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 requires 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 Company adopted this standard effective January 1, 2020 using the modified retrospective approach. The adoption of this standard did not have a material impact on its Consolidated Financial Statements. In August 2018, 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.

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
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: Year Ended December 31, 2018 (In thousands) APEI HCN Intersegment Consolidated Instructional services, net of grants and scholarships $ 258,253 $ 32,468 $ — $ 290,721 Graduation fees 1,069 — — 1,069 Textbook and other course materials — 4,678 — 4,678 Other fees 740 479 — 1,219 Total Revenue $ 260,062 $ 37,625 $ — $ 297,687 Year Ended December 31, 2019 (In thousands) APEI HCN Intersegment Consolidated Instructional services, net of grants and scholarships $ 254,961 $ 25,369 $ (108) $ 280,222 Graduation fees 1,138 — — 1,138 Textbook and other course materials — 3,650 — 3,650 Other fees 800 460 — 1,260 Total Revenue $ 256,899 $ 29,479 $ (108) $ 286,270 Year Ended December 31, 2020 (In thousands) APEI HCN Intersegment Consolidated Instructional services, net of grants and scholarships $ 283,656 $ 30,346 $ (72) $ 313,930 Graduation fees 1,336 — — 1,336 Textbook and other course materials — 5,197 — 5,197 Other fees 774 548 — 1,322 Total Revenue $ 285,766 $ 36,091 $ (72) $ 321,785
Schedule of tuition refund percentages	After a course begins, APUS uses the following refund policy: 8-Week Course- Tuition Refund Schedule Withdrawal Date Tuition Refund Percentage Before or During Week 1 100% During Week 2 75% During Weeks 3 through 4 50% During Weeks 5 through 8 No Refund 16-Week Course- Tuition Refund Schedule Withdrawal Date Tuition Refund Percentage Before or During Week 1 100% During Week 2 100% During Weeks 3 through 4 75% During Weeks 5 through 8 50% During Weeks 9 through 16 No Refund Quarterly Term Withdrawal Date Tuition Refund Percentage Before first full calendar week of the quarter 100% During first full calendar week of the quarter 75% During second full calendar week of the quarter 50% During third full calendar week of the quarter 25% During fourth full week of the quarter No Refund HCN’s refund policy for students at its Indianapolis campus is as follows: Withdrawal Date Tuition Refund Percentage Before first calendar week of quarter 100% During first full calendar week of the quarter 90% During third full calendar week of the quarter 75% During sixth full calendar week of the quarter 50% During ninth full calendar week of the quarter 25% After the ninth week of the quarter No Refund

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	Property and equipment consisted of the following: As of December 31, Useful 2019 2020 (in thousands) Land — $ 9,244 $ 9,019 Building and building improvements 15 - 39 years 54,592 53,309 Leasehold improvements up to 15 years 1,536 1,569 Office equipment 5 years 911 587 Computer equipment 3 years 22,090 20,227 Furniture and fixtures 7 years 9,035 8,447 Other capital assets 5 years 128 150 Software development 5 years 87,774 89,320 Program development 3 years 13,103 13,370 198,413 195,998 Accumulated depreciation and amortization 119,918 127,564 $ 78,495 $ 68,434

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of identified intangible assets with definite life	At the acquisition date, the useful life assigned to each type of intangible asset with a definite useful life was as follows: Useful Life Student contracts and relationships 6 years Curricula 3 years Non-compete agreements 5 years
Schedule of changes in carrying amount of goodwill by reportable segments	Changes in the carrying amount of goodwill by reportable segment during the years ended December 31, 2019 and 2020 are as follows (in thousands): APEI Segment HCN Segment Total Goodwill Goodwill as of December 31, 2018 $ — $ 33,899 $ 33,899 Impairment — (7,336) (7,336) Goodwill as of December 31, 2019 $ — $ 26,563 $ 26,563 Impairment — — — Goodwill as of December 31, 2020 $ — $ 26,563 $ 26,563
Schedule of other intangible assets	Intangible assets, included in Other Assets on the Consolidated Balance Sheets in these Consolidated Financial Statements, consist of the following as of December 31, 2019 and 2020 (in thousands): Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets Curricula $ 405 $ 405 $ — Non-compete agreements 86 86 — Student contracts and relationships 3,870 3,870 — Total finite-lived intangible assets 4,361 4,361 — Indefinite-lived intangible assets Trade name 1,998 — 1,998 Accreditation, licensing and Title IV 1,686 — 1,686 Affiliation agreements 37 — 37 Total indefinite-lived intangible assets 3,721 — 3,721 Total intangible assets $ 8,082 $ 4,361 $ 3,721

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Minimum rental commitment	The following tables present information about the amount and timing of cash flows arising from the Company’s operating leases as of December 31, 2020 (dollars in thousands): Maturity of Lease Liabilities Lease Payments 2021 2,791 2022 2,465 2023 1,709 2024 928 2025 498 2026 and beyond 1,742 Total future minimum lease payments $ 10,133 Less imputed interest (1,286) Present value of operating lease liabilities $ 8,847 Balance Sheet Classification Operating lease liabilities, current $ 2,392 Operating lease liabilities, long-term 6,455 Total operating lease liabilities $ 8,847
Schedule of information related to leases	Other Information Weighted average remaining lease term (in years) 4.91 Weighted average discount rate 5.1 %

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of components of income tax expense	The components of income tax expense were as follows (in thousands): Year Ended December 31, 2018 2019 2020 Current income tax expense: Federal $ 8,034 $ 5,803 $ 5,685 State 2,170 1,425 2,146 10,204 7,228 7,831 Deferred tax expense: Federal (776) (1,766) (608) State (141) (275) (203) (917) (2,041) (811) Income Tax Expense $ 9,287 $ 5,187 $ 7,020
Schedule of tax effects of principal temporary differences	The tax effects of principal temporary differences are as follows (in thousands): As of December 31, 2019 2020 Deferred tax assets Operating lease liability $ 2,912 $ 2,187 Allowance for doubtful accounts 1,528 1,487 Restricted stock 1,232 1,573 Accrued vacation and severance 660 695 Investment 304 564 Other 232 596 Stock option compensation expense 1 63 Total gross deferred tax assets 6,869 7,165 Valuation allowance — (536) Total net deferred tax assets 6,869 6,629 Deferred tax liabilities Income tax deductible capitalized software development costs (3,330) (2,468) Operating lease asset (2,882) (2,161) Property and equipment (1,670) (1,867) Prepaid expenses (1,607) (1,294) Goodwill and intangibles (771) (1,419) Total deferred tax liabilities (10,260) (9,209) Deferred tax liabilities, net $ (3,391) $ (2,580)
Schedule of difference of income tax expense from the United States Federal income tax rates	Income tax expense differs from the amount of tax determined by applying the United States Federal income tax rates to pretax income and loss due to the application of state apportionment laws, permanent tax differences, and other temporary differences (in thousands): Year Ended December 31, 2018 2019 2020 Amount % Amount % Amount % Tax expense at statutory rate $ 7,320 21.00 % $ 3,192 21.00 % $ 5,427 21.00 % State taxes, net 1,575 4.51 % 852 5.60 % 1,156 4.48 % Permanent differences 433 1.24 % 244 1.61 % 491 1.90 % Equity-based compensation benefits (126) (0.36) % 371 2.44 % (305) (1.18) % Post-employment benefits — — % 345 2.27 % (67) (0.26) % Uncertain tax position 154 0.44 % 93 0.61 % 49 0.19 % Valuation allowance — — % 213 1.40 % 287 1.11 % Other (69) (0.19) % (123) (0.80) % (18) (0.07) % $ 9,287 26.64 % $ 5,187 34.13 % $ 7,020 27.17 %

Other Employee Benefits (Tables

Other Employee Benefits (Tables)	12 Months Ended
	Dec. 31, 2020
Postemployment Benefits [Abstract]
Schedule of shares purchased in open market for employees	Shares purchased in the open market for issuance to employees pursuant to the plan for the years ended December 31, 2018, 2019, and 2020 were as follows: Purchase Date Shares Common Stock Purchase Price Compensation Expense March 31, 2018 1,931 $ 42.15 $ 35.83 $ 12,209 June 30, 2018 1,661 $ 43.15 $ 36.68 $ 10,751 September 30, 2018 2,779 $ 32.17 $ 27.34 $ 13,410 December 31, 2018 2,475 $ 28.46 $ 24.19 $ 10,566 Total/Weighted Average 8,846 $ 35.37 $ 30.07 $ 46,936 March 31, 2019 2,905 $ 30.74 $ 26.13 $ 13,395 June 30, 2019 2,465 $ 29.35 $ 24.94 $ 10,873 September 30, 2019 4,511 $ 22.34 $ 18.99 $ 15,116 December 31, 2019 3,339 $ 27.39 $ 23.28 $ 13,723 Total/Weighted Average 13,220 $ 26.77 $ 22.75 $ 53,107 March 31, 2020 3,922 $ 23.93 $ 20.34 $ 14,078 June 30, 2020 2,737 $ 29.60 $ 25.16 $ 12,152 September 30, 2020 4,015 $ 28.19 $ 23.96 $ 16,977 December 31, 2020 3,550 $ 30.48 $ 25.91 $ 16,231 Total/Weighted Average 14,224 $ 27.86 $ 23.68 $ 59,438

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Summary of restricted stock and restricted stock units activity	The table below sets forth the restricted stock and restricted stock unit activity for the year ended December 31, 2018: Number Weighted Non vested, December 31, 2017 461,262 $ 20.91 Shares granted 302,781 27.00 Vested shares (222,069) 21.33 Shares forfeited (51,632) 22.94 Non vested, December 31, 2018 490,342 $ 24.23 The table below sets forth the restricted stock and restricted stock unit activity for the year ended December 31, 2019: Number Weighted Non vested, December 31, 2018 490,342 $ 24.23 Shares granted 333,635 29.48 Vested shares (255,918) 22.98 Shares forfeited (21,119) 26.86 Non vested, December 31, 2019 546,940 $ 27.81 The table below sets forth the restricted stock and restricted stock unit activity for the year ended December 31, 2020: Number Weighted Non vested, December 31, 2019 546,940 $ 27.81 Shares granted 396,976 24.94 Vested shares (307,937) 26.95 Shares forfeited (109,179) 26.56 Non vested, December 31, 2020 526,800 $ 26.43
Summary of status of stock incentive plans and changes during periods	The table below sets forth stock option activity for the year ended December 31, 2018: Number Weighted Weighted Aggregate (in thousands) Outstanding, December 31, 2017 109,616 $ 37.52 Options granted — — Awards exercised — — Options forfeited (109,616) 37.52 Outstanding, December 31, 2018 — $ — $ — Exercisable, December 31, 2018 — $ — $ — The table below sets forth stock option activity for the year ended December 31, 2019: Number Weighted Weighted Aggregate (in thousands) Outstanding, December 31, 2018 — $ — Options granted 43,134 23.77 10 Awards exercised — — Options forfeited — — Outstanding, December 31, 2019 43,134 $ 23.77 9.73 $ 156 Exercisable, December 31, 2019 — $ — $ — The table below sets forth stock option activity for the year ended December 31, 2020: Number Weighted Weighted Aggregate (in thousands) Outstanding, December 31, 2019 43,134 $ 23.77 9.73 $ 156 Options granted 17,370 33.11 10 $ — Awards exercised — — Options forfeited — — Outstanding, December 31, 2020 60,504 $ 26.45 8.96 $ 264 Exercisable, December 31, 2020 14,378 $ 23.77 8.73 $ 88
Summary of fair value at the date of grant	The following table sets forth the assumptions used in calculating the fair value at the date of grant of each option award granted: Year Ended December 31, 2018 2019 2020 Expected volatility — % 47.37 % 48.74 % Expected dividends — % — % — % Expected term, in years 0 10 10 Risk-free interest rate — % 1.74 % 0.68 % Weighted-average fair value of options granted during the year $ — $ 13.91 $ 18.99
Summary of stock-based compensation	For the years ended December 31, 2018, 2019, and 2020, the Company recognized stock-based compensation expense as follows: Year Ended December 31, 2018 2019 2020 (In thousands) Instructional costs and services $ 1,610 $ 1,570 $ 1,535 Selling and promotional 512 766 1,007 General and administrative 5,058 3,624 4,533 Total stock-based compensation expense $ 7,180 $ 5,960 $ 7,075
Summary of repurchases during the period	The chart and footnotes below provide the detail as to the Company’s repurchases during the period. Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2)(3) January 1, 2019 — $ — — — $ 148,008 January 1, 2019 – January 31, 2019 — — — 283,876 148,008 February 1, 2019 – February 28, 2019 — — — 283,876 148,008 March 1, 2019 – March 31, 2019 — — — 283,876 148,008 April 1, 2019 – April 30, 2019 — — — 284,252 148,008 May 1, 2019 – May 31, 2019 129,973 29.38 129,973 299,060 31,181,393 June 1, 2019 – June 30, 2019 197,488 29.03 197,488 299,060 25,448,317 July 1, 2019 – July 31, 2019 218,699 30.79 218,699 299,436 18,714,574 August 1, 2019 – August 31, 2019 220,000 28.16 220,000 299,436 12,519,374 September 1, 2019 – September 30, 2019 199,921 24.12 199,921 352,104 7,697,280 October 1, 2019 – October 31, 2019 229,849 22.34 229,849 352,480 2,562,453 November 1, 2019 – November 30, 2019 110,374 23.21 110,374 352,480 673 December 1, 2019 – December 31, 2019 110,000 27.23 110,000 352,480 22,004,700 Total 1,416,304 $ 26.83 1,416,304 352,480 $ 22,004,700 During the year ended December 31, 2020, the Company repurchased 547,563 shares of the Company’s common stock, par value $0.01 per share. The chart and footnotes below provide the detail as to the Company’s repurchases during the period. Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (2) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2) (3) January 1, 2020 — $ — — — $ 22,004,700 January 1, 2020 – January 31, 2020 198,300 27.10 198,300 284,723 16,630,770 February 1, 2020 – February 29, 2020 179,263 24.51 179,263 284,723 12,237,034 March 1, 2020 – March 31, 2020 170,000 22.59 170,000 284,723 8,396,734 April 1, 2020 – April 30, 2020 — — — 284,723 8,396,734 May 1, 2020 – May 31, 2020 — — — 299,843 8,396,734 June 1, 2020 – June 30, 2020 — — — 312,816 8,396,734 July 1, 2020 – July 31, 2020 — — — 317,924 8,396,734 August 1, 2020 – August 31, 2020 — — — 331,841 8,396,734 September 1, 2020 – September 30, 2020 — — — 331,841 8,396,734 October 1, 2020 – October 31, 2020 — — — 331,841 8,396,734 November 1, 2020 – November 30, 2020 — — — 331,841 8,396,734 December 1, 2020 – December 31, 2020 — — — 331,841 8,396,734 Total 547,563 $ 24.85 547,563 331,841 $ 8,396,734 (1) On December 9, 2011, our Board of Directors approved a stock repurchase program for our common stock, under which we could annually purchase up to the cumulative number of shares issued or deemed issued in that year under our equity incentive and stock purchase plans. Repurchases may be made from time to time in the open market at prevailing market prices or in privately negotiated transactions based on business and market conditions. The stock repurchase program does not obligate us to repurchase any shares, may be suspended or discontinued at any time, and is funded using our available cash. (2) On May 2, 2019, the Company’s Board of Directors authorized the repurchase of up to $35.0 million of the Company’s shares of common stock, and on December 5, 2019, the Board approved an additional authorization of up to $25.0 million of shares. Subject to market conditions, applicable legal requirements, and other factors, the repurchases may be made from time to time in the open market or in privately negotiated transactions. The authorization does not obligate the Company to acquire any shares, and purchases may be commenced or suspended at any time based on market conditions and other factors the Company deem appropriate. The Company may purchase shares at management’s discretion in the open market, in privately negotiated transactions, in transactions structured through investment banking institutions, or a combination of the foregoing. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of shares under this authorization. The amount and timing of repurchases are subject to a variety of factors, including liquidity, cash flow, stock price and general business and market conditions. The Company has no obligation to repurchase shares and may modify, suspend or discontinue the repurchase program at any time. The authorization under this program is in addition to the Company’s repurchase program under which we may annually purchase up to the cumulative number of shares issued or deemed issued in that year under our equity incentive and stock purchase plan. (3) During the years ended December 31, 2018, 2019, and 2020, the Company was deemed to have repurchased 66,088, 83,214, and 78,847 shares of common stock forfeited by employees to satisfy minimum tax-withholding requirements in connection with the vesting of restricted stock grants. These repurchases were not part of the stock repurchase programs authorized by our Board of Directors as described in footnotes 1 and 2 of this table.

Concentration (Tables)

Concentration (Tables)	12 Months Ended
	Dec. 31, 2020
American Public Education Segment
Concentration Risk [Line Items]
Summary of segment revenues	A summary of APEI Segment revenue derived from students by primary funding source for the years ended December 31, 2018, 2019, and 2020 is as follows: Year Ended December 31, 2018 2019 2020 DoD tuition assistance programs 37% 39% 43% VA education benefits 23% 23% 22% Title IV programs 26% 25% 21% Cash and other sources 14% 13% 14%
Hondros College of Nursing Segment
Concentration Risk [Line Items]
Summary of segment revenues	A summary of HCN Segment revenue derived from students by primary funding source for the years ended December 31, 2018, 2019, and 2020 is as follows: Year Ended December 31, 2018 2019 2020 Title IV programs 82% 80% 82% Cash and other sources 16% 18% 16% VA education benefits 2% 2% 2%

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 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): Year Ended December 31, 2018 2019 2020 Revenue American Public Education Segment $ 260,062 $ 256,899 $ 285,766 Hondros College of Nursing Segment 37,625 29,479 36,091 Intersegment elimination — (108) (72) Total Revenue $ 297,687 $ 286,270 $ 321,785 Depreciation and Amortization American Public Education Segment $ 16,175 $ 14,659 $ 12,364 Hondros College of Nursing Segment 1,326 937 620 Total Depreciation and Amortization $ 17,501 $ 15,596 $ 12,984 Income (loss) from operations before interest income and income taxes American Public Education Segment $ 28,561 $ 23,522 $ 24,034 Hondros College of Nursing Segment 3,965 (10,768) 722 Intersegment elimination — 2 1 Total income from operations before interest income and income taxes $ 32,526 $ 12,756 $ 24,757 Interest Income, Net American Public Education Segment $ 2,867 $ 3,866 $ 1,075 Hondros College of Nursing Segment 48 42 17 Total Interest Income, Net $ 2,915 $ 3,908 $ 1,092 Income Tax Expense (Benefit) American Public Education Segment $ 8,267 $ 7,754 $ 6,827 Hondros College of Nursing Segment 1,020 (2,567) 193 Total Income Tax Expense $ 9,287 $ 5,187 $ 7,020 Capital Expenditures American Public Education Segment $ 8,793 $ 6,479 $ 4,724 Hondros College of Nursing Segment 637 776 202 Total Capital Expenditures $ 9,430 $ 7,255 $ 4,926
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 December 31, 2019 2020 Assets American Public Education Segment $ 305,896 $ 322,544 Hondros College of Nursing Segment 49,001 48,474 Total Assets $ 354,897 $ 371,018

Quarterly Financial Summary (_2

Quarterly Financial Summary (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Schedule of unaudited quarterly financial information	The following tables set forth selected unaudited quarterly financial information for each of the Company’s last eight quarters: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter (in thousands, except per share data) 2019 Revenue $ 73,441 $ 70,560 $ 67,888 $ 74,381 Income (loss) from operations before income taxes 2,435 6,813 (1,894) 9,310 Net income (loss) 1,011 4,921 (1,638) 5,719 Net income (loss) per common share: Basic $ 0.06 $ 0.30 $ (0.10) $ 0.37 Diluted $ 0.06 $ 0.30 $ (0.10) $ 0.37 2020 Revenue $ 74,616 $ 82,127 $ 79,133 $ 85,909 Income from operations before income taxes 3,395 9,220 3,429 9,805 Net income 2,420 6,689 2,642 7,071 Net income per common share: Basic $ 0.16 $ 0.45 $ 0.18 $ 0.48 Diluted $ 0.16 $ 0.45 $ 0.18 $ 0.47

Nature of Business (Details)

Nature of Business (Details)	12 Months Ended
	Dec. 31, 2020subsidiarycampussegmentstudent
Segment Reporting Information [Line Items]
Number of students | student	92,500
Number of subsidiary institutions | subsidiary	2
Number of campuses	6
Number of reportable segments | segment	2
HCN
Segment Reporting Information [Line Items]
Number of campuses	5

Significant Accounting Polici_3

Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Restricted cash	$ 1.2	$ 1.3

Significant Accounting Polici_4

Significant Accounting Policies - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2020
Software development
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years
Program development
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Program development | Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years

Significant Accounting Polici_5

Significant Accounting Policies - Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease assets, net	$ 8,743	$ 11,658
Operating lease liability	$ 8,847
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease assets, net			$ 12,100
Operating lease liability			$ 12,100

Significant Accounting Polici_6

Significant Accounting Policies - Goodwill and Indefinite-lived Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Oct. 31, 2020	Nov. 01, 2013
Business Acquisition [Line Items]
Goodwill acquired	$ 26,563,000	$ 26,563,000	$ 33,899,000
Impairment of goodwill	0	7,336,000	$ 0
HCN
Business Acquisition [Line Items]
Goodwill acquired					$ 38,600,000
Indefinite-lived intangible assets acquired					$ 3,700,000
Impairment of goodwill	$ 0	$ 7,300,000
Fair value exceeding carrying value				$ 13,700,000
Fair value exceeding carrying value (in percent)				37.10%

Significant Accounting Polici_7

Significant Accounting Policies - Deferred Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Deferred revenue and student deposits	$ 22,104	$ 17,426
Scholarship assistance	$ 45,600	$ 26,100	$ 26,700

Significant Accounting Polici_8

Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Advertising expenses	$ 51.3	$ 40.9	$ 37.4

Significant Accounting Polici_9

Significant Accounting Policies - Stock-based Compensation (Details)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Award vesting period	3 years
Period of accelerated service	1 year

Acquisition Activity (Details)

Acquisition Activity (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)campusstudentstate
Business Acquisition [Line Items]
Number of students | student	92,500
Number of campuses | campus	6
Medium-term Notes | Senior Secured Term Loan Facility Member | US Government Debt Securities
Business Acquisition [Line Items]
Line of credit facility, maximum borrowing capacity	$ 175
Line of Credit | Senior Secured Term Loan Facility Member | Revolving Credit Facility
Business Acquisition [Line Items]
Line of credit facility, maximum borrowing capacity	$ 20
Rasmussen University Member
Business Acquisition [Line Items]
Number of students | student	18,000
Number of campuses | campus	24
Number of states | state	6
Cash	$ 300
Business combination, consideration transferred, equity interests issued and issuable (in dollars per share)	29
Rasmussen University Member | Maximum
Business Acquisition [Line Items]
Business combination, cash consideration, option in lieu of equity issuable	29
Cash consideration for Rasmussen Acquisition	$ 175

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($)	Jan. 01, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Adjusted for accounting standards update		$ 306,925,000	$ 296,733,000	$ 321,266,000	$ 289,406,000
Contract assets		0
Deferred revenue and student deposits		22,104,000	17,426,000
Interest earned		17,000	15,000	0
Monthly grant payment	$ 200
Semester grant payment	$ 600
Grant payment awarded		$ 200,000
Monthly payment extension term		6 months
Retained Earnings
Business Acquisition [Line Items]
Adjusted for accounting standards update		$ 111,180,000	105,961,000	$ 133,930,000	108,569,000
Courses in Progress
Business Acquisition [Line Items]
Student deposit amount		13,700,000	9,600,000
Future Courses
Business Acquisition [Line Items]
Deferred revenue and student deposits		22,100,000	17,400,000
Student deposit amount		8,400,000	7,800,000
Impact of adoption of ASC 606
Business Acquisition [Line Items]
Adjusted for accounting standards update					(278,000)
Impact of adoption of ASC 606 | Retained Earnings
Business Acquisition [Line Items]
Adjusted for accounting standards update					(278,000)
Impact of adoption of ASC 606 | Retained Earnings | Accounting Standards Update 2014-09
Business Acquisition [Line Items]
Adjusted for accounting standards update					$ 278,000
American Public Education Segment
Business Acquisition [Line Items]
Refund liability		$ 28,800,000	9,000,000
Tuition refund percentage		100.00%
HCN
Business Acquisition [Line Items]
Refund liability		$ 0	$ 0
Instructional services, net of grants and scholarships
Business Acquisition [Line Items]
Number of days of bill date to receive payment		30 days
Instructional services, net of grants and scholarships | American Public Education Segment | Minimum
Business Acquisition [Line Items]
Term of instruction		56 days
Instructional services, net of grants and scholarships | American Public Education Segment | Maximum
Business Acquisition [Line Items]
Term of instruction		112 days
Instructional services, net of grants and scholarships | HCN
Business Acquisition [Line Items]
Term of instruction		3 months
Graduation fees | American Public Education Segment
Business Acquisition [Line Items]
Graduation fee per degree		$ 100
Textbook and other course materials | HCN
Business Acquisition [Line Items]
Number of days of bill date to receive payment		30 days

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Total Revenue	$ 85,909	$ 79,133	$ 82,127	$ 74,616	$ 74,381	$ 67,888	$ 70,560	$ 73,441	$ 321,785	$ 286,270	$ 297,687
Instructional services, net of grants and scholarships
Disaggregation of Revenue [Line Items]
Total Revenue									313,930	280,222	290,721
Graduation fees
Disaggregation of Revenue [Line Items]
Total Revenue									1,336	1,138	1,069
Textbook and other course materials
Disaggregation of Revenue [Line Items]
Total Revenue									5,197	3,650	4,678
Other fees
Disaggregation of Revenue [Line Items]
Total Revenue									1,322	1,260	1,219
Operating Segments | APEI Segment
Disaggregation of Revenue [Line Items]
Total Revenue									285,766	256,899	260,062
Operating Segments | APEI Segment | Instructional services, net of grants and scholarships
Disaggregation of Revenue [Line Items]
Total Revenue									283,656	254,961	258,253
Operating Segments | APEI Segment | Graduation fees
Disaggregation of Revenue [Line Items]
Total Revenue									1,336	1,138	1,069
Operating Segments | APEI Segment | Textbook and other course materials
Disaggregation of Revenue [Line Items]
Total Revenue									0	0	0
Operating Segments | APEI Segment | Other fees
Disaggregation of Revenue [Line Items]
Total Revenue									774	800	740
Operating Segments | HCN
Disaggregation of Revenue [Line Items]
Total Revenue									36,091	29,479	37,625
Operating Segments | HCN | Instructional services, net of grants and scholarships
Disaggregation of Revenue [Line Items]
Total Revenue									30,346	25,369	32,468
Operating Segments | HCN | Graduation fees
Disaggregation of Revenue [Line Items]
Total Revenue									0	0	0
Operating Segments | HCN | Textbook and other course materials
Disaggregation of Revenue [Line Items]
Total Revenue									5,197	3,650	4,678
Operating Segments | HCN | Other fees
Disaggregation of Revenue [Line Items]
Total Revenue									548	460	479
Intersegment
Disaggregation of Revenue [Line Items]
Total Revenue									(72)	(108)	0
Intersegment | Instructional services, net of grants and scholarships
Disaggregation of Revenue [Line Items]
Total Revenue									(72)	(108)	0
Intersegment | Graduation fees
Disaggregation of Revenue [Line Items]
Total Revenue									0	0	0
Intersegment | Textbook and other course materials
Disaggregation of Revenue [Line Items]
Total Revenue									0	0	0
Intersegment | Other fees
Disaggregation of Revenue [Line Items]
Total Revenue									$ 0	$ 0	$ 0

Revenue - American Public Unive

Revenue - American Public University System Tuition Refund Schedule (Details) - American Public Education Segment	12 Months Ended
	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Before or During Week 1	100.00%
Eight Week Course
Disaggregation of Revenue [Line Items]
Before or During Week 1	100.00%
During Week 2	75.00%
During Weeks 3 through 4	50.00%
During Weeks 5 through 8	0.00%
Sixteen Week Course
Disaggregation of Revenue [Line Items]
Before or During Week 1	100.00%
During Week 2	100.00%
During Weeks 3 through 4	75.00%
During Weeks 5 through 8	50.00%
During Weeks 9 through 16	0.00%

Revenue - Hondros College of Nu

Revenue - Hondros College of Nursing Refund Schedule (Details) - HCN - Quarterly Term	12 Months Ended
	Dec. 31, 2020
Ohio
Disaggregation of Revenue [Line Items]
Before first full calendar week of the quarter	100.00%
During first full calendar week of the quarter	75.00%
During second full calendar week of the quarter	50.00%
During third full calendar week of the quarter	25.00%
During fourth full week of the quarter	0.00%
Indiana
Disaggregation of Revenue [Line Items]
Before first full calendar week of the quarter	100.00%
During first full calendar week of the quarter	90.00%
During third full calendar week of the quarter	75.00%
During sixth full calendar week of the quarter	50.00%
During ninth full calendar week of the quarter	25.00%
After the ninth week of the quarter	0.00%

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 195,998	$ 198,413
Accumulated depreciation and amortization	127,564	119,918
Property and equipment, net	68,434	78,495
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	9,019	9,244
Building and building improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 53,309	54,592
Building and building improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful Life	15 years
Building and building improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful Life	39 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,569	1,536
Leasehold improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful Life	15 years
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 587	911
Useful Life	5 years
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 20,227	22,090
Useful Life	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 8,447	9,035
Useful Life	7 years
Other capital assets
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 150	128
Useful Life	5 years
Software development
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 89,320	87,774
Useful Life	5 years
Program development
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 13,370	$ 13,103
Useful Life	3 years
Program development | Maximum
Property, Plant and Equipment [Line Items]
Useful Life	3 years

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Loss on disposal of long-lived assets	$ (851,000)	$ (556,000)	$ (882,000)
Depreciation expense	13,000,000	15,300,000	16,900,000
Amortization expense related to other assets	0	$ 300,000	$ 600,000
American Public Education Segment
Property, Plant and Equipment [Line Items]
Loss on disposal of long-lived assets	(400,000)
Net sales price	$ 800,000

Investments (Details)

Investments (Details) - USD ($)	Oct. 24, 2017	Feb. 01, 2016	Dec. 21, 2015	Apr. 02, 2014	Feb. 20, 2013	Sep. 30, 2012	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Cost method investments, non-cash impairment									$ 500,000
Equity method investment, non-cash impairment							$ 0	$ 0	$ 100,000
Investments							9,400,000	9,400,000
NWHW holdings
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments						$ 6,800,000
Percentage of fully diluted equity						20.00%
Carrying value of investment							5,200,000	5,200,000
Fidelis Education
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments		$ 950,000			$ 4,000,000
Percentage of fully diluted equity		23.00%			22.00%
Carrying value of investment							1,100,000	1,100,000
Second Avenue Software
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments				$ 1,500,000
Percentage of fully diluted equity				26.00%
Carrying value of investment							800,000	800,000
RallyPoint
Schedule of Equity Method Investments [Line Items]
Carrying value of investment							$ 3,300,000	$ 3,300,000
Cost method investments, non-cash impairment	$ 300,000		$ 3,500,000
Ownership investment in RallyPoint			14.00%

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Oct. 31, 2020	Nov. 01, 2013
Business Acquisition [Line Items]
Goodwill	$ 26,563,000	$ 26,563,000	$ 33,899,000
Identified intangible assets with indefinite useful life	3,721,000	3,721,000
Impairment of goodwill	0	7,336,000	$ 0
Impairment of intangibles		0
Goodwill and intangible asset impairment		0
HCN
Business Acquisition [Line Items]
Goodwill					$ 38,600,000
Other identifiable intangible assets					8,100,000
Identified intangible assets with indefinite useful life					3,700,000
Identified intangible assets with finite useful life					$ 4,400,000
Fair value of goodwill		26,600,000
Impairment of goodwill	$ 0	$ 7,300,000
Fair value exceeding carrying value				$ 13,700,000
Fair value exceeding carrying value (in percent)				37.10%

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Identified Intangible Assets with Definite Life (Details)	Nov. 01, 2013
Student contracts and relationships
Finite-Lived Intangible Assets [Line Items]
Useful Life	6 years
Curricula
Finite-Lived Intangible Assets [Line Items]
Useful Life	3 years
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Useful Life	5 years

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill [Roll Forward]
Beginning balance	$ 26,563,000	$ 33,899,000
Impairment	0	(7,336,000)	$ 0
Ending balance	26,563,000	26,563,000	33,899,000
APEI Segment
Goodwill [Roll Forward]
Beginning balance	0	0
Impairment	0	0
Ending balance	0	0	0
HCN Segment
Goodwill [Roll Forward]
Beginning balance	26,563,000	33,899,000
Impairment	0	(7,336,000)
Ending balance	$ 26,563,000	$ 26,563,000	$ 33,899,000

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Schedule of Other Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Finite-lived intangible assets
Gross Carrying Amount	$ 4,361	$ 4,361
Accumulated Amortization	4,361	4,361
Net Carrying Amount	0	0
Indefinite-lived intangible assets
Gross/Net Carrying Amount	3,721	3,721
Gross Carrying Amount	8,082	8,082
Accumulated Amortization	4,361	4,361
Net Carrying Amount	3,721	3,721
Trade name
Indefinite-lived intangible assets
Gross/Net Carrying Amount	1,998	1,998
Accreditation, licensing and Title IV
Indefinite-lived intangible assets
Gross/Net Carrying Amount	1,686	1,686
Affiliation agreements
Indefinite-lived intangible assets
Gross/Net Carrying Amount	37	37
Curricula
Finite-lived intangible assets
Gross Carrying Amount	405	405
Accumulated Amortization	405	405
Net Carrying Amount	0	0
Indefinite-lived intangible assets
Accumulated Amortization	405	405
Non-compete agreements
Finite-lived intangible assets
Gross Carrying Amount	86	86
Accumulated Amortization	86	86
Net Carrying Amount	0	0
Indefinite-lived intangible assets
Accumulated Amortization	86	86
Student contracts and relationships
Finite-lived intangible assets
Gross Carrying Amount	3,870	3,870
Accumulated Amortization	3,870	3,870
Net Carrying Amount	0	0
Indefinite-lived intangible assets
Accumulated Amortization	$ 3,870	$ 3,870

Leases - Narrative (Details)

Leases - Narrative (Details)	1 Months Ended	12 Months Ended
	Dec. 31, 2020USD ($)renewalOption	Dec. 31, 2020USD ($)campus	Dec. 31, 2019USD ($)	Jan. 01, 2019USD ($)
Property, Plant and Equipment [Line Items]
Operating lease liability	$ 8,847,000	$ 8,847,000
Operating lease assets, net	8,743,000	8,743,000	$ 11,658,000
Variable lease payment		0
Lease expense		2,900,000	2,600,000
Operating lease, payments		$ 2,900,000	2,800,000
Number of campuses | campus		6
Minimum rental payments	$ 10,133,000	$ 10,133,000
Accounting Standards Update 2016-02
Property, Plant and Equipment [Line Items]
Operating lease liability				$ 12,100,000
Operating lease assets, net				$ 12,100,000
APEI Segment
Property, Plant and Equipment [Line Items]
Lease expense		500,000	500,000
HCN Segment
Property, Plant and Equipment [Line Items]
Lease expense		$ 2,400,000	$ 2,100,000
Number of campuses | campus		5
Lease term	87 months	87 months
Number of renewal terms | renewalOption	4
Renewal term	5 years	5 years
Minimum rental payments	$ 2,500,000	$ 2,500,000

Leases - Schedule of Minimum Re

Leases - Schedule of Minimum Rental Commitment Due Under Operating Lease (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2021	$ 2,791
2022	2,465
2023	1,709
2024	928
2025	498
2026 and beyond	1,742
Total future minimum lease payments	10,133
Less imputed interest	(1,286)
Operating lease liabilities, current	2,392	$ 2,283
Operating lease liability, long term	6,455	$ 9,495
Total operating lease liabilities	$ 8,847

Leases - Other Information (Det

Leases - Other Information (Details)	Dec. 31, 2020
Leases [Abstract]
Weighted average remaining lease term (in years)	4 years 10 months 28 days
Weighted average discount rate	5.10%

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current income tax expense:
Federal	$ 5,685	$ 5,803	$ 8,034
State	2,146	1,425	2,170
Current income tax expense	7,831	7,228	10,204
Deferred tax expense:
Federal	(608)	(1,766)	(776)
State	(203)	(275)	(141)
Deferred tax expense	(811)	(2,041)	(917)
Income Tax Expense	$ 7,020	$ 5,187	$ 9,287

Income Taxes - Schedule of Tax

Income Taxes - Schedule of Tax Effects of Principal Temporary Differences (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets
Operating lease liability	$ 2,187	$ 2,912
Allowance for doubtful accounts	1,487	1,528
Restricted stock	1,573	1,232
Accrued vacation and severance	695	660
Investment	564	304
Other	596	232
Stock option compensation expense	63	1
Total gross deferred tax assets	7,165	6,869
Valuation allowance	(536)	0
Total net deferred tax assets	6,629	6,869
Deferred tax liabilities
Income tax deductible capitalized software development costs	(2,468)	(3,330)
Operating lease asset	(2,161)	(2,882)
Property and equipment	(1,867)	(1,670)
Prepaid expenses	(1,294)	(1,607)
Goodwill and intangibles	(1,419)	(771)
Total deferred tax liabilities	(9,209)	(10,260)
Deferred tax liabilities, net	$ (2,580)	$ (3,391)

Income Taxes - Schedule of Diff

Income Taxes - Schedule of Difference of Income Tax Expense from the United States Federal Income Tax Rates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Amount
Tax expense at statutory rate	$ 5,427	$ 3,192	$ 7,320
State taxes, net	1,156	852	1,575
Permanent differences	491	244	433
Equity-based compensation benefits	(305)	371	(126)
Post-employment benefits	(67)	345	0
Uncertain tax position	49	93	154
Valuation allowance	287	213	0
Other	(18)	(123)	(69)
Income Tax Expense	$ 7,020	$ 5,187	$ 9,287
Percentage
Tax expense at statutory rate (as a percent)	21.00%	21.00%	21.00%
State taxes, net (as a percent)	4.48%	5.60%	4.51%
Permanent differences (as a percent)	1.90%	1.61%	1.24%
Equity-based compensation benefits (as a percent)	(1.18%)	2.44%	(0.36%)
Post-employment benefits (as a percent)	(0.26%)	2.27%	0.00%
Uncertain tax position (as a percent)	0.19%	0.61%	0.44%
Valuation allowance on capital loss (as a percent)	1.11%	1.40%	0.00%
Other (as a percent)	(0.07%)	(0.80%)	(0.19%)
Total percentage	27.17%	34.13%	26.64%

Other Employee Benefits - Narra

Other Employee Benefits - Narrative (Details) - USD ($)	May 15, 2020	Jun. 13, 2014	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of gross annual earnings (up to)			60.00%
Percentage vested in salary reduction contributions			100.00%
Discretionary contributions			$ 4,200,000	$ 3,700,000	$ 3,700,000
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payroll deduction period (up to)			5 days
Percentage of fair market value			85.00%
Threshold amount of total amount of contributions			$ 21,000
Threshold amount of common stock			$ 25,000
Shares of common stock available (in shares)			100,000
Common stock available for issuance (in shares)	100,000	100,000

Other Employee Benefits - Sched

Other Employee Benefits - Schedule of Shares Purchased in Open Market for Employees (Details) - USD ($)	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation Expense													$ 7,075,000	$ 5,960,000	$ 7,180,000
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares (in shares)	3,550	4,015	2,737	3,922	3,339	4,511	2,465	2,905	2,475	2,779	1,661	1,931	14,224	13,220	8,846
Common Stock Fair Value (in dollars per share)	$ 30.48	$ 28.19	$ 29.60	$ 23.93	$ 27.39	$ 22.34	$ 29.35	$ 30.74	$ 28.46	$ 32.17	$ 43.15	$ 42.15	$ 27.86	$ 26.77	$ 35.37
Purchase Price (in dollars per share)	$ 25.91	$ 23.96	$ 25.16	$ 20.34	$ 23.28	$ 18.99	$ 24.94	$ 26.13	$ 24.19	$ 27.34	$ 36.68	$ 35.83	$ 23.68	$ 22.75	$ 30.07
Compensation Expense	$ 16,231	$ 16,977	$ 12,152	$ 14,078	$ 13,723	$ 15,116	$ 10,873	$ 13,395	$ 10,566	$ 13,410	$ 10,751	$ 12,209	$ 59,438	$ 53,107	$ 46,936

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($)	May 15, 2020	Jan. 01, 2020	Jan. 01, 2019	Dec. 31, 2020	Nov. 30, 2020	Oct. 31, 2020	Sep. 30, 2020	Aug. 31, 2020	Jul. 31, 2020	Jun. 30, 2020	May 31, 2020	Apr. 30, 2020	Mar. 31, 2020	Feb. 29, 2020	Jan. 31, 2020	Dec. 31, 2019	Nov. 30, 2019	Oct. 31, 2019	Sep. 30, 2019	Aug. 31, 2019	Jul. 31, 2019	Jun. 30, 2019	May 31, 2019	Apr. 30, 2019	Mar. 31, 2019	Feb. 28, 2019	Jan. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period																												3 years
Period of accelerated service																												1 year
Options granted (in shares)																													43,134	0
Total income tax benefit																												$ 1,900,000	$ 2,000,000	$ 1,900,000
Stock repurchased (in shares)		0	0	0	0	0	0	0	0	0	0	0	170,000	179,263	198,300	110,000	110,374	229,849	199,921	220,000	218,699	197,488	129,973	0	0	0	0	547,563	1,416,304	0
Par value (in dollars per share)				$ 0.01												$ 0.01												$ 0.01	$ 0.01	$ 0.01
Stock repurchased (in shares)																													1,416,304
Restricted Stock and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive securities (in shares)																												48,434	37,738	35,688
Total unrecognized compensation expense				$ 8,700,000																								$ 8,700,000
Weighted average period																												1 year 9 months 18 days
Shares forfeited (in shares)																												73,808	17,825	48,814
Dollar amount for shares forfeited																												$ 1,855,784	$ 488,974	$ 1,118,842
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period																												3 years
Award expiration period																												10 years
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive securities (in shares)																												60,504	43,134	0
Options granted (in shares)																												17,370
2017 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized to grant (up to) (in shares)				1,675,000																								1,675,000
Award vesting period																												3 years
Period of accelerated service																												1 year
Amended American Public Education, Inc. 2017 Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance (in shares)	1,425,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Restricted Stock and Restricted Stock Units Activity (Details) - Restricted Stock and Restricted Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of Shares
Beginning balance (in shares)	546,940	490,342	461,262
Shares granted (in shares)	396,976	333,635	302,781
Vested shares (in shares)	(307,937)	(255,918)	(222,069)
Shares forfeited (in shares)	(109,179)	(21,119)	(51,632)
Ending balance (in shares)	526,800	546,940	490,342
Weighted Average Grant Price and Fair Value
Beginning balance (in dollars per share)	$ 27.81	$ 24.23	$ 20.91
Shares granted (in dollars per share)	24.94	29.48	27
Vested shares (in dollars per share)	26.95	22.98	21.33
Shares forfeited (in dollars per share)	26.56	26.86	22.94
Ending balance (in dollars per share)	$ 26.43	$ 27.81	$ 24.23

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Status of Stock Incentive Plans and Changes During Periods (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of Options
Beginning balance (in shares)	43,134	0	109,616
Options granted (in shares)		43,134	0
Awards exercised (in shares)	0	0	0
Options forfeited (in shares)	0	0	(109,616)
Ending balance (in shares)	60,504	43,134	0
Number of options exercisable (in shares)	14,378	0	0
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 23.77	$ 0	$ 37.52
Options granted (in dollars per share)	33.11	23.77	0
Awards exercised (in dollars per share)	0	0	0
Options forfeited (in dollars per share)	0	0	37.52
Ending balance (in dollars per share)	26.45	23.77	0
Weighted average exercise price exercisable (in dollars per share)	$ 23.77	$ 0	$ 0
Weighted Average Contractual Life and Aggregate Intrinsic Value
Weighted average contractual life outstanding	8 years 11 months 15 days	9 years 8 months 23 days
Weighted average contractual life granted	10 years	10 years
Weighted average contractual life exercisable	8 years 8 months 23 days
Aggregate intrinsic value outstanding	$ 264	$ 156	$ 0
Aggregate intrinsic value exercisable	$ 88	$ 0	$ 0

Stockholders' Equity - Summar_3

Stockholders' Equity - Summary of Fair Value at the Date of Grant (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Expected volatility	48.74%	47.37%	0.00%
Expected dividends	0.00%	0.00%	0.00%
Expected term, in years	10 years	10 years	0 years
Risk-free interest rate	0.68%	1.74%	0.00%
Weighted-average fair value of options granted during the year	$ 18.99	$ 13.91	$ 0

Stockholders' Equity - Summar_4

Stockholders' Equity - Summary of Stock-based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total stock-based compensation expense	$ 7,075	$ 5,960	$ 7,180
Instructional costs and services
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total stock-based compensation expense	1,535	1,570	1,610
Selling and promotional
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total stock-based compensation expense	1,007	766	512
General and administrative
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total stock-based compensation expense	$ 4,533	$ 3,624	$ 5,058

Stockholders' Equity - Summar_5

Stockholders' Equity - Summary of Repurchases During the Period (Details) - USD ($)	Jan. 01, 2020	Jan. 01, 2019	Dec. 31, 2020	Nov. 30, 2020	Oct. 31, 2020	Sep. 30, 2020	Aug. 31, 2020	Jul. 31, 2020	Jun. 30, 2020	May 31, 2020	Apr. 30, 2020	Mar. 31, 2020	Feb. 29, 2020	Jan. 31, 2020	Dec. 31, 2019	Nov. 30, 2019	Oct. 31, 2019	Sep. 30, 2019	Aug. 31, 2019	Jul. 31, 2019	Jun. 30, 2019	May 31, 2019	Apr. 30, 2019	Mar. 31, 2019	Feb. 28, 2019	Jan. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 05, 2019	May 02, 2019
Equity [Abstract]
Total Number of Shares Purchased (in shares)	0	0	0	0	0	0	0	0	0	0	0	170,000	179,263	198,300	110,000	110,374	229,849	199,921	220,000	218,699	197,488	129,973	0	0	0	0	547,563	1,416,304	0
Average Price Paid per Share (in dollars per share)	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 22.59	$ 24.51	$ 27.10	$ 27.23	$ 23.21	$ 22.34	$ 24.12	$ 28.16	$ 30.79	$ 29.03	$ 29.38	$ 0	$ 0	$ 0	$ 0	$ 24.85	$ 26.83
Total Number of Shares Purchased as part of Publicly Announced Plans or Programs (in shares)	0	0	0	0	0	0	0	0	0	0	0	170,000	179,263	198,300	110,000	110,374	229,849	199,921	220,000	218,699	197,488	129,973	0	0	0	0	547,563	1,416,304
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (in shares)	0	0	331,841	331,841	331,841	331,841	331,841	317,924	312,816	299,843	284,723	284,723	284,723	284,723	352,480	352,480	352,480	352,104	299,436	299,436	299,060	299,060	284,252	283,876	283,876	283,876	331,841	352,480
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs	$ 22,004,700	$ 148,008	$ 8,396,734	$ 8,396,734	$ 8,396,734	$ 8,396,734	$ 8,396,734	$ 8,396,734	$ 8,396,734	$ 8,396,734	$ 8,396,734	$ 8,396,734	$ 12,237,034	$ 16,630,770	$ 22,004,700	$ 673	$ 2,562,453	$ 7,697,280	$ 12,519,374	$ 18,714,574	$ 25,448,317	$ 31,181,393	$ 148,008	$ 148,008	$ 148,008	$ 148,008	$ 8,396,734	$ 22,004,700
Stock repurchase program																														$ 25,000,000	$ 35,000,000
Deemed repurchased (in shares)			78,847												83,214												78,847	83,214	66,088

Concentration - Narrative (Deta

Concentration - Narrative (Details)	Dec. 31, 2020
Risks and Uncertainties [Abstract]
Percentage of students	61.00%

Concentration - Summary of Segm

Concentration - Summary of Segment Revenue Derived from Students by Primary Funding Source (Details) - Revenue from Contract with Customer - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
APEI Segment | DoD tuition assistance programs
Concentration Risk [Line Items]
Concentration risk percentage	43.00%	39.00%	37.00%
APEI Segment | VA education benefits
Concentration Risk [Line Items]
Concentration risk percentage	22.00%	23.00%	23.00%
APEI Segment | Title IV programs
Concentration Risk [Line Items]
Concentration risk percentage	21.00%	25.00%	26.00%
APEI Segment | Cash and other sources
Concentration Risk [Line Items]
Concentration risk percentage	14.00%	13.00%	14.00%
HCN Segment | VA education benefits
Concentration Risk [Line Items]
Concentration risk percentage	2.00%	2.00%	2.00%
HCN Segment | Title IV programs
Concentration Risk [Line Items]
Concentration risk percentage	82.00%	80.00%	82.00%
HCN Segment | Cash and other sources
Concentration Risk [Line Items]
Concentration risk percentage	16.00%	18.00%	16.00%

Segment Information - Narrative

Segment Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2020segment
Segment Reporting [Abstract]
Number of operating segments	2

Segment Information - Summary o

Segment Information - Summary of Financial Information by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue
Revenue	$ 85,909	$ 79,133	$ 82,127	$ 74,616	$ 74,381	$ 67,888	$ 70,560	$ 73,441	$ 321,785	$ 286,270	$ 297,687
Depreciation and Amortization
Total Depreciation and Amortization									12,984	15,596	17,501
Income (loss) from operations before interest income and income taxes
Total income from operations before interest income and income taxes									24,757	12,756	32,526
Interest Income, Net
Interest income, net									1,092	3,908	2,915
Income Tax Expense (Benefit)
Total Income Tax Expense									7,020	5,187	9,287
Capital Expenditures
Total Capital Expenditures									4,926	7,255	9,430
American Public Education Segment
Depreciation and Amortization
Total Depreciation and Amortization									12,364	14,659	16,175
Interest Income, Net
Interest income, net									1,075	3,866	2,867
Income Tax Expense (Benefit)
Total Income Tax Expense									6,827	7,754	8,267
Capital Expenditures
Total Capital Expenditures									4,724	6,479	8,793
Hondros College of Nursing Segment
Depreciation and Amortization
Total Depreciation and Amortization									620	937	1,326
Interest Income, Net
Interest income, net									17	42	48
Income Tax Expense (Benefit)
Total Income Tax Expense									193	(2,567)	1,020
Capital Expenditures
Total Capital Expenditures									202	776	637
Operating Segments | American Public Education Segment
Revenue
Revenue									285,766	256,899	260,062
Income (loss) from operations before interest income and income taxes
Total income from operations before interest income and income taxes									24,034	23,522	28,561
Operating Segments | Hondros College of Nursing Segment
Revenue
Revenue									36,091	29,479	37,625
Income (loss) from operations before interest income and income taxes
Total income from operations before interest income and income taxes									722	(10,768)	3,965
Intersegment elimination
Revenue
Revenue									(72)	(108)	0
Income (loss) from operations before interest income and income taxes
Total income from operations before interest income and income taxes									$ 1	$ 2	$ 0

Segment Information - Summary_2

Segment Information - Summary of Consolidated Assets by Reportable Segments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets
Total Assets	$ 371,018	$ 354,897
American Public Education Segment
Assets
Total Assets	322,544	305,896
Hondros College of Nursing Segment
Assets
Total Assets	$ 48,474	$ 49,001

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - Public Stock Offering $ / shares in Units, shares in Thousands, $ in Millions	Mar. 01, 2021USD ($)$ / sharesshares
Subsequent Event [Line Items]
Public offering, amount of shares (in shares) | shares	3,680
Public offering stock price (in dollars per share) | $ / shares	$ 25
Aggregate proceeds | $	$ 86.4

Quarterly Financial Summary (_3

Quarterly Financial Summary (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 85,909	$ 79,133	$ 82,127	$ 74,616	$ 74,381	$ 67,888	$ 70,560	$ 73,441	$ 321,785	$ 286,270	$ 297,687
Income from operations before income taxes	9,805	3,429	9,220	3,395	9,310	(1,894)	6,813	2,435	25,849	16,664	35,441
Net income	$ 7,071	$ 2,642	$ 6,689	$ 2,420	$ 5,719	$ (1,638)	$ 4,921	$ 1,011	$ 18,822	$ 10,013	$ 25,639
Net income per common share:
Basic (in dollars per share)	$ 0.48	$ 0.18	$ 0.45	$ 0.16	$ 0.37	$ (0.10)	$ 0.30	$ 0.06	$ 1.27	$ 0.62	$ 1.56
Diluted (in dollars per share)	$ 0.47	$ 0.18	$ 0.45	$ 0.16	$ 0.37	$ (0.10)	$ 0.30	$ 0.06	$ 1.25	$ 0.62	$ 1.54

Schedule_II Valuation and Qua_2

Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Allowance for receivables
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 6,174	$ 6,648	$ 6,276
Additions/ (Reductions)	3,802	4,178	4,571
Write-Offs	(3,993)	(4,652)	(4,199)
Balance at End of Period	5,983	6,174	6,648
American Public Education Segment
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	2,240	2,669	3,253
Additions/ (Reductions)	1,276	2,004	1,937
Write-Offs	(1,320)	(2,433)	(2,521)
Balance at End of Period	2,196	2,240	2,669
Hondros College of Nursing Segment
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	3,934	3,979	3,023
Additions/ (Reductions)	2,526	2,174	2,634
Write-Offs	(2,673)	(2,219)	(1,678)
Balance at End of Period	$ 3,787	$ 3,934	$ 3,979

Uncategorized Items - apei-2020

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2014-09 [Member]