Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Nov. 24, 2014 | Mar. 31, 2014 | |
Document Documentand Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'UNIVERSAL TECHNICAL INSTITUTE INC. | ' | ' |
Entity Central Index Key | '0001261654 | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 24,825,881 | ' |
Trading Symbol | 'UTI | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $326,470,000 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $38,985 | $34,596 |
Restricted cash | 6,544 | 6,809 |
Investments, current portion | 45,906 | 57,531 |
Receivables, net | 12,118 | 12,137 |
Deferred tax assets, net | 7,470 | 7,453 |
Prepaid expenses and other current assets | 16,509 | 15,553 |
Total current assets | 127,532 | 134,079 |
Investments, less current portion | 11,257 | 4,188 |
Property and equipment, net | 106,927 | 103,070 |
Goodwill | 20,579 | 20,579 |
Deferred tax assets, net | 11,923 | 8,835 |
Other assets | 9,851 | 9,443 |
Total assets | 288,069 | 280,194 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 38,827 | 39,229 |
Deferred revenue | 46,365 | 47,025 |
Accrued tool sets | 3,806 | 3,971 |
Construction liability, current | 1,252 | 0 |
Financing obligation, current | 5,234 | 0 |
Income tax payable | 4,336 | 283 |
Other current liabilities | 2,515 | 2,191 |
Total current liabilities | 102,335 | 92,699 |
Deferred rent liability | 10,323 | 11,933 |
Financing obligation, noncurrent | 32,478 | 0 |
Construction liability, noncurrent | 0 | 27,632 |
Other liabilities | 9,741 | 8,766 |
Total liabilities | 154,877 | 141,030 |
Commitments and contingencies (Note 14) | ' | ' |
Shareholders' equity: | ' | ' |
Common stock, $0.0001 par value, 100,000,000 shares authorized, 30,838,460 shares issued and 24,825,881 shares outstanding as of September 30, 2014 and 30,535,847 shares issued and 24,643,520 shares outstanding as of September 30, 2013 | 3 | 3 |
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; 0 shares issued and outstanding | 0 | 0 |
Paid-in capital | 174,376 | 171,087 |
Treasury stock, at cost, 6,012,579 shares as of September 30, 2014 and 5,892,327 as of September 30, 2013 | -90,769 | -89,346 |
Retained earnings | 49,582 | 57,420 |
Total shareholders' equity | 133,192 | 139,164 |
Total liabilities and shareholders' equity | $288,069 | $280,194 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 30,838,460 | 30,535,847 |
Common stock, shares outstanding | 24,825,881 | 24,643,520 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Treasury stock, at cost | 6,012,579 | 5,892,327 |
CONSOLIDATED_INCOME_STATEMENTS
CONSOLIDATED INCOME STATEMENTS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' |
Revenues | $378,393 | $380,322 | $413,629 |
Operating expenses: | ' | ' | ' |
Educational services and facilities | 200,054 | 199,540 | 211,979 |
Selling, general and administrative | 172,002 | 174,757 | 187,397 |
Total operating expenses | 372,056 | 374,297 | 399,376 |
Income from operations | 6,337 | 6,025 | 14,253 |
Other income: | ' | ' | ' |
Interest income | 223 | 235 | 306 |
Interest Expense | -1,847 | -1 | -4 |
Equity in earnings of unconsolidated affiliate | 471 | 0 | 0 |
Other income | 563 | 655 | 545 |
Total other (expense) income, net | -590 | 889 | 847 |
Income before income taxes | 5,747 | 6,914 | 15,100 |
Income tax expense | 3,710 | 3,013 | 5,985 |
Net income | $2,037 | $3,901 | $9,115 |
Earnings per share: | ' | ' | ' |
Net income per share - basic (usd per share) | $0.08 | $0.16 | $0.37 |
Net income per share - diluted (usd per share) | $0.08 | $0.16 | $0.37 |
Weighted average number of shares outstanding: | ' | ' | ' |
Basic (shares) | 24,640 | 24,515 | 24,711 |
Diluted (shares) | 24,920 | 24,704 | 24,937 |
Cash dividends declared per common share (usd per share) | $0.40 | $0.40 | $0.30 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock | Paid-in Capital | Treasury Stock | Retained Earnings |
In Thousands | |||||
Beginning Balance at Sep. 30, 2011 | $141,643 | $3 | $156,497 | ($76,506) | $61,649 |
Beginning Balance, shares at Sep. 30, 2011 | ' | 29,560 | ' | 4,870 | ' |
Net income | 9,115 | ' | ' | ' | 9,115 |
Issuance of common stock under employee plans, shares | ' | 452 | ' | ' | ' |
Issuance of common stock under employee plans | 550 | 0 | 550 | ' | ' |
Shares withheld for payroll taxes, shares | ' | 210 | ' | 317 | ' |
Shares withheld for payroll taxes | -1,365 | 0 | 4,204 | -5,569 | ' |
Tax benefit from employee stock plans | -773 | ' | -773 | ' | ' |
Stock-based compensation | 6,492 | ' | 6,492 | ' | ' |
Shares repurchased, shares | ' | ' | ' | 144 | ' |
Shares repurchased | -1,849 | ' | ' | -1,849 | ' |
Cash dividends declared | -7,425 | ' | ' | ' | -7,425 |
Ending Balance at Sep. 30, 2012 | 146,388 | 3 | 166,970 | -83,924 | 63,339 |
Ending Balance, shares at Sep. 30, 2012 | ' | 30,222 | ' | 5,331 | ' |
Net income | 3,901 | ' | ' | ' | 3,901 |
Issuance of common stock under employee plans, shares | ' | 421 | ' | ' | ' |
Issuance of common stock under employee plans | 525 | 0 | 525 | ' | ' |
Shares withheld for payroll taxes, shares | ' | -107 | ' | ' | ' |
Shares withheld for payroll taxes | -1,263 | 0 | -1,263 | ' | ' |
Tax benefit from employee stock plans | -1,059 | ' | -1,059 | ' | ' |
Stock-based compensation | 5,914 | ' | 5,914 | ' | ' |
Shares repurchased, shares | ' | ' | ' | 561 | ' |
Shares repurchased | -5,422 | ' | ' | -5,422 | ' |
Cash dividends declared | -9,820 | ' | ' | ' | -9,820 |
Ending Balance at Sep. 30, 2013 | 139,164 | 3 | 171,087 | -89,346 | 57,420 |
Ending Balance, shares at Sep. 30, 2013 | ' | 30,536 | ' | 5,892 | ' |
Net income | 2,037 | ' | ' | ' | 2,037 |
Issuance of common stock under employee plans, shares | ' | 453 | ' | ' | ' |
Issuance of common stock under employee plans | 0 | 0 | 0 | ' | ' |
Shares withheld for payroll taxes, shares | ' | -151 | ' | ' | ' |
Shares withheld for payroll taxes | -1,639 | 0 | -1,639 | ' | ' |
Tax benefit from employee stock plans | -945 | ' | -945 | ' | ' |
Stock-based compensation | 5,873 | ' | 5,873 | ' | ' |
Shares repurchased, shares | ' | ' | ' | 121 | ' |
Shares repurchased | -1,423 | ' | ' | -1,423 | ' |
Cash dividends declared | -9,875 | -9,900 | ' | ' | -9,875 |
Ending Balance at Sep. 30, 2014 | $133,192 | $3 | $174,376 | ($90,769) | $49,582 |
Ending Balance, shares at Sep. 30, 2014 | ' | 30,838 | ' | 6,013 | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $2,037 | $3,901 | $9,115 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 18,923 | 22,156 | 23,819 |
Amortization of Leased Asset | 1,551 | 0 | 0 |
Amortization of held-to-maturity investments | 2,393 | 2,023 | 1,757 |
Bad debt expense | 3,972 | 4,720 | 5,730 |
Stock-based compensation | 5,721 | 6,224 | 6,492 |
Excess tax benefit from stock-based compensation | -85 | 0 | -159 |
Deferred income taxes | -4,050 | -3,794 | -8,489 |
Equity in earnings of unconsolidated affiliate | -471 | 0 | 0 |
Training equipment credits earned, net | -1,002 | -1,926 | -1,127 |
Loss on disposal of property and equipment | 402 | 184 | 203 |
Changes in assets and liabilities: | ' | ' | ' |
Restricted cash: Title IV credit balances | 230 | -6 | 412 |
Receivables | -2,701 | -1,338 | -10,235 |
Prepaid expenses and other current assets | -767 | 1,487 | -3,520 |
Other assets | -514 | -1,222 | -1,227 |
Accounts payable and accrued expenses | -1,859 | -700 | 3,037 |
Deferred revenue | -660 | -5,649 | -8,781 |
Income tax payable/receivable | 4,053 | -659 | -1,233 |
Accrued tool sets and other current liabilities | 530 | 896 | -97 |
Deferred rent liability | -1,610 | -1,013 | 1,147 |
Other liabilities | 963 | 1,443 | 2,078 |
Net cash provided by operating activities | 27,056 | 26,727 | 18,922 |
Cash flows from investing activities: | ' | ' | ' |
Purchase of property and equipment | -12,024 | -9,352 | -11,342 |
Proceeds from disposal of property and equipment | 42 | 54 | 6 |
Purchase of investments | -61,729 | -111,848 | -92,503 |
Proceeds received upon maturity of investments | 63,892 | 104,094 | 90,640 |
Proceeds from note receivable | 0 | 0 | 615 |
Investment in joint venture | 0 | 0 | -4,000 |
Return of capital contribution from unconsolidated affiliate | 568 | 0 | 0 |
Restricted cash: proprietary loan program | 49 | -3,710 | 1 |
Net cash used in investing activities | -9,202 | -20,762 | -16,583 |
Cash flows from financing activities: | ' | ' | ' |
Payment of cash dividends | -9,875 | -9,820 | -7,425 |
Repayments of Long-term Capital Lease Obligations | -613 | 0 | 0 |
Payment of payroll taxes on stock-based compensation through shares withheld | -1,639 | -1,263 | -1,365 |
Proceeds from issuance of common stock under employee plans | 0 | 525 | 549 |
Excess tax benefit from stock-based compensation | 85 | 0 | 159 |
Purchase of treasury stock | -1,423 | -5,422 | -1,849 |
Net cash used in financing activities | -13,465 | -15,980 | -9,931 |
Net increase (decrease) in cash and cash equivalents | 4,389 | -10,015 | -7,592 |
Cash and cash equivalents, beginning of period | 34,596 | 44,611 | 52,203 |
Cash and cash equivalents, end of period | 38,985 | 34,596 | 44,611 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Taxes paid | 3,771 | 7,467 | 15,708 |
Interest Paid | 1,967 | 1 | 4 |
Training equipment obtained in exchange for services | 2,473 | 1,164 | 1,921 |
Change in accrued capital expenditures during the period | 820 | -1,088 | 933 |
Construction in progress financed by construction liability during the period | 7,120 | 25,211 | 2,421 |
Capital lease obligations incurred on buildings during construction periods | 4,825 | 0 | 0 |
Capital lease obligations incurred | 33,500 | 0 | 0 |
Stock based compensation classified as liability instruments | 0 | 310 | 0 |
Share-based compensation, vesting of awards classified as liability instruments, noncash | $152 | $0 | $0 |
Business_Description
Business Description | 12 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Business Description | ' |
Business Description | |
Universal Technical Institute, Inc. (“UTI” or, collectively, “we”, "us" and “our”) provides postsecondary education for students seeking careers as professional automotive, diesel, collision repair, motorcycle and marine technicians. We offer undergraduate degree and diploma programs at 11 campuses and advanced training programs that are sponsored by the manufacturer or dealer at certain campuses and dedicated training centers. We work closely with leading original equipment manufacturers in the automotive, diesel, motorcycle and marine industries to understand their needs for qualified service professionals. Revenues generated from our schools consist primarily of tuition and fees paid by students. To pay for a substantial portion of their tuition, the majority of students rely on funds received from federal financial aid programs under Title IV Programs of the Higher Education Act of 1965, as amended (HEA), as well as various veterans benefits programs. For further discussion, see Concentration of Risk under Note 2 and Note 19 “Governmental Regulation and Financial Aid”. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||
Summary of Significant Accounting Policies | |||||||||||||||||
Principles of Consolidation | |||||||||||||||||
The accompanying consolidated financial statements include the accounts of UTI and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. | |||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates and assumptions, including those related to revenue recognition, our proprietary loan program, allowance for uncollectible accounts, investments, property and equipment, goodwill recoverability, self-insurance claim liabilities, income taxes, contingencies and stock-based compensation. We base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances. The results of our analysis form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions, and the impact of such differences may be material to our consolidated financial statements. | |||||||||||||||||
Revenue Recognition | |||||||||||||||||
Revenues consist primarily of student tuition and fees derived from the programs we provide after reductions are made for discounts and scholarships we sponsor, refunds for students who withdraw from our programs prior to specified dates and the portion of tuition students have funded through our proprietary loan program for which payment has not been received. Tuition and fee revenue is recognized ratably over the term of the course or program offered. Included within tuition revenues are retake fees, which are charged when a student must repeat more than one course. Approximately 98% of our revenues for each of the years ended September 30, 2014, 2013 and 2012 consisted of tuition. The majority of our undergraduate programs are designed to be completed in 45 to 102 weeks and our advanced training programs range from 11 to 24 weeks in duration. We supplement our revenues with sales of textbooks and program supplies and other revenues. Sales of textbooks and program supplies and other revenue are each recognized as sales occur or services are performed. Deferred revenue represents the excess of tuition and fee payments received as compared to tuition and fees earned and is reflected as a current liability in our consolidated balance sheets because it is expected to be earned within the next 12 months. | |||||||||||||||||
Proprietary Loan Program | |||||||||||||||||
In order to provide funding for students who are not able to fully finance the cost of their education under traditional governmental financial aid programs, commercial loan programs or other alternative sources, we established a private loan program with a bank. | |||||||||||||||||
Under terms of the proprietary loan program, the bank originates loans for our students who meet our specific credit criteria with the related proceeds used exclusively to fund a portion of their tuition. We then purchase all such loans from the bank at least monthly and assume all of the related credit risk. The loans bear interest at market rates; however, principal and interest payments are not required until six months after the student completes or withdraws from his or her program. After the deferral period, monthly principal and interest payments are required over the related term of the loan. | |||||||||||||||||
The bank provides these services in exchange for a fee at a percentage of the principal balance of each loan and related fees. Under the terms of the related agreement, we transfer funds for loan purchases to a deposit account with the bank in advance of the bank funding the loan, which secures our related loan purchase obligation. Such funds are classified as restricted cash in our consolidated balance sheet. | |||||||||||||||||
In substance, we provide the students who participate in this program with extended payment terms for a portion of their tuition and as a result, we account for the underlying transactions in accordance with our tuition revenue recognition policy. However, due to the nature of the program coupled with the extended payment terms required under the student loan agreements, collectability is not reasonably assured. Accordingly, we recognize tuition and loan origination fees financed by the loan and any related interest income required under the loan when such amounts are collected. All related expenses incurred with the bank or other service providers are expensed as incurred within educational services and facilities expense and were approximately $1.5 million, $2.0 million and $1.5 million for the years ended September 30, 2014, 2013 and 2012, respectively. Since loan collectability is not reasonably assured, the loans and related deferred tuition revenue are not recognized in our consolidated balance sheets. | |||||||||||||||||
The following table summarizes the impact of the proprietary loan program on our tuition revenue and interest income during the period as well as on a cumulative basis at the end of each period in our consolidated statements of income. Tuition revenue and interest income excluded represents amounts which would have been recognized during the period had collectability of the related amounts been assured. Amounts collected and recognized represent actual cash receipts during the period. Amounts written off represent amounts which have been turned over to third party collectors; such amounts are not included within bad debt expense in our consolidated income statements. | |||||||||||||||||
Year Ended September 30, | Inception | ||||||||||||||||
2014 | 2013 | 2012 | to date | ||||||||||||||
Tuition and interest income excluded | $ | 26,042 | $ | 22,977 | $ | 17,097 | $ | 95,901 | |||||||||
Amounts collected and recognized | (3,457 | ) | (2,277 | ) | (1,574 | ) | (8,479 | ) | |||||||||
Amounts written off | (10,560 | ) | (6,295 | ) | (6,352 | ) | (31,555 | ) | |||||||||
Net amount excluded during the period | $ | 12,025 | $ | 14,405 | $ | 9,171 | $ | 55,867 | |||||||||
As of September 30, 2014, we had committed to provide loans to our students for approximately $107.3 million since inception. | |||||||||||||||||
The following table summarizes the activity related to the balances outstanding under our proprietary loan program, including loans outstanding, interest and origination fees, which are not recognized in our consolidated balance sheets: | |||||||||||||||||
Year Ended September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Balance at beginning of period | $ | 59,767 | $ | 42,880 | |||||||||||||
Loans extended | 22,174 | 22,004 | |||||||||||||||
Interest accrued | 2,835 | 3,455 | |||||||||||||||
Amounts collected and recognized | (3,457 | ) | (2,277 | ) | |||||||||||||
Amounts written off | (10,560 | ) | (6,295 | ) | |||||||||||||
Balance at end of period | $ | 70,759 | $ | 59,767 | |||||||||||||
Restricted Cash | |||||||||||||||||
Restricted cash primarily represents the funds transferred in advance of loan purchases under our proprietary loan program. Restricted cash also includes funds held for students from Title IV financial aid program funds that result in credit balances on a student’s account. We exclude restricted cash from cash and cash equivalents on our consolidated balance sheets and statements of cash flows. Changes in restricted cash that represent funds held for students as described above are included in cash flows from operating activities on our consolidated statements of cash flows because these restricted funds are related to the core activity of our operations. | |||||||||||||||||
Allowance for Uncollectible Accounts | |||||||||||||||||
We maintain an allowance for uncollectible accounts for estimated losses resulting from the inability, failure or refusal of our students to make required payments. We offer a variety of payment plans to help students pay that portion of their education expenses not covered by financial aid programs or alternate fund sources, which are unsecured and not guaranteed. Management analyzes accounts receivable, historical percentages of uncollectible accounts, customer credit worthiness and changes in payment history when evaluating the adequacy of the allowance for uncollectible accounts. We use an internal group of collectors, augmented by third party collectors as deemed appropriate, in our collection efforts. Although we believe that our allowance is adequate, if the financial condition of our students deteriorates, resulting in an impairment of their ability to make payments, or if we underestimate the allowances required, additional allowances may be necessary, which would result in increased selling, general and administrative expenses in the period such determination is made. | |||||||||||||||||
Investments | |||||||||||||||||
We invest in pre-funded municipal bonds which are generally secured by escrowed-to-maturity U.S. Treasury notes. Municipal bonds represent debt obligations issued by states, cities, counties and other governmental entities, which earn interest that is exempt from federal income taxes. Additionally, we invest in certificates of deposit issued by financial institutions and corporate bonds from large cap industrial and selected financial companies with a minimum credit rating of A. We have the ability and intention to hold our investments until maturity and therefore classify these investments as held-to-maturity and report them at amortized cost. Investments with an original maturity date of 90 days or less at the time of purchase are classified as cash equivalents and investments with a maturity date greater than one year at the end of the period are classified as non-current. | |||||||||||||||||
We review our held-to-maturity investments for impairment quarterly to determine if other-than-temporary declines in the carrying value have occurred for any individual investment. Other-than-temporary declines in the value of our held-to-maturity investments are recorded as expense in the period in which the determination is made. We determined that no other-than-temporary declines occurred in our held-to-maturity investments during the years ended September 30, 2014 and 2013. | |||||||||||||||||
Property and Equipment | |||||||||||||||||
Property, equipment and leasehold improvements are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization expense are calculated using the straight-line method over the estimated useful lives of the related assets. Amortization of leasehold improvements is calculated using the straight-line method over the remaining useful life of the asset or term of lease, whichever is shorter. Costs relating to software developed for internal use and curriculum development are capitalized and amortized using the straight-line method over the related estimated useful lives. Such costs include direct costs of materials and services as well as payroll and related costs for employees who are directly associated with the projects. Maintenance and repairs are expensed as incurred. | |||||||||||||||||
We review the carrying value of our property and equipment for possible impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. We evaluate our long-lived assets for impairment by examining estimated future cash flows. These cash flows are evaluated by using probability weighting techniques as well as comparisons of past performance against projections. Assets may also be evaluated by identifying independent market values. If we determine that an asset’s carrying value is impaired, we will write-down the carrying value of the asset to its estimated fair value and charge the impairment as an operating expense in the period in which the determination is made. | |||||||||||||||||
Goodwill | |||||||||||||||||
Goodwill represents the excess of the cost of an acquired business over the estimated fair values of the assets acquired and liabilities assumed. Goodwill is reviewed at least annually for impairment, which might result from the deterioration in the operating performance of the acquired business, adverse market conditions, adverse changes in the applicable laws or regulations and a variety of other circumstances. Any resulting impairment charge would be recognized as an expense in the period in which impairment is identified. | |||||||||||||||||
Our goodwill resulted from the acquisition of our motorcycle and marine education business in 1998, and was allocated to two of our reporting units that provide the related educational programs. Our recorded goodwill was $20.6 million as of September 30, 2014. We assess our goodwill for impairment during the fourth quarter of each fiscal year. During the year ended September 30, 2014, we utilized a discounted cash flow model that incorporated estimated future cash flows for the next five years and an associated terminal value. Key management assumptions included in the cash flow model included future tuition revenues, operating costs, working capital changes, capital expenditures and a discount rate. Based upon our annual assessments, we determined that our goodwill was not impaired as of September 30, 2014 and 2013, and that impairment charges were not required. Actual experience will differ from the amounts included in our assessment,which could result in impairment of our goodwill in the future. | |||||||||||||||||
Self-Insurance Plans | |||||||||||||||||
We are self-insured for claims related to employee health and dental care and claims related to workers’ compensation. Liabilities associated with these plans are estimated by management with consideration of our historical loss experience, severity factors and independent actuarial analysis. Our claim liabilities are based on estimates, and while we believe the amounts accrued are adequate, the ultimate losses may differ from the amounts provided. Our recorded liability related to self-insurance plans was $4.2 million as of September 30, 2014. | |||||||||||||||||
Deferred Rent Liability | |||||||||||||||||
We lease substantially all of our administrative and educational facilities under operating lease agreements. Some lease agreements contain tenant improvement allowances, free rent periods or rent escalation clauses. In instances where one or more of these items are included in a lease agreement, we record a deferred rent liability on the consolidated balance sheet and record rent expense evenly over the term of the lease. | |||||||||||||||||
Advertising Costs | |||||||||||||||||
Costs related to advertising are expensed as incurred and totaled approximately $39.2 million, $37.0 million and $42.1 million for the years ended September 30, 2014, 2013 and 2012, respectively. | |||||||||||||||||
Stock-Based Compensation | |||||||||||||||||
Historically, we have issued stock units with vesting subject to a market condition (market shares), stock units solely subject to service conditions, stock options and restricted stock. We measure all share-based payments to employees at estimated fair value. We recognize the compensation expense for restricted stock awards and restricted stock units with only service conditions on a straight-line basis over the requisite service period. We recognize compensation expense for market shares over the requisite period. All compensation expense for market share grants is recognized for participants who fulfill the requisite service period, regardless of whether the market condition for issuing shares is satisfied. We did not grant stock options or market shares during the years ended September 30, 2014, 2013 and 2012. | |||||||||||||||||
Compensation expense associated with restricted stock awards and restricted stock units is measured based on the grant date fair value of our common stock, discounted for non-participation in anticipated dividends during the vesting period. The requisite service period for restricted stock awards and restricted stock units is generally the vesting period. Compensation expense is recognized only for those awards that are expected to vest, which we estimate based upon historical forfeitures. | |||||||||||||||||
Stock-based compensation expense of $5.7 million, $6.2 million and $6.5 million (pre-tax) was recorded for the years ended September 30, 2014, 2013 and 2012, respectively. The tax benefit related to stock-based compensation recognized was $2.3 million, $2.4 million and $2.5 million for the years ended September 30, 2014, 2013 and 2012, respectively. | |||||||||||||||||
Income Taxes | |||||||||||||||||
We recognize deferred tax assets and liabilities for the estimated future tax consequences of events attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We also recognize deferred tax assets for net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which the differences are expected to be recovered or settled. Deferred tax assets are reduced through a valuation allowance if it is more likely than not that the deferred tax assets will not be realized. | |||||||||||||||||
Concentration of Risk | |||||||||||||||||
Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents, restricted cash, investments and receivables. As of September 30, 2014, we held cash and cash equivalents of $39.0 million, restricted cash of $6.5 million and investments of $57.2 million invested in pre-funded municipal bonds, collateralized by escrowed-to-maturity U.S. treasury notes, certificates of deposit issued by financial institutions and corporate bonds. | |||||||||||||||||
We place our cash and cash equivalents and restricted cash with high quality financial institutions and limit the amount of credit exposure with any one financial institution. We mitigate the concentration risk of our investments by limiting the amount invested in any one issuer. We mitigate the risk associated with our investment in corporate bonds by requiring a minimum credit rating of A. | |||||||||||||||||
We extend credit for tuition and fees, for a limited period of time, to a majority of our students. A substantial portion is repaid through the student’s participation in federally funded financial aid programs. Transfers of funds from the financial aid programs to us are made in accordance with the U.S. Department of Education (ED) requirements. Approximately 66%, 68%, and 75% of our revenues, on a cash basis, were collected from funds distributed under Title IV Programs for the years ended September 30, 2014, 2013 and 2012, respectively. Additionally, approximately 20%, 18% and 9% of our revenues, on a cash basis, were collected from funds distributed under various veterans benefits programs for the years ended September 30, 2014, 2013 and 2012, respectively. The financial aid and veterans benefits programs are subject to political and budgetary considerations. There is no assurance that such funding will be maintained at current levels. Extensive and complex regulations govern the financial assistance programs in which our students participate. Our administration of these programs is periodically reviewed by various regulatory agencies. Any regulatory violation could be the basis for the initiation of potential adverse actions including a suspension, limitation, placement on reimbursement status or termination proceeding which could have a material adverse effect on our business. | |||||||||||||||||
If any of our institutions were to lose its eligibility to participate in federal student financial aid programs, the students at that institution would lose access to funds derived from those programs and would have to seek alternative sources of funds to pay their tuition and fees. Students obtain access to federal student financial aid through an ED prescribed application and eligibility certification process. Student financial aid funds are generally made available to students at prescribed intervals throughout their predetermined expected length of study. Students typically apply the funds received from the federal financial aid programs to pay their tuition and fees. The transfer of funds is from the financial aid program to the student, who then uses those funds to pay for a portion of the cost of their education. The receipt of financial aid funds reduces the student’s amounts due to us and has no impact on revenue recognition, as the transfer relates to the source of funding for the costs of education which may occur either through Title IV or other funds and resources available to the student. | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The carrying value of cash equivalents, restricted cash, accounts receivable, accounts payable, accrued liabilities and deferred tuition approximates their respective fair value as of September 30, 2014 and 2013 due to the short-term nature of these instruments. | |||||||||||||||||
Comprehensive Income | |||||||||||||||||
We have no items which affect comprehensive income other than net income. | |||||||||||||||||
Start-up Costs | |||||||||||||||||
Costs related to the start-up of new campuses are expensed as incurred. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements (Notes) | 12 Months Ended |
Sep. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | ' |
Recent Accounting Pronouncements | |
In August 2014, the Financial Accounting Standards Board (FASB) issued guidance regarding management's going concern evaluations. The guidance requires management to evaluate, at each interim and annual reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued, and provide related disclosures. The guidance is effective for annual periods ending after December 15, 2016, and for annual and interim periods thereafter, and early adoption is permitted. We do not expect to early adopt the guidance; accordingly, it will be effective for us starting with our fiscal year beginning October 1, 2016. We do not believe the standard will have a material impact on our financial statement disclosures. | |
In May 2014, the FASB issued guidance which outlines a single comprehensive revenue model for entities to use in accounting for revenue arising from contracts with customers. The guidance supersedes most current revenue recognition guidance, including industry-specific guidance, and requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. Entities have the option of using either a full retrospective or modified approach to adopt the guidance. This guidance is effective for annual and interim reporting periods beginning after December 15, 2016; early adoption is not permitted. Accordingly, the standard will be effective for us starting with our fiscal year beginning October 1, 2017. We are currently evaluating the adoption methods and the impact that the update will have on our results of operations, financial condition and financial statement disclosures. |
Revision_of_Previously_Issued_
Revision of Previously Issued Financial Statements (Notes) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Revision of Previously Issued Financial Statements [Abstract] | ' | ||||||||||||
Revision of Previously Issued Financial Statements | ' | ||||||||||||
Revision of Previously Issued Financial Statements | |||||||||||||
During the three months ended September 30, 2014, we identified approximately $0.5 million (pre-tax) of retake revenue and $0.2 million (pre-tax) of bad debt expense reduction related to fees for student retakes for the periods from October 1, 2008 through June 30, 2014 which were not recorded. Additionally, we identified approximately $0.2 million (pre-tax) of contract services expense related to the outsourcing of certain financial aid processes that should have been recognized during the quarterly periods from October 1, 2013 through June 30, 2014. | |||||||||||||
We evaluated the impact of the items on prior periods under the guidance in ASC 250-10 (SEC Staff Accounting Bulletin (SAB) No. 99, "Materiality") and determined that the amounts were not material. | |||||||||||||
We evaluated the impact of the cumulative errors identified during the three months ended September 30, 2014 under the guidance in ASC 250-10 on each of the years affected between the years ended September 30, 2009 and September 30, 2014 and each of the three months periods ended December 31, 2013, March 30, 2014 and June 30, 2014, and concluded the items were not material to any such periods. We also evaluated the impact of correcting these items through a cumulative adjustment to our fiscal 2014 financial statements and concluded that based on the guidance within ASC 250-10 (SEC SAB No. 108, "Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements") it was appropriate to revise our previously issued financial statements to reflect the cumulative impact of this correction. | |||||||||||||
Additionally, we recorded an immaterial balance sheet correction between cash and restricted cash related to funds held for students from Title IV financial program funds that result in credit balances on student accounts as of September 30, 2013 and 2012. | |||||||||||||
The following tables present the impact of this revision on our consolidated balance sheets as of September 30, 2013, our consolidated income statements for the years ended September 30, 2013 and 2012, and our consolidated statements of cash flows for the years ended September 30, 2013 and 2012: | |||||||||||||
30-Sep-13 | |||||||||||||
As Reported | Adjustment | As Revised | |||||||||||
Consolidated Balance Sheet Data: | |||||||||||||
Cash and cash equivalents | $ | 35,657 | $ | (1,061 | ) | $ | 34,596 | ||||||
Restricted cash | $ | 5,748 | $ | 1,061 | $ | 6,809 | |||||||
Receivables, net | $ | 11,406 | $ | 731 | $ | 12,137 | |||||||
Deferred tax assets, net | $ | 7,452 | $ | 1 | $ | 7,453 | |||||||
Current assets | $ | 133,347 | $ | 732 | $ | 134,079 | |||||||
Other assets | $ | 9,444 | $ | (1 | ) | $ | 9,443 | ||||||
Total assets | $ | 279,463 | $ | 731 | $ | 280,194 | |||||||
Deferred revenue | $ | 46,890 | $ | 135 | $ | 47,025 | |||||||
Income tax payable | $ | 79 | $ | 204 | $ | 283 | |||||||
Other current liabilities | $ | 2,192 | $ | (1 | ) | $ | 2,191 | ||||||
Current liabilities | $ | 92,361 | $ | 338 | $ | 92,699 | |||||||
Deferred rent liability | $ | 11,932 | $ | 1 | $ | 11,933 | |||||||
Other liabilities | $ | 8,768 | $ | (2 | ) | $ | 8,766 | ||||||
Total liabilities | $ | 140,693 | $ | 337 | $ | 141,030 | |||||||
Retained earnings | $ | 57,026 | $ | 394 | $ | 57,420 | |||||||
Total shareholders' equity | $ | 138,770 | $ | 394 | $ | 139,164 | |||||||
Total liabilities and shareholders' equity | $ | 279,463 | $ | 731 | $ | 280,194 | |||||||
30-Sep-13 | |||||||||||||
As Reported | Adjustment | As Revised | |||||||||||
Consolidated Income Statement Data: | |||||||||||||
Revenues | $ | 380,268 | $ | 54 | $ | 380,322 | |||||||
Selling, general and administrative | $ | 174,799 | $ | (42 | ) | $ | 174,757 | ||||||
Total operating expenses | $ | 374,339 | $ | (42 | ) | $ | 374,297 | ||||||
Income from operations | $ | 5,929 | $ | 96 | $ | 6,025 | |||||||
Income before income taxes | $ | 6,818 | $ | 96 | $ | 6,914 | |||||||
Income tax expense | $ | 3,008 | $ | 5 | $ | 3,013 | |||||||
Net income | $ | 3,810 | $ | 91 | $ | 3,901 | |||||||
Net income per share — diluted | $ | 0.15 | $ | 0.01 | $ | 0.16 | |||||||
30-Sep-12 | |||||||||||||
As Reported | Adjustment | As Revised | |||||||||||
Consolidated Income Statement Data: | |||||||||||||
Revenues | $ | 413,552 | $ | 77 | $ | 413,629 | |||||||
Selling, general and administrative | $ | 187,458 | $ | (61 | ) | $ | 187,397 | ||||||
Total operating expenses | $ | 399,437 | $ | (61 | ) | $ | 399,376 | ||||||
Income from operations | $ | 14,115 | $ | 138 | $ | 14,253 | |||||||
Income before income taxes | $ | 14,962 | $ | 138 | $ | 15,100 | |||||||
Income tax expense | $ | 5,930 | $ | 55 | $ | 5,985 | |||||||
Net income | $ | 9,032 | $ | 83 | $ | 9,115 | |||||||
Net income per share — diluted | $ | 0.36 | $ | 0.01 | $ | 0.37 | |||||||
30-Sep-13 | |||||||||||||
As Reported | Adjustment | As Revised | |||||||||||
Consolidated Statement of Cash Flows Data: | |||||||||||||
Net income | $ | 3,810 | $ | 91 | $ | 3,901 | |||||||
Bad debt expense | $ | 4,762 | $ | (42 | ) | $ | 4,720 | ||||||
Deferred income taxes | $ | (3,793 | ) | $ | (1 | ) | $ | (3,794 | ) | ||||
Restricted cash: Title IV credit balances | $ | — | $ | (6 | ) | $ | (6 | ) | |||||
Receivables | $ | (1,258 | ) | $ | (80 | ) | $ | (1,338 | ) | ||||
Prepaid expenses and other current assets | $ | 1,486 | $ | 1 | $ | 1,487 | |||||||
Other assets | $ | (1,223 | ) | $ | 1 | $ | (1,222 | ) | |||||
Deferred revenue | $ | (5,674 | ) | $ | 25 | $ | (5,649 | ) | |||||
Income tax payable/receivable | $ | (665 | ) | $ | 6 | $ | (659 | ) | |||||
Deferred rent liability | $ | (1,014 | ) | $ | 1 | $ | (1,013 | ) | |||||
Other liabilities | $ | 1,445 | $ | (2 | ) | $ | 1,443 | ||||||
Net cash provided by operating activities | $ | 26,733 | $ | (6 | ) | $ | 26,727 | ||||||
Restricted cash: proprietary loan program | $ | (3,709 | ) | $ | (1 | ) | $ | (3,710 | ) | ||||
Net cash used in investing activities | $ | (20,761 | ) | $ | (1 | ) | $ | (20,762 | ) | ||||
Net decrease in cash and cash equivalents | $ | (10,008 | ) | $ | (7 | ) | $ | (10,015 | ) | ||||
Cash and cash equivalents, beginning of period | $ | 45,665 | $ | (1,054 | ) | $ | 44,611 | ||||||
Cash and cash equivalents, end of period | $ | 35,657 | $ | (1,061 | ) | $ | 34,596 | ||||||
30-Sep-12 | |||||||||||||
As Reported | Adjustment | As Revised | |||||||||||
Consolidated Statement of Cash Flows Data: | |||||||||||||
Net income | $ | 9,032 | $ | 83 | $ | 9,115 | |||||||
Bad debt expense | $ | 5,790 | $ | (60 | ) | $ | 5,730 | ||||||
Deferred income taxes | $ | (8,490 | ) | $ | 1 | $ | (8,489 | ) | |||||
Restricted cash: Title IV credit balances | $ | — | $ | 412 | $ | 412 | |||||||
Receivables | $ | (10,109 | ) | $ | (126 | ) | $ | (10,235 | ) | ||||
Deferred revenue | $ | (8,830 | ) | $ | 49 | $ | (8,781 | ) | |||||
Income tax payable/receivable | $ | (1,288 | ) | $ | 55 | $ | (1,233 | ) | |||||
Accrued tool sets and other current liabilities | $ | (96 | ) | $ | (1 | ) | $ | (97 | ) | ||||
Net cash provided by operating activities | $ | 18,509 | $ | 413 | $ | 18,922 | |||||||
Restricted cash: proprietary loan program | $ | — | $ | 1 | $ | 1 | |||||||
Net cash used in investing activities | $ | (16,584 | ) | $ | 1 | $ | (16,583 | ) | |||||
Proceeds from issuance of common stock under employee plans | $ | 550 | $ | (1 | ) | $ | 549 | ||||||
Net cash used in financing activities | $ | (9,930 | ) | $ | (1 | ) | $ | (9,931 | ) | ||||
Net decrease in cash and cash equivalents | $ | (8,005 | ) | $ | 413 | $ | (7,592 | ) | |||||
Cash and cash equivalents, beginning of period | $ | 53,670 | $ | (1,467 | ) | $ | 52,203 | ||||||
Cash and cash equivalents, end of period | $ | 45,665 | $ | (1,054 | ) | $ | 44,611 | ||||||
Postemployment_Benefits
Postemployment Benefits | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Postemployment Benefits [Abstract] | ' | ||||||||||||||||||||
Postemployment Benefits | ' | ||||||||||||||||||||
Postemployment Benefits | |||||||||||||||||||||
In September 2014, we completed the first phase of a restructuring and provided postemployment benefits totaling approximately $1.3 million to approximately 50 impacted employees. In October 2014, we completed the second phase of a restructuring and provided postemployment benefits totaling approximately $1.2 million to approximately 50 additional impacted employees. Additionally, we periodically enter into agreements which provide postemployment benefits to personnel whose employment is terminated. The postemployment benefit liability, which is included in accounts payable and accrued expenses on the accompanying consolidated balance sheets, is generally paid out ratably over the terms of the agreements, which range from 1 month to 24 months, with the final agreement expiring in December 2015. | |||||||||||||||||||||
The postemployment benefit accrual activity for the year ended September 30, 2014 was as follows: | |||||||||||||||||||||
Liability Balance at | Postemployment | Cash Paid | Other | Liability Balance at | |||||||||||||||||
September 30, 2013 | Benefit Charges | Non-cash (1) | 30-Sep-14 | ||||||||||||||||||
Severance | $ | 1,714 | $ | 2,299 | $ | (1,878 | ) | $ | 15 | $ | 2,150 | ||||||||||
Other | 4 | 69 | (43 | ) | (14 | ) | 16 | ||||||||||||||
Total | $ | 1,718 | $ | 2,368 | $ | (1,921 | ) | $ | 1 | $ | 2,166 | ||||||||||
-1 | Primarily relates to the expiration of benefits not used within the time offered under the separation agreement and non-cash severance. |
Receivables_net
Receivables, net | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||
Receivables, net | ' | ||||||||||||||||
Receivables, net | |||||||||||||||||
Receivables, net consist of the following: | |||||||||||||||||
September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Tuition receivables | $ | 12,662 | $ | 13,276 | |||||||||||||
Other receivables | 3,250 | 3,010 | |||||||||||||||
Receivables | 15,912 | 16,286 | |||||||||||||||
Less allowance for uncollectible accounts | (3,794 | ) | (4,149 | ) | |||||||||||||
$ | 12,118 | $ | 12,137 | ||||||||||||||
The allowance for uncollectible accounts is estimated using our historical write-off experience applied to the receivable balances for students who are no longer attending school due to graduation or withdrawal or who are in school and have receivable balances in excess of financial aid available to them. We write off receivable balances against the allowance for uncollectible accounts at the time we transfer the balance to a third party collection agency. | |||||||||||||||||
The following table summarizes the activity for our allowance for uncollectible accounts for the year ended September 30: | |||||||||||||||||
Balance at | Additions to | Write-offs of | Balance at | ||||||||||||||
Beginning of | Bad Debt | Uncollectible | End of | ||||||||||||||
Period | Expense | Accounts | Period | ||||||||||||||
2014 | $ | 4,149 | $ | 3,972 | $ | (4,327 | ) | $ | 3,794 | ||||||||
2013 | $ | 4,108 | $ | 4,720 | $ | (4,679 | ) | $ | 4,149 | ||||||||
2012 | $ | 5,269 | $ | 5,115 | $ | (6,276 | ) | $ | 4,108 | ||||||||
During the year ended September 30, 2012, we collected, and recorded as a reduction to bad debt expense, approximately $0.6 million on a note receivable which had been written off in 2004. |
Investments
Investments | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Investments | ' | ||||||||||||||||
Investments | |||||||||||||||||
We invest in pre-funded municipal bonds which are generally secured by escrowed-to-maturity U.S. Treasury notes. Municipal bonds represent debt obligations issued by states, cities, counties and other governmental entities, which earn interest that is exempt from federal income taxes. Additionally, we invest in certificates of deposit issued by financial institutions and corporate bonds from large cap industrial and selected financial companies with a minimum credit rating of A. We have the ability and intention to hold our investments until maturity and therefore classify these investments as held-to-maturity and report them at amortized cost. | |||||||||||||||||
Amortized cost and fair value for investments classified as held-to-maturity at September 30, 2014 were as follows: | |||||||||||||||||
Estimated | |||||||||||||||||
Amortized | Gross Unrealized | Fair Market | |||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
Due in less than 1 year: | |||||||||||||||||
Municipal bonds | $ | 26,894 | $ | 20 | $ | — | $ | 26,914 | |||||||||
Corporate bonds | 16,836 | 1 | (24 | ) | 16,813 | ||||||||||||
Certificates of deposit | 2,176 | — | — | 2,176 | |||||||||||||
Due in 1 - 2 years: | |||||||||||||||||
Municipal bonds | 4,230 | 7 | — | 4,237 | |||||||||||||
Corporate bonds | 4,054 | — | (13 | ) | $ | 4,041 | |||||||||||
Certificates of deposit | 2,973 | — | — | 2,973 | |||||||||||||
$ | 57,163 | $ | 28 | $ | (37 | ) | $ | 57,154 | |||||||||
Amortized cost and fair value for investments classified as held-to-maturity at September 30, 2013 were as follows: | |||||||||||||||||
Estimated | |||||||||||||||||
Amortized | Gross Unrealized | Fair Market | |||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
Due in less than 1 year: | |||||||||||||||||
Municipal bonds | $ | 40,942 | $ | 22 | $ | — | $ | 40,964 | |||||||||
Corporate bonds | 11,684 | 2 | (7 | ) | 11,679 | ||||||||||||
Certificates of deposit | 4,905 | — | — | 4,905 | |||||||||||||
Due in 1 - 2 years: | |||||||||||||||||
Municipal bonds | 3,943 | 4 | — | 3,947 | |||||||||||||
Certificates of deposit | 245 | — | — | 245 | |||||||||||||
$ | 61,719 | $ | 28 | $ | (7 | ) | $ | 61,740 | |||||||||
Investments are exposed to various risks, including interest rate, market and credit risk and as a result, it is possible that changes in the values of these investments may occur and that such changes could affect the amounts reported in the consolidated balance sheets and consolidated statements of income. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
The accounting framework for determining fair value includes a hierarchy for ranking the quality and reliability of the information used to measure fair value, which enables the reader of the financial statements to assess the inputs used to develop those measurements. The fair value hierarchy consists of three tiers: Level 1, defined as quoted market prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, model-based valuation techniques for which all significant assumptions are observable in the market or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities and Level 3, defined as unobservable inputs that are not corroborated by market data. Any transfers of investments between levels occurs at the end of the reporting period. | |||||||||||||||||
Assets measured or disclosed at fair value on a recurring basis consisted of the following: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
30-Sep-14 | Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Money market funds | $ | 29,995 | $ | 29,995 | $ | — | $ | — | |||||||||
Corporate bonds | 20,854 | 20,854 | — | — | |||||||||||||
Municipal bonds | 31,151 | — | 31,151 | — | |||||||||||||
Certificates of deposit | 5,149 | — | 5,149 | — | |||||||||||||
Total assets at fair value on a recurring basis | $ | 87,149 | $ | 50,849 | $ | 36,300 | $ | — | |||||||||
Fair Value Measurements Using | |||||||||||||||||
30-Sep-13 | Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Money market funds | $ | 23,135 | $ | 23,135 | $ | — | $ | — | |||||||||
Corporate bonds | 11,679 | 11,679 | — | — | |||||||||||||
Municipal bonds | 44,911 | — | 44,911 | — | |||||||||||||
Certificates of deposit | 5,150 | — | 5,150 | — | |||||||||||||
Total assets at fair value on a recurring basis | $ | 84,875 | $ | 34,814 | $ | 50,061 | $ | — | |||||||||
Our Level 2 investments are valued using readily available pricing sources which utilize market observable inputs, including the current interest rate for similar types of instruments. |
Property_and_Equipment_net
Property and Equipment, net | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||
Property and Equipment, net | ' | ||||||||||
Property and Equipment, net | |||||||||||
Property and equipment, net consisted of the following: | |||||||||||
Depreciable | September 30, | September 30, | |||||||||
Lives (in years) | 2014 | 2013 | |||||||||
Land | — | $ | 1,456 | $ | 1,456 | ||||||
Building and building improvements | 35 | 50,306 | 13,741 | ||||||||
Leasehold improvements | 28-Jan | 38,906 | 48,062 | ||||||||
Training equipment | 10-Mar | 85,673 | 82,270 | ||||||||
Office and computer equipment | 10-Mar | 37,271 | 37,206 | ||||||||
Software developed for internal use | 5-Mar | 11,888 | 10,895 | ||||||||
Curriculum development | 5 | 18,716 | 18,716 | ||||||||
Vehicles | 5 | 1,207 | 1,005 | ||||||||
Construction in progress | — | 10,746 | 33,158 | ||||||||
256,169 | 246,509 | ||||||||||
Less accumulated depreciation and amortization | (149,242 | ) | (143,439 | ) | |||||||
$ | 106,927 | $ | 103,070 | ||||||||
At September 30, 2014, construction in progress included $9.8 million related primarily to the design and construction of an expansion of our Orlando, Florida campus. | |||||||||||
Depreciation expense related to our property and equipment was $17.7 million, $18.4 million and $19.3 million for the years ended September 30, 2014, 2013 and 2012, respectively. Amortization expense related to curriculum development and software developed for internal use was $4.0 million, $4.8 million and $5.6 million for the years ended September 30, 2014, 2013 and 2012, respectively. | |||||||||||
The following amounts, which are included in the above table, represent assets financed by financing obligations: | |||||||||||
September 30, | |||||||||||
2014 | |||||||||||
Buildings and building improvements | $ | 33,500 | |||||||||
Construction in progress | 4,638 | ||||||||||
Assets financed by financing obligations, gross | 38,138 | ||||||||||
Less accumulated depreciation and amortization | (1,551 | ) | |||||||||
Assets financed by financing obligation, net | $ | 36,587 | |||||||||
As previously disclosed, we entered into a build-to-suit facility lease agreement and a construction management agreement related to the relocation of our Glendale Heights, Illinois campus to, and the design and construction of a new campus in, Lisle, Illinois. Under these agreements, we retained all construction risk and therefore, for accounting purposes, were considered the owner during the construction period. We recorded approximately $27.6 million in construction in progress and $27.6 million in the related construction liability on our consolidated balance sheet as of September 30, 2013. | |||||||||||
Construction was completed during November 2013 and the facility was placed into service effective December 1, 2013. The investment in the joint venture related to the lease of this facility represents continuing involvement after the construction period was completed. Therefore, we will continue to account for the arrangement as a financing obligation and have an imputed operating lease related to our use of the land. Accordingly, the asset and a corresponding lease financing obligation are included in our consolidated balance sheet. The asset will be depreciated over the initial lease term of 18 years. The financing obligation is amortized through the effective interest method in which a portion of the lease payments is recognized as interest expense, a portion is allocated to the imputed land lease and the remaining portion will decrease the financing obligation. | |||||||||||
Amended Leases | |||||||||||
In January 2014, we entered into amended lease agreements for certain buildings on our Orlando, Florida campus, which extended the lease terms to August 31, 2022 and modified the scheduled rental payments. Additionally, one of the amendments included a provision which allows us to expand the square footage at one building by approximately 13,500 square feet with an associated tenant improvement allowance of approximately $1.7 million. | |||||||||||
Under the agreement, we have retained all construction risk and are responsible for all budget overruns. Therefore, for accounting purposes, we are considered the owner during the construction period. Additionally, during the construction period, which began June 1, 2014, the existing building and the addition are considered one unit of account. Accordingly, we have recorded the existing building and a corresponding short-term financing obligation of approximately $4.6 million on our consolidated balance sheet and have discontinued recognizing rent expense. | |||||||||||
During construction of the addition, we will record construction costs for amounts reimbursable by the landlord through a tenant improvement allowance as construction in progress with a corresponding construction liability on our consolidated balance sheet. Although we are owners during the construction period, we do not own the underlying land. Therefore, we have an imputed operating lease expense related to our use of the land that is recognized from the time we begin construction through the end of the construction period. During the construction period, the rental payment on the existing building is allocated to imputed land lease expense and interest expense, which is capitalized, and the remaining portion decreases the financing obligation. | |||||||||||
Upon occupancy of the expanded building under this lease agreement, we believe that we will not have continuing involvement after the construction period is complete, and we anticipate that the lease will be accounted for as an operating lease. As such, we anticipate we will derecognize the existing building, addition, financing obligation and construction liability. Furthermore, we will record prepaid rent related to the rent paid during construction, which will be amortized over the initial lease term. | |||||||||||
Future minimum lease payments under the Lisle, Illinois and Orlando, Florida leases as of September 30, 2014 are as follows: | |||||||||||
Years ending September 30, | Financing Obligations | Operating Leases | |||||||||
2015 | $ | 2,926 | $ | 297 | |||||||
2016 | 2,908 | 291 | |||||||||
2017 | 2,971 | 291 | |||||||||
2018 | 3,037 | 291 | |||||||||
2019 | 3,103 | 291 | |||||||||
Thereafter | 43,615 | 3,541 | |||||||||
Total future minimum lease obligation | $ | 58,560 | $ | 5,002 | |||||||
Financing obligation on building recorded during construction period | 4,575 | ||||||||||
Less imputed interest on financing obligation | (25,050 | ) | |||||||||
Less capitalized interest | (18 | ) | |||||||||
Less imputed accrued land lease obligation | (355 | ) | |||||||||
Net present value of financing obligation | $ | 37,712 | |||||||||
BuildtoSuit_Lease
Build-to-Suit Lease | 12 Months Ended | |||
Sep. 30, 2014 | ||||
Leases [Abstract] | ' | |||
Build-to-Suit Lease | ' | |||
Build-to-Suit Lease | ||||
On October 3, 2014, we entered into a 15-year lease agreement for a build-to-suit facility related to the design and construction of a new campus in Long Beach, California. Under build-to-suit lease arrangements, we establish assets and liabilities for the estimated construction costs incurred to the extent we are involved in the construction of structural improvements or take construction risk prior to the lease commencement. | ||||
Under these agreements, we have retained substantially all of the construction risk and therefore, for accounting purposes, are considered the owner during the construction period. Although we are owners during the construction period, we do not own the underlying land. Therefore, we have an imputed operating lease expense related to our use of the land that will be recognized from the time we entered into the agreement through the initial lease term. | ||||
Future minimum lease payments under this lease are as follows: | ||||
Years ending September 30, | ||||
2015 | $ | 301 | ||
2016 | 1,813 | |||
2017 | 1,867 | |||
2018 | 1,923 | |||
2019 | 1,981 | |||
Thereafter | 25,665 | |||
$ | 33,550 | |||
Investment_in_Unconsolidated_A
Investment in Unconsolidated Affiliate (Notes) | 12 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Investment in Unconsolidated Affiliate [Abstract] | ' | ||||||||||||||
Equity Method Investments Disclosure [Text Block] | ' | ||||||||||||||
Investment in Unconsolidated Affiliate | |||||||||||||||
During the year ended September 30, 2012, we invested $4.0 million to acquire an equity interest of approximately 28% in a joint venture (JV) related to the lease of our Lisle, Illinois campus facility. In connection with this investment, we do not possess a controlling financial interest as we do not hold a majority of the equity interest, nor do we have the power to make major decisions without approval from the other equity member. Therefore, we do not qualify as the primary beneficiary. Accordingly, this investment is accounted for under the equity method of accounting and is included in other assets in our consolidated balance sheet. We recognize our proportionate share of the JV’s net income or loss during each accounting period as a change in our investment. For the year ended September 30, 2014, our equity in earnings was $0.5 million. We did not recognize any equity in earnings during the year ended September 30, 2013. | |||||||||||||||
Investment in unconsolidated affiliate consists of the following: | |||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||
Carrying Value (In thousands) | Ownership Percentage | Carrying Value (In thousands) | Ownership Percentage | ||||||||||||
Investment in unconsolidated affiliate | $ | 3,903 | 27.972 | % | $ | 4,000 | 27.972 | % | |||||||
Investment in unconsolidated affiliate included the following activity during the period: | |||||||||||||||
Year ended September 30, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Balance at beginning of period | $ | 4,000 | $ | 4,000 | |||||||||||
Equity in earnings of unconsolidated affiliate | 471 | — | |||||||||||||
Return of capital contribution from unconsolidated affiliate | (568 | ) | — | ||||||||||||
Balance at end of period | $ | 3,903 | $ | 4,000 | |||||||||||
Accounts_Payable_and_Accrued_E
Accounts Payable and Accrued Expenses | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accounts Payable and Accrued Expenses | ' | ||||||||
Accounts Payable and Accrued Expenses | |||||||||
Accounts payable and accrued expenses consisted of the following: | |||||||||
30-Sep-14 | 30-Sep-13 | ||||||||
Accounts payable | $ | 12,990 | $ | 13,758 | |||||
Accrued compensation and benefits | 17,963 | 16,858 | |||||||
Other accrued expenses | 7,874 | 8,613 | |||||||
$ | 38,827 | $ | 39,229 | ||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Income Taxes | ' | ||||||||||||||||
Income Taxes | |||||||||||||||||
The components of income tax expense are as follows: | |||||||||||||||||
Year Ended September 30, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Current expense | $ | 7,760 | $ | 6,807 | $ | 14,474 | |||||||||||
Deferred (benefit) expense | (4,050 | ) | (3,794 | ) | (8,489 | ) | |||||||||||
Total provision for income taxes | $ | 3,710 | $ | 3,013 | $ | 5,985 | |||||||||||
The income tax provision differs from the tax that would result from application of the statutory federal tax rate of 35.0% to pre-tax income for the year. The reasons for the differences are as follows: | |||||||||||||||||
Year Ended September 30, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Income tax expense at statutory rate | $ | 2,012 | $ | 2,419 | $ | 5,285 | |||||||||||
State income taxes, net of federal tax benefit | 697 | 504 | 483 | ||||||||||||||
Deferred tax asset write-off related to share based | 828 | — | — | ||||||||||||||
compensation | |||||||||||||||||
Other, net | 173 | 90 | 217 | ||||||||||||||
Total income tax expense | $ | 3,710 | $ | 3,013 | $ | 5,985 | |||||||||||
In December 2013, March 2014 and September 2014, certain stock-based compensation awards granted to employees expired, which required a write-off of the related deferred tax asset through income tax expense as our pro forma windfall pool of available excess tax benefits was no longer sufficient to absorb the shortfall. | |||||||||||||||||
The components of the deferred tax assets (liabilities) recorded in the accompanying consolidated balance sheets were as follows: | |||||||||||||||||
September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Gross deferred tax assets: | |||||||||||||||||
Compensation not yet deductible for tax | $ | 6,992 | $ | 7,997 | |||||||||||||
Allowance for uncollectible accounts | 1,480 | 1,618 | |||||||||||||||
Expenses and accruals not yet deductible | 6,308 | 7,224 | |||||||||||||||
Deferred revenue | 16,318 | 12,110 | |||||||||||||||
Net operating loss carryovers | 175 | 226 | |||||||||||||||
State tax credit carryforwards | 319 | 308 | |||||||||||||||
Valuation allowance | (273 | ) | (224 | ) | |||||||||||||
Total deferred tax assets, net | 31,319 | 29,259 | |||||||||||||||
Gross deferred tax liabilities: | |||||||||||||||||
Amortization of goodwill and intangibles | (8,026 | ) | (8,026 | ) | |||||||||||||
Depreciation and amortization of property and equipment | (2,536 | ) | (4,052 | ) | |||||||||||||
Prepaid expenses deductible for tax | (1,364 | ) | (893 | ) | |||||||||||||
Total deferred tax liabilities, net | (11,926 | ) | (12,971 | ) | |||||||||||||
Net deferred tax assets | $ | 19,393 | $ | 16,288 | |||||||||||||
The deferred tax assets are reflected in the accompanying consolidated balance sheets as follows: | |||||||||||||||||
September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Current deferred tax assets, net | $ | 7,470 | $ | 7,453 | |||||||||||||
Noncurrent deferred tax assets, net | 11,923 | 8,835 | |||||||||||||||
Net deferred tax assets | $ | 19,393 | $ | 16,288 | |||||||||||||
The following table summarizes the activity for the valuation allowance for the year ended September 30: | |||||||||||||||||
Balance at | Additions | Write-offs | Balance at | ||||||||||||||
Beginning of | (Reductions) | End of | |||||||||||||||
Period | to Income | Period | |||||||||||||||
Tax | |||||||||||||||||
Expense | |||||||||||||||||
2014 | $ | 224 | $ | 49 | $ | — | $ | 273 | |||||||||
2013 | $ | 80 | $ | 144 | $ | — | $ | 224 | |||||||||
2012 | $ | 110 | $ | (30 | ) | $ | — | $ | 80 | ||||||||
As of September 30, 2014, we had approximately $0.5 million in deferred tax assets related to state net operating loss and credit carryforwards. These tax attributes will expire in the years 2015 through 2025. We have established a valuation allowance in the amount of $0.3 million related to the state net operating loss carry-forwards, as it is more likely than not that the net operating losses will expire unutilized. | |||||||||||||||||
We file income tax returns for federal purposes and in many states. Our tax filings remain subject to examination by applicable tax authorities for a certain length of time, generally three to four years, following the tax year to which these filings relate. The Internal Revenue Service concluded an examination of our tax return for the year ended September 30, 2012 with no changes to our reported tax or tax liability. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Sep. 30, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
Operating Leases | ||||
We lease our facilities and certain equipment under non-cancelable operating leases, some of which contain renewal options, escalation clauses and requirements to pay other fees associated with the leases. We recognize rent expense on a straight-line basis. Two of our campus properties are leased from a related party. Future minimum rental commitments as of September 30, 2014 for all non-cancelable operating leases are as follows: | ||||
Years ending September 30, | ||||
2015 | $ | 29,356 | ||
2016 | 27,887 | |||
2017 | 25,227 | |||
2018 | 25,267 | |||
2019 | 25,390 | |||
Thereafter | 64,195 | |||
$ | 197,322 | |||
Rent expense for operating leases was approximately $27.9 million, $28.9 million and $28.2 million for the years ended September 30, 2014, 2013 and 2012, respectively. | ||||
Rent expense includes rent paid to related parties, which was approximately $2.3 million, $2.5 million and $2.5 million for the years ended September 30, 2014, 2013 and 2012, respectively. Since 1991, certain of our properties have been leased from entities controlled by John C. White, an independent Director on our Board of Directors. | ||||
A portion of the property comprising our Orlando location is occupied pursuant to a lease with the John C. and Cynthia L. White 1989 Family Trust, with the lease term expiring on August 19, 2022. The annual base lease payments for the first year under this lease totaled approximately $0.3 million, with annual adjustments based on the higher of (i) an amount equal to 4% of the total annual rent for the immediately preceding year or (ii) the percentage of increase in the Consumer Price Index. | ||||
Another portion of the property comprising our Orlando location is occupied pursuant to a lease with Delegates LLC, an entity controlled by the White Family Trust, with the lease term expiring on July 1, 2016. The beneficiaries of this trust are Mr. White’s children, and the trustee of the trust is not related to Mr. White. Annual base lease payments for the first year under this lease totaled approximately $0.7 million, with annual adjustments based on the higher of (i) an amount equal to 4% of the total annual rent for the immediately preceding year or (ii) the percentage of increase in the Consumer Price Index. | ||||
Additionally, since April 1994, we have leased two of our Phoenix properties under one lease from City Park LLC, a successor in interest of 2844 West Deer Valley LLC and in which the John C. and Cynthia L. White 1989 Family Trust holds a 25% interest. The lease expires on December 31, 2022, and the annual base lease payments for the first year under this lease, as amended, totaled approximately $0.5 million, with annual adjustments of 2% of the total annual rent for the immediately preceding year. We believe that the rental rates under these leases approximated fair market rental value of the properties at the time the lease agreements were negotiated. During the three months ended March 31, 2014, City Park LLC sold the properties to an unrelated third party. Our existing lease remains in effect through December 31, 2022. | ||||
Licensing Agreements | ||||
In 1999, we entered into a licensing agreement that gives us the right to use certain materials and trademarks in the development of our courses. The agreement was amended in November 2009. Under the terms of the amended agreement, we are required to pay a flat fee per student for each program a student completes. There are no minimum license fees required to be paid. The agreement terminates upon the written notice of either party providing not less than ninety days notification of intent to terminate. License fees related to this agreement were $1.0 million, $1.1 million and $1.2 million for the years ended September 30, 2014, 2013 and 2012, respectively, and were recorded in educational services and facilities expenses. | ||||
In May 2007, we entered into another licensing agreement that gives us the right to use certain trademarks, trade names, trade dress and other intellectual property in connection with the operation of our campuses and courses. We are committed to pay royalties based upon revenue and sponsorship revenue, as defined in the agreement, from July 1, 2007 through December 31, 2017, the expiration of the agreement. The agreement required a minimum royalty payment of $1.8 million in calendar year 2014. The minimum royalty payments increase by $0.05 million in each calendar year subsequent to 2010. The expense related to these agreements was $1.8 million, $1.7 million and $1.7 million for the years ended September 30, 2014, 2013 and 2012, respectively, and was recorded in educational services and facilities expenses. | ||||
In July 2013, we entered into a training and materials agreement that gives us the right to use certain materials and trademarks in development of our courses. Under the terms of the agreement, we are required to pay a flat fee per student for each related program a student completes. There is an immaterial minimum annual fee required to be paid upon commencement of the program and annually thereafter. The agreement terminates upon the written notice of either party providing not less than 90 days notification of intent to terminate. The expense related to this agreement was less than $0.1 million for the year ended September 30, 2014 and zero for the year ended September 30, 2013. | ||||
Vendor Relationships | ||||
We have an agreement with a vendor that allows us to purchase promotional tool kits for our students at a discount from the vendor’s list price. In addition, we earn credits that are redeemable for equipment from the vendor that we use in our business. Credits are earned on our purchases as well as purchases made by students enrolled in our programs. We have agreed to grant the vendor exclusive access to our campuses, to display advertising and to use their tools to train our students. Under the related agreement, which expires in April 2017, we are required to maintain a minimum balance of $1.0 million in credits earned on student purchases. The credits under this agreement may be redeemed in multiple ways, which historically has been for additional equipment at the full retail list price, which is more than we would be required to pay using cash. Upon termination of the agreement, we continue to earn credits relative to promotional tool kits we purchase or additional tools our active students purchase. We continue to earn these credits until a tool kit is provided to the last student eligible under the agreement. A net prepaid expense with the vendor resulted from an excess of credits earned over credits used of $6.2 million and $5.7 million as of September 30, 2014 and 2013, respectively. | ||||
Students are provided a voucher which can be redeemed for a tool kit near graduation. The cost of the tool kits, net of the credit, is accrued during the time period in which the students begin attending school until they have progressed to the point that the promotional tool kit vouchers are provided. Our consolidated balance sheets include an accrued tool set liability of $3.8 million and $4.0 million as of September 30, 2014 and 2013, respectively. Additionally, our liability to the vendor for vouchers redeemed by students was $1.2 million and $1.1 million as of September 30, 2014 and 2013, respectively, and is included in accounts payable and accrued expenses in our consolidated balance sheets. | ||||
Executive Employment Agreements | ||||
We have employment agreements with key executives that provide for continued salary payments and benefits if the executives are terminated for reasons other than cause or in the event of a change in control, as defined in the agreements. The range of the aggregate commitment upon termination of employment under these agreements and existing equity award agreements as of September 30, 2014, including immaterial medical benefit and salary changes effective subsequent to September 30, 2014, is approximately $2.7 million to $8.7 million. | ||||
Change in Control Agreements | ||||
We have severance agreements with other executives that provide for continued salary payments if the employees are terminated for any reason within twelve months subsequent to a change in control. Under the terms of the agreements, these employees are entitled to between six and twelve months salary at their highest rate during the previous twelve months. In addition, the employees are eligible to receive the unearned portion of their target bonus in effect in the year termination occurs and would be eligible to receive medical benefits under the plans maintained by us at no cost. The aggregate amount of our commitments under these agreements, including immaterial medical benefit and salary changes effective subsequent to September 30, 2014, is approximately $7.9 million. | ||||
Deferred Compensation Plans | ||||
We have established a deferred compensation plan (the Plan) effective April 1, 2010, into which certain members of management are eligible to defer a maximum of 75% of their regular compensation and a maximum of 100% of their incentive compensation. Non-employee members of our Board of Directors are eligible to defer up to 100% of their cash compensation. The amounts deferred by the participant under this Plan are credited with earnings or losses based upon changes in values of participant elected notional investments. Each participant is fully vested in the amounts deferred. | ||||
We may make contributions at the discretion of our Board of Directors that will generally vest according to a five year vesting schedule. Distribution elections under the Plan may be for separation from service distribution or in-service distribution. We are not obligated to fund the Plan; however, we have purchased life insurance policies on the participants in order to fund the related benefits and such policies have been placed into a rabbi trust. | ||||
Our obligations under the Plan totaled $4.6 million and $3.7 million as of September 30, 2014 and 2013, respectively, and are included in other liabilities while the cash surrender value of the life insurance policies totaled $4.7 million and $4.0 million as of September 30, 2014 and 2013, respectively, and are included in other assets in our consolidated balance sheets. | ||||
Surety Bonds | ||||
Each of our campuses must be authorized by the applicable state education agency in which the campus is located to operate and to grant degrees, diplomas or certificates to its students. Our campuses are subject to extensive, ongoing regulation by each of these states. Additionally, our campuses are required to be authorized by the applicable state education agencies of certain other states in which our campuses recruit students. Our insurers issue surety bonds for us on behalf of our campuses and admissions representatives with multiple states to maintain authorization to conduct our business. We are obligated to reimburse our insurers for any surety bonds that are paid by the insurers. As of September 30, 2014, the total face amount of these surety bonds was approximately $17.5 million. | ||||
Legal | ||||
In the ordinary conduct of our business, we are periodically subject to lawsuits, demands in arbitration, investigations, regulatory proceedings or other claims, including, but not limited to, claims involving current or former students, routine employment matters, business disputes and regulatory demands. When we are aware of a claim or potential claim, we assess the likelihood of any loss or exposure. If it is probable that a loss will result and the amount of the loss can be reasonably estimated, we would accrue a liability for the loss. When a loss is not both probable and estimable, we do not accrue a liability. Where a loss is not probable but is reasonably possible, including if a loss in excess of an accrued liability is reasonably possible, we determine whether it is possible to provide an estimate of the amount of the loss or range of possible losses for the claim. Because we cannot predict with certainty the ultimate resolution of the legal proceedings (including lawsuits, investigations, regulatory proceedings or claims) asserted against us, it is not currently possible to provide such an estimate. The ultimate outcome of pending legal proceedings to which we are a party may have a material adverse effect on our business, cash flows, results of operations or financial condition. | ||||
In September 2012, we received a Civil Investigative Demand (CID) from the Attorney General of the Commonwealth of Massachusetts related to a pending investigation in connection with allegations that we caused false claims to be submitted to the Commonwealth relating to student loans, guarantees and grants provided to students at our Norwood, Massachusetts campus. The CID required us to produce documents and provide written testimony regarding a broad range of our business from September 2006 to the present. We responded timely to the request, as well as to follow-up requests for additional information. The Attorney General has not contacted us regarding this matter since a follow-up request for documents in February 2013. At this time, we cannot predict the eventual scope, duration, outcome or associated costs of this request and accordingly we have not recorded any liability in the accompanying consolidated financial statements. |
Common_Shareholders_Equity
Common Shareholders' Equity | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Equity [Abstract] | ' | |||||||||||||
Common Shareholdersb Equity | ' | |||||||||||||
Common Shareholders’ Equity | ||||||||||||||
Common Stock | ||||||||||||||
Holders of our common stock are entitled to receive dividends when and as declared by our Board of Directors and have the right to one vote per share on all matters requiring shareholder approval. On December 20, 2013; March 31, 2014; June 30, 2014 and September 30, 2014, we paid cash dividends of $0.10 per share to common stockholders of record as of December 10, 2013; March 17, 2014; June 20, 2014 and September 19, 2014, respectively. The aggregate payment was approximately $9.9 million. | ||||||||||||||
Share Repurchase Program | ||||||||||||||
On December 20, 2011, our Board of Directors authorized the repurchase of up to $25.0 million of our common stock in the open market or through privately negotiated transactions. The timing and actual number of shares purchased will depend on a variety of factors such as price, corporate and regulatory requirements and prevailing market conditions. We may terminate or limit the share repurchase program at any time without prior notice. During the year ended September 30, 2014, we purchased 120,252 shares at an average price per share of $11.79 and a total cost of approximately $1.4 million. As of September 30, 2014, we have purchased 825,252 shares at an average price per share of $10.50 and a total cost of approximately $8.7 million under this program. | ||||||||||||||
Stock Option and Incentive Compensation Plans | ||||||||||||||
We have two stock-based compensation plans; the Management 2002 Stock Option Program (2002 Plan) and the 2003 Incentive Compensation Plan (2003 Plan). | ||||||||||||||
The 2002 Plan was approved by our Board of Directors on April 1, 2002 and provided for the issuance of options to purchase 0.7 million shares of our common stock. On February 25, 2003, our Board of Directors authorized an additional 0.1 million options to purchase our common stock under the 2002 Plan. | ||||||||||||||
Options issued under the 2002 Plan vest ratably each year over a four-year period. The expiration date of options granted under the 2002 Plan is the earlier of the ten-year anniversary of the grant date; the one-year anniversary of the termination of the participant’s employment by reason of death or disability; 30 days after the date of the participant’s termination of employment if caused by reasons other than death, disability, cause, material breach or unsatisfactory performance or on the termination date if termination occurs for reasons of cause, material breach or unsatisfactory performance. We do not intend to grant any additional options under the 2002 Plan. | ||||||||||||||
The 2003 Plan was approved by our Board of Directors and adopted effective December 22, 2003 upon consummation of our initial public offering and amended on February 28, 2007 and February 22, 2012 by our stockholders. The 2003 Plan, as amended, authorizes the issuance of various common stock awards, including stock options, restricted stock and stock units, for approximately 5.3 million shares of our common stock. | ||||||||||||||
As of September 30, 2014, 3.0 million shares of common stock were reserved for issuance under the 2003 Plan, of which 1.6 million shares are available for future grant. | ||||||||||||||
We use historical data to estimate forfeitures. Our estimated forfeitures are adjusted as actual forfeitures differ from our estimates, resulting in stock-based compensation expense only for those awards that actually vest. If factors change and different assumptions are employed in future periods, previously recognized stock-based compensation expense may require adjustment. | ||||||||||||||
The following table summarizes the operating expense line and the impact on net income in the consolidated statements of income in which stock-based compensation expense has been recorded: | ||||||||||||||
Year Ended September 30, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Educational services and facilities | $ | 587 | $ | 617 | $ | 1,080 | ||||||||
Selling, general and administrative | 5,134 | 5,607 | 5,412 | |||||||||||
Total stock-based compensation expense | $ | 5,721 | $ | 6,224 | $ | 6,492 | ||||||||
Income tax benefit | $ | 2,288 | $ | 2,427 | $ | 2,532 | ||||||||
Stock Options | ||||||||||||||
Stock options were issued with exercise prices equal to the closing price of our stock on the grant date and which generally vest ratably over a four-year period. The expiration date of stock options granted under the 2003 Plan is the earlier of the seven or ten-year anniversary of the grant date, based on the terms of the individual grant; the one-year anniversary of the termination of the participant’s employment by reason of death or disability; ninety-days after the date of the participant’s termination of employment if caused by reasons other than death, disability, cause, material breach or unsatisfactory performance; or on the termination date if termination occurs for reasons of cause, material breach or unsatisfactory performance. | ||||||||||||||
The fair value of each stock option grant was estimated on the date of grant using the Black-Scholes option-pricing model. The estimated fair value is affected by our stock price as well as assumptions regarding a number of complex and subjective variables, including, but not limited to, our expected stock price volatility, the expected term of the awards and actual and projected employee stock exercise behaviors. | ||||||||||||||
We did not grant stock options during the years ended September 30, 2014, 2013 and 2012. | ||||||||||||||
The following table summarizes stock option activity under the 2002 and 2003 Plans: | ||||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||
Shares | Average Exercise | Average | Intrinsic | |||||||||||
(In thousands) | Price | Remaining | Value | |||||||||||
per Share | Contractual | |||||||||||||
Life (Years) | ||||||||||||||
Outstanding as of September 30, 2013 | 883 | $ | 24.33 | 1.2 | $ | — | ||||||||
Stock options exercised | — | $ | — | |||||||||||
Stock options forfeited | (499 | ) | $ | 22.41 | ||||||||||
Outstanding as of September 30, 2014 | 384 | $ | 26.81 | 1.04 | $ | — | ||||||||
Stock options exercisable as of September 30, 2014 | 384 | $ | 26.81 | 1.04 | $ | — | ||||||||
As of September 30, 2014 and 2013, there were no non-vested stock options and there was no unrecognized stock compensation expense related to non-vested stock options. | ||||||||||||||
No stock options vested during the years ended September 30, 2014 and 2013. The total fair value of options which vested during the year ended September 30, 2012 was $0.2 million. The aggregate intrinsic value in the preceding table is based on our closing stock price of $9.35 as of September 30, 2014. The aggregate intrinsic value represents the total intrinsic value that would have been received by the stock option holders had all option holders exercised their options as of that date. No stock options were exercised during the year ended September 30, 2014. The total intrinsic value of stock options exercised during the year ended September 30, 2013 was less than $0.1 million. The total intrinsic value of stock options exercised during the year ended September 30, 2012 was $0.5 million. | ||||||||||||||
The amount of cash received and associated tax benefits for stock options exercised are summarized as follows: | ||||||||||||||
Year Ended September 30, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Cash received | $ | — | $ | 262 | $ | 224 | ||||||||
Tax benefits | $ | — | $ | 6 | $ | 178 | ||||||||
Restricted Stock Awards | ||||||||||||||
Our restricted stock awards are issued at fair market value, which is based on the closing prices of our stock on the grant date, discounted for non-participation in anticipated dividends during the vesting period. The restrictions on these awards generally lapse ratably over a four or five year period based on the terms of the individual grant. The restrictions associated with our restricted stock awarded under the 2003 Plan will lapse upon the death, disability, or if, within one year following a change of control, employment is terminated without cause or for good reason. If employment is terminated for any other reason, all shares of restricted stock shall be forfeited upon termination. | ||||||||||||||
The following table summarizes restricted stock activity under the 2003 Plan: | ||||||||||||||
Number of Shares | Weighted Average | |||||||||||||
(In thousands) | Grant Date | |||||||||||||
Fair Value | ||||||||||||||
per Share | ||||||||||||||
Nonvested restricted stock outstanding as of September 30, 2013 | 703 | $ | 13.93 | |||||||||||
Restricted stock awarded | — | $ | — | |||||||||||
Restricted stock vested | (272 | ) | $ | 15.29 | ||||||||||
Restricted stock forfeited | (30 | ) | $ | 14.02 | ||||||||||
Nonvested restricted stock outstanding as of September 30, 2014 | 401 | $ | 12.99 | |||||||||||
As of September 30, 2014, unrecognized stock compensation expense related to restricted stock awards was $5.0 million which is expected to be recognized over a weighted average period of 2.6 years. | ||||||||||||||
Restricted Stock Units | ||||||||||||||
Our restricted stock units are issued at fair market value, which is based on the closing prices of our stock on the grant date. The restrictions on these units generally lapse ratably over a four or five year period based on the terms of the individual grant. The restrictions associated with our restricted stock units awarded under the 2003 Plan will lapse upon the death, disability, or if, within one year following a change of control, employment is terminated without cause or for good reason. If employment is terminated for any other reason, all shares of restricted stock shall be forfeited upon termination. The awards to our Chief Executive Officer and Chairman of the Board and to our President and Chief Financial Officer were made pursuant to updated forms of award agreements that implement certain retirement vesting provisions of such executives' April 2014 employment agreements. The updated award agreements include a provision for continued vesting for 12 months after a qualifying retirement, as defined by these executives' respective employment agreements and subject to compliance with certain covenants. | ||||||||||||||
The following table summarizes restricted stock unit activity under the 2003 Plan: | ||||||||||||||
Number of Shares | Weighted Average | |||||||||||||
(In thousands) | Grant Date | |||||||||||||
Fair Value | ||||||||||||||
per Share | ||||||||||||||
Nonvested restricted stock units outstanding as of September 30, 2013 | 589 | $ | 9.6 | |||||||||||
Restricted stock units awarded | 240 | $ | 10.05 | |||||||||||
Restricted stock units vested | (144 | ) | $ | 9.6 | ||||||||||
Restricted stock units forfeited | (12 | ) | $ | 9.6 | ||||||||||
Nonvested restricted stock units outstanding as of September 30, 2014 | 673 | $ | 9.76 | |||||||||||
As of September 30, 2014, unrecognized stock compensation expense related to restricted stock awards was $6.2 million which is expected to be recognized over a weighted average period of 3.0 years. |
Earnings_per_Share
Earnings per Share | 12 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
Earnings per Share | ' | |||||||||
Earnings per Share | ||||||||||
Basic net income per share is calculated by dividing net income by the weighted average number of shares outstanding for the period. Diluted net income per share reflects the assumed conversion of all dilutive securities, if any. For the years ended September 30, 2014, 2013 and 2012, approximately 0.9 million shares, 1.6 million shares and 1.5 million shares, respectively, which could be issued under outstanding stock-based grants, were not included in the determination of our diluted shares outstanding as they were anti-dilutive. | ||||||||||
The calculation of the weighted average number of shares outstanding used in computing basic and diluted net income per share was as follows: | ||||||||||
Year Ended September 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Weighted average number of shares | (In thousands) | |||||||||
Basic shares outstanding | 24,640 | 24,515 | 24,711 | |||||||
Dilutive effect related to employee stock plans | 280 | 189 | 226 | |||||||
Diluted shares outstanding | 24,920 | 24,704 | 24,937 | |||||||
Defined_Contribution_Employee_
Defined Contribution Employee Benefit Plan | 12 Months Ended |
Sep. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Defined Contribution Employee Benefit Plan | ' |
Defined Contribution Employee Benefit Plan | |
We sponsor a defined contribution 401(k) plan, under which our employees elect to withhold specified amounts from their wages to contribute to the plan and we have a fiduciary responsibility with respect to the plan. The plan provides for matching a portion of employees’ contributions at management’s discretion. All contributions and matches by us are invested at the direction of the employee in one or more mutual funds or cash. We made matching contributions of approximately $1.1 million, $1.2 million and $2.0 million for the years ended September 30, 2014, 2013 and 2012, respectively. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Information | ' | ||||||||||||
Segment Information | |||||||||||||
Our principal business is providing postsecondary education. We also provide manufacturer-specific training and these operations are managed separately from our campus operations. These operations do not currently meet the quantitative criteria for segments and therefore are reflected in the Other category. Corporate expenses are allocated to Postsecondary Education and the Other category based on compensation expense. Depreciation and amortization includes amortization of assets subject to financing obligation. | |||||||||||||
Summary information by reportable segment is as follows: | |||||||||||||
Year Ended September 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues | |||||||||||||
Postsecondary education | $ | 367,630 | $ | 371,717 | $ | 403,870 | |||||||
Other | 10,763 | 8,605 | 9,759 | ||||||||||
Consolidated | $ | 378,393 | $ | 380,322 | $ | 413,629 | |||||||
Income (loss) from operations | |||||||||||||
Postsecondary education | $ | 9,045 | $ | 8,455 | $ | 16,422 | |||||||
Other | (2,708 | ) | (2,430 | ) | (2,169 | ) | |||||||
Consolidated | $ | 6,337 | $ | 6,025 | $ | 14,253 | |||||||
Depreciation and amortization | |||||||||||||
Postsecondary education | $ | 20,121 | $ | 21,796 | $ | 23,400 | |||||||
Other | 353 | 360 | 419 | ||||||||||
Consolidated | $ | 20,474 | $ | 22,156 | $ | 23,819 | |||||||
Net income (loss) | |||||||||||||
Postsecondary education | $ | 3,272 | $ | 5,293 | $ | 10,339 | |||||||
Other | (1,235 | ) | (1,392 | ) | (1,224 | ) | |||||||
Consolidated | $ | 2,037 | $ | 3,901 | $ | 9,115 | |||||||
As of September 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Goodwill | |||||||||||||
Postsecondary education | $ | 20,579 | $ | 20,579 | $ | 20,579 | |||||||
Other | — | — | — | ||||||||||
Consolidated | $ | 20,579 | $ | 20,579 | $ | 20,579 | |||||||
Total assets | |||||||||||||
Postsecondary education | $ | 282,529 | $ | 272,909 | $ | 261,107 | |||||||
Other | 5,540 | 7,285 | 7,661 | ||||||||||
Consolidated | $ | 288,069 | $ | 280,194 | $ | 268,768 | |||||||
Government_Regulation_and_Fina
Government Regulation and Financial Aid | 12 Months Ended |
Sep. 30, 2014 | |
Risks and Uncertainties [Abstract] | ' |
Government Regulation and Financial Aid | ' |
Government Regulation and Financial Aid | |
Our institutions are subject to extensive regulation by federal and state governmental agencies and accrediting bodies. In particular, HEA, and the regulations promulgated thereunder by ED, subject the institutions to significant regulatory scrutiny on the basis of numerous standards that schools must satisfy in order to participate in the various federal student financial assistance programs under Title IV of the HEA. | |
To participate in the Title IV Programs, an institution must be authorized to offer its programs of instruction by relevant state education agencies, be accredited by an accrediting commission recognized by ED and be certified as an eligible institution by ED. ED will certify an institution to participate in the Title IV Programs only after the institution has demonstrated compliance with the HEA and ED’s extensive regulations regarding institutional eligibility. An institution must also demonstrate its compliance to ED on an ongoing basis. | |
State Authorization | |
Each of our institutions must be authorized by the applicable state education agency for the state in which the institution is located in order to operate and grant degrees or diplomas to its students. Our institutions are subject to extensive, ongoing regulation by each of these states. Additionally, our institutions are required to be authorized by the applicable state education agencies of certain other states in which our institutions recruit students. If any one of our campuses were to lose its authorization from the education agency of the state in which the campus is located, that campus would be unable to offer its programs and we could be forced to close that campus. If one of our campuses were to lose its authorization from a state other than the state in which the campus is located, that campus would not be able to recruit students in that state. | |
Accreditation | |
Accreditation is a non-governmental process through which an institution voluntarily submits to ongoing qualitative reviews by an organization of peer institutions. Accrediting commissions primarily examine the academic quality of the institution’s instructional programs. A grant of accreditation is generally viewed as confirmation that the institution’s programs meet generally accepted academic standards. Accrediting commissions also review the administrative and financial operations of the institutions they accredit to ensure that each institution has the resources necessary to perform its educational mission. | |
Accreditation by an ED recognized commission is required for an institution to be certified to participate in Title IV Programs. In order to be recognized by ED, accrediting commissions must adopt specific standards for their review of educational institutions. All of our institutions are accredited by the Accrediting Commission of Career Schools and Colleges, an accrediting commission recognized by ED. | |
An accrediting commission may place an institution on reporting status to monitor one or more specified areas of performance in relation to the accreditation standards. An institution placed on reporting status is required to report periodically to the accrediting commission on that institution’s performance in the area or areas specified by the commission. | |
Regulation of Federal Student Financial Aid Programs | |
Political and budgetary concerns significantly affect Title IV Programs. Congress has historically reauthorized the HEA approximately every five to six years with the last reauthorization in 2008. Significant factors relating to Title IV Programs that could adversely affect us include the following: | |
90/10 Rule | |
A for-profit institution loses its eligibility to participate in Title IV Programs if it derives more than 90% of its revenue from Title IV Programs for two consecutive fiscal years as calculated under a cash basis formula mandated by ED. The loss of such eligibility would begin on the first day following the conclusion of the second consecutive year in which the institution exceeded the 90% limit and, as such, any Title IV Program funds already received by the institution and its students during a period of ineligibility would have to be returned to ED or a lender. Additionally, if an institution exceeds the 90% level for a single year, ED will place the institution on provisional certification for a period of at least two years. For the years ended September 30, 2014, 2013 and 2012, approximately 66%, 68% and 75%, respectively, of our revenues, on a cash basis, were derived from funds distributed under Title IV Programs. | |
Federal Student Loan Defaults | |
To remain eligible to participate in Title IV Programs, institutions must maintain federal student loan cohort default rates below specified levels. An institution whose cohort default rate is 30% or more for three consecutive federal fiscal years (FFYs) or 40% or more for any given FFY loses eligibility to participate in some or all Title IV Programs. This sanction is effective for the remainder of the FFY in which the institution lost its eligibility and for the two subsequent FFYs. None of our institutions had a three-year FFEL/DL cohort default rate of 30% or greater for 2011, 2010 or 2009, the three most recent FFYs with published rates. | |
Financial Responsibility Standards | |
All institutions participating in Title IV Programs must satisfy specific ED standards of financial responsibility. ED evaluates institutions for compliance with these standards each year, based on the institution’s annual audited financial statements, as well as following a change of control of the institution. | |
The institution’s financial responsibility is measured by its composite score, which is calculated by ED based on (i) the equity ratio, which measures the institution’s capital resources, ability to borrow and financial viability; (ii) the primary reserve ratio, which measures the institution’s ability to support current operations from expendable resources; and (iii) the net income ratio, which measures the institution’s ability to operate at a profit. An institution that does not meet ED’s minimum composite score may demonstrate its financial responsibility by posting a letter of credit in favor of the ED in an amount equal to at least 50% of the Title IV Program funds received by the institution during its most recently completed fiscal year and possibly accepting other conditions on its participation in the Title IV Programs. | |
ED has historically evaluated the financial condition of our institutions on a consolidated basis based on the financial statements of Universal Technical Institute, Inc. as the parent company. ED’s regulations permit ED to examine the financial statements of Universal Technical Institute, Inc., the financial statements of each institution and the financial statements of any related party. Our composite score has exceeded the required minimum composite score of 1.5 for each of our fiscal years since 2004. | |
Return of Title IV Funds | |
An institution participating in Title IV Programs must calculate the amount of unearned Title IV Program funds that have been disbursed to students who withdraw from their educational programs before completing them. The institution must return those unearned funds to ED or the appropriate lending institution in a timely manner, which is generally within 45 days from the date the institution determines that the student has withdrawn. If an institution is cited in an audit or program review for returning Title IV Program funds late for 5% or more of the students in the audit or program review sample, the institution must post a letter of credit in favor of ED in an amount equal to 25% of the total Title IV Program funds that should have been returned in the previous fiscal year. | |
Because we operate in a highly regulated industry, we, like other industry participants, may be subject from time to time to investigations, claims of non-compliance, or lawsuits by governmental agencies or third parties, which allege statutory violations, regulatory infractions, or common law causes of action. | |
There can be no assurance that other regulatory agencies or third parties will not undertake investigations or make claims against us, or that such claims, if made, will not have a material adverse effect on our business, cash flows, results of operations or financial condition. |
Quarterly_Financial_Summary_Un
Quarterly Financial Summary (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Summary (Unaudited) | ' | ||||||||||||||||||||
Quarterly Financial Summary (Unaudited) | |||||||||||||||||||||
Year ended September 30, 2014 | First | Second | Third | Fourth | Fiscal | ||||||||||||||||
Quarter (1) | Quarter (1) | Quarter (1) | Quarter | Year | |||||||||||||||||
Revenues | $ | 97,040 | $ | 94,711 | $ | 91,329 | $ | 95,313 | $ | 378,393 | |||||||||||
Income (loss) from operations | $ | 3,058 | $ | (1,612 | ) | $ | 1,011 | $ | 3,880 | $ | 6,337 | ||||||||||
Net income (loss) | $ | 1,707 | $ | (1,620 | ) | $ | 366 | $ | 1,584 | $ | 2,037 | ||||||||||
Income (loss) per share: | |||||||||||||||||||||
Basic | $ | 0.07 | $ | (0.07 | ) | $ | 0.01 | $ | 0.06 | $ | 0.08 | ||||||||||
Diluted | $ | 0.07 | $ | (0.07 | ) | $ | 0.01 | $ | 0.06 | $ | 0.08 | ||||||||||
Year ended September 30, 2013 | First | Second | Third | Fourth | Fiscal | ||||||||||||||||
Quarter (1) | Quarter (1) | Quarter (1) | Quarter (1) | Year | |||||||||||||||||
Revenues | $ | 98,458 | $ | 95,091 | $ | 90,962 | $ | 95,811 | $ | 380,322 | |||||||||||
Income (loss) from operations | $ | 6,029 | $ | (1,907 | ) | $ | 473 | $ | 1,430 | $ | 6,025 | ||||||||||
Net income (loss) | $ | 3,576 | $ | (901 | ) | $ | 337 | $ | 889 | $ | 3,901 | ||||||||||
Income (loss) per share: | |||||||||||||||||||||
Basic | $ | 0.14 | $ | (0.04 | ) | $ | 0.01 | $ | 0.04 | $ | 0.16 | ||||||||||
Diluted | $ | 0.14 | $ | (0.04 | ) | $ | 0.01 | $ | 0.04 | $ | 0.16 | ||||||||||
(1) During the three months ended September 30, 2014, we revised our previously issued financial statements from 2009 through the third quarter of 2014 to reflect the cumulative impact of certain immaterial error corrections. For additional information related to this revision, see Note 4. The following tables present the impact of this revision on our quarterly financial data presented above. | |||||||||||||||||||||
First Quarter of 2014 | |||||||||||||||||||||
As Reported | Adjustment | As Revised | |||||||||||||||||||
Revenues | $ | 97,029 | $ | 11 | $ | 97,040 | |||||||||||||||
Income from operations | $ | 3,003 | $ | 55 | $ | 3,058 | |||||||||||||||
Net income | $ | 1,660 | $ | 47 | $ | 1,707 | |||||||||||||||
Second Quarter of 2014 | |||||||||||||||||||||
As Reported | Adjustment | As Revised | |||||||||||||||||||
Revenues | $ | 94,702 | $ | 9 | $ | 94,711 | |||||||||||||||
Loss from operations | $ | (1,504 | ) | $ | (108 | ) | $ | (1,612 | ) | ||||||||||||
Net loss | $ | (1,505 | ) | $ | (115 | ) | $ | (1,620 | ) | ||||||||||||
Net loss per share — basic | $ | (0.06 | ) | $ | (0.01 | ) | $ | (0.07 | ) | ||||||||||||
Net loss per share — diluted | $ | (0.06 | ) | $ | (0.01 | ) | $ | (0.07 | ) | ||||||||||||
Third Quarter of 2014 | |||||||||||||||||||||
As Reported | Adjustment | As Revised | |||||||||||||||||||
Revenues | $ | 91,316 | $ | 13 | $ | 91,329 | |||||||||||||||
Income from operations | $ | 1,073 | $ | (62 | ) | $ | 1,011 | ||||||||||||||
Net income | $ | 370 | $ | (4 | ) | $ | 366 | ||||||||||||||
Net income per share — basic | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 | ||||||||||||||
First Quarter of 2013 | |||||||||||||||||||||
As Reported | Adjustment | As Revised | |||||||||||||||||||
Revenues | $ | 98,441 | $ | 17 | $ | 98,458 | |||||||||||||||
Income from operations | $ | 6,006 | $ | 23 | $ | 6,029 | |||||||||||||||
Net income | $ | 3,562 | $ | 14 | $ | 3,576 | |||||||||||||||
Second Quarter of 2013 | |||||||||||||||||||||
As Reported | Adjustment | As Revised | |||||||||||||||||||
Revenues | $ | 95,075 | $ | 16 | $ | 95,091 | |||||||||||||||
Loss from operations | $ | (1,939 | ) | $ | 32 | $ | (1,907 | ) | |||||||||||||
Net loss | $ | (920 | ) | $ | 19 | $ | (901 | ) | |||||||||||||
Third Quarter of 2013 | |||||||||||||||||||||
As Reported | Adjustment | As Revised | |||||||||||||||||||
Revenues | $ | 90,954 | $ | 8 | $ | 90,962 | |||||||||||||||
Income from operations | $ | 458 | $ | 15 | $ | 473 | |||||||||||||||
Net income | $ | 296 | $ | 41 | $ | 337 | |||||||||||||||
Fourth Quarter of 2013 | |||||||||||||||||||||
As Reported | Adjustment | As Revised | |||||||||||||||||||
Revenues | $ | 95,798 | $ | 13 | $ | 95,811 | |||||||||||||||
Income from operations | $ | 1,404 | $ | 26 | $ | 1,430 | |||||||||||||||
Net income | $ | 872 | $ | 17 | $ | 889 | |||||||||||||||
The summation of quarterly per share information does not equal amounts for the full year as quarterly calculations are performed on a discrete basis. Additionally, securities may have had an anti-dilutive effect during individual quarters but not for the full year. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of UTI and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates and assumptions, including those related to revenue recognition, our proprietary loan program, allowance for uncollectible accounts, investments, property and equipment, goodwill recoverability, self-insurance claim liabilities, income taxes, contingencies and stock-based compensation. We base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances. The results of our analysis form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions, and the impact of such differences may be material to our consolidated financial statements. | |
Revenue Recognition | ' |
Revenue Recognition | |
Revenues consist primarily of student tuition and fees derived from the programs we provide after reductions are made for discounts and scholarships we sponsor, refunds for students who withdraw from our programs prior to specified dates and the portion of tuition students have funded through our proprietary loan program for which payment has not been received. Tuition and fee revenue is recognized ratably over the term of the course or program offered. Included within tuition revenues are retake fees, which are charged when a student must repeat more than one course. Approximately 98% of our revenues for each of the years ended September 30, 2014, 2013 and 2012 consisted of tuition. The majority of our undergraduate programs are designed to be completed in 45 to 102 weeks and our advanced training programs range from 11 to 24 weeks in duration. We supplement our revenues with sales of textbooks and program supplies and other revenues. Sales of textbooks and program supplies and other revenue are each recognized as sales occur or services are performed. Deferred revenue represents the excess of tuition and fee payments received as compared to tuition and fees earned and is reflected as a current liability in our consolidated balance sheets because it is expected to be earned within the next 12 months. | |
Proprietary Loan Program | ' |
Proprietary Loan Program | |
In order to provide funding for students who are not able to fully finance the cost of their education under traditional governmental financial aid programs, commercial loan programs or other alternative sources, we established a private loan program with a bank. | |
Under terms of the proprietary loan program, the bank originates loans for our students who meet our specific credit criteria with the related proceeds used exclusively to fund a portion of their tuition. We then purchase all such loans from the bank at least monthly and assume all of the related credit risk. The loans bear interest at market rates; however, principal and interest payments are not required until six months after the student completes or withdraws from his or her program. After the deferral period, monthly principal and interest payments are required over the related term of the loan. | |
The bank provides these services in exchange for a fee at a percentage of the principal balance of each loan and related fees. Under the terms of the related agreement, we transfer funds for loan purchases to a deposit account with the bank in advance of the bank funding the loan, which secures our related loan purchase obligation. Such funds are classified as restricted cash in our consolidated balance sheet. | |
In substance, we provide the students who participate in this program with extended payment terms for a portion of their tuition and as a result, we account for the underlying transactions in accordance with our tuition revenue recognition policy. However, due to the nature of the program coupled with the extended payment terms required under the student loan agreements, collectability is not reasonably assured. Accordingly, we recognize tuition and loan origination fees financed by the loan and any related interest income required under the loan when such amounts are collected. All related expenses incurred with the bank or other service providers are expensed as incurred within educational services and facilities expense and were approximately $1.5 million, $2.0 million and $1.5 million for the years ended September 30, 2014, 2013 and 2012, respectively. Since loan collectability is not reasonably assured, the loans and related deferred tuition revenue are not recognized in our consolidated balance sheets. | |
The following table summarizes the impact of the proprietary loan program on our tuition revenue and interest income during the period as well as on a cumulative basis at the end of each period in our consolidated statements of income. Tuition revenue and interest income excluded represents amounts which would have been recognized during the period had collectability of the related amounts been assured. Amounts collected and recognized represent actual cash receipts during the period. Amounts written off represent amounts which have been turned over to third party collectors; such amounts are not included within bad debt expense in our consolidated income statements. | |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | ' |
Restricted Cash | |
Restricted cash primarily represents the funds transferred in advance of loan purchases under our proprietary loan program. Restricted cash also includes funds held for students from Title IV financial aid program funds that result in credit balances on a student’s account. We exclude restricted cash from cash and cash equivalents on our consolidated balance sheets and statements of cash flows. | |
Allowance for Uncollectible Accounts | ' |
Allowance for Uncollectible Accounts | |
We maintain an allowance for uncollectible accounts for estimated losses resulting from the inability, failure or refusal of our students to make required payments. We offer a variety of payment plans to help students pay that portion of their education expenses not covered by financial aid programs or alternate fund sources, which are unsecured and not guaranteed. Management analyzes accounts receivable, historical percentages of uncollectible accounts, customer credit worthiness and changes in payment history when evaluating the adequacy of the allowance for uncollectible accounts. We use an internal group of collectors, augmented by third party collectors as deemed appropriate, in our collection efforts. Although we believe that our allowance is adequate, if the financial condition of our students deteriorates, resulting in an impairment of their ability to make payments, or if we underestimate the allowances required, additional allowances may be necessary, which would result in increased selling, general and administrative expenses in the period such determination is made. | |
Investments | ' |
Investments | |
We invest in pre-funded municipal bonds which are generally secured by escrowed-to-maturity U.S. Treasury notes. Municipal bonds represent debt obligations issued by states, cities, counties and other governmental entities, which earn interest that is exempt from federal income taxes. Additionally, we invest in certificates of deposit issued by financial institutions and corporate bonds from large cap industrial and selected financial companies with a minimum credit rating of A. We have the ability and intention to hold our investments until maturity and therefore classify these investments as held-to-maturity and report them at amortized cost. Investments with an original maturity date of 90 days or less at the time of purchase are classified as cash equivalents and investments with a maturity date greater than one year at the end of the period are classified as non-current. | |
We review our held-to-maturity investments for impairment quarterly to determine if other-than-temporary declines in the carrying value have occurred for any individual investment. Other-than-temporary declines in the value of our held-to-maturity investments are recorded as expense in the period in which the determination is made. | |
Property and Equipment | ' |
Property and Equipment | |
Property, equipment and leasehold improvements are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization expense are calculated using the straight-line method over the estimated useful lives of the related assets. Amortization of leasehold improvements is calculated using the straight-line method over the remaining useful life of the asset or term of lease, whichever is shorter. Costs relating to software developed for internal use and curriculum development are capitalized and amortized using the straight-line method over the related estimated useful lives. Such costs include direct costs of materials and services as well as payroll and related costs for employees who are directly associated with the projects. Maintenance and repairs are expensed as incurred. | |
We review the carrying value of our property and equipment for possible impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. We evaluate our long-lived assets for impairment by examining estimated future cash flows. These cash flows are evaluated by using probability weighting techniques as well as comparisons of past performance against projections. Assets may also be evaluated by identifying independent market values. If we determine that an asset’s carrying value is impaired, we will write-down the carrying value of the asset to its estimated fair value and charge the impairment as an operating expense in the period in which the determination is made. | |
Goodwill | ' |
Goodwill | |
Goodwill represents the excess of the cost of an acquired business over the estimated fair values of the assets acquired and liabilities assumed. Goodwill is reviewed at least annually for impairment, which might result from the deterioration in the operating performance of the acquired business, adverse market conditions, adverse changes in the applicable laws or regulations and a variety of other circumstances. Any resulting impairment charge would be recognized as an expense in the period in which impairment is identified. | |
Our goodwill resulted from the acquisition of our motorcycle and marine education business in 1998, and was allocated to two of our reporting units that provide the related educational programs. Our recorded goodwill was $20.6 million as of September 30, 2014. We assess our goodwill for impairment during the fourth quarter of each fiscal year. During the year ended September 30, 2014, we utilized a discounted cash flow model that incorporated estimated future cash flows for the next five years and an associated terminal value. Key management assumptions included in the cash flow model included future tuition revenues, operating costs, working capital changes, capital expenditures and a discount rate. Based upon our annual assessments, we determined that our goodwill was not impaired as of September 30, 2014 and 2013, and that impairment charges were not required. | |
Self-Insurance Plans | ' |
Self-Insurance Plans | |
We are self-insured for claims related to employee health and dental care and claims related to workers’ compensation. Liabilities associated with these plans are estimated by management with consideration of our historical loss experience, severity factors and independent actuarial analysis. Our claim liabilities are based on estimates, and while we believe the amounts accrued are adequate, the ultimate losses may differ from the amounts provided. | |
Deferred Rent Liability | ' |
Deferred Rent Liability | |
We lease substantially all of our administrative and educational facilities under operating lease agreements. Some lease agreements contain tenant improvement allowances, free rent periods or rent escalation clauses. In instances where one or more of these items are included in a lease agreement, we record a deferred rent liability on the consolidated balance sheet and record rent expense evenly over the term of the lease. | |
Advertising Costs | ' |
Advertising Costs | |
Costs related to advertising are expensed as incurred and totaled approximately $39.2 million, $37.0 million and $42.1 million for the years ended September 30, 2014, 2013 and 2012, respectively. | |
Stock-Based Compensation | ' |
Stock-Based Compensation | |
Historically, we have issued stock units with vesting subject to a market condition (market shares), stock units solely subject to service conditions, stock options and restricted stock. We measure all share-based payments to employees at estimated fair value. We recognize the compensation expense for restricted stock awards and restricted stock units with only service conditions on a straight-line basis over the requisite service period. We recognize compensation expense for market shares over the requisite period. All compensation expense for market share grants is recognized for participants who fulfill the requisite service period, regardless of whether the market condition for issuing shares is satisfied. We did not grant stock options or market shares during the years ended September 30, 2014, 2013 and 2012. | |
Compensation expense associated with restricted stock awards and restricted stock units is measured based on the grant date fair value of our common stock, discounted for non-participation in anticipated dividends during the vesting period. The requisite service period for restricted stock awards and restricted stock units is generally the vesting period. Compensation expense is recognized only for those awards that are expected to vest, which we estimate based upon historical forfeitures. | |
Income Taxes | ' |
Income Taxes | |
We recognize deferred tax assets and liabilities for the estimated future tax consequences of events attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We also recognize deferred tax assets for net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which the differences are expected to be recovered or settled. Deferred tax assets are reduced through a valuation allowance if it is more likely than not that the deferred tax assets will not be realized. | |
Concentration of Risk | ' |
Concentration of Risk | |
Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents, restricted cash, investments and receivables. As of September 30, 2014, we held cash and cash equivalents of $39.0 million, restricted cash of $6.5 million and investments of $57.2 million invested in pre-funded municipal bonds, collateralized by escrowed-to-maturity U.S. treasury notes, certificates of deposit issued by financial institutions and corporate bonds. | |
We place our cash and cash equivalents and restricted cash with high quality financial institutions and limit the amount of credit exposure with any one financial institution. We mitigate the concentration risk of our investments by limiting the amount invested in any one issuer. We mitigate the risk associated with our investment in corporate bonds by requiring a minimum credit rating of A. | |
We extend credit for tuition and fees, for a limited period of time, to a majority of our students. A substantial portion is repaid through the student’s participation in federally funded financial aid programs. Transfers of funds from the financial aid programs to us are made in accordance with the U.S. Department of Education (ED) requirements. Approximately 66%, 68%, and 75% of our revenues, on a cash basis, were collected from funds distributed under Title IV Programs for the years ended September 30, 2014, 2013 and 2012, respectively. Additionally, approximately 20%, 18% and 9% of our revenues, on a cash basis, were collected from funds distributed under various veterans benefits programs for the years ended September 30, 2014, 2013 and 2012, respectively. The financial aid and veterans benefits programs are subject to political and budgetary considerations. There is no assurance that such funding will be maintained at current levels. Extensive and complex regulations govern the financial assistance programs in which our students participate. Our administration of these programs is periodically reviewed by various regulatory agencies. Any regulatory violation could be the basis for the initiation of potential adverse actions including a suspension, limitation, placement on reimbursement status or termination proceeding which could have a material adverse effect on our business. | |
If any of our institutions were to lose its eligibility to participate in federal student financial aid programs, the students at that institution would lose access to funds derived from those programs and would have to seek alternative sources of funds to pay their tuition and fees. Students obtain access to federal student financial aid through an ED prescribed application and eligibility certification process. Student financial aid funds are generally made available to students at prescribed intervals throughout their predetermined expected length of study. Students typically apply the funds received from the federal financial aid programs to pay their tuition and fees. The transfer of funds is from the financial aid program to the student, who then uses those funds to pay for a portion of the cost of their education. The receipt of financial aid funds reduces the student’s amounts due to us and has no impact on revenue recognition, as the transfer relates to the source of funding for the costs of education which may occur either through Title IV or other funds and resources available to the student. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
The carrying value of cash equivalents, restricted cash, accounts receivable, accounts payable, accrued liabilities and deferred tuition approximates their respective fair value as of September 30, 2014 and 2013 due to the short-term nature of these instruments. | |
Comprehensive Income | ' |
Comprehensive Income | |
We have no items which affect comprehensive income other than net income. | |
Start-up Costs | ' |
Start-up Costs | |
Costs related to the start-up of new campuses are expensed as incurred. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Impact of the proprietary loan program on our tuition revenue and interest income during the period as well as on a cumulative basis | ' | ||||||||||||||||
Year Ended September 30, | Inception | ||||||||||||||||
2014 | 2013 | 2012 | to date | ||||||||||||||
Tuition and interest income excluded | $ | 26,042 | $ | 22,977 | $ | 17,097 | $ | 95,901 | |||||||||
Amounts collected and recognized | (3,457 | ) | (2,277 | ) | (1,574 | ) | (8,479 | ) | |||||||||
Amounts written off | (10,560 | ) | (6,295 | ) | (6,352 | ) | (31,555 | ) | |||||||||
Net amount excluded during the period | $ | 12,025 | $ | 14,405 | $ | 9,171 | $ | 55,867 | |||||||||
Activity related to the balances outstanding under our proprietary loan program, including loans outstanding, interest and origination fees | ' | ||||||||||||||||
The following table summarizes the activity related to the balances outstanding under our proprietary loan program, including loans outstanding, interest and origination fees, which are not recognized in our consolidated balance sheets: | |||||||||||||||||
Year Ended September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Balance at beginning of period | $ | 59,767 | $ | 42,880 | |||||||||||||
Loans extended | 22,174 | 22,004 | |||||||||||||||
Interest accrued | 2,835 | 3,455 | |||||||||||||||
Amounts collected and recognized | (3,457 | ) | (2,277 | ) | |||||||||||||
Amounts written off | (10,560 | ) | (6,295 | ) | |||||||||||||
Balance at end of period | $ | 70,759 | $ | 59,767 | |||||||||||||
Revision_of_Previously_Issued_1
Revision of Previously Issued Financial Statements (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Revision of Previously Issued Financial Statements [Abstract] | ' | ||||||||||||
Revision of Previously Issued Financial Statements [Table Text Block] | ' | ||||||||||||
The following tables present the impact of this revision on our consolidated balance sheets as of September 30, 2013, our consolidated income statements for the years ended September 30, 2013 and 2012, and our consolidated statements of cash flows for the years ended September 30, 2013 and 2012: | |||||||||||||
30-Sep-13 | |||||||||||||
As Reported | Adjustment | As Revised | |||||||||||
Consolidated Balance Sheet Data: | |||||||||||||
Cash and cash equivalents | $ | 35,657 | $ | (1,061 | ) | $ | 34,596 | ||||||
Restricted cash | $ | 5,748 | $ | 1,061 | $ | 6,809 | |||||||
Receivables, net | $ | 11,406 | $ | 731 | $ | 12,137 | |||||||
Deferred tax assets, net | $ | 7,452 | $ | 1 | $ | 7,453 | |||||||
Current assets | $ | 133,347 | $ | 732 | $ | 134,079 | |||||||
Other assets | $ | 9,444 | $ | (1 | ) | $ | 9,443 | ||||||
Total assets | $ | 279,463 | $ | 731 | $ | 280,194 | |||||||
Deferred revenue | $ | 46,890 | $ | 135 | $ | 47,025 | |||||||
Income tax payable | $ | 79 | $ | 204 | $ | 283 | |||||||
Other current liabilities | $ | 2,192 | $ | (1 | ) | $ | 2,191 | ||||||
Current liabilities | $ | 92,361 | $ | 338 | $ | 92,699 | |||||||
Deferred rent liability | $ | 11,932 | $ | 1 | $ | 11,933 | |||||||
Other liabilities | $ | 8,768 | $ | (2 | ) | $ | 8,766 | ||||||
Total liabilities | $ | 140,693 | $ | 337 | $ | 141,030 | |||||||
Retained earnings | $ | 57,026 | $ | 394 | $ | 57,420 | |||||||
Total shareholders' equity | $ | 138,770 | $ | 394 | $ | 139,164 | |||||||
Total liabilities and shareholders' equity | $ | 279,463 | $ | 731 | $ | 280,194 | |||||||
30-Sep-13 | |||||||||||||
As Reported | Adjustment | As Revised | |||||||||||
Consolidated Income Statement Data: | |||||||||||||
Revenues | $ | 380,268 | $ | 54 | $ | 380,322 | |||||||
Selling, general and administrative | $ | 174,799 | $ | (42 | ) | $ | 174,757 | ||||||
Total operating expenses | $ | 374,339 | $ | (42 | ) | $ | 374,297 | ||||||
Income from operations | $ | 5,929 | $ | 96 | $ | 6,025 | |||||||
Income before income taxes | $ | 6,818 | $ | 96 | $ | 6,914 | |||||||
Income tax expense | $ | 3,008 | $ | 5 | $ | 3,013 | |||||||
Net income | $ | 3,810 | $ | 91 | $ | 3,901 | |||||||
Net income per share — diluted | $ | 0.15 | $ | 0.01 | $ | 0.16 | |||||||
30-Sep-12 | |||||||||||||
As Reported | Adjustment | As Revised | |||||||||||
Consolidated Income Statement Data: | |||||||||||||
Revenues | $ | 413,552 | $ | 77 | $ | 413,629 | |||||||
Selling, general and administrative | $ | 187,458 | $ | (61 | ) | $ | 187,397 | ||||||
Total operating expenses | $ | 399,437 | $ | (61 | ) | $ | 399,376 | ||||||
Income from operations | $ | 14,115 | $ | 138 | $ | 14,253 | |||||||
Income before income taxes | $ | 14,962 | $ | 138 | $ | 15,100 | |||||||
Income tax expense | $ | 5,930 | $ | 55 | $ | 5,985 | |||||||
Net income | $ | 9,032 | $ | 83 | $ | 9,115 | |||||||
Net income per share — diluted | $ | 0.36 | $ | 0.01 | $ | 0.37 | |||||||
30-Sep-13 | |||||||||||||
As Reported | Adjustment | As Revised | |||||||||||
Consolidated Statement of Cash Flows Data: | |||||||||||||
Net income | $ | 3,810 | $ | 91 | $ | 3,901 | |||||||
Bad debt expense | $ | 4,762 | $ | (42 | ) | $ | 4,720 | ||||||
Deferred income taxes | $ | (3,793 | ) | $ | (1 | ) | $ | (3,794 | ) | ||||
Restricted cash: Title IV credit balances | $ | — | $ | (6 | ) | $ | (6 | ) | |||||
Receivables | $ | (1,258 | ) | $ | (80 | ) | $ | (1,338 | ) | ||||
Prepaid expenses and other current assets | $ | 1,486 | $ | 1 | $ | 1,487 | |||||||
Other assets | $ | (1,223 | ) | $ | 1 | $ | (1,222 | ) | |||||
Deferred revenue | $ | (5,674 | ) | $ | 25 | $ | (5,649 | ) | |||||
Income tax payable/receivable | $ | (665 | ) | $ | 6 | $ | (659 | ) | |||||
Deferred rent liability | $ | (1,014 | ) | $ | 1 | $ | (1,013 | ) | |||||
Other liabilities | $ | 1,445 | $ | (2 | ) | $ | 1,443 | ||||||
Net cash provided by operating activities | $ | 26,733 | $ | (6 | ) | $ | 26,727 | ||||||
Restricted cash: proprietary loan program | $ | (3,709 | ) | $ | (1 | ) | $ | (3,710 | ) | ||||
Net cash used in investing activities | $ | (20,761 | ) | $ | (1 | ) | $ | (20,762 | ) | ||||
Net decrease in cash and cash equivalents | $ | (10,008 | ) | $ | (7 | ) | $ | (10,015 | ) | ||||
Cash and cash equivalents, beginning of period | $ | 45,665 | $ | (1,054 | ) | $ | 44,611 | ||||||
Cash and cash equivalents, end of period | $ | 35,657 | $ | (1,061 | ) | $ | 34,596 | ||||||
30-Sep-12 | |||||||||||||
As Reported | Adjustment | As Revised | |||||||||||
Consolidated Statement of Cash Flows Data: | |||||||||||||
Net income | $ | 9,032 | $ | 83 | $ | 9,115 | |||||||
Bad debt expense | $ | 5,790 | $ | (60 | ) | $ | 5,730 | ||||||
Deferred income taxes | $ | (8,490 | ) | $ | 1 | $ | (8,489 | ) | |||||
Restricted cash: Title IV credit balances | $ | — | $ | 412 | $ | 412 | |||||||
Receivables | $ | (10,109 | ) | $ | (126 | ) | $ | (10,235 | ) | ||||
Deferred revenue | $ | (8,830 | ) | $ | 49 | $ | (8,781 | ) | |||||
Income tax payable/receivable | $ | (1,288 | ) | $ | 55 | $ | (1,233 | ) | |||||
Accrued tool sets and other current liabilities | $ | (96 | ) | $ | (1 | ) | $ | (97 | ) | ||||
Net cash provided by operating activities | $ | 18,509 | $ | 413 | $ | 18,922 | |||||||
Restricted cash: proprietary loan program | $ | — | $ | 1 | $ | 1 | |||||||
Net cash used in investing activities | $ | (16,584 | ) | $ | 1 | $ | (16,583 | ) | |||||
Proceeds from issuance of common stock under employee plans | $ | 550 | $ | (1 | ) | $ | 549 | ||||||
Net cash used in financing activities | $ | (9,930 | ) | $ | (1 | ) | $ | (9,931 | ) | ||||
Net decrease in cash and cash equivalents | $ | (8,005 | ) | $ | 413 | $ | (7,592 | ) | |||||
Cash and cash equivalents, beginning of period | $ | 53,670 | $ | (1,467 | ) | $ | 52,203 | ||||||
Cash and cash equivalents, end of period | $ | 45,665 | $ | (1,054 | ) | $ | 44,611 | ||||||
Postemployment_Benefits_Tables
Postemployment Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Postemployment Benefits [Abstract] | ' | ||||||||||||||||||||
Postemployment Activity | ' | ||||||||||||||||||||
The postemployment benefit accrual activity for the year ended September 30, 2014 was as follows: | |||||||||||||||||||||
Liability Balance at | Postemployment | Cash Paid | Other | Liability Balance at | |||||||||||||||||
September 30, 2013 | Benefit Charges | Non-cash (1) | 30-Sep-14 | ||||||||||||||||||
Severance | $ | 1,714 | $ | 2,299 | $ | (1,878 | ) | $ | 15 | $ | 2,150 | ||||||||||
Other | 4 | 69 | (43 | ) | (14 | ) | 16 | ||||||||||||||
Total | $ | 1,718 | $ | 2,368 | $ | (1,921 | ) | $ | 1 | $ | 2,166 | ||||||||||
-1 | Primarily relates to the expiration of benefits not used within the time offered under the separation agreement and non-cash severance. |
Receivables_net_Tables
Receivables, net (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||
Receivables, net | ' | ||||||||||||||||
Receivables, net consist of the following: | |||||||||||||||||
September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Tuition receivables | $ | 12,662 | $ | 13,276 | |||||||||||||
Other receivables | 3,250 | 3,010 | |||||||||||||||
Receivables | 15,912 | 16,286 | |||||||||||||||
Less allowance for uncollectible accounts | (3,794 | ) | (4,149 | ) | |||||||||||||
$ | 12,118 | $ | 12,137 | ||||||||||||||
Summary of the activity for our allowance for uncollectible accounts | ' | ||||||||||||||||
The following table summarizes the activity for our allowance for uncollectible accounts for the year ended September 30: | |||||||||||||||||
Balance at | Additions to | Write-offs of | Balance at | ||||||||||||||
Beginning of | Bad Debt | Uncollectible | End of | ||||||||||||||
Period | Expense | Accounts | Period | ||||||||||||||
2014 | $ | 4,149 | $ | 3,972 | $ | (4,327 | ) | $ | 3,794 | ||||||||
2013 | $ | 4,108 | $ | 4,720 | $ | (4,679 | ) | $ | 4,149 | ||||||||
2012 | $ | 5,269 | $ | 5,115 | $ | (6,276 | ) | $ | 4,108 | ||||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Amortized Cost and Fair Value of Held to Maturity Investments | ' | ||||||||||||||||
Amortized cost and fair value for investments classified as held-to-maturity at September 30, 2014 were as follows: | |||||||||||||||||
Estimated | |||||||||||||||||
Amortized | Gross Unrealized | Fair Market | |||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
Due in less than 1 year: | |||||||||||||||||
Municipal bonds | $ | 26,894 | $ | 20 | $ | — | $ | 26,914 | |||||||||
Corporate bonds | 16,836 | 1 | (24 | ) | 16,813 | ||||||||||||
Certificates of deposit | 2,176 | — | — | 2,176 | |||||||||||||
Due in 1 - 2 years: | |||||||||||||||||
Municipal bonds | 4,230 | 7 | — | 4,237 | |||||||||||||
Corporate bonds | 4,054 | — | (13 | ) | $ | 4,041 | |||||||||||
Certificates of deposit | 2,973 | — | — | 2,973 | |||||||||||||
$ | 57,163 | $ | 28 | $ | (37 | ) | $ | 57,154 | |||||||||
Amortized cost and fair value for investments classified as held-to-maturity at September 30, 2013 were as follows: | |||||||||||||||||
Estimated | |||||||||||||||||
Amortized | Gross Unrealized | Fair Market | |||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
Due in less than 1 year: | |||||||||||||||||
Municipal bonds | $ | 40,942 | $ | 22 | $ | — | $ | 40,964 | |||||||||
Corporate bonds | 11,684 | 2 | (7 | ) | 11,679 | ||||||||||||
Certificates of deposit | 4,905 | — | — | 4,905 | |||||||||||||
Due in 1 - 2 years: | |||||||||||||||||
Municipal bonds | 3,943 | 4 | — | 3,947 | |||||||||||||
Certificates of deposit | 245 | — | — | 245 | |||||||||||||
$ | 61,719 | $ | 28 | $ | (7 | ) | $ | 61,740 | |||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Summary of Fair Value of Our Money Market Mutual Funds, Municipal Bonds and Certificates of Deposit | ' | ||||||||||||||||
Assets measured or disclosed at fair value on a recurring basis consisted of the following: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
30-Sep-14 | Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Money market funds | $ | 29,995 | $ | 29,995 | $ | — | $ | — | |||||||||
Corporate bonds | 20,854 | 20,854 | — | — | |||||||||||||
Municipal bonds | 31,151 | — | 31,151 | — | |||||||||||||
Certificates of deposit | 5,149 | — | 5,149 | — | |||||||||||||
Total assets at fair value on a recurring basis | $ | 87,149 | $ | 50,849 | $ | 36,300 | $ | — | |||||||||
Fair Value Measurements Using | |||||||||||||||||
30-Sep-13 | Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Money market funds | $ | 23,135 | $ | 23,135 | $ | — | $ | — | |||||||||
Corporate bonds | 11,679 | 11,679 | — | — | |||||||||||||
Municipal bonds | 44,911 | — | 44,911 | — | |||||||||||||
Certificates of deposit | 5,150 | — | 5,150 | — | |||||||||||||
Total assets at fair value on a recurring basis | $ | 84,875 | $ | 34,814 | $ | 50,061 | $ | — | |||||||||
Our Level 2 investments are valued using readily available pricing sources which utilize market observable inputs, including the current interest rate for similar types of instruments. |
Property_and_Equipment_net_Tab
Property and Equipment, net (Tables) | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||
Property and equipment, net | ' | ||||||||||
Property and equipment, net consisted of the following: | |||||||||||
Depreciable | September 30, | September 30, | |||||||||
Lives (in years) | 2014 | 2013 | |||||||||
Land | — | $ | 1,456 | $ | 1,456 | ||||||
Building and building improvements | 35 | 50,306 | 13,741 | ||||||||
Leasehold improvements | 28-Jan | 38,906 | 48,062 | ||||||||
Training equipment | 10-Mar | 85,673 | 82,270 | ||||||||
Office and computer equipment | 10-Mar | 37,271 | 37,206 | ||||||||
Software developed for internal use | 5-Mar | 11,888 | 10,895 | ||||||||
Curriculum development | 5 | 18,716 | 18,716 | ||||||||
Vehicles | 5 | 1,207 | 1,005 | ||||||||
Construction in progress | — | 10,746 | 33,158 | ||||||||
256,169 | 246,509 | ||||||||||
Less accumulated depreciation and amortization | (149,242 | ) | (143,439 | ) | |||||||
$ | 106,927 | $ | 103,070 | ||||||||
Assets financed by financing obligations | ' | ||||||||||
The following amounts, which are included in the above table, represent assets financed by financing obligations: | |||||||||||
September 30, | |||||||||||
2014 | |||||||||||
Buildings and building improvements | $ | 33,500 | |||||||||
Construction in progress | 4,638 | ||||||||||
Assets financed by financing obligations, gross | 38,138 | ||||||||||
Less accumulated depreciation and amortization | (1,551 | ) | |||||||||
Assets financed by financing obligation, net | $ | 36,587 | |||||||||
Schedule of future minimum lease payments for capital and operating leases | ' | ||||||||||
Future minimum lease payments under the Lisle, Illinois and Orlando, Florida leases as of September 30, 2014 are as follows: | |||||||||||
Years ending September 30, | Financing Obligations | Operating Leases | |||||||||
2015 | $ | 2,926 | $ | 297 | |||||||
2016 | 2,908 | 291 | |||||||||
2017 | 2,971 | 291 | |||||||||
2018 | 3,037 | 291 | |||||||||
2019 | 3,103 | 291 | |||||||||
Thereafter | 43,615 | 3,541 | |||||||||
Total future minimum lease obligation | $ | 58,560 | $ | 5,002 | |||||||
Financing obligation on building recorded during construction period | 4,575 | ||||||||||
Less imputed interest on financing obligation | (25,050 | ) | |||||||||
Less capitalized interest | (18 | ) | |||||||||
Less imputed accrued land lease obligation | (355 | ) | |||||||||
Net present value of financing obligation | $ | 37,712 | |||||||||
BuildtoSuit_Lease_Tables
Build-to-Suit Lease (Tables) | 12 Months Ended | |||
Sep. 30, 2014 | ||||
Leases [Abstract] | ' | |||
Future minimum lease payments | ' | |||
Years ending September 30, | ||||
2015 | $ | 301 | ||
2016 | 1,813 | |||
2017 | 1,867 | |||
2018 | 1,923 | |||
2019 | 1,981 | |||
Thereafter | 25,665 | |||
$ | 33,550 | |||
Investment_in_Unconsolidated_A1
Investment in Unconsolidated Affiliate (Tables) | 12 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Investment in Unconsolidated Affiliate [Abstract] | ' | ||||||||||||||
Equity Method Investments [Table Text Block] | ' | ||||||||||||||
Investment in unconsolidated affiliate consists of the following: | |||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||
Carrying Value (In thousands) | Ownership Percentage | Carrying Value (In thousands) | Ownership Percentage | ||||||||||||
Investment in unconsolidated affiliate | $ | 3,903 | 27.972 | % | $ | 4,000 | 27.972 | % | |||||||
Investment in unconsolidated affiliate included the following activity during the period: | |||||||||||||||
Year ended September 30, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Balance at beginning of period | $ | 4,000 | $ | 4,000 | |||||||||||
Equity in earnings of unconsolidated affiliate | 471 | — | |||||||||||||
Return of capital contribution from unconsolidated affiliate | (568 | ) | — | ||||||||||||
Balance at end of period | $ | 3,903 | $ | 4,000 | |||||||||||
Accounts_Payable_and_Accrued_E1
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accounts payable and accrued expenses | ' | ||||||||
Accounts payable and accrued expenses consisted of the following: | |||||||||
30-Sep-14 | 30-Sep-13 | ||||||||
Accounts payable | $ | 12,990 | $ | 13,758 | |||||
Accrued compensation and benefits | 17,963 | 16,858 | |||||||
Other accrued expenses | 7,874 | 8,613 | |||||||
$ | 38,827 | $ | 39,229 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Components of income tax expense | ' | ||||||||||||||||
The components of income tax expense are as follows: | |||||||||||||||||
Year Ended September 30, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Current expense | $ | 7,760 | $ | 6,807 | $ | 14,474 | |||||||||||
Deferred (benefit) expense | (4,050 | ) | (3,794 | ) | (8,489 | ) | |||||||||||
Total provision for income taxes | $ | 3,710 | $ | 3,013 | $ | 5,985 | |||||||||||
Reconciliation of tax rate | ' | ||||||||||||||||
The income tax provision differs from the tax that would result from application of the statutory federal tax rate of 35.0% to pre-tax income for the year. The reasons for the differences are as follows: | |||||||||||||||||
Year Ended September 30, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Income tax expense at statutory rate | $ | 2,012 | $ | 2,419 | $ | 5,285 | |||||||||||
State income taxes, net of federal tax benefit | 697 | 504 | 483 | ||||||||||||||
Deferred tax asset write-off related to share based | 828 | — | — | ||||||||||||||
compensation | |||||||||||||||||
Other, net | 173 | 90 | 217 | ||||||||||||||
Total income tax expense | $ | 3,710 | $ | 3,013 | $ | 5,985 | |||||||||||
Components of Deferred tax assets (liabilities) | ' | ||||||||||||||||
The components of the deferred tax assets (liabilities) recorded in the accompanying consolidated balance sheets were as follows: | |||||||||||||||||
September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Gross deferred tax assets: | |||||||||||||||||
Compensation not yet deductible for tax | $ | 6,992 | $ | 7,997 | |||||||||||||
Allowance for uncollectible accounts | 1,480 | 1,618 | |||||||||||||||
Expenses and accruals not yet deductible | 6,308 | 7,224 | |||||||||||||||
Deferred revenue | 16,318 | 12,110 | |||||||||||||||
Net operating loss carryovers | 175 | 226 | |||||||||||||||
State tax credit carryforwards | 319 | 308 | |||||||||||||||
Valuation allowance | (273 | ) | (224 | ) | |||||||||||||
Total deferred tax assets, net | 31,319 | 29,259 | |||||||||||||||
Gross deferred tax liabilities: | |||||||||||||||||
Amortization of goodwill and intangibles | (8,026 | ) | (8,026 | ) | |||||||||||||
Depreciation and amortization of property and equipment | (2,536 | ) | (4,052 | ) | |||||||||||||
Prepaid expenses deductible for tax | (1,364 | ) | (893 | ) | |||||||||||||
Total deferred tax liabilities, net | (11,926 | ) | (12,971 | ) | |||||||||||||
Net deferred tax assets | $ | 19,393 | $ | 16,288 | |||||||||||||
Classification of deferred tax assets (liabilities) | ' | ||||||||||||||||
The deferred tax assets are reflected in the accompanying consolidated balance sheets as follows: | |||||||||||||||||
September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Current deferred tax assets, net | $ | 7,470 | $ | 7,453 | |||||||||||||
Noncurrent deferred tax assets, net | 11,923 | 8,835 | |||||||||||||||
Net deferred tax assets | $ | 19,393 | $ | 16,288 | |||||||||||||
Summary of valuation allowance | ' | ||||||||||||||||
The following table summarizes the activity for the valuation allowance for the year ended September 30: | |||||||||||||||||
Balance at | Additions | Write-offs | Balance at | ||||||||||||||
Beginning of | (Reductions) | End of | |||||||||||||||
Period | to Income | Period | |||||||||||||||
Tax | |||||||||||||||||
Expense | |||||||||||||||||
2014 | $ | 224 | $ | 49 | $ | — | $ | 273 | |||||||||
2013 | $ | 80 | $ | 144 | $ | — | $ | 224 | |||||||||
2012 | $ | 110 | $ | (30 | ) | $ | — | $ | 80 | ||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Sep. 30, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Future Minimum Rental Commitments | ' | |||
Future minimum rental commitments as of September 30, 2014 for all non-cancelable operating leases are as follows: | ||||
Years ending September 30, | ||||
2015 | $ | 29,356 | ||
2016 | 27,887 | |||
2017 | 25,227 | |||
2018 | 25,267 | |||
2019 | 25,390 | |||
Thereafter | 64,195 | |||
$ | 197,322 | |||
Common_Shareholders_Equity_Tab
Common Shareholders' Equity (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Equity [Abstract] | ' | |||||||||||||
Summary of operating expense line and the impact on net income | ' | |||||||||||||
The following table summarizes the operating expense line and the impact on net income in the consolidated statements of income in which stock-based compensation expense has been recorded: | ||||||||||||||
Year Ended September 30, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Educational services and facilities | $ | 587 | $ | 617 | $ | 1,080 | ||||||||
Selling, general and administrative | 5,134 | 5,607 | 5,412 | |||||||||||
Total stock-based compensation expense | $ | 5,721 | $ | 6,224 | $ | 6,492 | ||||||||
Income tax benefit | $ | 2,288 | $ | 2,427 | $ | 2,532 | ||||||||
Summary of stock option activity | ' | |||||||||||||
The following table summarizes stock option activity under the 2002 and 2003 Plans: | ||||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||
Shares | Average Exercise | Average | Intrinsic | |||||||||||
(In thousands) | Price | Remaining | Value | |||||||||||
per Share | Contractual | |||||||||||||
Life (Years) | ||||||||||||||
Outstanding as of September 30, 2013 | 883 | $ | 24.33 | 1.2 | $ | — | ||||||||
Stock options exercised | — | $ | — | |||||||||||
Stock options forfeited | (499 | ) | $ | 22.41 | ||||||||||
Outstanding as of September 30, 2014 | 384 | $ | 26.81 | 1.04 | $ | — | ||||||||
Stock options exercisable as of September 30, 2014 | 384 | $ | 26.81 | 1.04 | $ | — | ||||||||
Cash received and associated tax benefit | ' | |||||||||||||
The amount of cash received and associated tax benefits for stock options exercised are summarized as follows: | ||||||||||||||
Year Ended September 30, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Cash received | $ | — | $ | 262 | $ | 224 | ||||||||
Tax benefits | $ | — | $ | 6 | $ | 178 | ||||||||
Share-based compensation activity, restricted stock | ' | |||||||||||||
The following table summarizes restricted stock activity under the 2003 Plan: | ||||||||||||||
Number of Shares | Weighted Average | |||||||||||||
(In thousands) | Grant Date | |||||||||||||
Fair Value | ||||||||||||||
per Share | ||||||||||||||
Nonvested restricted stock outstanding as of September 30, 2013 | 703 | $ | 13.93 | |||||||||||
Restricted stock awarded | — | $ | — | |||||||||||
Restricted stock vested | (272 | ) | $ | 15.29 | ||||||||||
Restricted stock forfeited | (30 | ) | $ | 14.02 | ||||||||||
Nonvested restricted stock outstanding as of September 30, 2014 | 401 | $ | 12.99 | |||||||||||
The following table summarizes restricted stock unit activity under the 2003 Plan: | ||||||||||||||
Number of Shares | Weighted Average | |||||||||||||
(In thousands) | Grant Date | |||||||||||||
Fair Value | ||||||||||||||
per Share | ||||||||||||||
Nonvested restricted stock units outstanding as of September 30, 2013 | 589 | $ | 9.6 | |||||||||||
Restricted stock units awarded | 240 | $ | 10.05 | |||||||||||
Restricted stock units vested | (144 | ) | $ | 9.6 | ||||||||||
Restricted stock units forfeited | (12 | ) | $ | 9.6 | ||||||||||
Nonvested restricted stock units outstanding as of September 30, 2014 | 673 | $ | 9.76 | |||||||||||
Share-based compensation activity, restricted stock units | ' | |||||||||||||
The following table summarizes restricted stock activity under the 2003 Plan: | ||||||||||||||
Number of Shares | Weighted Average | |||||||||||||
(In thousands) | Grant Date | |||||||||||||
Fair Value | ||||||||||||||
per Share | ||||||||||||||
Nonvested restricted stock outstanding as of September 30, 2013 | 703 | $ | 13.93 | |||||||||||
Restricted stock awarded | — | $ | — | |||||||||||
Restricted stock vested | (272 | ) | $ | 15.29 | ||||||||||
Restricted stock forfeited | (30 | ) | $ | 14.02 | ||||||||||
Nonvested restricted stock outstanding as of September 30, 2014 | 401 | $ | 12.99 | |||||||||||
The following table summarizes restricted stock unit activity under the 2003 Plan: | ||||||||||||||
Number of Shares | Weighted Average | |||||||||||||
(In thousands) | Grant Date | |||||||||||||
Fair Value | ||||||||||||||
per Share | ||||||||||||||
Nonvested restricted stock units outstanding as of September 30, 2013 | 589 | $ | 9.6 | |||||||||||
Restricted stock units awarded | 240 | $ | 10.05 | |||||||||||
Restricted stock units vested | (144 | ) | $ | 9.6 | ||||||||||
Restricted stock units forfeited | (12 | ) | $ | 9.6 | ||||||||||
Nonvested restricted stock units outstanding as of September 30, 2014 | 673 | $ | 9.76 | |||||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
Summary of Calculation of Weighted Average Number of Shares Outstanding Used in Computing Basic and Diluted Net Income Loss Per Share | ' | |||||||||
The calculation of the weighted average number of shares outstanding used in computing basic and diluted net income per share was as follows: | ||||||||||
Year Ended September 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Weighted average number of shares | (In thousands) | |||||||||
Basic shares outstanding | 24,640 | 24,515 | 24,711 | |||||||
Dilutive effect related to employee stock plans | 280 | 189 | 226 | |||||||
Diluted shares outstanding | 24,920 | 24,704 | 24,937 | |||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Summary of Information by Reportable Segment | ' | ||||||||||||
Summary information by reportable segment is as follows: | |||||||||||||
Year Ended September 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues | |||||||||||||
Postsecondary education | $ | 367,630 | $ | 371,717 | $ | 403,870 | |||||||
Other | 10,763 | 8,605 | 9,759 | ||||||||||
Consolidated | $ | 378,393 | $ | 380,322 | $ | 413,629 | |||||||
Income (loss) from operations | |||||||||||||
Postsecondary education | $ | 9,045 | $ | 8,455 | $ | 16,422 | |||||||
Other | (2,708 | ) | (2,430 | ) | (2,169 | ) | |||||||
Consolidated | $ | 6,337 | $ | 6,025 | $ | 14,253 | |||||||
Depreciation and amortization | |||||||||||||
Postsecondary education | $ | 20,121 | $ | 21,796 | $ | 23,400 | |||||||
Other | 353 | 360 | 419 | ||||||||||
Consolidated | $ | 20,474 | $ | 22,156 | $ | 23,819 | |||||||
Net income (loss) | |||||||||||||
Postsecondary education | $ | 3,272 | $ | 5,293 | $ | 10,339 | |||||||
Other | (1,235 | ) | (1,392 | ) | (1,224 | ) | |||||||
Consolidated | $ | 2,037 | $ | 3,901 | $ | 9,115 | |||||||
As of September 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Goodwill | |||||||||||||
Postsecondary education | $ | 20,579 | $ | 20,579 | $ | 20,579 | |||||||
Other | — | — | — | ||||||||||
Consolidated | $ | 20,579 | $ | 20,579 | $ | 20,579 | |||||||
Total assets | |||||||||||||
Postsecondary education | $ | 282,529 | $ | 272,909 | $ | 261,107 | |||||||
Other | 5,540 | 7,285 | 7,661 | ||||||||||
Consolidated | $ | 288,069 | $ | 280,194 | $ | 268,768 | |||||||
Quarterly_Financial_Summary_Un1
Quarterly Financial Summary (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Summary (Unaudited) | ' | ||||||||||||||||||||
Year ended September 30, 2014 | First | Second | Third | Fourth | Fiscal | ||||||||||||||||
Quarter (1) | Quarter (1) | Quarter (1) | Quarter | Year | |||||||||||||||||
Revenues | $ | 97,040 | $ | 94,711 | $ | 91,329 | $ | 95,313 | $ | 378,393 | |||||||||||
Income (loss) from operations | $ | 3,058 | $ | (1,612 | ) | $ | 1,011 | $ | 3,880 | $ | 6,337 | ||||||||||
Net income (loss) | $ | 1,707 | $ | (1,620 | ) | $ | 366 | $ | 1,584 | $ | 2,037 | ||||||||||
Income (loss) per share: | |||||||||||||||||||||
Basic | $ | 0.07 | $ | (0.07 | ) | $ | 0.01 | $ | 0.06 | $ | 0.08 | ||||||||||
Diluted | $ | 0.07 | $ | (0.07 | ) | $ | 0.01 | $ | 0.06 | $ | 0.08 | ||||||||||
Year ended September 30, 2013 | First | Second | Third | Fourth | Fiscal | ||||||||||||||||
Quarter (1) | Quarter (1) | Quarter (1) | Quarter (1) | Year | |||||||||||||||||
Revenues | $ | 98,458 | $ | 95,091 | $ | 90,962 | $ | 95,811 | $ | 380,322 | |||||||||||
Income (loss) from operations | $ | 6,029 | $ | (1,907 | ) | $ | 473 | $ | 1,430 | $ | 6,025 | ||||||||||
Net income (loss) | $ | 3,576 | $ | (901 | ) | $ | 337 | $ | 889 | $ | 3,901 | ||||||||||
Income (loss) per share: | |||||||||||||||||||||
Basic | $ | 0.14 | $ | (0.04 | ) | $ | 0.01 | $ | 0.04 | $ | 0.16 | ||||||||||
Diluted | $ | 0.14 | $ | (0.04 | ) | $ | 0.01 | $ | 0.04 | $ | 0.16 | ||||||||||
Financial Statement Revision Impact on Quarterly Financial Data[Table Text Block] | ' | ||||||||||||||||||||
During the three months ended September 30, 2014, we revised our previously issued financial statements from 2009 through the third quarter of 2014 to reflect the cumulative impact of certain immaterial error corrections. For additional information related to this revision, see Note 4. The following tables present the impact of this revision on our quarterly financial data presented above. | |||||||||||||||||||||
First Quarter of 2014 | |||||||||||||||||||||
As Reported | Adjustment | As Revised | |||||||||||||||||||
Revenues | $ | 97,029 | $ | 11 | $ | 97,040 | |||||||||||||||
Income from operations | $ | 3,003 | $ | 55 | $ | 3,058 | |||||||||||||||
Net income | $ | 1,660 | $ | 47 | $ | 1,707 | |||||||||||||||
Second Quarter of 2014 | |||||||||||||||||||||
As Reported | Adjustment | As Revised | |||||||||||||||||||
Revenues | $ | 94,702 | $ | 9 | $ | 94,711 | |||||||||||||||
Loss from operations | $ | (1,504 | ) | $ | (108 | ) | $ | (1,612 | ) | ||||||||||||
Net loss | $ | (1,505 | ) | $ | (115 | ) | $ | (1,620 | ) | ||||||||||||
Net loss per share — basic | $ | (0.06 | ) | $ | (0.01 | ) | $ | (0.07 | ) | ||||||||||||
Net loss per share — diluted | $ | (0.06 | ) | $ | (0.01 | ) | $ | (0.07 | ) | ||||||||||||
Third Quarter of 2014 | |||||||||||||||||||||
As Reported | Adjustment | As Revised | |||||||||||||||||||
Revenues | $ | 91,316 | $ | 13 | $ | 91,329 | |||||||||||||||
Income from operations | $ | 1,073 | $ | (62 | ) | $ | 1,011 | ||||||||||||||
Net income | $ | 370 | $ | (4 | ) | $ | 366 | ||||||||||||||
Net income per share — basic | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 | ||||||||||||||
First Quarter of 2013 | |||||||||||||||||||||
As Reported | Adjustment | As Revised | |||||||||||||||||||
Revenues | $ | 98,441 | $ | 17 | $ | 98,458 | |||||||||||||||
Income from operations | $ | 6,006 | $ | 23 | $ | 6,029 | |||||||||||||||
Net income | $ | 3,562 | $ | 14 | $ | 3,576 | |||||||||||||||
Second Quarter of 2013 | |||||||||||||||||||||
As Reported | Adjustment | As Revised | |||||||||||||||||||
Revenues | $ | 95,075 | $ | 16 | $ | 95,091 | |||||||||||||||
Loss from operations | $ | (1,939 | ) | $ | 32 | $ | (1,907 | ) | |||||||||||||
Net loss | $ | (920 | ) | $ | 19 | $ | (901 | ) | |||||||||||||
Third Quarter of 2013 | |||||||||||||||||||||
As Reported | Adjustment | As Revised | |||||||||||||||||||
Revenues | $ | 90,954 | $ | 8 | $ | 90,962 | |||||||||||||||
Income from operations | $ | 458 | $ | 15 | $ | 473 | |||||||||||||||
Net income | $ | 296 | $ | 41 | $ | 337 | |||||||||||||||
Fourth Quarter of 2013 | |||||||||||||||||||||
As Reported | Adjustment | As Revised | |||||||||||||||||||
Revenues | $ | 95,798 | $ | 13 | $ | 95,811 | |||||||||||||||
Income from operations | $ | 1,404 | $ | 26 | $ | 1,430 | |||||||||||||||
Net income | $ | 872 | $ | 17 | $ | 889 | |||||||||||||||
Business_Description_Narrative
Business Description (Narrative) (Details) | Sep. 30, 2014 |
Campus | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Number of campuses through which undergraduate degree, diploma and certificate programs are offered | 11 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 | |
segment | |||||
Accounting Policies [Abstract] | ' | ' | ' | ' | ' |
Revenue consisted of tuition | 98.00% | 98.00% | 98.00% | ' | ' |
Expenses Incurred with bank and other services | $1,500,000 | $2,000,000 | $1,500,000 | ' | ' |
Total amount of loans committed to provide | 107,300,000 | ' | ' | ' | ' |
Maximum maturity period | '90 days | ' | ' | ' | ' |
Number of reporting units | 2 | ' | ' | ' | ' |
Goodwill | 20,579,000 | 20,579,000 | 20,579,000 | ' | ' |
Advertising Expenses | 39,200,000 | 37,000,000 | 42,100,000 | ' | ' |
Stock Based Compensation Expenses | 5,721,000 | 6,224,000 | 6,492,000 | ' | ' |
Tax Benefit | 2,288,000 | 2,427,000 | 2,532,000 | ' | ' |
Cash and cash equivalents | 38,985,000 | 34,596,000 | 44,611,000 | 52,203,000 | 52,203,000 |
Restricted cash | 6,544,000 | 6,809,000 | ' | ' | ' |
Investment | $57,200,000 | ' | ' | ' | ' |
Percentage of cash basis revenue collected from funds distributed under Title IV programs | 66.00% | 68.00% | 75.00% | ' | ' |
Percentage of Cash Basis Revenue Collected from Funds Distributed Under Veterans Benefits Programs | 20.00% | 18.00% | 9.00% | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Impact of Proprietary Loan Program on Tuition Revenue and Interest Income) (Details) (USD $) | 12 Months Ended | 64 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 |
Schedule of impact of proprietary loan program on our tuition revenue and interest income | ' | ' | ' | ' |
Tuition and interest income excluded | $26,042 | $22,977 | $17,097 | $95,901 |
Amounts collected and recognized | -3,457 | -2,277 | -1,574 | -8,479 |
Amounts written off | -10,560 | -6,295 | -6,352 | -31,555 |
Net amount excluded during the period | $12,025 | $14,405 | $9,171 | $55,867 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Balances Outstanding under Proprietary Loan Program) (Details) (USD $) | 12 Months Ended | 64 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 |
Activity related to the balances outstanding under our proprietary loan program | ' | ' | ' | ' |
Balance at beginning of period | $59,767 | $42,880 | ' | ' |
Loans extended | 22,174 | 22,004 | ' | ' |
Interest accrued | 2,835 | 3,455 | ' | ' |
Amounts collected and recognized | -3,457 | -2,277 | -1,574 | -8,479 |
Amounts written off | -10,560 | -6,295 | -6,352 | -31,555 |
Balance at ending of period | $70,759 | $59,767 | $42,880 | $59,767 |
Revision_of_Previously_Issued_2
Revision of Previously Issued Financial Statements Narrative (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Retake Revenue Correction [Member] | ' |
Quantifying Misstatement in Current Year Financial Statements, Amount | $0.50 |
Bad Debt Expense Correction [Member] | ' |
Quantifying Misstatement in Current Year Financial Statements, Amount | 0.2 |
Contract Services Expense Correction [Member] | ' |
Quantifying Misstatement in Current Year Financial Statements, Amount | $0.20 |
Revision_of_Previously_Issued_3
Revision of Previously Issued Financial Statements (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 |
Cash and cash equivalents | $38,985 | ' | ' | ' | $34,596 | ' | ' | ' | $38,985 | $34,596 | $44,611 | ' | $52,203 |
Restricted cash | 6,544 | ' | ' | ' | 6,809 | ' | ' | ' | 6,544 | 6,809 | ' | ' | ' |
Receivables, net | 12,118 | ' | ' | ' | 12,137 | ' | ' | ' | 12,118 | 12,137 | ' | ' | ' |
Deferred tax assets, net | 7,470 | ' | ' | ' | 7,453 | ' | ' | ' | 7,470 | 7,453 | ' | ' | ' |
Total current assets | 127,532 | ' | ' | ' | 134,079 | ' | ' | ' | 127,532 | 134,079 | ' | ' | ' |
Other assets | 9,851 | ' | ' | ' | 9,443 | ' | ' | ' | 9,851 | 9,443 | ' | ' | ' |
Total assets | 288,069 | ' | ' | ' | 280,194 | ' | ' | ' | 288,069 | 280,194 | 268,768 | ' | ' |
Deferred revenue | 46,365 | ' | ' | ' | 47,025 | ' | ' | ' | 46,365 | 47,025 | ' | ' | ' |
Income tax payable | 4,336 | ' | ' | ' | 283 | ' | ' | ' | 4,336 | 283 | ' | ' | ' |
Other current liabilities | 2,515 | ' | ' | ' | 2,191 | ' | ' | ' | 2,515 | 2,191 | ' | ' | ' |
Total current liabilities | 102,335 | ' | ' | ' | 92,699 | ' | ' | ' | 102,335 | 92,699 | ' | ' | ' |
Deferred rent liability | 10,323 | ' | ' | ' | 11,933 | ' | ' | ' | 10,323 | 11,933 | ' | ' | ' |
Other liabilities | 9,741 | ' | ' | ' | 8,766 | ' | ' | ' | 9,741 | 8,766 | ' | ' | ' |
Total liabilities | 154,877 | ' | ' | ' | 141,030 | ' | ' | ' | 154,877 | 141,030 | ' | ' | ' |
Retained earnings | 49,582 | ' | ' | ' | 57,420 | ' | ' | ' | 49,582 | 57,420 | ' | ' | ' |
Total shareholders' equity | 133,192 | ' | ' | ' | 139,164 | ' | ' | ' | 133,192 | 139,164 | 146,388 | 141,643 | ' |
Total liabilities and shareholders' equity | 288,069 | ' | ' | ' | 280,194 | ' | ' | ' | 288,069 | 280,194 | ' | ' | ' |
Revenues | 95,313 | 91,329 | 94,711 | 97,040 | 95,811 | 90,962 | 95,091 | 98,458 | 378,393 | 380,322 | 413,629 | ' | ' |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 172,002 | 174,757 | 187,397 | ' | ' |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 372,056 | 374,297 | 399,376 | ' | ' |
Income from operations | 3,880 | 1,011 | -1,612 | 3,058 | 1,430 | 473 | -1,907 | 6,029 | 6,337 | 6,025 | 14,253 | ' | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 5,747 | 6,914 | 15,100 | ' | ' |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 3,710 | 3,013 | 5,985 | ' | ' |
Net income | 1,584 | 366 | -1,620 | 1,707 | 889 | 337 | -901 | 3,576 | 2,037 | 3,901 | 9,115 | ' | ' |
Net income per share - diluted (usd per share) | $0.06 | $0.01 | ($0.07) | $0.07 | $0.04 | $0.01 | ($0.04) | $0.14 | $0.08 | $0.16 | $0.37 | ' | ' |
Bad debt expense | ' | ' | ' | ' | ' | ' | ' | ' | 3,972 | 4,720 | 5,730 | ' | ' |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -4,050 | -3,794 | -8,489 | ' | ' |
Restricted cash: Title IV credit balances | ' | ' | ' | ' | ' | ' | ' | ' | 230 | -6 | 412 | ' | ' |
Receivables | ' | ' | ' | ' | ' | ' | ' | ' | -2,701 | -1,338 | -10,235 | ' | ' |
Prepaid expenses and other current assets | ' | ' | ' | ' | ' | ' | ' | ' | -767 | 1,487 | -3,520 | ' | ' |
Other assets | ' | ' | ' | ' | ' | ' | ' | ' | -514 | -1,222 | -1,227 | ' | ' |
Deferred revenue | ' | ' | ' | ' | ' | ' | ' | ' | -660 | -5,649 | -8,781 | ' | ' |
Income tax payable/receivable | ' | ' | ' | ' | ' | ' | ' | ' | 4,053 | -659 | -1,233 | ' | ' |
Accrued tool sets and other current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 530 | 896 | -97 | ' | ' |
Deferred rent liability | ' | ' | ' | ' | ' | ' | ' | ' | -1,610 | -1,013 | 1,147 | ' | ' |
Other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 963 | 1,443 | 2,078 | ' | ' |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 27,056 | 26,727 | 18,922 | ' | ' |
Restricted cash: proprietary loan program | ' | ' | ' | ' | ' | ' | ' | ' | 49 | -3,710 | 1 | ' | ' |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -9,202 | -20,762 | -16,583 | ' | ' |
Proceeds from issuance of common stock under employee plans | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 525 | 549 | ' | ' |
Net cash used in financing activities | ' | ' | ' | ' | ' | ' | ' | ' | -13,465 | -15,980 | -9,931 | ' | ' |
Net decrease in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 4,389 | -10,015 | -7,592 | ' | ' |
Cash and cash equivalents, beginning of period | ' | ' | ' | 34,596 | ' | ' | ' | 44,611 | 34,596 | 44,611 | 52,203 | ' | 52,203 |
Cash and cash equivalents, end of period | 38,985 | ' | ' | ' | 34,596 | ' | ' | ' | 38,985 | 34,596 | 44,611 | ' | 52,203 |
Scenario, Previously Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' | 35,657 | ' | ' | ' | ' | 35,657 | 45,665 | ' | ' |
Restricted cash | ' | ' | ' | ' | 5,748 | ' | ' | ' | ' | 5,748 | ' | ' | ' |
Receivables, net | ' | ' | ' | ' | 11,406 | ' | ' | ' | ' | 11,406 | ' | ' | ' |
Deferred tax assets, net | ' | ' | ' | ' | 7,452 | ' | ' | ' | ' | 7,452 | ' | ' | ' |
Total current assets | ' | ' | ' | ' | 133,347 | ' | ' | ' | ' | 133,347 | ' | ' | ' |
Other assets | ' | ' | ' | ' | 9,444 | ' | ' | ' | ' | 9,444 | ' | ' | ' |
Total assets | ' | ' | ' | ' | 279,463 | ' | ' | ' | ' | 279,463 | ' | ' | ' |
Deferred revenue | ' | ' | ' | ' | 46,890 | ' | ' | ' | ' | 46,890 | ' | ' | ' |
Income tax payable | ' | ' | ' | ' | 79 | ' | ' | ' | ' | 79 | ' | ' | ' |
Other current liabilities | ' | ' | ' | ' | 2,192 | ' | ' | ' | ' | 2,192 | ' | ' | ' |
Total current liabilities | ' | ' | ' | ' | 92,361 | ' | ' | ' | ' | 92,361 | ' | ' | ' |
Deferred rent liability | ' | ' | ' | ' | 11,932 | ' | ' | ' | ' | 11,932 | ' | ' | ' |
Other liabilities | ' | ' | ' | ' | 8,768 | ' | ' | ' | ' | 8,768 | ' | ' | ' |
Total liabilities | ' | ' | ' | ' | 140,693 | ' | ' | ' | ' | 140,693 | ' | ' | ' |
Retained earnings | ' | ' | ' | ' | 57,026 | ' | ' | ' | ' | 57,026 | ' | ' | ' |
Total shareholders' equity | ' | ' | ' | ' | 138,770 | ' | ' | ' | ' | 138,770 | ' | ' | ' |
Total liabilities and shareholders' equity | ' | ' | ' | ' | 279,463 | ' | ' | ' | ' | 279,463 | ' | ' | ' |
Revenues | ' | 91,316 | 94,702 | 97,029 | 95,798 | 90,954 | 95,075 | 98,441 | ' | 380,268 | 413,552 | ' | ' |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | 174,799 | 187,458 | ' | ' |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 374,339 | 399,437 | ' | ' |
Income from operations | ' | 1,073 | -1,504 | 3,003 | 1,404 | 458 | -1,939 | 6,006 | ' | 5,929 | 14,115 | ' | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,818 | 14,962 | ' | ' |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,008 | 5,930 | ' | ' |
Net income | ' | 370 | -1,505 | 1,660 | 872 | 296 | -920 | 3,562 | ' | 3,810 | 9,032 | ' | ' |
Net income per share - diluted (usd per share) | ' | ' | ($0.06) | ' | ' | ' | ' | ' | ' | $0.15 | $0.36 | ' | ' |
Bad debt expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,762 | 5,790 | ' | ' |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,793 | -8,490 | ' | ' |
Restricted cash: Title IV credit balances | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' |
Receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,258 | -10,109 | ' | ' |
Prepaid expenses and other current assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,486 | ' | ' | ' |
Other assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,223 | ' | ' | ' |
Deferred revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,674 | -8,830 | ' | ' |
Income tax payable/receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | -665 | -1,288 | ' | ' |
Accrued tool sets and other current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -96 | ' | ' |
Deferred rent liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,014 | ' | ' | ' |
Other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,445 | ' | ' | ' |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,733 | 18,509 | ' | ' |
Restricted cash: proprietary loan program | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,709 | 0 | ' | ' |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -20,761 | -16,584 | ' | ' |
Proceeds from issuance of common stock under employee plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 550 | ' | ' |
Net cash used in financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9,930 | ' | ' |
Net decrease in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,008 | -8,005 | ' | ' |
Cash and cash equivalents, beginning of period | ' | ' | ' | 35,657 | ' | ' | ' | 45,665 | 35,657 | 45,665 | 53,670 | ' | ' |
Cash and cash equivalents, end of period | ' | ' | ' | ' | 35,657 | ' | ' | ' | ' | 35,657 | 45,665 | ' | ' |
Restatement Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' | -1,061 | ' | ' | ' | ' | -1,061 | -1,054 | ' | ' |
Restricted cash | ' | ' | ' | ' | 1,061 | ' | ' | ' | ' | 1,061 | ' | ' | ' |
Receivables, net | ' | ' | ' | ' | 731 | ' | ' | ' | ' | 731 | ' | ' | ' |
Deferred tax assets, net | ' | ' | ' | ' | 1 | ' | ' | ' | ' | 1 | ' | ' | ' |
Total current assets | ' | ' | ' | ' | 732 | ' | ' | ' | ' | 732 | ' | ' | ' |
Other assets | ' | ' | ' | ' | -1 | ' | ' | ' | ' | -1 | ' | ' | ' |
Total assets | ' | ' | ' | ' | 731 | ' | ' | ' | ' | 731 | ' | ' | ' |
Deferred revenue | ' | ' | ' | ' | 135 | ' | ' | ' | ' | 135 | ' | ' | ' |
Income tax payable | ' | ' | ' | ' | 204 | ' | ' | ' | ' | 204 | ' | ' | ' |
Other current liabilities | ' | ' | ' | ' | -1 | ' | ' | ' | ' | -1 | ' | ' | ' |
Total current liabilities | ' | ' | ' | ' | 338 | ' | ' | ' | ' | 338 | ' | ' | ' |
Deferred rent liability | ' | ' | ' | ' | 1 | ' | ' | ' | ' | 1 | ' | ' | ' |
Other liabilities | ' | ' | ' | ' | -2 | ' | ' | ' | ' | -2 | ' | ' | ' |
Total liabilities | ' | ' | ' | ' | 337 | ' | ' | ' | ' | 337 | ' | ' | ' |
Retained earnings | ' | ' | ' | ' | 394 | ' | ' | ' | ' | 394 | ' | ' | ' |
Total shareholders' equity | ' | ' | ' | ' | 394 | ' | ' | ' | ' | 394 | ' | ' | ' |
Total liabilities and shareholders' equity | ' | ' | ' | ' | 731 | ' | ' | ' | ' | 731 | ' | ' | ' |
Revenues | ' | 13 | 9 | 11 | 13 | 8 | 16 | 17 | ' | 54 | 77 | ' | ' |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | -42 | -61 | ' | ' |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | -42 | -61 | ' | ' |
Income from operations | ' | -62 | -108 | 55 | 26 | 15 | 32 | 23 | ' | 96 | 138 | ' | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96 | 138 | ' | ' |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 55 | ' | ' |
Net income | ' | -4 | -115 | 47 | 17 | 41 | 19 | 14 | ' | 91 | 83 | ' | ' |
Net income per share - diluted (usd per share) | ' | ' | ($0.01) | ' | ' | ' | ' | ' | ' | $0.01 | $0.01 | ' | ' |
Bad debt expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -42 | -60 | ' | ' |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1 | 1 | ' | ' |
Restricted cash: Title IV credit balances | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6 | 412 | ' | ' |
Receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | -80 | -126 | ' | ' |
Prepaid expenses and other current assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' |
Other assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' |
Deferred revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25 | 49 | ' | ' |
Income tax payable/receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 55 | ' | ' |
Accrued tool sets and other current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1 | ' | ' |
Deferred rent liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' |
Other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2 | ' | ' | ' |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6 | 413 | ' | ' |
Restricted cash: proprietary loan program | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1 | 1 | ' | ' |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1 | 1 | ' | ' |
Proceeds from issuance of common stock under employee plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1 | ' | ' |
Net cash used in financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1 | ' | ' |
Net decrease in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7 | 413 | ' | ' |
Cash and cash equivalents, beginning of period | ' | ' | ' | -1,061 | ' | ' | ' | -1,054 | -1,061 | -1,054 | -1,467 | ' | ' |
Cash and cash equivalents, end of period | ' | ' | ' | ' | ($1,061) | ' | ' | ' | ' | ($1,061) | ($1,054) | ' | ' |
Postemployment_Benefits_Narrat
Postemployment Benefits (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Oct. 31, 2014 |
employees | Minimum [Member] | Maximum [Member] | Employee Severance [Member] | Subsequent Event [Member] | ||
Employee | ||||||
Schedule of Postemployment Benefits [Line Items] | ' | ' | ' | ' | ' | ' |
Number of impacted employees due to reduction in workforce | 50 | ' | ' | ' | ' | 50 |
Expiration Period Of Postemployment Benefits Agreements | ' | '2015-12 | ' | ' | ' | ' |
Postemployment benefit expense | $1,300 | $2,368 | ' | ' | $2,299 | $1,200 |
Period for payment of post employment benefit | ' | ' | '1 month | '24 months | ' | ' |
Postemployment_Benefits_Postem
Postemployment Benefits (Postemployment Activity) (Details) (USD $) | 1 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
Postemployment Benefits Disclosure [Line Items] | ' | ' |
Liability Beginning Balance | ' | $1,718 |
Postemployment Benefit Charges | 1,300 | 2,368 |
Cash Paid | ' | -1,921 |
Other Non-cash | ' | 1 |
Liability Ending Balance | 2,166 | 2,166 |
Severance | ' | ' |
Postemployment Benefits Disclosure [Line Items] | ' | ' |
Liability Beginning Balance | ' | 1,714 |
Postemployment Benefit Charges | ' | 2,299 |
Cash Paid | ' | -1,878 |
Other Non-cash | ' | 15 |
Liability Ending Balance | 2,150 | 2,150 |
Other | ' | ' |
Postemployment Benefits Disclosure [Line Items] | ' | ' |
Liability Beginning Balance | ' | 4 |
Postemployment Benefit Charges | ' | 69 |
Cash Paid | ' | -43 |
Other Non-cash | ' | -14 |
Liability Ending Balance | $16 | $16 |
Receivables_net_Narrative_Deta
Receivables, net (Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2012 |
Receivables [Abstract] | ' |
Reduction in bad debt expense | $0.60 |
Receivables_net_Details
Receivables, net (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Tuition receivables | $12,662 | $13,276 |
Other receivables | 3,250 | 3,010 |
Receivables | 15,912 | 16,286 |
Less allowance for uncollectible accounts | -3,794 | -4,149 |
Total | $12,118 | $12,137 |
Receivables_net_Allowance_for_
Receivables, net (Allowance for Uncollectible Accounts) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Balance at Beginning of Period | $4,149 | $4,108 | $5,269 |
Additions to Bad Debt Expense | 3,972 | 4,720 | 5,730 |
Write-offs of Uncollectible Accounts | -4,327 | -4,679 | -6,276 |
Balance at End of Period | 3,794 | 4,149 | 4,108 |
Trade Accounts Receivable [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Additions to Bad Debt Expense | $3,972 | $4,720 | $5,115 |
Investments_Amortized_Cost_and
Investments (Amortized Cost and Fair Value of Held to Maturity Investments) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | $57,163 | $61,719 |
Gross Unrealized Gains | 28 | 28 |
Gross Unrealized Losses | -37 | -7 |
Estimated Fair Market Value | 57,154 | 61,740 |
Municipal bonds, due in less than 1 year | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 26,894 | 40,942 |
Gross Unrealized Gains | 20 | 22 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Market Value | 26,914 | 40,964 |
Corporate bonds, due in less than 1 year | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 16,836 | 11,684 |
Gross Unrealized Gains | 1 | 2 |
Gross Unrealized Losses | -24 | -7 |
Estimated Fair Market Value | 16,813 | 11,679 |
Certificates of deposit, due in less than 1 year | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 2,176 | 4,905 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Market Value | 2,176 | 4,905 |
Municipal bonds, due in 1 - 2 years | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 4,230 | 3,943 |
Gross Unrealized Gains | 7 | 4 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Market Value | 4,237 | 3,947 |
Corporate bonds due In 1 - 2 years | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 4,054 | ' |
Gross Unrealized Gains | 0 | ' |
Gross Unrealized Losses | -13 | ' |
Estimated Fair Market Value | 4,041 | ' |
Certificates of deposit, due in 1- 2 years | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 2,973 | 245 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Market Value | $2,973 | $245 |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets Measured at Fair Value on a Recurring Basis) (Details) (Fair Value, Measurements, Recurring, USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Estimate of Fair Value Measurement [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | $87,149 | $84,875 |
Estimate of Fair Value Measurement [Member] | Money market funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 29,995 | 23,135 |
Estimate of Fair Value Measurement [Member] | Corporate bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 20,854 | 11,679 |
Estimate of Fair Value Measurement [Member] | Municipal bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 31,151 | 44,911 |
Estimate of Fair Value Measurement [Member] | Certificates of deposit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 5,149 | 5,150 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 50,849 | 34,814 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 29,995 | 23,135 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 20,854 | 11,679 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Certificates of deposit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 36,300 | 50,061 |
Significant Other Observable Inputs (Level 2) | Money market funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Corporate bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Municipal bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 31,151 | 44,911 |
Significant Other Observable Inputs (Level 2) | Certificates of deposit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 5,149 | 5,150 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Money market funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Corporate bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Municipal bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Certificates of deposit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | $0 | $0 |
Property_and_Equipment_net_Nar
Property and Equipment, net (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Jan. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | |
Orlando Florida Campus | Orlando Florida Campus | Lisle Illinois Campus [Member] | Lisle Illinois Campus [Member] | Building and Building Improvements [Member] | Building and Building Improvements [Member] | ||||
Orlando Florida Campus | |||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing obligation, current | $5,234,000 | $0 | ' | ' | ' | ' | ' | ' | $4,600,000 |
Construction Payable | ' | ' | ' | ' | ' | ' | 27,600,000 | ' | ' |
Lessee Leasing Arrangements, Capital Leases, Term of Contract | ' | ' | ' | ' | ' | '18 years | ' | ' | ' |
Construction in Progress, Gross | ' | ' | ' | 9,800,000 | ' | ' | 27,600,000 | ' | ' |
Lease Expiration Date | ' | ' | ' | 31-Aug-22 | ' | ' | ' | ' | ' |
Lease Incentive, Receivable | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' |
Capital Leased Assets, Gross, Orlando Building and Building Improvements | 38,138,000 | ' | ' | ' | ' | ' | ' | 33,500,000 | 4,600,000 |
Depreciation | 17,700,000 | 18,400,000 | 19,300,000 | ' | ' | ' | ' | ' | ' |
Amortization | $4,000,000 | $4,800,000 | $5,600,000 | ' | ' | ' | ' | ' | ' |
Property_and_Equipment_net_Det
Property and Equipment, net (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $256,169 | $246,509 |
Less accumulated depreciation and amortization | -149,242 | -143,439 |
Property and equipment, net | 106,927 | 103,070 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 1,456 | 1,456 |
Building and Building Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives | '35 years | ' |
Property and equipment, gross | 50,306 | 13,741 |
Leasehold improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 38,906 | 48,062 |
Leasehold improvements [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives | '1 year | ' |
Leasehold improvements [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives | '28 years | ' |
Training equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 85,673 | 82,270 |
Training equipment [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives | '3 years | ' |
Training equipment [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives | '10 years | ' |
Office and computer equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 37,271 | 37,206 |
Office and computer equipment [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives | '3 years | ' |
Office and computer equipment [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives | '10 years | ' |
Software developed for internal use [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 11,888 | 10,895 |
Software developed for internal use [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives | '3 years | ' |
Software developed for internal use [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives | '5 years | ' |
Curriculum development [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives | '5 years | ' |
Property and equipment, gross | 18,716 | 18,716 |
Vehicles [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives | '5 years | ' |
Property and equipment, gross | 1,207 | 1,005 |
Construction in progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $10,746 | $33,158 |
Property_and_Equipment_net_Ass
Property and Equipment, net Assets Financed by Financing Obligations (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Capital Leased Assets [Line Items] | ' |
Capital Leased Assets, Gross | $38,138 |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | -1,551 |
Capital Leases, Balance Sheet, Assets by Major Class, Net | 36,587 |
Building and Building Improvements [Member] | ' |
Capital Leased Assets [Line Items] | ' |
Capital Leased Assets, Gross | 33,500 |
Construction in progress [Member] | ' |
Capital Leased Assets [Line Items] | ' |
Capital Leased Assets, Gross | $4,638 |
Property_and_Equipment_net_Fut
Property and Equipment, net Future Minimum Lease Payments (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Property, Plant and Equipment [Line Items] | ' |
Operating Leases - 2015 | $29,356 |
Operating Leases - 2016 | 27,887 |
Operating Leases - 2017 | 25,227 |
Operating Leases - 2018 | 25,267 |
Operating Leases - 2019 | 25,390 |
Operating Leases - Thereafter | 64,195 |
Operating Leases - Total | 197,322 |
Lisle Illinois and Orlando Florida Campuses [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Financing Obligations - 2015 | 2,926 |
Financing Obligations - 2016 | 2,908 |
Financing Obligations - 2017 | 2,971 |
Financing Obligations - 2018 | 3,037 |
Financing Obligations - 2019 | 3,103 |
Financing Obligations - Thereafter | 43,615 |
Financing Obligations - Total | 58,560 |
Operating Leases - 2015 | 297 |
Operating Leases - 2016 | 291 |
Operating Leases - 2017 | 291 |
Operating Leases - 2018 | 291 |
Operating Leases - 2019 | 291 |
Operating Leases - Thereafter | 3,541 |
Operating Leases - Total | 5,002 |
Capital Leases, Future Minimum Payments, Interest Included in Payments | -25,050 |
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments | 37,712 |
Lisle Illinois and Orlando Florida Campuses [Member] | Financing obligation on building recorded during construction period [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Financing Obligations - Total | 4,575 |
Lisle Illinois and Orlando Florida Campuses [Member] | Financing Obligation on Land Lease [Member] [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Financing Obligations - Total | -355 |
Capitalized Interest [Member] | Lisle Illinois and Orlando Florida Campuses [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Capital Leases, Future Minimum Payments, Interest Included in Payments | ($18) |
BuildtoSuit_Lease_Future_Minim
Build-to-Suit Lease (Future Minimum Lease Payments) (Details) (Build-to-Suit Lease [Member], Long Beach, California campus [Member], USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Build-to-Suit Lease [Member] | Long Beach, California campus [Member] | ' |
Future minimum rental commitments | ' |
2015 | $301 |
2016 | 1,813 |
2017 | 1,867 |
2018 | 1,923 |
2019 | 1,981 |
Thereafter | 25,665 |
Financing Obligations - Total | $33,550 |
BuildtoSuit_Lease_Narrative_De
Build-to-Suit Lease (Narrative) (Details) (Long Beach, California campus [Member]) | 12 Months Ended |
Sep. 30, 2014 | |
Long Beach, California campus [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Lessee Leasing Arrangements, Capital Leases, Term of Contract | '15 years |
Investment_in_Unconsolidated_A2
Investment in Unconsolidated Affiliate (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Investment in Unconsolidated Affiliate [Abstract] | ' | ' | ' |
Investment in Unconsolidated Affiliate | $3,903 | $4,000 | $4,000 |
Investment in Unconsolidated Affiliate, Ownership Percentage | 27.97% | 27.97% | 28.00% |
Investment in Unconsolidated Affiliate, Beginning Balance | 4,000 | 4,000 | ' |
Equity in earnings of unconsolidated affiliate | 471 | 0 | 0 |
Return of capital contribution from unconsolidated affiliate | -568 | 0 | 0 |
Investment in Unconsolidated Affiliate, Ending Balance | $3,903 | $4,000 | $4,000 |
Accounts_Payable_and_Accrued_E2
Accounts Payable and Accrued Expenses (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Accounts payable | $12,990 | $13,758 |
Accrued compensation and benefits | 17,963 | 16,858 |
Other accrued expenses | 7,874 | 8,613 |
Accounts payable and accrued expenses, total | $38,827 | $39,229 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Income Tax Disclosure [Abstract] | ' |
Statutory federal tax rate | 35.00% |
Deferred tax assets related to state net operating loss and credit carryforwards | $0.50 |
State and Local Jurisdiction [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Valuation allowances related to the state net operating loss carry-forwards | $0.30 |
Income_Taxes_Components_of_Inc
Income Taxes (Components of Income Tax Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Current expense | $7,760 | $6,807 | $14,474 |
Deferred (benefit) expense | -4,050 | -3,794 | -8,489 |
Total provision for income taxes | $3,710 | $3,013 | $5,985 |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of Tax Rate) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income tax expense at statutory rate | $2,012 | $2,419 | $5,285 |
State income taxes, net of federal tax benefit | 697 | 504 | 483 |
Deferred tax asset write-off related to share based compensation | 828 | 0 | 0 |
Other, net | 173 | 90 | 217 |
Total provision for income taxes | $3,710 | $3,013 | $5,985 |
Income_Taxes_Components_of_Def
Income Taxes (Components of Deferred Tax Assets (Liabilities)) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Gross deferred tax assets: | ' | ' |
Compensation not yet deductible for tax | $6,992 | $7,997 |
Allowance for uncollectible accounts | 1,480 | 1,618 |
Expenses and accruals not yet deductible | 6,308 | 7,224 |
Deferred revenue | 16,318 | 12,110 |
Net operating loss carryovers | 175 | 226 |
State tax credit carryforwards | 319 | 308 |
Valuation allowance | -273 | -224 |
Total deferred tax assets, net | 31,319 | 29,259 |
Gross deferred tax liabilities: | ' | ' |
Amortization of goodwill and intangibles | -8,026 | -8,026 |
Depreciation and amortization of property and equipment | -2,536 | -4,052 |
Prepaid expenses deductible for tax | -1,364 | -893 |
Total deferred tax liabilities, net | -11,926 | -12,971 |
Net deferred tax assets | $19,393 | $16,288 |
Income_Taxes_Classification_of
Income Taxes (Classification of Deferred Tax Assets (Liabilities)) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Current deferred tax assets, net | $7,470 | $7,453 |
Noncurrent deferred tax assets, net | 11,923 | 8,835 |
Net deferred tax assets | $19,393 | $16,288 |
Income_Taxes_Summary_of_Valuat
Income Taxes (Summary of Valuation Allowance) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Balance at beginning of period | $224 | $80 | $110 |
Additions (reductions) to income tax expense | 49 | 144 | -30 |
Write-offs | 0 | 0 | 0 |
Balance at End of Period | $273 | $224 | $80 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Campus | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Number Of Campus Properties Leased From Related Party | 2 | ' | ' |
Rent expense includes rent paid to related parties | $2,300,000 | $2,500,000 | $2,500,000 |
Minimum Balance to be maintained in credits earned on purchases | 1,000,000 | ' | ' |
Net Prepaid Expenses from Excess of Credits Earned Over Credits Used | 6,200,000 | 5,700,000 | ' |
Accrued tool sets | 3,806,000 | 3,971,000 | ' |
Liability to vendor for vouchers redeemed by students | 1,200,000 | 1,100,000 | ' |
Employee agreement amount committed | 2,700,000 | ' | ' |
Severance agreement amount committed | 7,900,000 | ' | ' |
Maximum contribution per employee percentage of regular compensation | 75.00% | ' | ' |
Maximum contribution per employee percentage of incentive compensation | 100.00% | ' | ' |
Maximum contribution per non-employee percentage of cash compensation | 100.00% | ' | ' |
Deferred compensation contributions, vesting period | '5 years | ' | ' |
Obligation under the plan | 4,600,000 | 3,700,000 | ' |
Cash Surrender Value of Life Insurance | 4,700,000 | 4,000,000 | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Operating Leases, Rent Expense, Minimum Rentals | 27,900,000 | 28,900,000 | 28,200,000 |
John C. and Cynthia L. White [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Operating Leases, Rent Expense, Minimum Rentals | 300,000 | ' | ' |
Minimum Annual Rent Increase | 4.00% | ' | ' |
Delegates LLC [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Operating Leases, Rent Expense, Minimum Rentals | 700,000 | ' | ' |
Minimum Annual Rent Increase | 4.00% | ' | ' |
City Park LLC [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Operating Leases, Rent Expense, Minimum Rentals | 500,000 | ' | ' |
Minimum Annual Rent Increase | 2.00% | ' | ' |
Number of leased properties | 2 | ' | ' |
Number of leases | 1 | ' | ' |
Related Party Transaction, Related Party Ownership Percentage Of Lessor | 25.00% | ' | ' |
Licensing Agreement 1 [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
License Costs | 1,000,000 | 1,100,000 | 1,200,000 |
Licensing Agreement 2 [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Minimum Royalty Payments under Licensing Agreements | 1,800,000 | ' | ' |
License Costs | 1,800,000 | 1,700,000 | 1,700,000 |
Increase in Minimum Royalty Payments by Subsequent Year | 50,000 | ' | ' |
Licensing Agreement 3 [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Minimum notification of intent to terminate agreement | '90 days | ' | ' |
Surety Bond [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Debt Instrument, Face Amount | $17,500,000 | ' | ' |
Minimum [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Severance agreement, term of benefits | '6 months | ' | ' |
Maximum [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Severance agreement, term of benefits | '12 months | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Future Minimum Rental Commitments) (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2015 | $29,356 |
2016 | 27,887 |
2017 | 25,227 |
2018 | 25,267 |
2019 | 25,390 |
Thereafter | 64,195 |
Operating Leases - Total | $197,322 |
Common_Shareholders_Equity_Nar
Common Shareholders' Equity (Narrative) (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 21 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 20, 2013 | Dec. 31, 2011 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 20, 2011 | Sep. 30, 2014 | Feb. 28, 2003 | Sep. 30, 2014 | Apr. 01, 2002 | Sep. 30, 2014 | Feb. 28, 2007 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
plan | vote | Common Stock [Member] | Two Thousand Two Plan [Member] | Two Thousand Two Plan [Member] | Two Thousand Two Plan [Member] | Two Thousand Three Plan [Member] | Two Thousand Three Plan [Member] | Termination Due to Death [Member] | Termination Due to Death [Member] | Termination for reasons other than death, disability, cause, material breach or unsatisfactory performance [Member] | Termination for reasons other than death, disability, cause, material breach or unsatisfactory performance [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |||||||||
Two Thousand Two Plan [Member] | Two Thousand Three Plan [Member] | Two Thousand Two Plan [Member] | Two Thousand Three Plan [Member] | Termination for reasons other than death, disability, cause, material breach or unsatisfactory performance [Member] | Termination for reasons other than death, disability, cause, material breach or unsatisfactory performance [Member] | Two Thousand Three Plan [Member] | Restricted Stock [Member] | Restricted Stock Units (RSUs) [Member] | Two Thousand Three Plan [Member] | Restricted Stock [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||
Two Thousand Three Plan [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of voting rights per share, common stock | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock dividends declared, per share | $0.10 | $0.10 | $0.10 | $0.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividend | ' | ' | ' | ' | ' | $9,875,000 | $9,820,000 | $7,425,000 | ' | ' | $9,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of common stock authorized by Board of Directors | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchased shares | ' | ' | ' | ' | ' | 120,252 | ' | ' | 825,252 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average price per share | ' | ' | ' | ' | ' | $11.79 | ' | ' | $10.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate cost of treasury stock repurchased during the period | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | 8,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of repurchase plan replaced by existing plan | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of options to purchase shares of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | 5,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of additional shares authorized for issuance under an established share-based compensation plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | '4 years | ' | ' | ' | ' | ' | ' | '1 year | ' | '1 year | ' | '4 years | '4 years | ' | '5 years | '5 years |
Expiration date of options granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | '10 years | ' | ' |
Termination of the participant reason of death | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Termination of the participant reason other than death | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock reserved for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available for future grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested stock options | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized stock compensation expense related to non-vested stock options | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options vested during period, number of shares | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options exercised, Number of Shares | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of options vested | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing stock price | $9.35 | ' | ' | ' | ' | $9.35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value of stock option exercise | ' | ' | ' | ' | ' | 100,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized stock compensation expense related to restricted stock awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,000,000 | ' | $6,200,000 | ' | ' | ' | ' | ' | ' | ' |
Recognized weighted average period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 7 months 6 days | ' | '2 years 11 months 16 days | ' | ' | ' | ' | ' | ' | ' |
Common_Shareholders_Equity_Sum
Common Shareholders' Equity (Summary of Operating Expense Line and the Impact on Net Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total stock-based compensation expense | $5,721 | $6,224 | $6,492 |
Income tax benefit | 2,288 | 2,427 | 2,532 |
Educational Services and Facilities [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total stock-based compensation expense | 587 | 617 | 1,080 |
Selling, General and Administrative Expenses [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total stock-based compensation expense | $5,134 | $5,607 | $5,412 |
Common_Shareholders_Equity_Sum1
Common Shareholders' Equity (Summary of Stock Option Activity) (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Equity [Abstract] | ' | ' |
Stock options outstanding, Beginning Balance, Number of Shares | 883 | ' |
Stock options exercised, Number of Shares | 0 | ' |
Stock options forfeited, Number of Shares | -499 | ' |
Stock options outstanding, Ending Balance, Number of Shares | 384 | 883 |
Stock options outstanding, Beginning Balance, Weighted Average Exercise Price per Share | $24.33 | ' |
Stock options exercised, Weighted Average Exercise Price per Share | $0 | ' |
Stock options forfeited, Weighted Average Exercise Price per Share | $22.41 | ' |
Stock options outstanding, Ending Balance, Weighted Average Exercise Price per Share | $26.81 | $24.33 |
Stock options outstanding, Beginning Balance, Weighted Average Remaining Contractual Life | '1 year 0 months 15 days | '1 year 2 months 12 days |
Stock options outstanding, Ending Balance, Weighted Average Remaining Contractual Life | '1 year 0 months 15 days | '1 year 2 months 12 days |
Stock options outstanding, Beginning Balance, Aggregate Intrinsic Value | $0 | ' |
Stock options outstanding, Ending Balance, Aggregate Intrinsic Value | 0 | 0 |
Stock options exercisable | 384 | ' |
Stock options exercisable, Weighted Average Exercise Price per Share | $26.81 | ' |
Stock options exercisable, Weighted Average Remaining Contractual Life | '1 year 0 months 15 days | ' |
Stock options exercisable, Aggregate Intrinsic Value | $0 | ' |
Common_Shareholders_Equity_Cas
Common Shareholders' Equity (Cash Received and Associated Tax Benefit) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Equity [Abstract] | ' | ' | ' |
Cash received | $0 | $262 | $224 |
Tax benefits | $0 | $6 | $178 |
Common_Shareholders_Equity_Sha
Common Shareholders' Equity (Share-based Compensation Activity) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total stock-based compensation expense | $5,721 | $6,224 | $6,492 |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Beginning Balance, Number of Shares | 703 | ' | ' |
Awarded, Number of Shares | 0 | ' | ' |
Vested, Number of Shares | -272 | ' | ' |
Forfeited, Number of Shares | -30 | ' | ' |
Ending Balance, Number of Shares | 401 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' | ' | ' |
Beginning Balance, Weighted Average Grant Date Fair Value per Share | $13.93 | ' | ' |
Awarded, Weighted Average Grant Date Fair Value per Share | $0 | ' | ' |
Vested, Weighted Average Grant Date Fair Value per Share | $15.29 | ' | ' |
Forfeited, Weighted Average Grant Date Fair Value per Share | $14.02 | ' | ' |
Ending Balance, Weighted Average Grant Date Fair Value per Share | $12.99 | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Beginning Balance, Number of Shares | 589 | ' | ' |
Awarded, Number of Shares | 240 | ' | ' |
Vested, Number of Shares | -144 | ' | ' |
Forfeited, Number of Shares | -12 | ' | ' |
Ending Balance, Number of Shares | 673 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' | ' | ' |
Beginning Balance, Weighted Average Grant Date Fair Value per Share | $9.60 | ' | ' |
Awarded, Weighted Average Grant Date Fair Value per Share | $10.05 | ' | ' |
Vested, Weighted Average Grant Date Fair Value per Share | $9.60 | ' | ' |
Forfeited, Weighted Average Grant Date Fair Value per Share | $9.60 | ' | ' |
Ending Balance, Weighted Average Grant Date Fair Value per Share | $9.76 | ' | ' |
Educational Services and Facilities [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total stock-based compensation expense | $587 | $617 | $1,080 |
Earnings_per_Share_Narrative_D
Earnings per Share (Narrative) (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' |
Shares not included in the determination of our diluted shares outstanding as they were anti-dilutive | 0.9 | 1.6 | 1.5 |
Earnings_per_Share_Calculation
Earnings per Share (Calculation of the Weighted Average Number of Shares Outstanding) (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Weighted average number of shares | ' | ' | ' |
Basic shares outstanding | 24,640 | 24,515 | 24,711 |
Dilutive effect related to employee stock plans | 280 | 189 | 226 |
Diluted shares outstanding | 24,920 | 24,704 | 24,937 |
Defined_Contribution_Employee_1
Defined Contribution Employee Benefit Plan (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Defined Benefit Plan, Contributions by Employer | $1.10 | $1.20 | $2 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $95,313 | $91,329 | $94,711 | $97,040 | $95,811 | $90,962 | $95,091 | $98,458 | $378,393 | $380,322 | $413,629 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from operations | 3,880 | 1,011 | -1,612 | 3,058 | 1,430 | 473 | -1,907 | 6,029 | 6,337 | 6,025 | 14,253 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 20,474 | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 18,923 | 22,156 | 23,819 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 1,584 | 366 | -1,620 | 1,707 | 889 | 337 | -901 | 3,576 | 2,037 | 3,901 | 9,115 |
Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 20,579 | ' | ' | ' | 20,579 | ' | ' | ' | 20,579 | 20,579 | 20,579 |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 288,069 | ' | ' | ' | 280,194 | ' | ' | ' | 288,069 | 280,194 | 268,768 |
Postsecondary education | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 367,630 | 371,717 | 403,870 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 9,045 | 8,455 | 16,422 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 20,121 | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,796 | 23,400 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 3,272 | 5,293 | 10,339 |
Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 20,579 | ' | ' | ' | 20,579 | ' | ' | ' | 20,579 | 20,579 | 20,579 |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 282,529 | ' | ' | ' | 272,909 | ' | ' | ' | 282,529 | 272,909 | 261,107 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 10,763 | 8,605 | 9,759 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | -2,708 | -2,430 | -2,169 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 353 | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | 360 | 419 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -1,235 | -1,392 | -1,224 |
Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | $5,540 | ' | ' | ' | $7,285 | ' | ' | ' | $5,540 | $7,285 | $7,661 |
Government_Regulation_and_Fina1
Government Regulation and Financial Aid (Details) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Risks and Uncertainties [Abstract] | ' | ' | ' |
Percentage of cash basis revenue collected from funds distributed under Title IV programs | 66.00% | 68.00% | 75.00% |
Quarterly_Financial_Summary_Un2
Quarterly Financial Summary (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | $95,313 | $91,329 | $94,711 | $97,040 | $95,811 | $90,962 | $95,091 | $98,458 | $378,393 | $380,322 | $413,629 |
Income (loss) from operations | 3,880 | 1,011 | -1,612 | 3,058 | 1,430 | 473 | -1,907 | 6,029 | 6,337 | 6,025 | 14,253 |
Net income | 1,584 | 366 | -1,620 | 1,707 | 889 | 337 | -901 | 3,576 | 2,037 | 3,901 | 9,115 |
Basic (usd per share) | $0.06 | $0.01 | ($0.07) | $0.07 | $0.04 | $0.01 | ($0.04) | $0.14 | $0.08 | $0.16 | $0.37 |
Diluted (usd per share) | $0.06 | $0.01 | ($0.07) | $0.07 | $0.04 | $0.01 | ($0.04) | $0.14 | $0.08 | $0.16 | $0.37 |
Scenario, Previously Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | 91,316 | 94,702 | 97,029 | 95,798 | 90,954 | 95,075 | 98,441 | ' | 380,268 | 413,552 |
Income (loss) from operations | ' | 1,073 | -1,504 | 3,003 | 1,404 | 458 | -1,939 | 6,006 | ' | 5,929 | 14,115 |
Net income | ' | 370 | -1,505 | 1,660 | 872 | 296 | -920 | 3,562 | ' | 3,810 | 9,032 |
Basic (usd per share) | ' | $0.02 | ($0.06) | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted (usd per share) | ' | ' | ($0.06) | ' | ' | ' | ' | ' | ' | $0.15 | $0.36 |
Restatement Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | 13 | 9 | 11 | 13 | 8 | 16 | 17 | ' | 54 | 77 |
Income (loss) from operations | ' | -62 | -108 | 55 | 26 | 15 | 32 | 23 | ' | 96 | 138 |
Net income | ' | ($4) | ($115) | $47 | $17 | $41 | $19 | $14 | ' | $91 | $83 |
Basic (usd per share) | ' | ($0.01) | ($0.01) | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted (usd per share) | ' | ' | ($0.01) | ' | ' | ' | ' | ' | ' | $0.01 | $0.01 |