Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 05, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'LINCOLN EDUCATIONAL SERVICES CORP | ' | ' |
Entity Central Index Key | '0001286613 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $116,431,754 |
Entity Common Stock, Shares Outstanding | ' | 24,009,220 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $12,886 | $61,708 |
Restricted cash | 54,500 | 0 |
Accounts receivable, less allowance of $13,787 and $17,751 at December 31, 2013 and 2012, respectively | 16,127 | 17,370 |
Inventories | 2,269 | 2,677 |
Prepaid income taxes and income taxes receivable | 8,517 | 7,085 |
Deferred income taxes, net | 0 | 7,729 |
Assets held for sale | 6,310 | 0 |
Prepaid expenses and other current assets | 3,013 | 2,944 |
Total current assets | 103,622 | 99,513 |
PROPERTY, EQUIPMENT AND FACILITIES - At cost, net of accumulated depreciation and amortization of $146,795 and $137,834 at December 31, 2013 and 2012, respectively | 127,332 | 154,096 |
OTHER ASSETS: | ' | ' |
Noncurrent receivables, less allowance of $982 and $1,078 at December 31, 2013 and 2012, respectively | 6,869 | 6,109 |
Deferred finance charges | 1,163 | 774 |
Deferred income taxes, net | 0 | 17,065 |
Goodwill | 62,465 | 65,527 |
Other assets, net | 4,498 | 3,690 |
Total other assets | 74,995 | 93,165 |
TOTAL | 305,949 | 346,774 |
CURRENT LIABILITIES: | ' | ' |
Current portion of long-term debt and lease obligations | 435 | 412 |
Unearned tuition | 30,195 | 34,648 |
Accounts payable | 14,603 | 13,500 |
Accrued expenses | 10,655 | 9,746 |
Other short-term liabilities | 693 | 268 |
Total current liabilities | 56,581 | 58,574 |
NONCURRENT LIABILITIES: | ' | ' |
Long-term debt and lease obligations, net of current portion | 89,681 | 73,115 |
Pension plan liabilities | 1,522 | 6,901 |
Deferred income taxes, net | 4,528 | 0 |
Accrued rent | 7,695 | 8,663 |
Other long-term liabilities | 746 | 1,044 |
Total liabilities | 160,753 | 148,297 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred stock, no par value - 10,000,000 shares authorized, no shares issued and outstanding at December 31, 2013 and 2012 | 0 | 0 |
Common stock, no par value - authorized 100,000,000 shares at December 31, 2013 and 2012, issued and outstanding 29,919,761 shares at December 31, 2013 and 29,659,457 shares at December 31, 2012 | 141,377 | 141,377 |
Additional paid-in capital | 24,177 | 22,677 |
Treasury stock at cost - 5,910,541 shares at December 31, 2013 and 2012 | -82,860 | -82,860 |
Retained earnings | 66,064 | 124,059 |
Accumulated other comprehensive loss | -3,562 | -6,776 |
Total stockholders' equity | 145,196 | 198,477 |
TOTAL | $305,949 | $346,774 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
ASSETS | ' | ' |
Accounts receivable, allowance | $13,787 | $17,751 |
PROPERTY, EQUIPMENT AND FACILITIES - accumulated depreciation and amortization | 146,795 | 137,834 |
OTHER ASSETS : | ' | ' |
Noncurrent receivables, allowance | $982 | $1,078 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Preferred stock, par value (in dollars per share) | $0 | $0 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0 | $0 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 29,919,761 | 29,659,457 |
Common stock, shares outstanding (in shares) | 29,919,761 | 29,659,457 |
Treasury stock, shares (in shares) | 5,910,541 | 5,910,541 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ' | ' | ' |
REVENUE | $345,024 | $382,773 | $456,722 |
COSTS AND EXPENSES: | ' | ' | ' |
Educational services and facilities | 172,685 | 180,610 | 196,639 |
Selling, general and administrative | 178,494 | 191,033 | 216,846 |
(Gain) loss on sale of assets | -506 | -75 | 4 |
Impairment of goodwill and long-lived assets | 3,908 | 25,221 | 8,290 |
Total costs & expenses | 354,581 | 396,789 | 421,779 |
OPERATING (LOSS) INCOME | -9,557 | -14,016 | 34,943 |
OTHER: | ' | ' | ' |
Interest income | 37 | 2 | 17 |
Interest expense | -4,667 | -4,475 | -4,369 |
Other income | 18 | 14 | 18 |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | -14,169 | -18,475 | 30,609 |
PROVISION (BENEFIT) FOR INCOME TAXES | 19,591 | -2,791 | 13,053 |
(LOSS) INCOME FROM CONTINUING OPERATIONS | -33,760 | -15,684 | 17,556 |
LOSS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES | -17,526 | -21,502 | -16 |
NET (LOSS) INCOME | ($51,286) | ($37,186) | $17,540 |
Basic | ' | ' | ' |
(Loss) earnings per share from continuing operations (in dollars per share) | ($1.50) | ($0.71) | $0.80 |
Loss per share from discontinued operations (in dollars per share) | ($0.78) | ($0.97) | $0 |
Net (loss) income per share (in dollars per share) | ($2.28) | ($1.68) | $0.80 |
Diluted | ' | ' | ' |
(Loss) earnings per share from continuing operations (in dollars per share) | ($1.50) | ($0.71) | $0.79 |
Loss per share from discontinued operations (in dollars per share) | ($0.78) | ($0.97) | $0 |
Net (loss) income per share (in dollars per share) | ($2.28) | ($1.68) | $0.79 |
Weighted average number of common shares outstanding: | ' | ' | ' |
Basic (in shares) | 22,513,391 | 22,195,407 | 22,019,563 |
Diluted (in shares) | 22,513,391 | 22,195,407 | 22,155,000 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME [Abstract] | ' | ' | ' |
Net (loss) income | ($51,286) | ($37,186) | $17,540 |
Other comprehensive (loss) income | ' | ' | ' |
Employee pension plan adjustments, net of taxes of $1,283, $25 and $1,321 for the years ended December 31, 2013, 2012 and 2011 respectively | 3,214 | -60 | -1,968 |
Comprehensive (loss) income | ($48,072) | ($37,246) | $15,572 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other comprehensive (loss) income | ' | ' | ' |
Employee pension plan adjustments, taxes | $1,283 | $25 | $1,321 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
In Thousands, except Share data, unless otherwise specified | ||||||
BALANCE at Dec. 31, 2010 | $140,726 | $17,378 | ($82,860) | $151,989 | ($4,748) | $222,485 |
BALANCE (in shares) at Dec. 31, 2010 | 28,109,987 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net (loss) income | 0 | 0 | 0 | 17,540 | 0 | 17,540 |
Employee pension plan adjustments, net of taxes | 0 | 0 | 0 | 0 | -1,968 | -1,968 |
Stock-based compensation expense | ' | ' | ' | ' | ' | ' |
Restricted stock | 0 | 3,141 | 0 | 0 | 0 | 3,141 |
Restricted stock (in shares) | 393,431 | ' | ' | ' | ' | ' |
Stock options | 0 | 400 | 0 | 0 | 0 | 400 |
Tax benefit of options exercised | 0 | 158 | 0 | 0 | 0 | 158 |
Tax deficiency of stock-based awards and canceled | 0 | -740 | 0 | 0 | 0 | -740 |
Net share settlement for equity-based compensation | -60 | -802 | 0 | 0 | 0 | -862 |
Net share settlement for equity-based compensation (in shares) | -68,250 | ' | ' | ' | ' | ' |
Cash dividend | 0 | 0 | 0 | -1,583 | 0 | -1,583 |
Cash dividend declared true-up | 0 | 0 | 0 | -257 | 0 | -257 |
Exercise of stock options | 711 | 0 | 0 | 0 | 0 | 711 |
Exercise of stock options (in shares) | 113,106 | ' | ' | ' | ' | 113,106 |
BALANCE at Dec. 31, 2011 | 141,377 | 19,535 | -82,860 | 167,689 | -6,716 | 239,025 |
BALANCE (in shares) at Dec. 31, 2011 | 28,548,274 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net (loss) income | 0 | 0 | 0 | -37,186 | 0 | -37,186 |
Employee pension plan adjustments, net of taxes | 0 | 0 | 0 | 0 | -60 | -60 |
Stock-based compensation expense | ' | ' | ' | ' | ' | ' |
Restricted stock | 0 | 3,982 | 0 | 0 | 0 | 3,982 |
Restricted stock (in shares) | 1,213,621 | ' | ' | ' | ' | ' |
Stock options | 0 | 358 | 0 | 0 | 0 | 358 |
Tax deficiency of stock-based awards and canceled | 0 | -667 | 0 | 0 | 0 | -667 |
Net share settlement for equity-based compensation | 0 | -531 | 0 | 0 | 0 | -531 |
Net share settlement for equity-based compensation (in shares) | -102,438 | ' | ' | ' | ' | ' |
Cash dividend | 0 | 0 | 0 | -6,444 | 0 | -6,444 |
BALANCE at Dec. 31, 2012 | 141,377 | 22,677 | -82,860 | 124,059 | -6,776 | 198,477 |
BALANCE (in shares) at Dec. 31, 2012 | 29,659,457 | ' | ' | ' | ' | 29,659,457 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net (loss) income | 0 | 0 | 0 | -51,286 | 0 | -51,286 |
Employee pension plan adjustments, net of taxes | 0 | 0 | 0 | 0 | 3,214 | 3,214 |
Stock-based compensation expense | ' | ' | ' | ' | ' | ' |
Restricted stock | 0 | 2,893 | 0 | 0 | 0 | 2,893 |
Restricted stock (in shares) | 400,779 | ' | ' | ' | ' | ' |
Stock options | 0 | 102 | 0 | 0 | 0 | 102 |
Tax deficiency of stock-based awards and canceled | 0 | -698 | 0 | 0 | 0 | -698 |
Net share settlement for equity-based compensation | 0 | -797 | 0 | 0 | 0 | -797 |
Net share settlement for equity-based compensation (in shares) | -140,475 | ' | ' | ' | ' | ' |
Cash dividend | 0 | 0 | 0 | -6,709 | 0 | -6,709 |
BALANCE at Dec. 31, 2013 | $141,377 | $24,177 | ($82,860) | $66,064 | ($3,562) | $145,196 |
BALANCE (in shares) at Dec. 31, 2013 | 29,919,761 | ' | ' | ' | ' | 29,919,761 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 2 Months Ended | 12 Months Ended | ||
Feb. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY [Abstract] | ' | ' | ' | ' |
Cash dividend (in dollars per share) | $0.07 | $0.28 | $0.28 | $0.07 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net (loss) income | ($51,286) | ($37,186) | $17,540 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 23,701 | 26,848 | 28,464 |
Amortization of deferred finance costs | 474 | 0 | 0 |
Deferred income taxes | 26,490 | -14,229 | 3,200 |
(Gain) loss on disposition of assets | -506 | -71 | 5 |
Impairment of goodwill and long-lived assets | 6,194 | 43,364 | 10,377 |
Fixed asset donation | -37 | 0 | 0 |
Provision for doubtful accounts | 15,532 | 21,056 | 30,553 |
Stock-based compensation expense | 2,995 | 4,340 | 3,541 |
Tax benefit associated with exercise of share based payments | 0 | 0 | -158 |
Deferred rent | -888 | 421 | 768 |
(Increase) decrease in assets, net of acquisition of business: | ' | ' | ' |
Accounts receivable | -15,049 | -19,202 | -15,317 |
Inventories | 408 | 421 | 504 |
Prepaid income taxes and income taxes receivable | -1,432 | 4,053 | -13,268 |
Prepaid expenses and current assets | -106 | -1,274 | -1,670 |
Other assets | -1,177 | 999 | 696 |
Increase (decrease) in liabilities, net of acquisition of business: | ' | ' | ' |
Accounts payable | 1,461 | -2,180 | -5,510 |
Accrued expenses | 829 | -1,688 | -14,936 |
Pension plan liabilities | -672 | -718 | -276 |
Unearned tuition | -4,453 | -9,466 | -7,702 |
Other liabilities | 768 | 498 | 27 |
Total adjustments | 54,532 | 53,172 | 19,298 |
Net cash provided by operating activities | 3,246 | 15,986 | 36,838 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Restricted cash | 0 | 0 | 694 |
Capital expenditures | -6,538 | -8,839 | -38,119 |
Proceeds from sale of property and equipment | 750 | 124 | 36 |
Acquisition of business, net of cash acquired | 0 | -1,472 | 0 |
Net cash used in investing activities | -5,788 | -10,187 | -37,389 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from borrowings | 59,500 | 37,500 | 0 |
Payments on borrowings | -42,500 | 0 | -20,000 |
Reclassifications of proceeds from borrowings to restricted cash | -54,500 | 0 | 0 |
Payment of deferred finance fees | -863 | -659 | 0 |
Proceeds from exercise of stock options | 0 | 0 | 711 |
Tax benefit associated with exercise of share based payments | 0 | 0 | 158 |
Net share settlement for equity-based compensation | -797 | -531 | -862 |
Dividends paid | -6,709 | -6,444 | -18,490 |
Principal payments under capital lease obligations | -411 | -481 | -437 |
Net cash (used in) provided by financing activities | -46,280 | 29,385 | -38,920 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -48,822 | 35,184 | -39,471 |
CASH AND CASH EQUIVALENTS-Beginning of year | 61,708 | 26,524 | 65,995 |
CASH AND CASH EQUIVALENTS-End of year | 12,886 | 61,708 | 26,524 |
Cash paid during the year for: | ' | ' | ' |
Interest | 4,209 | 4,184 | 4,003 |
Income taxes | 410 | 226 | 23,218 |
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ' | ' | ' |
Liabilities accrued for or noncash purchases of fixed assets | $93 | $1,789 | $1,166 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |
Dec. 31, 2013 | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |
1 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Business Activities—Lincoln Educational Services Corporation and Subsidiaries (the "Company") is a provider of diversified career-oriented post-secondary education. The Company offers recent high school graduates and working adults degree and diploma programs in five principal areas of study: Automotive Technology, Health Science, Skilled Trades, Hospitality Services and Business and Information Technology. The Company currently has 33 schools and five training sites in 15 states across the United States. | ||
Principles of Consolidation—The accompanying consolidated financial statements include the accounts of Lincoln Educational Services Corporation and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. | ||
Revenue Recognition—Revenue is derived primarily from programs taught at the schools. Tuition revenue and one-time fees, such as nonrefundable application fees, registration fees, and course material fees are recognized on a straight-line basis over the length of the applicable program. If a student withdraws from a program prior to a specified date, any paid but unearned tuition is refunded. Other revenues, such as tool sales and contract training revenues are recognized as services are performed or goods are delivered. On an individual student basis, tuition earned in excess of cash received is recorded as accounts receivable, and cash received in excess of tuition earned is recorded as unearned tuition. Refunds are calculated and paid in accordance with federal, state and accrediting agency standards. | ||
Cash and Cash Equivalents—Cash and cash equivalents include all cash balances and highly liquid short-term investments, which mature within three months of purchase. | ||
Restricted Cash—Restricted cash consists of deposits maintained at financial institutions under a cash collateralized agreement under the Company's credit agreement. Refer to Note 9 for more information on the credit agreement. | ||
Accounts Receivable—The Company reports accounts receivable at net realizable value, which is equal to the gross receivable less an estimated allowance for uncollectible accounts. Noncurrent accounts receivable represent amounts due from graduates in excess of 12 months from the balance sheet date. | ||
Allowance for uncollectible accounts—Based upon experience and judgment, an allowance is established for uncollectible accounts with respect to tuition receivables. In establishing the allowance for uncollectible accounts, we consider, among other things, current and expected economic conditions, a student's status (in-school or out-of-school), whether or not a student is currently making payments, and overall collection history. Changes in trends in any of these areas may impact the allowance for uncollectible accounts. The receivables balances of withdrawn students with delinquent obligations are reserved for based on our collection history. | ||
Fair Value of Financial Instruments—The carrying value of cash and cash equivalents approximates fair value at December 31, 2013 and 2012. In addition, the carrying value of all borrowings under the credit agreement approximates fair value at December 31, 2013 and 2012. The account receivable, net balances are presented within current and non-current assets on the consolidated balance sheets. It is not practicable to estimate the fair value of these financial instruments, since observable market data is not readily available, and no reasonable estimation methodology exists. | ||
Inventories—Inventories consist mainly of textbooks, tools and supplies. Inventories are valued at the lower of cost or market on a first-in, first-out basis. | ||
Property, Equipment and Facilities—Depreciation and Amortization—Property, equipment and facilities are stated at cost. Major renewals and improvements are capitalized, while repairs and maintenance are expensed when incurred. Upon the retirement, sale or other disposition of assets, costs and related accumulated depreciation are eliminated from the accounts and any gain or loss is reflected in operating (loss) income. For financial statement purposes, depreciation of property and equipment is computed using the straight-line method over the estimated useful lives of the assets, and amortization of leasehold improvements is computed over the lesser of the term of the lease or its estimated useful life. | ||
Rent Expense—Rent expense related to operating leases where scheduled rent increases exist, is determined by expensing the total amount of rent due over the life of the operating lease on a straight-line basis. The difference between the rent paid under the terms of the lease and the rent expensed on a straight-line basis is included in accrued rent and other long-term liabilities on the accompanying consolidated balance sheets. | ||
Advertising Costs—Costs related to advertising are expensed as incurred and approximated $29.3 million, $30.3 million and $38.1 million from continuing operations for the years ended December 31, 2013, 2012 and 2011, respectively. These amounts are included in selling, general and administrative expenses in the consolidated statements of operations. | ||
Goodwill and Other Intangible Assets— The Company tests its goodwill for impairment annually, or whenever events or changes in circumstances indicate an impairment may have occurred, by comparing its reporting unit's carrying value to its implied fair value. Impairment may result from, among other things, deterioration in the performance of the acquired business, adverse market conditions, adverse changes in applicable laws or regulations, reductions in market value of the Company, including changes that restrict the activities of the acquired business, and a variety of other circumstances. If the Company determines that an impairment has occurred, it is required to record a write-down of the carrying value and charge the impairment as an operating expense in the period the determination is made. In evaluating the recoverability of the carrying value of goodwill and other indefinite-lived intangible assets, the Company must make assumptions regarding estimated future cash flows and other factors to determine the fair value of the acquired assets. Changes in strategy or market conditions could significantly impact these judgments in the future and require an adjustment to the recorded balances. | ||
At December 31, 2013, the Company conducted its annual test for goodwill impairment and determined it did not have an impairment. The fair value of the Company's reporting units were determined using Level 3 inputs included in its multiple of earnings and discounted cash flow approach. As of June 30, 2013, the Company concluded that current period losses at two reporting units, which resulted in a deterioration of current and projected cash flows, was an indicator of potential impairment and, accordingly, tested goodwill and long-lived assets for impairment. The tests indicated that these two reporting units were impaired, which resulted in a pre-tax non-cash charge of $3.1 million for the three months ended June 30, 2013. | ||
At December 31, 2012, the Company tested goodwill for impairment and determined that an impairment of approximately $18.3 million ($4.5 million included in discontinued operations) existed for seven of its reporting units. The Company concluded that the decrease in the Company's market capitalization as of June 30, 2012 was an indicator of potential impairment and, accordingly, the Company tested goodwill for impairment. The tests indicated that five of the Company's reporting units were impaired as a result of lower than expected student population, which resulted in a pre-tax charge of $15.4 million in the second quarter of 2012 ($8.4 million included in discontinued operations). The fair values of these reporting units were estimated using the expected present value of future cash flows. No other reporting unit's carrying goodwill amount exceeded or approximated its implied value. | ||
At December 31, 2011, the Company tested goodwill for impairment and determined it did not have an impairment. The Company concluded that the decrease in the Company's market capitalization as of September 30, 2011 was an indicator of potential impairment and, accordingly, the Company tested goodwill and indefinite-lived intangibles for impairment. The tests indicated that five of the Company's reporting units were impaired, which resulted in an expense of $9.3 million in the third quarter of 2011 ($1.0 million included in discontinued operations). | ||
Concentration of Credit Risk—Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments. The Company places its cash and cash equivalents with high credit quality financial institutions. The Company's cash balances with financial institutions typically exceed the Federal Deposit Insurance limit of $0.25 million. The Company's cash balances on deposit at December 31, 2013, exceeded the balance insured by the FDIC by approximately $66.7 million. The Company has not experienced any losses to date on its invested cash. | ||
The Company extends credit for tuition and fees to many of its students. The credit risk with respect to these accounts receivable is mitigated through the students' participation in federally funded financial aid programs unless students withdraw prior to the receipt of federal funds for those students. In addition, the remaining tuition receivables are primarily comprised of smaller individual amounts due from students. | ||
With respect to student receivables, the Company had no significant concentrations of credit risk as of December 31, 2013 and 2012. | ||
Use of Estimates in the Preparation of Financial Statements—The preparation of financial statements in conformity with generally accepted accounting principles in the United States ("GAAP') requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. On an ongoing basis, the Company evaluates the estimates and assumptions, including those related to revenue recognition, bad debts, impairments, fixed assets, income taxes, benefit plans and certain accruals. Actual results could differ from those estimates. | ||
Stock-Based Compensation Plans—The Company measures the value of stock options on the grant date at fair value, using the Black-Scholes option valuation model. The Company amortizes the fair value of stock options, net of estimated forfeitures, utilizing straight-line amortization of compensation expense over the requisite service period of the grant. | ||
The Company measures the value of service and performance-based restricted stock on the fair value of a share of common stock on the date of the grant. The Company amortizes the fair value of service based restricted stock utilizing straight-line amortization of compensation expense over the requisite service period of the grant. | ||
The Company amortizes the fair value of the performance-based restricted stock based on determination of the probable outcome of the performance condition. If the performance condition is expected to be met, then the Company amortizes the fair value of the number of shares expected to vest utilizing straight-line basis over the requisite performance period of the grant. However, if the associated performance condition is not expected to be met, then the Company does not recognize the stock-based compensation expense. | ||
Income Taxes—The Company accounts for income taxes in accordance with FASB ASC Topic 740, "Income Taxes" ("ASC 740"). This statement requires an asset and a liability approach for measuring deferred taxes based on temporary differences between the financial statement and tax bases of assets and liabilities existing at each balance sheet date using enacted tax rates for years in which taxes are expected to be paid or recovered. | ||
In accordance with ASC 740, the Company assesses our deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable. A valuation allowance is required to be established or maintained when, based on currently available information, it is more likely than not that all or a portion of a deferred tax asset will not be realized. In accordance with ASC 740, our assessment considers whether there has been sufficient income in recent years and whether sufficient income is expected in future years in order to utilize the deferred tax asset. In evaluating the realizability of deferred income tax assets, the Company considered, among other things, historical levels of income, expected future income, the expected timing of the reversals of existing temporary reporting differences, and the expected impact of tax planning strategies that may be implemented to prevent the potential loss of future income tax benefits. Significant judgment is required in determining the future tax consequences of events that have been recognized in our consolidated financial statements and/or tax returns. Differences between anticipated and actual outcomes of these future tax consequences could have a material impact on our consolidated financial position or results of operations. Changes in, among other things, income tax legislation, statutory income tax rates, or future income levels could materially impact our valuation of income tax assets and liabilities and could cause our income tax provision to vary significantly among financial reporting periods. | ||
The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. During the years ended December 31, 2013 and 2012, the interest and penalties expense associated with uncertain tax positions are not significant to the Company's results of operations or financial position. | ||
Impairment of Long-Lived Assets—The Company reviews the carrying value of our long-lived assets and identifiable intangibles for possible impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company evaluates long-lived assets for impairment by examining estimated future cash flows using Level 3 inputs. These cash flows are evaluated by using weighted probability techniques as well as comparisons of past performance against projections. Assets may also be evaluated by identifying independent market values. If the Company determines that an asset's carrying value is impaired, it will record a write-down of the carrying value of the asset and charge the impairment as an operating expense in the period in which the determination is made. | ||
The Company concluded that for the three months ended December 31, 2013, there was no long-lived asset impairment. The Company concluded that as of June 30, 2013 and March 31, 2013, there was sufficient evidence to conclude that there were impairments of certain long-lived assets at four and two of our campuses, respectively. Long lived assets had been tested at these campuses as a result of certain financial indicators such as our history of losses, our current respective period losses, as well as future projected losses at these campuses. The long-lived assets impairment resulted in a pre-tax charge of $1.4 million ($0.7 million included in discontinued operations) and $1.7 million ($1.6 million included in discontinued operations) for leasehold improvements as of June 30, 2013 and March 31, 2013, respectively. | ||
The Company concluded that as of December 31, 2012 and June 30, 2012, there was an indicator of potential impairment and, accordingly, the Company tested long-lived assets for impairment and determined that certain long-lived assets at four and 10 of its campuses were impaired. This resulted in a pre-tax charge of $1.3 million ($0.9 million included in discontinued operations) for leasehold improvements as of December 31, 2012 and $8.3 million (4.4 million in discontinued operations) as of June 30, 2012, which included leasehold improvements of $8.1 million and $0.2 million in definite-lived intangible assets respectively. | ||
The Company recorded an impairment charge of $1.0 million in the third quarter of 2011 related to a regional accreditation indefinite intangible asset that is no longer being utilized and is included in discontinued operations. | ||
Start-up Costs—Costs related to the start of new campuses are expensed as incurred. | ||
New Accounting Pronouncements | ||
In January 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. The amendments in this ASU clarify that the disclosure requirements of ASU No. 2011-11 are limited to derivatives, including bifurcated embedded derivatives, repurchase and reverse repurchase agreements, and securities borrowing and lending transactions that are either offset in the statement of financial position or subject to an enforceable master netting arrangement or similar agreement. This ASU is effective retrospectively for annual periods beginning on or after January 1, 2013. The adoption of this ASU did not materially impact the presentation of its financial condition, results of operation and disclosures. | ||
In February 2013, the FASB issued ASU No. 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date. The amendments in this ASU provide guidance for the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements from which the total amount of the obligation within the scope of this guidance is fixed at the reporting date. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company does not anticipate a material impact to the Company's financial position, results of operations or cash flows as a result of this change. | ||
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The amendments in this ASU provide guidance on the financial statement presentation of unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company will reflect the impact of these amendments beginning with the Company's Quarterly Report on Form 10-Q for the period ending March 31, 2014. The Company does not anticipate a material impact to the Company's financial position, results of operations or cash flows as a result of this change. | ||
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220) – Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The amendments in this ASU require entities to provide information about amounts reclassified out of accumulated other comprehensive income by component, and to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, or cross-reference to other disclosures, based on certain criteria. This ASU is effective prospectively for reporting periods beginning after December 15, 2012; early adoption is permitted. The Company has adopted this guidance. The adoption of this ASU did not materially impact the presentation of its financial condition, results of operation and disclosures. | ||
In addition, the Company has evaluated and adopted the guidance of ASU No. 2012-02, Intangibles-Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment issued in July 2012. The amendments in this ASU give entities the option to first assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that an indefinite-lived intangible asset is impaired. If impairment is indicated, the fair value of the indefinite–lived intangible asset should be determined and the quantitative impairment test should be performed by comparing the fair value with the carrying amount in accordance with Subtopic 350-30; if impairment is not indicated, the entity is not required to take further action. The adoption of this ASU did not impact the presentation of the Company's financial condition, results of operation and disclosures. | ||
In October 2012, the FASB issued ASU No. 2012-04, which makes technical corrections, clarifications and limited-scope improvements to various topics throughout the Codification. The amendments in this ASU that do not have transition guidance and are effective upon issuance and the amendments that are subject to transition guidance will be effective for the Company's interim and annual reporting periods beginning January 1, 2013. The adoption of this guidance did not impact the Company's consolidated financial statements. | ||
In August 2012, the FASB issued ASU No. 2012-03, which amends and corrects various sections in the Codification pursuant to Staff Accounting Bulletin ("SAB") No. 114, SEC Release No. 33-9250 and ASU No. 2010-22. The amendments and corrections in this ASU are effective upon issuance. The adoption of this guidance did not impact the Company's consolidated financial statements. | ||
FINANCIAL_AID_AND_REGULATORY_C
FINANCIAL AID AND REGULATORY COMPLIANCE | 12 Months Ended | |
Dec. 31, 2013 | ||
FINANCIAL AID AND REGULATORY COMPLIANCE [Abstract] | ' | |
FINANCIAL AID AND REGULATORY COMPLIANCE | ' | |
2 | FINANCIAL AID AND REGULATORY COMPLIANCE | |
Financial Aid | ||
The Company's schools and students participate in a variety of government-sponsored financial aid programs that assist students in paying the cost of their education. The largest source of such support is the federal programs of student financial assistance under Title IV of the Higher Education Act of 1965, as amended, commonly referred to as the Title IV Programs, which are administered by the U.S. Department of Education (the "DOE"). During the years ended December 31, 2013, 2012 and 2011, approximately 80%, 81% and 84%, respectively, of net revenues on a cash basis were indirectly derived from funds distributed under Title IV Programs. | ||
For the year ended December 31, 2013, 2012 and 2011, the Company was in compliance with the standards established by the DOE requiring that no individual DOE reporting entity can receive more than 90% of its revenue, determined on a cash basis, from Title IV, HEA Program Funds. A proprietary institution that derives more than 90% of its total revenue from the Title IV programs for two consecutive fiscal years becomes immediately ineligible to participate in the Title IV programs and may not reapply for eligibility until the end of two fiscal years. An institution with revenues exceeding 90% for a single fiscal year ending after August 14, 2008 will be placed on provisional certification and may be subject to other enforcement measures. If one of the Company's institutions violated the 90/10 Rule and became ineligible to participate in Title IV Programs but continued to disburse Title IV Program funds, the DOE would require the institution to repay all Title IV Program funds received by the institution after the effective date of the loss of eligibility. | ||
Regulatory Compliance | ||
To participate in Title IV Programs, a school must be authorized to offer its programs of instruction by relevant state education agencies, be accredited by an accrediting commission recognized by the DOE and be certified as an eligible institution by the DOE. For this reason, the schools are subject to extensive regulatory requirements imposed by all of these entities. After the schools receive the required certifications by the appropriate entities, the schools must demonstrate their compliance with the DOE regulations of the Title IV Programs on an ongoing basis. Included in these regulations is the requirement that the Company must satisfy specific standards of financial responsibility. The DOE evaluates institutions for compliance with these standards each year, based upon the institution's annual audited financial statements, as well as following a change in ownership of the institution. Under regulations which took effect July 1, 1998, the DOE calculates the institution's composite score for financial responsibility based on its (i) equity ratio, which measures the institution's capital resources, ability to borrow and financial viability; (ii) primary reserve ratio, which measures the institution's ability to support current operations from expendable resources; and (iii) net income ratio, which measures the institution's ability to operate at a profit. This composite score can range from -1 to +3. | ||
The DOE has evaluated the financial responsibility of the Company's institutions on a consolidated basis. The Company has submitted to the DOE its audited financial statements for the 2012 and 2011 fiscal years reflecting a composite score of 1.6 and 2.1, respectively, based upon its calculations, and that its schools meet the DOE standards of financial responsibility. For the 2013 fiscal year, the Company has calculated its composite score to be 1.5. However, this is subject to determination by the DOE once it receives and reviews the Company's audited financial statements for the 2013 fiscal year. | ||
WEIGHTED_AVERAGE_COMMON_SHARES
WEIGHTED AVERAGE COMMON SHARES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
WEIGHTED AVERAGE COMMON SHARES [Abstract] | ' | ||||||||||||
WEIGHTED AVERAGE COMMON SHARES | ' | ||||||||||||
3 | WEIGHTED AVERAGE COMMON SHARES | ||||||||||||
The weighted average numbers of common shares used to compute basic and diluted income per share for the years ended December 31, 2013, 2012 and 2011, respectively were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Basic shares outstanding | 22,513,391 | 22,195,407 | 22,019,563 | ||||||||||
Dilutive effect of stock options | - | - | 135,437 | ||||||||||
Diluted shares outstanding | 22,513,391 | 22,195,407 | 22,155,000 | ||||||||||
For the year ended December 31, 2013 and 2012, options to acquire 222,707 and 71,989 shares were excluded from the above table because the Company reported a net loss for the year and therefore their impact on reported loss per share would have been antidilutive. For the years ended December 31, 2013, 2012 and 2011, options to acquire 657,083; 216,908; and 399,583 shares; respectively, were excluded from the above table because they have an exercise price that is greater than the average market price of the Company's common stock and therefore their impact on reported (loss) earnings per share would have been antidilutive. | |||||||||||||
In 2011 and 2013, the Company issued certain members of management performance shares that vest when certain performance conditions are met. As of December 31, 2013, these performance conditions were not met. Accordingly, 441,552 and 134,131 shares of outstanding performance shares have been excluded from the computation of diluted earnings per share for the year ended December 31, 2013 and 2012, respectively. Refer to Note 10 for more information on performance shares. | |||||||||||||
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
DISCONTINUED OPERATIONS [Abstract] | ' | ||||||||||||
DISCONTINUED OPERATIONS | ' | ||||||||||||
4 | DISCONTINUED OPERATIONS | ||||||||||||
2013 Event | |||||||||||||
On June 18, 2013, the Company's Board of Directors approved a plan to cease operations at four campuses in Ohio and one campus in Kentucky consisting of the Company's Dayton institution and its branch campuses. Federal legislation implemented on July 1, 2012 that prohibits "ability to benefit" students from participating in federal student financial aid programs led to a dramatic decrease in the number of students attending these five campuses. Accordingly, the Company ceased operations at these campuses as of December 31, 2013. The results of operations of these campuses are reflected as discontinued operations in the consolidated financial statements. | |||||||||||||
The results of operations at these five campuses for the three year periods ended December 31, 2013 were as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenue | $ | 7,724 | $ | 19,924 | $ | 35,099 | |||||||
(Loss) income before income tax | (17,287 | ) | (13,641 | ) | 5,236 | ||||||||
Income tax expense (benefit) | 239 | (5,444 | ) | 1,677 | |||||||||
Net (loss) income from discontinued operations | $ | (17,526 | ) | $ | (8,197 | ) | $ | 3,559 | |||||
Amounts include impairments of goodwill and long-lived assets for these campuses of $2.3 million and $8.7 million for the years ended December 31, 2013 and 2012, respectively. | |||||||||||||
2012 Event | |||||||||||||
On July 31, 2012, the Company's Board of Directors approved a plan to cease operations at seven campuses. The adjustments made to the Company's business model to better align with the DOE's increased emphasis on student outcomes and the Company's efforts to comply with the 90/10 rule and cohort default rates greatly impacted the population at these campuses. In addition, the current economic environment and regulatory changes under the Consolidated Appropriations Act, 2012, which eliminated the ability to enroll "ability to benefit" ("ATB") students, have made these campuses no longer viable. Accordingly, the Company ceased operations at these campuses as of December 31, 2012. The results of operations are reflected as discontinued operations in the consolidated financial statements. | |||||||||||||
The results of operations at these seven campuses for the two year periods ended December 31, 2012 were as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2012 | 2011 | ||||||||||||
Revenue | $ | 8,500 | $ | 20,804 | |||||||||
Loss before income tax | (22,142 | ) | (5,260 | ) | |||||||||
Income tax benefit | (8,837 | ) | (1,685 | ) | |||||||||
Net loss from discontinued operations | $ | (13,305 | ) | $ | (3,575 | ) | |||||||
Amounts include impairments of goodwill and long-lived assets for these campuses of $9.5 million and $2.1 million for the years ended December 31, 2012 and 2011, respectively. |
BUSINESS_ACQUISITIONS
BUSINESS ACQUISITIONS | 12 Months Ended | |
Dec. 31, 2013 | ||
BUSINESS ACQUISITIONS [Abstract] | ' | |
BUSINESS ACQUISITIONS | ' | |
5 | BUSINESS ACQUISITIONS | |
On April 18, 2012, the Company acquired all of the rights, title and interest in certain assets and liabilities of Florida Medical Training Institute, Inc. ("FMTI") for total consideration of $1.7 million, net of cash acquired. FMTI has five locations in Florida: Melbourne, Jacksonville, Tampa, Miami and Coral Springs. FMTI currently offers certificate programs in the fields of Emergency Medical Technician, Paramedic, EKG/Phlebotomy, Nursing Assistant, Fire Fighter and Associate of Science Degrees in Emergency Medical Services and Fire Science Technology. The purchase price allocation resulted in $2.9 million allocated to assets including $2.4 million to intangible assets and $1.4 million to liabilities. The goodwill is tax deductible and represents the value of entering a new market and businesses that generates non-Title IV funding. | ||
GOODWILL_AND_OTHER_INTANGIBLES
GOODWILL AND OTHER INTANGIBLES | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLES [Abstract] | ' | ||||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLES | ' | ||||||||||||||||||||||||||||
6 | GOODWILL AND OTHER INTANGIBLES | ||||||||||||||||||||||||||||
Changes in the carrying amount of goodwill during the years ended December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||
Gross Goodwill Balance | Accumulated Impairment Losses | Net Goodwill Balance | |||||||||||||||||||||||||||
Balance as of January 1, 2012 | $ | 115,303 | $ | (17,932 | ) | $ | 97,371 | ||||||||||||||||||||||
Acquisition of FMTI | 1,873 | - | 1,873 | ||||||||||||||||||||||||||
Goodwill impairment (1) | - | (33,717 | ) | (33,717 | ) | ||||||||||||||||||||||||
Balance as of December 31, 2012 | 117,176 | (51,649 | ) | 65,527 | |||||||||||||||||||||||||
Goodwill impairment | - | (3,062 | ) | (3,062 | ) | ||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 117,176 | $ | (54,711 | ) | $ | 62,465 | ||||||||||||||||||||||
-1 | $12.8 million included in discontinued operations. | ||||||||||||||||||||||||||||
Intangible assets, which are included in other assets in the accompanying consolidated balance sheets, consisted of the following: | |||||||||||||||||||||||||||||
Student Contracts | Indefinite Trade Name | Trade Name | Accreditation | Curriculum | Non-compete | Total | |||||||||||||||||||||||
Gross carrying amount at December 31, 2012 | $ | 25 | $ | 180 | $ | 366 | $ | 1,268 | $ | 1,124 | $ | 200 | $ | 3,163 | |||||||||||||||
Write-off | (25 | ) | - | (31 | ) | (102 | ) | - | - | (158 | ) | ||||||||||||||||||
Gross carrying amount at December 31, 2013 | - | 180 | 335 | 1,166 | 1,124 | 200 | 3,005 | ||||||||||||||||||||||
Accumulated amortization at December 31, 2012 | 25 | - | 209 | - | 670 | 28 | 932 | ||||||||||||||||||||||
Write-off | (25 | ) | - | (31 | ) | - | - | - | (56 | ) | |||||||||||||||||||
Amortization | - | - | 50 | - | 158 | 40 | 248 | ||||||||||||||||||||||
Accumulated amortization at December 31, 2013 | - | - | 228 | - | 828 | 68 | 1,124 | ||||||||||||||||||||||
Net carrying amount at December 31, 2013 | $ | - | $ | 180 | $ | 107 | $ | 1,166 | $ | 296 | $ | 132 | $ | 1,881 | |||||||||||||||
Weighted average amortization period (years) | Indefinite | 7 | Indefinite | 9 | 3 | ||||||||||||||||||||||||
Student Contracts | Indefinite Trade Name | Trade Name | Accreditation | Curriculum | Non-compete | Total | |||||||||||||||||||||||
Gross carrying amount at December 31, 2011 | $ | - | $ | 180 | $ | 509 | $ | 1,268 | $ | 1,150 | $ | 1,980 | $ | 5,087 | |||||||||||||||
Acquisition of FMTI (1) | 25 | - | 25 | - | 224 | 200 | 474 | ||||||||||||||||||||||
Write-off | - | - | - | - | - | (1,980 | ) | (1,980 | ) | ||||||||||||||||||||
Impairment (2) | - | - | (168 | ) | - | (250 | ) | - | (418 | ) | |||||||||||||||||||
Gross carrying amount at December 31, 2012 | 25 | 180 | 366 | 1,268 | 1,124 | 200 | 3,163 | ||||||||||||||||||||||
Accumulated amortization at December 31, 2011 | - | - | 262 | - | 620 | 1,952 | 2,834 | ||||||||||||||||||||||
Amortization | 25 | - | 74 | - | 135 | 56 | 290 | ||||||||||||||||||||||
Write-off | - | - | - | - | - | (1,980 | ) | (1,980 | ) | ||||||||||||||||||||
Impairment (2) | - | - | (127 | ) | - | (85 | ) | - | (212 | ) | |||||||||||||||||||
Accumulated amortization at December 31, 2012 | 25 | - | 209 | - | 670 | 28 | 932 | ||||||||||||||||||||||
Net carrying amount at December 31, 2012 | $ | - | $ | 180 | $ | 157 | $ | 1,268 | $ | 454 | $ | 172 | $ | 2,231 | |||||||||||||||
Weighted average amortization period (years) | Indefinite | 7 | Indefinite | 9 | 3 | ||||||||||||||||||||||||
(1) The Company purchased FMTI in April 2012. Refer to Note 5 for more information on the purchase. | |||||||||||||||||||||||||||||
(2) Refer to Note 1 for more information related to the impairment. | |||||||||||||||||||||||||||||
Amortization of intangible assets for the years ended December 31, 2013, 2012 and 2011 was approximately $0.4 million, $0.3 million and $1.4 million, respectively. | |||||||||||||||||||||||||||||
The following table summarizes the estimated future amortization expense: | |||||||||||||||||||||||||||||
Year Ending December 31, | |||||||||||||||||||||||||||||
2014 | $ | 200 | |||||||||||||||||||||||||||
2015 | 156 | ||||||||||||||||||||||||||||
2016 | 112 | ||||||||||||||||||||||||||||
2017 | 46 | ||||||||||||||||||||||||||||
2018 | 20 | ||||||||||||||||||||||||||||
Thereafter | 1 | ||||||||||||||||||||||||||||
$ | 535 | ||||||||||||||||||||||||||||
PROPERTY_EQUIPMENT_AND_FACILIT
PROPERTY, EQUIPMENT AND FACILITIES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
PROPERTY, EQUIPMENT AND FACILITIES [Abstract] | ' | ||||||||||||
PROPERTY, EQUIPMENT AND FACILITIES | ' | ||||||||||||
7 | PROPERTY, EQUIPMENT AND FACILITIES | ||||||||||||
Property, equipment and facilities consist of the following: | |||||||||||||
At December 31, | |||||||||||||
Useful life (years) | 2013 | 2012 | |||||||||||
Land | - | $ | 17,562 | $ | 18,363 | ||||||||
Buildings and improvements | 25-Jan | 178,089 | 192,990 | ||||||||||
Equipment, furniture and fixtures | 7-Jan | 76,769 | 79,172 | ||||||||||
Vehicles | 3 | 1,282 | 1,231 | ||||||||||
Construction in progress | - | 425 | 174 | ||||||||||
274,127 | 291,930 | ||||||||||||
Less accumulated depreciation and amortization | (146,795 | ) | (137,834 | ) | |||||||||
$ | 127,332 | $ | 154,096 | ||||||||||
Included above in buildings and improvements are buildings acquired under capital leases as of December 31, 2013 and 2012 of $26.8 million, each net of accumulated depreciation of $8.8 million and $7.0 million, respectively. | |||||||||||||
Included above in equipment, furniture and fixtures are assets acquired under capital leases as of December 31, 2013 and 2012 of $0.4 million and $0.6 million, respectively, net of accumulated depreciation of $0.4 million and $0.6 million, respectively. | |||||||||||||
Included above in buildings and improvements is capitalized interest as of December 31, 2013 and 2012 of $0.6 million, respectively, net of accumulated depreciation of $0.4 million, respectively. | |||||||||||||
Depreciation and amortization expense of property, equipment and facilities was $23.3 million, $26.4 million and $26.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
The Company closed its campuses in Suffield, Connecticut in 2012 and Cincinnati, Ohio (Tri-County) in 2013. During 2013, the Company decided to sell these properties as they are no longer pertinent to continuing operations. The Company anticipates that these properties will be sold during 2014. Accordingly, the assets have been reflected as "held for sale" in the accompanying consolidated balance sheet. The assets held for sale as a result of the closures consist of the following: | |||||||||||||
At December 31, | |||||||||||||
2013 | |||||||||||||
Land | $ | 800 | |||||||||||
Buildings and improvements | 5,510 | ||||||||||||
Assets held for sale | $ | 6,310 | |||||||||||
ACCRUED_EXPENSES
ACCRUED EXPENSES | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
ACCRUED EXPENSES [Abstract] | ' | ||||||||
ACCRUED EXPENSES | ' | ||||||||
8 | ACCRUED EXPENSES | ||||||||
Accrued expenses consist of the following: | |||||||||
At December 31, | |||||||||
2013 | 2012 | ||||||||
Accrued compensation and benefits | $ | 5,128 | $ | 3,163 | |||||
Other accrued expenses | 5,527 | 6,583 | |||||||
$ | 10,655 | $ | 9,746 | ||||||
LONGTERM_DEBT_AND_LEASE_OBLIGA
LONG-TERM DEBT AND LEASE OBLIGATIONS | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
LONG TERM DEBT AND LEASE OBLIGATIONS [Abstract] | ' | ||||||||
LONG-TERM DEBT AND LEASE OBLIGATIONS | ' | ||||||||
9 | LONG-TERM DEBT AND LEASE OBLIGATIONS | ||||||||
Long-term debt and lease obligations consist of the following: | |||||||||
At December 31, | |||||||||
2013 | 2012 | ||||||||
Credit agreement (a) | $ | 54,500 | $ | 37,500 | |||||
Finance obligation (b) | 9,672 | 9,672 | |||||||
Capital lease-property (with a rate of 8.0%) (c) | 25,944 | 26,344 | |||||||
Capital leases-equipment (with rates ranging from 5.0% to 8.5%) | - | 11 | |||||||
90,116 | 73,527 | ||||||||
Less current maturities | (435 | ) | (412 | ) | |||||
$ | 89,681 | $ | 73,115 | ||||||
(a) On April 5, 2012, the Company, as borrower, and certain of its wholly-owned subsidiaries, as guarantors, entered into a secured revolving credit agreement with a syndicate of four lenders led by Bank of America, N.A., as administrative agent and letter of credit issuer (the "Credit Facility"). The April 5, 2012 agreement, along with subsequent amendments dated June 18, 2013 and December 20, 2013, are collectively referred to as the "Credit Agreement." | |||||||||
As of December 31, 2013, the aggregate principal amount available under the Credit Facility was $60 million. Effective January 16, 2014, this amount was reduced to $40 million. The Credit Facility may be used to finance capital expenditures and permitted acquisitions, to pay transaction expenses, for the issuance of letters of credit and for general corporate purposes. The Credit Agreement includes a $25 million letter of credit sublimit. Borrowings under the Credit Facility are secured by a first priority lien on substantially all of the tangible and intangible assets of the Company and its subsidiaries including real estate. The term of the Credit Facility is 36 months, maturing on April 5, 2015. | |||||||||
The Credit Agreement provides that the lenders will receive first priority lien on substantially all of the tangible and intangible non-real property assets of the Company and its subsidiaries as well as a first priority lien on substantially all real property owned by the Company and its subsidiaries and that all net proceeds of future sales of real property by the Company and its subsidiaries be used to prepay revolving loans and permanently reduce the principal amount of revolving loans available under the Credit Facility. | |||||||||
Amounts borrowed as revolving loans under the Credit Facility will bear interest, at the Company's option, at either (i) an interest rate based on LIBOR and adjusted for any reserve percentage obligations under Federal Reserve Bank regulations (the "Eurodollar Rate") for specified interest periods or (ii) the Base Rate (as defined in the Credit Agreement), in each case, plus an applicable margin rate as determined under the Credit Agreement. The "Base Rate", as defined under the Credit Agreement, is the highest of (a) the rate of interest announced from time to time by Bank of America, N.A. as its prime rate, (b) the Federal Funds rate plus 0.50% and (c) a daily rate equal to the one-month LIBOR rate plus 1.0%. Pursuant to the Amendment, the margin interest rate is subject to adjustment within a range of 2.50% to 6.00% based upon changes in the Company's consolidated leverage ratio and depending on whether the Company has chosen the Eurodollar Rate or the Base Rate option. Letters of credit will require a fee equal to the applicable margin rate multiplied by the daily amount available to be drawn under each issued letter of credit plus an agreed upon fronting fee and customary issuance, presentation, amendment and other processing fees associated with letters of credit. | |||||||||
At December 31, 2013, the Company had outstanding letters of credit aggregating $5.3 million, which were primarily comprised of letters of credit for the Department of Education, or DOE, matters and real estate leases. | |||||||||
The Credit Agreement contains customary representations, warranties and covenants including consolidated adjusted net worth, consolidated leverage ratio, consolidated fixed charge coverage ratio, minimum financial responsibility composite score, cohort default rate and other financial covenants, certain restrictions on capital expenditures as well as affirmative and negative covenants and events of default customary for facilities of this type. In addition, the Company is paying fees to the lenders that are customary for facilities of this type. As of December 31, 2013 the Company is in compliance with all financial covenants. | |||||||||
As of December 31, 2013, the Company had $54.5 million outstanding under the Credit Agreement. The interest rate on borrowings under the Credit Agreement during the year ended December 31, 2013 was 7.25%. All amounts outstanding on December 31, 2013 were repaid on January 3, 2014. The Company had $37.5 million outstanding under the Credit Agreement as of December 31, 2012. The interest rate on this borrowing was 4.5%. | |||||||||
(b) The Company completed a sale and a leaseback of several facilities on December 28, 2001. The Company retained a continuing involvement in the lease and as a result it is prohibited from utilizing sale-leaseback accounting. Accordingly, the Company has treated this transaction as a finance lease. Rent payments under this obligation for the three years in the period ended December 31, 2013 were $1.5 million, respectively. These payments have been reflected in the accompanying consolidated statements of operations as interest expense for all periods presented since the effective interest rate on the obligation is greater than the scheduled payments. The lease expiration date is December 31, 2016. | |||||||||
(c) In 2009, the Company assumed real estate capital leases in Fern Park, Florida and Hartford, Connecticut. These leases bear interest at 8% and expire in 2032 and 2031, respectively. | |||||||||
Scheduled maturities of long-term debt and lease obligations at December 31, 2013 are as follows: | |||||||||
Year ending December 31, | |||||||||
2014 | $ | 435 | |||||||
2015 | 54,971 | ||||||||
2016 | 10,244 | ||||||||
2017 | 748 | ||||||||
2018 | 810 | ||||||||
Thereafter | 22,908 | ||||||||
$ | 90,116 | ||||||||
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
STOCKHOLDERS' EQUITY [Abstract] | ' | ||||||||||||||||||||||
STOCKHOLDERS' EQUITY | ' | ||||||||||||||||||||||
10 | STOCKHOLDERS' EQUITY | ||||||||||||||||||||||
Restricted Stock | |||||||||||||||||||||||
The Company has two stock incentive plans: a Long-Term Incentive Plan (the "LTIP") and a Non-Employee Directors Restricted Stock Plan (the "Non-Employee Directors Plan"). | |||||||||||||||||||||||
Under the LTIP, certain employees received awards of restricted shares of common stock based on service and performance. The number of shares granted to each employee is based on the fair market value of a share of common stock on the date of grant. | |||||||||||||||||||||||
All service-based restricted shares granted prior to February 23, 2011 vest ratably on the first through fifth anniversaries of the grant date. The service-based restricted shares granted on or after February 23, 2011 vest ratably on the grant date and the first through fourth anniversaries of the grant date except for the service-based restricted shares granted on March 2, 2012 which vest fully on the first anniversary of the grant date. | |||||||||||||||||||||||
On April 29, 2013, performance-based shares were granted which vest over four years based upon the attainment of (i) a specified operating income margin during any one or more of the fiscal years in the period beginning January 1, 2013 and ending December 31, 2016 and (ii) the attainment of earnings before interest, taxes, depreciation and amortization targets during each of the fiscal years ended December 31, 2013 through 2016. There is no vesting period on the right to vote or the right to receive dividends on any of the restricted shares. | |||||||||||||||||||||||
On April 29, 2011, performance-based shares were granted which vest over four years based upon the attainment of (i) a specified operating income margin during any one or more of the fiscal years in the period beginning January 1, 2011 and ending December 31, 2014 and (ii) the attainment of earnings before interest, taxes, depreciation and amortization targets during each of the fiscal years ended December 31, 2011 through 2014. There is no vesting period on the right to vote or the right to receive dividends on any of the restricted shares. | |||||||||||||||||||||||
Pursuant to the Non-Employee Directors Plan, each non-employee director of the Company receives an annual award of restricted shares of common stock on the date of the Company's annual meeting of shareholders. The number of shares granted to each non-employee director is based on the fair market value of a share of common stock on that date. The restricted shares vest on the first anniversary of the grant date; however, there is no vesting period on the right to vote or the right to receive dividends on these restricted shares. | |||||||||||||||||||||||
In 2013, 2012 and 2011, the Company completed a net share settlement for 140,475, 102,438 and 68,250 restricted shares and stock options exercised, respectively, on behalf of certain employees that participate in the LTIP upon the vesting of the restricted shares pursuant to the terms of the LTIP or exercise of the stock options. The net share settlement was in connection with income taxes incurred on restricted shares or stock option exercises that vested and were transferred to the employee during 2013, 2012 and/or 2011, creating taxable income for the employee. At the employees' request, the Company will pay these taxes on behalf of the employees in exchange for the employees returning an equivalent value of restricted shares or stock options to the Company. These transactions resulted in a decrease of approximately $0.8 million, $0.5 million and $0.9 million in 2013, 2012 and 2011, respectively, to equity as the cash payment of the taxes effectively was a repurchase of the restricted shares or stock options granted in previous years. | |||||||||||||||||||||||
The following is a summary of transactions pertaining to restricted stock: | |||||||||||||||||||||||
Shares | Weighted Average Grant Date Fair Value Per Share | ||||||||||||||||||||||
Nonvested restricted stock outstanding at December 31, 2011 | 501,551 | $ | 16.1 | ||||||||||||||||||||
Granted | 1,213,621 | 4.82 | |||||||||||||||||||||
Vested | (374,088 | ) | 9.3 | ||||||||||||||||||||
Nonvested restricted stock outstanding at December 31, 2012 | 1,341,084 | 7.79 | |||||||||||||||||||||
Granted | 434,308 | 5.62 | |||||||||||||||||||||
Cancelled | (33,529 | ) | 16.7 | ||||||||||||||||||||
Vested | (493,917 | ) | 7.41 | ||||||||||||||||||||
Nonvested restricted stock outstanding at December 31, 2013 | 1,247,946 | 6.77 | |||||||||||||||||||||
The restricted stock expense for each of the years ended December 31, 2013, 2012 and 2011 was $2.9 million, $4.0 million and $3.1 million, respectively. The unrecognized restricted stock expense as of December 31, 2013 and 2012 was $7.4 million and $8.6 million, respectively. As of December 31, 2013, unrecognized restricted stock expense will be expensed over the weighted-average period of approximately 2.5 years. As of December 31, 2013, outstanding restricted shares under the LTIP had an aggregate intrinsic value of $6.2 million. | |||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||
The fair value of the stock options used to compute stock-based compensation is the estimated present value at the date of grant using the Black-Scholes option pricing model. During 2013 and 2011 there were no new stock option grants. The weighted average fair values of options granted during 2012 was $2.52 using the following weighted average assumptions for grants: | |||||||||||||||||||||||
At December 31, | |||||||||||||||||||||||
2012 | |||||||||||||||||||||||
Expected volatility | 51.25 | % | |||||||||||||||||||||
Expected dividend yield | 4 | % | |||||||||||||||||||||
Expected life (term) | 4.65 Years | ||||||||||||||||||||||
Risk-free interest rate | 0.87 | % | |||||||||||||||||||||
Weighted-average exercise price during the year | $ | 7.79 | |||||||||||||||||||||
The expected volatility considers the volatility of the Company common stock that has been traded for a period commensurate with the expected life. The expected term of options granted represents the period of time that options granted are expected to be outstanding based on historical experience. The risk-free rate used is based on the published U.S. Treasury yield curve in effect at the time of grant for instruments with a similar life. The 2012 expected dividend yield presumes a set dividend rate based on the current dividend yield. | |||||||||||||||||||||||
The following is a summary of transactions pertaining to the option plans: | |||||||||||||||||||||||
Shares | Weighted Average Exercise Price Per Share | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||||||||||
Outstanding December 31, 2010 | 720,940 | $ | 14.59 | 5.14 years | $ | 2,095 | |||||||||||||||||
Cancelled | (74,459 | ) | 12.8 | ||||||||||||||||||||
Exercised | (113,106 | ) | 6.29 | 759 | |||||||||||||||||||
Outstanding December 31, 2011 | 533,375 | 16.6 | 4.68 years | - | |||||||||||||||||||
Granted | 157,000 | 7.79 | |||||||||||||||||||||
Cancelled | (34,500 | ) | 12.26 | - | |||||||||||||||||||
Outstanding December 31, 2012 | 655,875 | 14.72 | 4.89 years | - | |||||||||||||||||||
Cancelled | (108,750 | ) | 14.64 | ||||||||||||||||||||
Outstanding December 31, 2013 | 547,125 | 14.73 | 4.56 years | - | |||||||||||||||||||
Vested or expected to vest as of December 31, 2013 | 527,527 | 14.99 | 4.43 years | - | |||||||||||||||||||
Exercisable as of December 31, 2013 | 449,134 | 16.25 | 3.77 years | - | |||||||||||||||||||
As of December 31, 2013, unrecognized pre-tax compensation expense for all unvested stock option awards is approximately $0.1 million which will be expensed over the weighted-average period of approximately 1.8 years. | |||||||||||||||||||||||
The following table presents a summary of options outstanding at December 31, 2013: | |||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||
Stock Options Outstanding | Stock Options Exercisable | ||||||||||||||||||||||
Range of Exercise Prices | Shares | Contractual Weighted Average life (years) | Weighted Average Price | Shares | Weighted Exercise Price | ||||||||||||||||||
$ | 4.00-$13.99 | 259,792 | 6.13 | $ | 9.6 | 161,801 | $ | 10.7 | |||||||||||||||
$ | 14.00-$19.99 | 182,333 | 3.36 | 17.67 | 182,333 | 17.67 | |||||||||||||||||
$ | 20.00-$25.00 | 105,000 | 2.77 | 22.33 | 105,000 | 22.33 | |||||||||||||||||
547,125 | 4.56 | 14.73 | 449,134 | 16.25 |
PENSION_PLAN
PENSION PLAN | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
PENSION PLAN [Abstract] | ' | ||||||||||||||||
PENSION PLAN | ' | ||||||||||||||||
11 | PENSION PLAN | ||||||||||||||||
The Company sponsors a noncontributory defined benefit pension plan covering substantially all of the Company's union employees. Benefits are provided based on employees' years of service and earnings. This plan was frozen on December 31, 1994 for non-union employees. | |||||||||||||||||
The following table sets forth the plan's funded status and amounts recognized in the consolidated financial statements: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
CHANGES IN BENEFIT OBLIGATIONS: | |||||||||||||||||
Benefit obligation-beginning of year | $ | 23,169 | $ | 21,233 | $ | 17,903 | |||||||||||
Service cost | 37 | 35 | 117 | ||||||||||||||
Interest cost | 790 | 872 | 939 | ||||||||||||||
Actuarial (gain) loss | (2,614 | ) | 1,926 | 3,008 | |||||||||||||
Benefits paid | (1,068 | ) | (897 | ) | (734 | ) | |||||||||||
Benefit obligation at end of year | 20,314 | 23,169 | 21,233 | ||||||||||||||
CHANGE IN PLAN ASSETS: | |||||||||||||||||
Fair value of plan assets-beginning of year | 16,268 | 14,639 | 15,087 | ||||||||||||||
Actual return on plan assets | 2,919 | 1,807 | 12 | ||||||||||||||
Employer contributions | 673 | 719 | 274 | ||||||||||||||
Benefits paid | (1,068 | ) | (897 | ) | (734 | ) | |||||||||||
Fair value of plan assets-end of year | 18,792 | 16,268 | 14,639 | ||||||||||||||
BENEFIT OBLIGATION IN EXCESS OF FAIR VALUE FUNDED STATUS: | $ | (1,522 | ) | $ | (6,901 | ) | $ | (6,594 | ) | ||||||||
Amounts recognized in the consolidated balance sheets consist of: | |||||||||||||||||
At December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Noncurrent liabilities | $ | (1,522 | ) | $ | (6,901 | ) | $ | (6,594 | ) | ||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Accumulated loss | $ | (5,928 | ) | $ | (11,276 | ) | $ | (11,191 | ) | ||||||||
Deferred income taxes | 2,366 | 4,500 | 4,475 | ||||||||||||||
Accumulated other comprehensive loss | $ | (3,562 | ) | $ | (6,776 | ) | $ | (6,716 | ) | ||||||||
The accumulated benefit obligation was $20.3 million and $23.2 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||
The following table provides the components of net periodic cost for the plan: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
COMPONENTS OF NET PERIODIC BENEFIT COST | |||||||||||||||||
Service cost | $ | 37 | $ | 35 | $ | 117 | |||||||||||
Interest cost | 790 | 872 | 939 | ||||||||||||||
Expected return on plan assets | (1,141 | ) | (1,021 | ) | (1,034 | ) | |||||||||||
Recognized net actuarial loss | 955 | 1,056 | 742 | ||||||||||||||
Net periodic benefit cost | $ | 641 | $ | 942 | $ | 764 | |||||||||||
The estimated net loss, transition obligation and prior service cost for the plan that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next year is $0.4 million. | |||||||||||||||||
Employee pension plan adjustments of $3.2 million for the year ended December 31, 2013 includes $1.0 million of recognized actuarial losses reclassified from accumulated other comprehensive income. | |||||||||||||||||
The following tables present plan assets using the fair value hierarchy as of December 31, 2013 and 2012. The fair value hierarchy has three levels based on the reliability of inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using observable prices that are based on inputs not quoted in active markets but observable by market data, while Level 3 includes the fair values estimated using significant non-observable inputs. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. | |||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||
Equity securities | $ | 9,491 | $ | - | $ | - | $ | 9,491 | |||||||||
Fixed income | 5,787 | - | - | 5,787 | |||||||||||||
International equities | 3,484 | - | - | 3,484 | |||||||||||||
Cash and equivalents | 30 | - | - | 30 | |||||||||||||
Balance at December 31, 2013 | $ | 18,792 | $ | - | $ | - | $ | 18,792 | |||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||
Equity securities | $ | 7,455 | $ | - | $ | - | $ | 7,455 | |||||||||
Fixed income | 5,835 | - | - | 5,835 | |||||||||||||
International equities | 2,957 | - | - | 2,957 | |||||||||||||
Cash and equivalents | 21 | - | - | 21 | |||||||||||||
Balance at December 31, 2012 | $ | 16,268 | $ | - | $ | - | $ | 16,268 | |||||||||
Fair value of total plan assets by major asset category as of December 31: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Equity securities | 51 | % | 46 | % | 47 | % | |||||||||||
Fixed income | 31 | % | 36 | % | 36 | % | |||||||||||
International equities | 18 | % | 18 | % | 17 | % | |||||||||||
Cash and equivalents | 0 | % | 0 | % | 0 | % | |||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||
Weighted-average assumptions used to determine benefit obligations as of December 31: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Discount rate | 4.46 | % | 3.55 | % | 4.1 | % | |||||||||||
Rate of compensation increase | 2 | % | 1.75 | % | 4 | % | |||||||||||
Weighted-average assumptions used to determine net periodic pension cost for years ended December 31: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Discount rate | 3.55 | % | 4.1 | % | 5.18 | % | |||||||||||
Rate of compensation increase | 2 | % | 4 | % | 4 | % | |||||||||||
Long-term rate of return | 7 | % | 7 | % | 7 | % | |||||||||||
As this plan was frozen to non-union employees on December 31, 1994, the difference between the projected benefit obligation and accumulated benefit obligation is not significant in any year. | |||||||||||||||||
The Company invests plan assets based on a total return on investment approach, pursuant to which the plan assets include a diversified blend of equity and fixed income investments toward a goal of maximizing the long-term rate of return without assuming an unreasonable level of investment risk. The Company determines the level of risk based on an analysis of plan liabilities, the extent to which the value of the plan assets satisfies the plan liabilities and the plan's financial condition. The investment policy includes target allocations ranging from 30% to 70% for equity investments, 20% to 60% for fixed income investments and 0% to 10% for cash equivalents. The equity portion of the plan assets represents growth and value stocks of small, medium and large companies. The Company measures and monitors the investment risk of the plan assets both on a quarterly basis and annually when the Company assesses plan liabilities. | |||||||||||||||||
The Company uses a building block approach to estimate the long-term rate of return on plan assets. This approach is based on the capital markets assumption that the greater the volatility, the greater the return over the long term. An analysis of the historical performance of equity and fixed income investments, together with current market factors such as the inflation and interest rates, are used to help make the assumptions necessary to estimate a long-term rate of return on plan assets. Once this estimate is made, the Company reviews the portfolio of plan assets and makes adjustments thereto that the Company believes are necessary to reflect a diversified blend of equity and fixed income investments that is capable of achieving the estimated long-term rate of return without assuming an unreasonable level of investment risk. The Company also compares the portfolio of plan assets to those of other pension plans to help assess the suitability and appropriateness of the plan's investments. | |||||||||||||||||
The Company expects to make $0.3 million in contributions to the plan in 2014. However after considering the funded status of the plan, movements in the discount rate, investment performance and related tax consequences, the Company may choose to make additional contributions to the plan in any given year. | |||||||||||||||||
The total amount of the Company's contributions paid under its pension plan was $0.7 million for each of the years ended December 31, 2013 and 2012. | |||||||||||||||||
Information about the expected benefit payments for the plan is as follows: | |||||||||||||||||
Year Ending December 31, | |||||||||||||||||
2014 | $ | 1,041 | |||||||||||||||
2015 | 1,127 | ||||||||||||||||
2016 | 1,196 | ||||||||||||||||
2017 | 1,275 | ||||||||||||||||
2018 | 1,330 | ||||||||||||||||
Years 2019-2023 | 6,911 | ||||||||||||||||
The Company has a 401(k) defined contribution plan for all eligible employees. Employees may contribute up to 25% of their compensation into the plan. The Company will contribute an additional 30% of the employee's contributed amount up to 6% of compensation. For the years ended December 31, 2013, 2012 and 2011, the Company's expense for the 401(k) plan amounted to $1.9 million, $2.0 million and $2.3 million, respectively. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
INCOME TAXES [Abstract] | ' | ||||||||||||||||||||||||
INCOME TAXES | ' | ||||||||||||||||||||||||
12 | INCOME TAXES | ||||||||||||||||||||||||
Components of the provision for income taxes from continuing operations were as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Current: | |||||||||||||||||||||||||
Federal | $ | (7,369 | ) | $ | 9,273 | $ | 7,099 | ||||||||||||||||||
State | 709 | 2,164 | 2,754 | ||||||||||||||||||||||
Total | (6,660 | ) | 11,437 | 9,853 | |||||||||||||||||||||
Deferred: | |||||||||||||||||||||||||
Federal | 21,103 | (11,394 | ) | 3,312 | |||||||||||||||||||||
State | 5,148 | (2,834 | ) | (112 | ) | ||||||||||||||||||||
Total | 26,251 | (14,228 | ) | 3,200 | |||||||||||||||||||||
Total provision (benefit) | $ | 19,591 | $ | (2,791 | ) | $ | 13,053 | ||||||||||||||||||
The components of the deferred tax assets are as follows: | |||||||||||||||||||||||||
At December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Deferred tax assets | |||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||
Accrued vacation | $ | 79 | $ | 60 | |||||||||||||||||||||
Net operating loss carryforwards | - | 586 | |||||||||||||||||||||||
Allowance for bad debts | 5,502 | 7,083 | |||||||||||||||||||||||
Total current deferred tax assets | 5,581 | 7,729 | |||||||||||||||||||||||
Deferred tax assets | |||||||||||||||||||||||||
Noncurrent: | |||||||||||||||||||||||||
Allowance for bad debts | 392 | 430 | |||||||||||||||||||||||
Accrued rent | 3,669 | 3,785 | |||||||||||||||||||||||
Stock-based compensation | 1,509 | 2,095 | |||||||||||||||||||||||
Depreciation | 10,670 | 5,953 | |||||||||||||||||||||||
Other intangibles | 434 | 547 | |||||||||||||||||||||||
Pension plan liabilities | 608 | 2,754 | |||||||||||||||||||||||
Net operating loss carryforwards | 6,285 | 1,553 | |||||||||||||||||||||||
Sale leaseback-deferred gain | 2,531 | 2,482 | |||||||||||||||||||||||
AMT credit | 424 | - | |||||||||||||||||||||||
Other | - | 77 | |||||||||||||||||||||||
Total noncurrent deferred tax assets | 26,522 | 19,676 | |||||||||||||||||||||||
Total deferred tax assets | 32,103 | 27,405 | |||||||||||||||||||||||
Less valuation allowance | (31,679 | ) | - | ||||||||||||||||||||||
Deferred tax assets, net of valuation allowance | 424 | 27,405 | |||||||||||||||||||||||
Deferred tax liabilities | |||||||||||||||||||||||||
Noncurrent: | |||||||||||||||||||||||||
Goodwill | (4,952 | ) | (2,611 | ) | |||||||||||||||||||||
Total deferred tax liabilities | (4,952 | ) | (2,611 | ) | |||||||||||||||||||||
Total net noncurrent deferred tax (liabilities) assets | (4,528 | ) | 17,065 | ||||||||||||||||||||||
Total net deferred tax (liabilities) assets | $ | (4,528 | ) | $ | 24,794 | ||||||||||||||||||||
Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. A significant piece of objective negative evidence was the cumulative losses incurred by the Company in recent years. | |||||||||||||||||||||||||
On the basis of this evaluation the Company believes it is not more likely than not that it will realize its net deferred tax assets. As a result, as of December 31, 2013, the Company has recorded a valuation allowance of $31.7 million ($7.1 million from discontinued operations) against its net deferred tax assets, excluding the indefinite life assets which generated a deferred tax liability. | |||||||||||||||||||||||||
The difference between the actual tax provision and the tax provision that would result from the use of the Federal statutory rate is as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(Loss) income from continuing operations before taxes | $ | (14,169 | ) | $ | (18,475 | ) | $ | 30,609 | |||||||||||||||||
Expected tax (benefit) expense | $ | (4,959 | ) | 35 | % | $ | (6,466 | ) | 35 | % | $ | 10,713 | 35 | % | |||||||||||
State tax expense (benefit) (net of federal) | (221 | ) | 1.6 | (436 | ) | 2.4 | 1,717 | 5.6 | |||||||||||||||||
Permanent impairment | - | - | 3,588 | (19.4 | ) | 109 | 0.4 | ||||||||||||||||||
Valuation allowance | 24,541 | (173.2 | ) | - | - | - | - | ||||||||||||||||||
Other | 230 | (1.7 | ) | 523 | (2.9 | ) | 514 | 1.6 | |||||||||||||||||
Total | $ | 19,591 | -138.3 | % | $ | (2,791 | ) | 15.1 | % | $ | 13,053 | 42.6 | % | ||||||||||||
As of December 31, 2013, 2012, the Company has NOL carryforwards of $12.3 million and $6.1 million, respectively, which, if unused, will expire in years 2027. Of these NOLs, $7.8 million and $6.1 million are limited in the amount that can be utilized in a given year due to a Section 382 limitation for December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||
The following table summarizes the activity related to the Company's uncertain tax positions: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Balance at January 1, | $ | 135 | $ | 100 | $ | 100 | |||||||||||||||||||
Decrease for tax positions of prior years | (135 | ) | (100 | ) | |||||||||||||||||||||
Increase for tax positions of current year | - | 135 | - | ||||||||||||||||||||||
Balance at December 31, | $ | - | $ | 135 | $ | 100 | |||||||||||||||||||
As of December 31, 2013, the Company no longer has any liability for uncertain tax positions. Included in the balance of unrecognized tax benefits at December 31, 2012 and 2011 are unrecognized tax benefits of $0.1 million, respectively, of which $0.1 million would be reflected as an adjustment to income tax expense if recognized. | |||||||||||||||||||||||||
The Company recognizes accrued interest and penalties related to uncertain tax positions in income tax expense. During the years ended December 31, 2012 and 2011, the interest and penalties expense associated with uncertain tax positions are not significant to its results of operations or financial position. | |||||||||||||||||||||||||
The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various states. The Company is no longer subject to U.S. federal income tax examinations for years before 2009 and generally, is no longer subject to state and local income tax examinations by tax authorities for years before 2008. | |||||||||||||||||||||||||
SEGMENT_REPORTING
SEGMENT REPORTING | 12 Months Ended | |
Dec. 31, 2013 | ||
SEGMENT REPORTING [Abstract] | ' | |
SEGMENT REPORTING | ' | |
13 | SEGMENT REPORTING | |
Each of the Company's schools is a reporting unit and an operating segment. The Company's operating segments have been aggregated into one reportable segment because, in the Company's judgment, the reporting units have similar products, production processes, types of customers, methods of distribution, regulatory environment and economic characteristics. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
COMMITMENTS AND CONTINGENCIES [Abstract] | ' | ||||||||||||
COMMITMENTS AND CONTINGENCIES | ' | ||||||||||||
14 | COMMITMENTS AND CONTINGENCIES | ||||||||||||
Lease Commitments—The Company leases office premises, educational facilities and various equipment for varying periods through the year 2032 at basic annual rentals (excluding taxes, insurance, and other expenses under certain leases) as follows: | |||||||||||||
Year Ending December 31, | Finance Obligation | Operating Leases | Capital Leases | ||||||||||
2014 | $ | 1,546 | $ | 21,223 | $ | 2,494 | |||||||
2015 | 1,546 | 19,429 | 2,494 | ||||||||||
2016 | 1,546 | 15,680 | 2,556 | ||||||||||
2017 | - | 14,628 | 2,678 | ||||||||||
2018 | - | 13,644 | 2,678 | ||||||||||
Thereafter | - | 34,913 | 37,137 | ||||||||||
4,638 | 119,517 | 50,037 | |||||||||||
Less amount representing interest | (4,638 | ) | - | (24,094 | ) | ||||||||
$ | - | $ | 119,517 | $ | 25,943 | ||||||||
On December 28, 2001, the Company completed a sale and a leaseback of four owned facilities to a third party for net proceeds of approximately $8.8 million. The initial term of the lease is 15 years with two ten-year extensions. The lease is an operating lease that starts at $1.2 million in the first year and increases annually by the consumer price index. The lease includes an option near the end of the initial lease term to purchase the facilities at fair value, as defined. The net proceeds received have been reflected in the consolidated balance sheet as a finance obligation. The lease payments are included as a component of interest expense. | |||||||||||||
Rent expense, included in operating expenses in the accompanying consolidated statements of operations for the three years ended December 31, 2013, 2012 and 2011 is $21.9 million, respectively. Interest expense related to the financing obligation in the accompanying statements of operations for the years ended December 31, 2013, 2012 and 2011 is $1.5 million, respectively. | |||||||||||||
Litigation and Regulatory Matters— In the ordinary conduct of business, the Company is subject to periodic lawsuits, investigations and claims, including, but not limited to, claims involving students or graduates and routine employment matters. Although the Company cannot predict with certainty the ultimate resolution of lawsuits, investigations and claims asserted against it, the Company does not believe that any currently pending legal proceeding to which it is a party will have a material effect on our business, financial condition, results of operations or cash flows. | |||||||||||||
On November 21, 2012, the Company received a Civil Investigation Demand from the Attorney General of the Commonwealth of Massachusetts relating to their investigation of whether the Company and certain of its academic institutions have complied with certain Massachusetts state consumer protection and finance laws. On July 29, 2013 and January 17, 2014, the Company received follow-up Civil Investigative Demands. Pursuant to the Civil Investigative Demands, the Attorney General has requested from the Company and certain of its academic institutions documents and detailed information from the time period January 1, 2008 to the present. The Company has responded to these requests and intends to continue cooperating with the Attorney General's Office. | |||||||||||||
Student Loans—At December 31, 2013, the Company had outstanding net loan commitments to its students to assist them in financing their education of approximately $26.5 million. | |||||||||||||
Vendor Relationship—The Company is party to two agreements with Snap-on Industrial ("Snap-on") which expire on June 30, 2014 and December 31, 2014. The Company has agreed to grant Snap-on exclusive rights to certain automotive campuses to display advertising and supply certain tools with the exception of one pre-existing vendor contract. The Company earns credits that are redeemable for certain tools and equipment based on the sales to students and to the Company. | |||||||||||||
Executive Employment Agreements—The Company entered into employment contracts with key executives that provide for continued salary payments if the executives are terminated for reasons other than cause, as defined in the agreements. The future employment contract commitments for such employees were approximately $8.9 million at December 31, 2013. | |||||||||||||
Change in Control Agreements—In the event of a change of control several key executives will receive continued salary payments based on their employment agreements. | |||||||||||||
Surety Bonds—Each of the Company's 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. The campuses are subject to extensive, ongoing regulation by each of these states. In addition, our campuses are required to be authorized by the applicable state education agencies of certain other states in which our campuses recruit students. The Company is required to post surety bonds on behalf of our campuses and education representatives with multiple states to maintain authorization to conduct our business. At December 31, 2013, the Company has posted surety bonds in the total amount of approximately $16.9 million. | |||||||||||||
UNAUDITED_QUARTERLY_FINANCIAL_
UNAUDITED QUARTERLY FINANCIAL INFORMATION | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
UNAUDITED QUARTERLY FINANCIAL INFORMATION [Abstract] | ' | ||||||||||||||||
UNAUDITED QUARTERLY FINANCIAL INFORMATION | ' | ||||||||||||||||
15 | UNAUDITED QUARTERLY FINANCIAL INFORMATION | ||||||||||||||||
Quarterly financial information for 2013 and 2012 is as follows: | |||||||||||||||||
Quarter | |||||||||||||||||
2013 | First | Second | Third | Fourth | |||||||||||||
Revenue | $ | 86,270 | $ | 81,751 | $ | 88,527 | $ | 88,475 | |||||||||
(Loss) income from continuing operations | (5,282 | ) | (6,688 | ) | 77 | (21,866 | ) | ||||||||||
Loss from discontinued operations | (2,205 | ) | (2,690 | ) | (2,353 | ) | (10,279 | ) | |||||||||
Net loss | (7,487 | ) | (9,378 | ) | (2,276 | ) | (32,145 | ) | |||||||||
Basic | |||||||||||||||||
(Loss) earnings per share from continuing operations | $ | (0.24 | ) | $ | (0.30 | ) | $ | 0 | $ | (0.97 | ) | ||||||
Loss per share from discontinued operations | (0.10 | ) | (0.12 | ) | (0.10 | ) | (0.45 | ) | |||||||||
Net loss per share | $ | (0.33 | ) | $ | (0.42 | ) | $ | (0.10 | ) | $ | (1.42 | ) | |||||
Diluted | |||||||||||||||||
(Loss) earnings per share from continuing operations | $ | (0.24 | ) | $ | (0.30 | ) | $ | 0 | $ | (0.97 | ) | ||||||
Loss per share from discontinued operations | (0.10 | ) | (0.12 | ) | (0.10 | ) | (0.45 | ) | |||||||||
Net loss per share | $ | (0.33 | ) | $ | (0.42 | ) | $ | (0.10 | ) | $ | (1.42 | ) | |||||
Weighted average number of common shares outstanding: | |||||||||||||||||
Basic | 22,414 | 22,497 | 22,528 | 22,618 | |||||||||||||
Diluted | 22,414 | 22,497 | 22,811 | 22,618 | |||||||||||||
Quarter | |||||||||||||||||
2012 | First | Second | Third | Fourth | |||||||||||||
Revenue | $ | 96,242 | $ | 91,867 | $ | 97,704 | $ | 96,962 | |||||||||
(Loss) income from continuing operations | (1,571 | ) | (11,064 | ) | 2,284 | (5,334 | ) | ||||||||||
Loss from discontinued operations | (1,484 | ) | (9,644 | ) | (3,768 | ) | (6,605 | ) | |||||||||
Net loss | (3,055 | ) | (20,708 | ) | (1,484 | ) | (11,939 | ) | |||||||||
Basic | |||||||||||||||||
(Loss) earnings per share from continuing operations | $ | (0.07 | ) | $ | (0.50 | ) | $ | 0.1 | $ | (0.24 | ) | ||||||
Loss per share from discontinued operations | (0.07 | ) | (0.43 | ) | (0.17 | ) | (0.30 | ) | |||||||||
Net loss per share | $ | (0.14 | ) | $ | (0.93 | ) | $ | (0.07 | ) | $ | (0.54 | ) | |||||
Diluted | |||||||||||||||||
(Loss) earnings per share from continuing operations | $ | (0.07 | ) | $ | (0.50 | ) | $ | 0.1 | $ | (0.24 | ) | ||||||
Loss per share from discontinued operations | (0.07 | ) | (0.43 | ) | (0.17 | ) | (0.30 | ) | |||||||||
Net loss per share | $ | (0.14 | ) | $ | (0.93 | ) | $ | (0.07 | ) | $ | (0.54 | ) | |||||
Weighted average number of common shares outstanding: | |||||||||||||||||
Basic | 22,137 | 22,183 | 22,195 | 22,266 | |||||||||||||
Diluted | 22,137 | 22,183 | 22,281 | 22,266 | |||||||||||||
DIVIDENDS
DIVIDENDS | 12 Months Ended | |
Dec. 31, 2013 | ||
DIVIDENDS [Abstract] | ' | |
DIVIDENDS | ' | |
16 | DIVIDENDS | |
During 2013, 2012 and 2011, the Board of Directors declared cash dividends of $0.28, $0.28 and $0.07 per share of common stock outstanding, respectively. In February 2014, the Board of Directors declared a quarterly cash dividend of $0.07 per share of common stock outstanding, which will be paid on March 31, 2014 to shareholders of record on March 14, 2014. The establishment of future record and payment dates is subject to the final determination of the Company's Board of Directors. |
Schedule_IIValuation_and_Quali
Schedule II-Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Schedule II-Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Schedule II-Valuation and Qualifying Accounts | ' | ||||||||||||||||
Schedule II—Valuation and Qualifying Accounts | |||||||||||||||||
(in thousands, continuing and discontinued operations) | |||||||||||||||||
Description | Balance at Beginning of Period | Charged to Expense | Accounts Written-off | Balance at End of Period | |||||||||||||
Allowance accounts for the year ended: | |||||||||||||||||
December 31, 2013 Student receivable allowance | $ | 18,829 | $ | 15,532 | $ | (19,592 | ) | $ | 14,769 | ||||||||
December 31, 2012 Student receivable allowance | $ | 21,858 | $ | 21,056 | $ | (24,085 | ) | $ | 18,829 | ||||||||
December 31, 2011 Student receivable allowance | $ | 26,993 | $ | 30,553 | $ | (35,688 | ) | $ | 21,858 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' |
Business Activities | ' |
Business Activities—Lincoln Educational Services Corporation and Subsidiaries (the "Company") is a provider of diversified career-oriented post-secondary education. The Company offers recent high school graduates and working adults degree and diploma programs in five principal areas of study: Automotive Technology, Health Science, Skilled Trades, Hospitality Services and Business and Information Technology. The Company currently has 33 schools and five training sites in 15 states across the United States. | |
Principles of Consolidation | ' |
Principles of Consolidation—The accompanying consolidated financial statements include the accounts of Lincoln Educational Services Corporation and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. | |
Revenue Recognition | ' |
Revenue Recognition—Revenue is derived primarily from programs taught at the schools. Tuition revenue and one-time fees, such as nonrefundable application fees, registration fees, and course material fees are recognized on a straight-line basis over the length of the applicable program. If a student withdraws from a program prior to a specified date, any paid but unearned tuition is refunded. Other revenues, such as tool sales and contract training revenues are recognized as services are performed or goods are delivered. On an individual student basis, tuition earned in excess of cash received is recorded as accounts receivable, and cash received in excess of tuition earned is recorded as unearned tuition. Refunds are calculated and paid in accordance with federal, state and accrediting agency standards. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents—Cash and cash equivalents include all cash balances and highly liquid short-term investments, which mature within three months of purchase. | |
Restricted Cash | ' |
Restricted Cash—Restricted cash consists of deposits maintained at financial institutions under a cash collateralized agreement under the Company's credit agreement. Refer to Note 9 for more information on the credit agreement. | |
Accounts Receivable | ' |
Accounts Receivable—The Company reports accounts receivable at net realizable value, which is equal to the gross receivable less an estimated allowance for uncollectible accounts. Noncurrent accounts receivable represent amounts due from graduates in excess of 12 months from the balance sheet date. | |
Allowance for uncollectible accounts | ' |
Allowance for uncollectible accounts—Based upon experience and judgment, an allowance is established for uncollectible accounts with respect to tuition receivables. In establishing the allowance for uncollectible accounts, we consider, among other things, current and expected economic conditions, a student's status (in-school or out-of-school), whether or not a student is currently making payments, and overall collection history. Changes in trends in any of these areas may impact the allowance for uncollectible accounts. The receivables balances of withdrawn students with delinquent obligations are reserved for based on our collection history. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments—The carrying value of cash and cash equivalents approximates fair value at December 31, 2013 and 2012. In addition, the carrying value of all borrowings under the credit agreement approximates fair value at December 31, 2013 and 2012. The account receivable, net balances are presented within current and non-current assets on the consolidated balance sheets. It is not practicable to estimate the fair value of these financial instruments, since observable market data is not readily available, and no reasonable estimation methodology exists. | |
Inventories | ' |
Inventories—Inventories consist mainly of textbooks, tools and supplies. Inventories are valued at the lower of cost or market on a first-in, first-out basis. | |
Property, Equipment and Facilities - Depreciation and Amortization | ' |
Property, Equipment and Facilities—Depreciation and Amortization—Property, equipment and facilities are stated at cost. Major renewals and improvements are capitalized, while repairs and maintenance are expensed when incurred. Upon the retirement, sale or other disposition of assets, costs and related accumulated depreciation are eliminated from the accounts and any gain or loss is reflected in operating (loss) income. For financial statement purposes, depreciation of property and equipment is computed using the straight-line method over the estimated useful lives of the assets, and amortization of leasehold improvements is computed over the lesser of the term of the lease or its estimated useful life. | |
Rent Expense | ' |
Rent Expense—Rent expense related to operating leases where scheduled rent increases exist, is determined by expensing the total amount of rent due over the life of the operating lease on a straight-line basis. The difference between the rent paid under the terms of the lease and the rent expensed on a straight-line basis is included in accrued rent and other long-term liabilities on the accompanying consolidated balance sheets. | |
Advertising Costs | ' |
Advertising Costs—Costs related to advertising are expensed as incurred and approximated $29.3 million, $30.3 million and $38.1 million from continuing operations for the years ended December 31, 2013, 2012 and 2011, respectively. These amounts are included in selling, general and administrative expenses in the consolidated statements of operations. | |
Goodwill and Other Intangible Assets | ' |
Goodwill and Other Intangible Assets— The Company tests its goodwill for impairment annually, or whenever events or changes in circumstances indicate an impairment may have occurred, by comparing its reporting unit's carrying value to its implied fair value. Impairment may result from, among other things, deterioration in the performance of the acquired business, adverse market conditions, adverse changes in applicable laws or regulations, reductions in market value of the Company, including changes that restrict the activities of the acquired business, and a variety of other circumstances. If the Company determines that an impairment has occurred, it is required to record a write-down of the carrying value and charge the impairment as an operating expense in the period the determination is made. In evaluating the recoverability of the carrying value of goodwill and other indefinite-lived intangible assets, the Company must make assumptions regarding estimated future cash flows and other factors to determine the fair value of the acquired assets. Changes in strategy or market conditions could significantly impact these judgments in the future and require an adjustment to the recorded balances. | |
At December 31, 2013, the Company conducted its annual test for goodwill impairment and determined it did not have an impairment. The fair value of the Company's reporting units were determined using Level 3 inputs included in its multiple of earnings and discounted cash flow approach. As of June 30, 2013, the Company concluded that current period losses at two reporting units, which resulted in a deterioration of current and projected cash flows, was an indicator of potential impairment and, accordingly, tested goodwill and long-lived assets for impairment. The tests indicated that these two reporting units were impaired, which resulted in a pre-tax non-cash charge of $3.1 million for the three months ended June 30, 2013. | |
At December 31, 2012, the Company tested goodwill for impairment and determined that an impairment of approximately $18.3 million ($4.5 million included in discontinued operations) existed for seven of its reporting units. The Company concluded that the decrease in the Company's market capitalization as of June 30, 2012 was an indicator of potential impairment and, accordingly, the Company tested goodwill for impairment. The tests indicated that five of the Company's reporting units were impaired as a result of lower than expected student population, which resulted in a pre-tax charge of $15.4 million in the second quarter of 2012 ($8.4 million included in discontinued operations). The fair values of these reporting units were estimated using the expected present value of future cash flows. No other reporting unit's carrying goodwill amount exceeded or approximated its implied value. | |
At December 31, 2011, the Company tested goodwill for impairment and determined it did not have an impairment. The Company concluded that the decrease in the Company's market capitalization as of September 30, 2011 was an indicator of potential impairment and, accordingly, the Company tested goodwill and indefinite-lived intangibles for impairment. The tests indicated that five of the Company's reporting units were impaired, which resulted in an expense of $9.3 million in the third quarter of 2011 ($1.0 million included in discontinued operations). | |
Concentration of Credit Risk | ' |
Concentration of Credit Risk—Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments. The Company places its cash and cash equivalents with high credit quality financial institutions. The Company's cash balances with financial institutions typically exceed the Federal Deposit Insurance limit of $0.25 million. The Company's cash balances on deposit at December 31, 2013, exceeded the balance insured by the FDIC by approximately $66.7 million. The Company has not experienced any losses to date on its invested cash. | |
The Company extends credit for tuition and fees to many of its students. The credit risk with respect to these accounts receivable is mitigated through the students' participation in federally funded financial aid programs unless students withdraw prior to the receipt of federal funds for those students. In addition, the remaining tuition receivables are primarily comprised of smaller individual amounts due from students. | |
With respect to student receivables, the Company had no significant concentrations of credit risk as of December 31, 2013 and 2012. | |
Use of Estimates in the Preparation of Financial Statements | ' |
Use of Estimates in the Preparation of Financial Statements—The preparation of financial statements in conformity with generally accepted accounting principles in the United States ("GAAP') requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. On an ongoing basis, the Company evaluates the estimates and assumptions, including those related to revenue recognition, bad debts, impairments, fixed assets, income taxes, benefit plans and certain accruals. Actual results could differ from those estimates. | |
Stock-Based Compensation Plans | ' |
Stock-Based Compensation Plans—The Company measures the value of stock options on the grant date at fair value, using the Black-Scholes option valuation model. The Company amortizes the fair value of stock options, net of estimated forfeitures, utilizing straight-line amortization of compensation expense over the requisite service period of the grant. | |
The Company measures the value of service and performance-based restricted stock on the fair value of a share of common stock on the date of the grant. The Company amortizes the fair value of service based restricted stock utilizing straight-line amortization of compensation expense over the requisite service period of the grant. | |
The Company amortizes the fair value of the performance-based restricted stock based on determination of the probable outcome of the performance condition. If the performance condition is expected to be met, then the Company amortizes the fair value of the number of shares expected to vest utilizing straight-line basis over the requisite performance period of the grant. However, if the associated performance condition is not expected to be met, then the Company does not recognize the stock-based compensation expense. | |
Income Taxes | ' |
Income Taxes—The Company accounts for income taxes in accordance with FASB ASC Topic 740, "Income Taxes" ("ASC 740"). This statement requires an asset and a liability approach for measuring deferred taxes based on temporary differences between the financial statement and tax bases of assets and liabilities existing at each balance sheet date using enacted tax rates for years in which taxes are expected to be paid or recovered. | |
In accordance with ASC 740, the Company assesses our deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable. A valuation allowance is required to be established or maintained when, based on currently available information, it is more likely than not that all or a portion of a deferred tax asset will not be realized. In accordance with ASC 740, our assessment considers whether there has been sufficient income in recent years and whether sufficient income is expected in future years in order to utilize the deferred tax asset. In evaluating the realizability of deferred income tax assets, the Company considered, among other things, historical levels of income, expected future income, the expected timing of the reversals of existing temporary reporting differences, and the expected impact of tax planning strategies that may be implemented to prevent the potential loss of future income tax benefits. Significant judgment is required in determining the future tax consequences of events that have been recognized in our consolidated financial statements and/or tax returns. Differences between anticipated and actual outcomes of these future tax consequences could have a material impact on our consolidated financial position or results of operations. Changes in, among other things, income tax legislation, statutory income tax rates, or future income levels could materially impact our valuation of income tax assets and liabilities and could cause our income tax provision to vary significantly among financial reporting periods. | |
The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. During the years ended December 31, 2013 and 2012, the interest and penalties expense associated with uncertain tax positions are not significant to the Company's results of operations or financial position. | |
Impairment of Long-Lived Assets | ' |
Impairment of Long-Lived Assets—The Company reviews the carrying value of our long-lived assets and identifiable intangibles for possible impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company evaluates long-lived assets for impairment by examining estimated future cash flows using Level 3 inputs These cash flows are evaluated by using weighted probability techniques as well as comparisons of past performance against projections. Assets may also be evaluated by identifying independent market values. If the Company determines that an asset's carrying value is impaired, it will record a write-down of the carrying value of the asset and charge the impairment as an operating expense in the period in which the determination is made. | |
The Company concluded that for the three months ended December 31, 2013, there was no long-lived asset impairment. The Company concluded that as of June 30, 2013 and March 31, 2013, there was sufficient evidence to conclude that there were impairments of certain long-lived assets at four and two of our campuses, respectively. Long lived assets had been tested at these campuses as a result of certain financial indicators such as our history of losses, our current respective period losses, as well as future projected losses at these campuses. The long-lived assets impairment resulted in a pre-tax charge of $1.4 million ($0.7 million included in discontinued operations) and $1.7 million ($1.6 million included in discontinued operations) for leasehold improvements as of June 30, 2013 and March 31, 2013, respectively. | |
The Company concluded that as of December 31, 2012 and June 30, 2012, there was an indicator of potential impairment and, accordingly, the Company tested long-lived assets for impairment and determined that certain long-lived assets at four and 10 of its campuses were impaired. This resulted in a pre-tax charge of $1.3 million ($0.9 million included in discontinued operations) for leasehold improvements as of December 31, 2012 and $8.3 million (4.4 million in discontinued operations) as of June 30, 2012, which included leasehold improvements of $8.1 million and $0.2 million in definite-lived intangible assets respectively. | |
The Company recorded an impairment charge of $1.0 million in the third quarter of 2011 related to a regional accreditation indefinite intangible asset that is no longer being utilized and is included in discontinued operations. | |
Start-up Costs | ' |
Start-up Costs—Costs related to the start of new campuses are expensed as incurred. | |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
In January 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. The amendments in this ASU clarify that the disclosure requirements of ASU No. 2011-11 are limited to derivatives, including bifurcated embedded derivatives, repurchase and reverse repurchase agreements, and securities borrowing and lending transactions that are either offset in the statement of financial position or subject to an enforceable master netting arrangement or similar agreement. This ASU is effective retrospectively for annual periods beginning on or after January 1, 2013. The adoption of this ASU did not materially impact the presentation of its financial condition, results of operation and disclosures. | |
In February 2013, the FASB issued ASU No. 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date. The amendments in this ASU provide guidance for the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements from which the total amount of the obligation within the scope of this guidance is fixed at the reporting date. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company does not anticipate a material impact to the Company's financial position, results of operations or cash flows as a result of this change. | |
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The amendments in this ASU provide guidance on the financial statement presentation of unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company will reflect the impact of these amendments beginning with the Company's Quarterly Report on Form 10-Q for the period ending March 31, 2014. The Company does not anticipate a material impact to the Company's financial position, results of operations or cash flows as a result of this change. | |
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220) – Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The amendments in this ASU require entities to provide information about amounts reclassified out of accumulated other comprehensive income by component, and to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, or cross-reference to other disclosures, based on certain criteria. This ASU is effective prospectively for reporting periods beginning after December 15, 2012; early adoption is permitted. The Company has adopted this guidance. The adoption of this ASU did not materially impact the presentation of its financial condition, results of operation and disclosures. | |
In addition, the Company has evaluated and adopted the guidance of ASU No. 2012-02, Intangibles-Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment issued in July 2012. The amendments in this ASU give entities the option to first assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that an indefinite-lived intangible asset is impaired. If impairment is indicated, the fair value of the indefinite–lived intangible asset should be determined and the quantitative impairment test should be performed by comparing the fair value with the carrying amount in accordance with Subtopic 350-30; if impairment is not indicated, the entity is not required to take further action. The adoption of this ASU did not impact the presentation of the Company's financial condition, results of operation and disclosures. | |
In October 2012, the FASB issued ASU No. 2012-04, which makes technical corrections, clarifications and limited-scope improvements to various topics throughout the Codification. The amendments in this ASU that do not have transition guidance and are effective upon issuance and the amendments that are subject to transition guidance will be effective for the Company's interim and annual reporting periods beginning January 1, 2013. The adoption of this guidance did not impact the Company's consolidated financial statements. | |
In August 2012, the FASB issued ASU No. 2012-03, which amends and corrects various sections in the Codification pursuant to Staff Accounting Bulletin ("SAB") No. 114, SEC Release No. 33-9250 and ASU No. 2010-22. The amendments and corrections in this ASU are effective upon issuance. The adoption of this guidance did not impact the Company's consolidated financial statements. | |
WEIGHTED_AVERAGE_COMMON_SHARES1
WEIGHTED AVERAGE COMMON SHARES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
WEIGHTED AVERAGE COMMON SHARES [Abstract] | ' | ||||||||||||
Weighted average number of common shares used to compute basic and diluted income per share | ' | ||||||||||||
The weighted average numbers of common shares used to compute basic and diluted income per share for the years ended December 31, 2013, 2012 and 2011, respectively were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Basic shares outstanding | 22,513,391 | 22,195,407 | 22,019,563 | ||||||||||
Dilutive effect of stock options | - | - | 135,437 | ||||||||||
Diluted shares outstanding | 22,513,391 | 22,195,407 | 22,155,000 |
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Five Campuses [Member] | ' | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ||||||||||||
Results of operations at campuses | ' | ||||||||||||
The results of operations at these five campuses for the three year periods ended December 31, 2013 were as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenue | $ | 7,724 | $ | 19,924 | $ | 35,099 | |||||||
(Loss) income before income tax | (17,287 | ) | (13,641 | ) | 5,236 | ||||||||
Income tax expense (benefit) | 239 | (5,444 | ) | 1,677 | |||||||||
Net (loss) income from discontinued operations | $ | (17,526 | ) | $ | (8,197 | ) | $ | 3,559 | |||||
Seven Campuses [Member] | ' | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ||||||||||||
Results of operations at campuses | ' | ||||||||||||
The results of operations at these seven campuses for the two year periods ended December 31, 2012 were as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2012 | 2011 | ||||||||||||
Revenue | $ | 8,500 | $ | 20,804 | |||||||||
Loss before income tax | (22,142 | ) | (5,260 | ) | |||||||||
Income tax benefit | (8,837 | ) | (1,685 | ) | |||||||||
Net loss from discontinued operations | $ | (13,305 | ) | $ | (3,575 | ) |
GOODWILL_AND_OTHER_INTANGIBLES1
GOODWILL AND OTHER INTANGIBLES (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLES [Abstract] | ' | ||||||||||||||||||||||||||||
Changes in carrying amount of goodwill | ' | ||||||||||||||||||||||||||||
Changes in the carrying amount of goodwill during the years ended December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||
Gross Goodwill Balance | Accumulated Impairment Losses | Net Goodwill Balance | |||||||||||||||||||||||||||
Balance as of January 1, 2012 | $ | 115,303 | $ | (17,932 | ) | $ | 97,371 | ||||||||||||||||||||||
Acquisition of FMTI | 1,873 | - | 1,873 | ||||||||||||||||||||||||||
Goodwill impairment (1) | - | (33,717 | ) | (33,717 | ) | ||||||||||||||||||||||||
Balance as of December 31, 2012 | 117,176 | (51,649 | ) | 65,527 | |||||||||||||||||||||||||
Goodwill impairment | - | (3,062 | ) | (3,062 | ) | ||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 117,176 | $ | (54,711 | ) | $ | 62,465 | ||||||||||||||||||||||
-1 | $12.8 million included in discontinued operations. | ||||||||||||||||||||||||||||
Summary of finite-lived and indefinite-lived intangible assets | ' | ||||||||||||||||||||||||||||
Intangible assets, which are included in other assets in the accompanying consolidated balance sheets, consisted of the following: | |||||||||||||||||||||||||||||
Student Contracts | Indefinite Trade Name | Trade Name | Accreditation | Curriculum | Non-compete | Total | |||||||||||||||||||||||
Gross carrying amount at December 31, 2012 | $ | 25 | $ | 180 | $ | 366 | $ | 1,268 | $ | 1,124 | $ | 200 | $ | 3,163 | |||||||||||||||
Write-off | (25 | ) | - | (31 | ) | (102 | ) | - | - | (158 | ) | ||||||||||||||||||
Gross carrying amount at December 31, 2013 | - | 180 | 335 | 1,166 | 1,124 | 200 | 3,005 | ||||||||||||||||||||||
Accumulated amortization at December 31, 2012 | 25 | - | 209 | - | 670 | 28 | 932 | ||||||||||||||||||||||
Write-off | (25 | ) | - | (31 | ) | - | - | - | (56 | ) | |||||||||||||||||||
Amortization | - | - | 50 | - | 158 | 40 | 248 | ||||||||||||||||||||||
Accumulated amortization at December 31, 2013 | - | - | 228 | - | 828 | 68 | 1,124 | ||||||||||||||||||||||
Net carrying amount at December 31, 2013 | $ | - | $ | 180 | $ | 107 | $ | 1,166 | $ | 296 | $ | 132 | $ | 1,881 | |||||||||||||||
Weighted average amortization period (years) | Indefinite | 7 | Indefinite | 9 | 3 | ||||||||||||||||||||||||
Student Contracts | Indefinite Trade Name | Trade Name | Accreditation | Curriculum | Non-compete | Total | |||||||||||||||||||||||
Gross carrying amount at December 31, 2011 | $ | - | $ | 180 | $ | 509 | $ | 1,268 | $ | 1,150 | $ | 1,980 | $ | 5,087 | |||||||||||||||
Acquisition of FMTI (1) | 25 | - | 25 | - | 224 | 200 | 474 | ||||||||||||||||||||||
Write-off | - | - | - | - | - | (1,980 | ) | (1,980 | ) | ||||||||||||||||||||
Impairment (2) | - | - | (168 | ) | - | (250 | ) | - | (418 | ) | |||||||||||||||||||
Gross carrying amount at December 31, 2012 | 25 | 180 | 366 | 1,268 | 1,124 | 200 | 3,163 | ||||||||||||||||||||||
Accumulated amortization at December 31, 2011 | - | - | 262 | - | 620 | 1,952 | 2,834 | ||||||||||||||||||||||
Amortization | 25 | - | 74 | - | 135 | 56 | 290 | ||||||||||||||||||||||
Write-off | - | - | - | - | - | (1,980 | ) | (1,980 | ) | ||||||||||||||||||||
Impairment (2) | - | - | (127 | ) | - | (85 | ) | - | (212 | ) | |||||||||||||||||||
Accumulated amortization at December 31, 2012 | 25 | - | 209 | - | 670 | 28 | 932 | ||||||||||||||||||||||
Net carrying amount at December 31, 2012 | $ | - | $ | 180 | $ | 157 | $ | 1,268 | $ | 454 | $ | 172 | $ | 2,231 | |||||||||||||||
Weighted average amortization period (years) | Indefinite | 7 | Indefinite | 9 | 3 | ||||||||||||||||||||||||
(1) The Company purchased FMTI in April 2012. Refer to Note 5 for more information on the purchase. | |||||||||||||||||||||||||||||
(2) Refer to Note 1 for more information related to the impairment. | |||||||||||||||||||||||||||||
Summary of estimated future amortization expense | ' | ||||||||||||||||||||||||||||
The following table summarizes the estimated future amortization expense: | |||||||||||||||||||||||||||||
Year Ending December 31, | |||||||||||||||||||||||||||||
2014 | $ | 200 | |||||||||||||||||||||||||||
2015 | 156 | ||||||||||||||||||||||||||||
2016 | 112 | ||||||||||||||||||||||||||||
2017 | 46 | ||||||||||||||||||||||||||||
2018 | 20 | ||||||||||||||||||||||||||||
Thereafter | 1 | ||||||||||||||||||||||||||||
$ | 535 | ||||||||||||||||||||||||||||
PROPERTY_EQUIPMENT_AND_FACILIT1
PROPERTY, EQUIPMENT AND FACILITIES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
PROPERTY, EQUIPMENT AND FACILITIES [Abstract] | ' | ||||||||||||
Property, equipment and facilities | ' | ||||||||||||
Property, equipment and facilities consist of the following: | |||||||||||||
At December 31, | |||||||||||||
Useful life (years) | 2013 | 2012 | |||||||||||
Land | - | $ | 17,562 | $ | 18,363 | ||||||||
Buildings and improvements | 25-Jan | 178,089 | 192,990 | ||||||||||
Equipment, furniture and fixtures | 7-Jan | 76,769 | 79,172 | ||||||||||
Vehicles | 3 | 1,282 | 1,231 | ||||||||||
Construction in progress | - | 425 | 174 | ||||||||||
274,127 | 291,930 | ||||||||||||
Less accumulated depreciation and amortization | (146,795 | ) | (137,834 | ) | |||||||||
$ | 127,332 | $ | 154,096 | ||||||||||
Schedule of assets held for sale | ' | ||||||||||||
The assets held for sale as a result of the closures consist of the following: | |||||||||||||
At December 31, | |||||||||||||
2013 | |||||||||||||
Land | $ | 800 | |||||||||||
Buildings and improvements | 5,510 | ||||||||||||
Assets held for sale | $ | 6,310 | |||||||||||
ACCRUED_EXPENSES_Tables
ACCRUED EXPENSES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
ACCRUED EXPENSES [Abstract] | ' | ||||||||
Accrued expenses | ' | ||||||||
Accrued expenses consist of the following: | |||||||||
At December 31, | |||||||||
2013 | 2012 | ||||||||
Accrued compensation and benefits | $ | 5,128 | $ | 3,163 | |||||
Other accrued expenses | 5,527 | 6,583 | |||||||
$ | 10,655 | $ | 9,746 | ||||||
LONGTERM_DEBT_AND_LEASE_OBLIGA1
LONG-TERM DEBT AND LEASE OBLIGATIONS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
LONG TERM DEBT AND LEASE OBLIGATIONS [Abstract] | ' | ||||||||
Long-term debt and lease obligations | ' | ||||||||
Long-term debt and lease obligations consist of the following: | |||||||||
At December 31, | |||||||||
2013 | 2012 | ||||||||
Credit agreement (a) | $ | 54,500 | $ | 37,500 | |||||
Finance obligation (b) | 9,672 | 9,672 | |||||||
Capital lease-property (with a rate of 8.0%) (c) | 25,944 | 26,344 | |||||||
Capital leases-equipment (with rates ranging from 5.0% to 8.5%) | - | 11 | |||||||
90,116 | 73,527 | ||||||||
Less current maturities | (435 | ) | (412 | ) | |||||
$ | 89,681 | $ | 73,115 | ||||||
Scheduled maturities of long-term debt and lease obligation | ' | ||||||||
Scheduled maturities of long-term debt and lease obligations at December 31, 2013 are as follows: | |||||||||
Year ending December 31, | |||||||||
2014 | $ | 435 | |||||||
2015 | 54,971 | ||||||||
2016 | 10,244 | ||||||||
2017 | 748 | ||||||||
2018 | 810 | ||||||||
Thereafter | 22,908 | ||||||||
$ | 90,116 | ||||||||
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
STOCKHOLDERS' EQUITY [Abstract] | ' | ||||||||||||||||||||||
Summary of transactions pertaining to restricted stock | ' | ||||||||||||||||||||||
The following is a summary of transactions pertaining to restricted stock: | |||||||||||||||||||||||
Shares | Weighted Average Grant Date Fair Value Per Share | ||||||||||||||||||||||
Nonvested restricted stock outstanding at December 31, 2011 | 501,551 | $ | 16.1 | ||||||||||||||||||||
Granted | 1,213,621 | 4.82 | |||||||||||||||||||||
Vested | (374,088 | ) | 9.3 | ||||||||||||||||||||
Nonvested restricted stock outstanding at December 31, 2012 | 1,341,084 | 7.79 | |||||||||||||||||||||
Granted | 434,308 | 5.62 | |||||||||||||||||||||
Cancelled | (33,529 | ) | 16.7 | ||||||||||||||||||||
Vested | (493,917 | ) | 7.41 | ||||||||||||||||||||
Nonvested restricted stock outstanding at December 31, 2013 | 1,247,946 | 6.77 | |||||||||||||||||||||
Weighted average assumptions for grants | ' | ||||||||||||||||||||||
The fair value of the stock options used to compute stock-based compensation is the estimated present value at the date of grant using the Black-Scholes option pricing model. During 2013 and 2011 there were no new stock option grants. The weighted average fair values of options granted during 2012 was $2.52 using the following weighted average assumptions for grants: | |||||||||||||||||||||||
At December 31, | |||||||||||||||||||||||
2012 | |||||||||||||||||||||||
Expected volatility | 51.25 | % | |||||||||||||||||||||
Expected dividend yield | 4 | % | |||||||||||||||||||||
Expected life (term) | 4.65 Years | ||||||||||||||||||||||
Risk-free interest rate | 0.87 | % | |||||||||||||||||||||
Weighted-average exercise price during the year | $ | 7.79 | |||||||||||||||||||||
Summary of transactions pertaining to option plans | ' | ||||||||||||||||||||||
The following is a summary of transactions pertaining to the option plans: | |||||||||||||||||||||||
Shares | Weighted Average Exercise Price Per Share | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||||||||||
Outstanding December 31, 2010 | 720,940 | $ | 14.59 | 5.14 years | $ | 2,095 | |||||||||||||||||
Cancelled | (74,459 | ) | 12.8 | ||||||||||||||||||||
Exercised | (113,106 | ) | 6.29 | 759 | |||||||||||||||||||
Outstanding December 31, 2011 | 533,375 | 16.6 | 4.68 years | - | |||||||||||||||||||
Granted | 157,000 | 7.79 | |||||||||||||||||||||
Cancelled | (34,500 | ) | 12.26 | - | |||||||||||||||||||
Outstanding December 31, 2012 | 655,875 | 14.72 | 4.89 years | - | |||||||||||||||||||
Cancelled | (108,750 | ) | 14.64 | ||||||||||||||||||||
Outstanding December 31, 2013 | 547,125 | 14.73 | 4.56 years | - | |||||||||||||||||||
Vested or expected to vest as of December 31, 2013 | 527,527 | 14.99 | 4.43 years | - | |||||||||||||||||||
Exercisable as of December 31, 2013 | 449,134 | 16.25 | 3.77 years | - | |||||||||||||||||||
Summary of options outstanding | ' | ||||||||||||||||||||||
The following table presents a summary of options outstanding at December 31, 2013: | |||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||
Stock Options Outstanding | Stock Options Exercisable | ||||||||||||||||||||||
Range of Exercise Prices | Shares | Contractual Weighted Average life (years) | Weighted Average Price | Shares | Weighted Exercise Price | ||||||||||||||||||
$ | 4.00-$13.99 | 259,792 | 6.13 | $ | 9.6 | 161,801 | $ | 10.7 | |||||||||||||||
$ | 14.00-$19.99 | 182,333 | 3.36 | 17.67 | 182,333 | 17.67 | |||||||||||||||||
$ | 20.00-$25.00 | 105,000 | 2.77 | 22.33 | 105,000 | 22.33 | |||||||||||||||||
547,125 | 4.56 | 14.73 | 449,134 | 16.25 |
PENSION_PLAN_Tables
PENSION PLAN (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
PENSION PLAN [Abstract] | ' | ||||||||||||||||
Schedule of plan's funded status | ' | ||||||||||||||||
The following table sets forth the plan's funded status and amounts recognized in the consolidated financial statements: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
CHANGES IN BENEFIT OBLIGATIONS: | |||||||||||||||||
Benefit obligation-beginning of year | $ | 23,169 | $ | 21,233 | $ | 17,903 | |||||||||||
Service cost | 37 | 35 | 117 | ||||||||||||||
Interest cost | 790 | 872 | 939 | ||||||||||||||
Actuarial (gain) loss | (2,614 | ) | 1,926 | 3,008 | |||||||||||||
Benefits paid | (1,068 | ) | (897 | ) | (734 | ) | |||||||||||
Benefit obligation at end of year | 20,314 | 23,169 | 21,233 | ||||||||||||||
CHANGE IN PLAN ASSETS: | |||||||||||||||||
Fair value of plan assets-beginning of year | 16,268 | 14,639 | 15,087 | ||||||||||||||
Actual return on plan assets | 2,919 | 1,807 | 12 | ||||||||||||||
Employer contributions | 673 | 719 | 274 | ||||||||||||||
Benefits paid | (1,068 | ) | (897 | ) | (734 | ) | |||||||||||
Fair value of plan assets-end of year | 18,792 | 16,268 | 14,639 | ||||||||||||||
BENEFIT OBLIGATION IN EXCESS OF FAIR VALUE FUNDED STATUS: | $ | (1,522 | ) | $ | (6,901 | ) | $ | (6,594 | ) | ||||||||
Amounts recognized in consolidated balance sheets | ' | ||||||||||||||||
Amounts recognized in the consolidated balance sheets consist of: | |||||||||||||||||
At December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Noncurrent liabilities | $ | (1,522 | ) | $ | (6,901 | ) | $ | (6,594 | ) | ||||||||
Amounts recognized in accumulated other comprehensive loss | ' | ||||||||||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Accumulated loss | $ | (5,928 | ) | $ | (11,276 | ) | $ | (11,191 | ) | ||||||||
Deferred income taxes | 2,366 | 4,500 | 4,475 | ||||||||||||||
Accumulated other comprehensive loss | $ | (3,562 | ) | $ | (6,776 | ) | $ | (6,716 | ) | ||||||||
Components of net periodic cost for plan | ' | ||||||||||||||||
The following table provides the components of net periodic cost for the plan: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
COMPONENTS OF NET PERIODIC BENEFIT COST | |||||||||||||||||
Service cost | $ | 37 | $ | 35 | $ | 117 | |||||||||||
Interest cost | 790 | 872 | 939 | ||||||||||||||
Expected return on plan assets | (1,141 | ) | (1,021 | ) | (1,034 | ) | |||||||||||
Recognized net actuarial loss | 955 | 1,056 | 742 | ||||||||||||||
Net periodic benefit cost | $ | 641 | $ | 942 | $ | 764 | |||||||||||
Plan assets using fair value hierarchy | ' | ||||||||||||||||
The following tables present plan assets using the fair value hierarchy as of December 31, 2013 and 2012. The fair value hierarchy has three levels based on the reliability of inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using observable prices that are based on inputs not quoted in active markets but observable by market data, while Level 3 includes the fair values estimated using significant non-observable inputs. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. | |||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||
Equity securities | $ | 9,491 | $ | - | $ | - | $ | 9,491 | |||||||||
Fixed income | 5,787 | - | - | 5,787 | |||||||||||||
International equities | 3,484 | - | - | 3,484 | |||||||||||||
Cash and equivalents | 30 | - | - | 30 | |||||||||||||
Balance at December 31, 2013 | $ | 18,792 | $ | - | $ | - | $ | 18,792 | |||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||
Equity securities | $ | 7,455 | $ | - | $ | - | $ | 7,455 | |||||||||
Fixed income | 5,835 | - | - | 5,835 | |||||||||||||
International equities | 2,957 | - | - | 2,957 | |||||||||||||
Cash and equivalents | 21 | - | - | 21 | |||||||||||||
Balance at December 31, 2012 | $ | 16,268 | $ | - | $ | - | $ | 16,268 | |||||||||
Fair value of total plan assets by major asset category | ' | ||||||||||||||||
Fair value of total plan assets by major asset category as of December 31: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Equity securities | 51 | % | 46 | % | 47 | % | |||||||||||
Fixed income | 31 | % | 36 | % | 36 | % | |||||||||||
International equities | 18 | % | 18 | % | 17 | % | |||||||||||
Cash and equivalents | 0 | % | 0 | % | 0 | % | |||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||||||||||
Expected benefit payments for plan | ' | ||||||||||||||||
Information about the expected benefit payments for the plan is as follows: | |||||||||||||||||
Year Ending December 31, | |||||||||||||||||
2014 | $ | 1,041 | |||||||||||||||
2015 | 1,127 | ||||||||||||||||
2016 | 1,196 | ||||||||||||||||
2017 | 1,275 | ||||||||||||||||
2018 | 1,330 | ||||||||||||||||
Years 2019-2023 | 6,911 | ||||||||||||||||
Benefit Obligations [Member] | ' | ||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||||||||||
Weighted-average assumptions used | ' | ||||||||||||||||
Weighted-average assumptions used to determine net periodic pension cost for years ended December 31: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Discount rate | 3.55 | % | 4.1 | % | 5.18 | % | |||||||||||
Rate of compensation increase | 2 | % | 4 | % | 4 | % | |||||||||||
Long-term rate of return | 7 | % | 7 | % | 7 | % | |||||||||||
Periodic Pension Cost [Member] | ' | ||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||||||||||
Weighted-average assumptions used | ' | ||||||||||||||||
Weighted-average assumptions used to determine benefit obligations as of December 31: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Discount rate | 4.46 | % | 3.55 | % | 4.1 | % | |||||||||||
Rate of compensation increase | 2 | % | 1.75 | % | 4 | % |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
INCOME TAXES [Abstract] | ' | ||||||||||||||||||||||||
Components of provision for income taxes | ' | ||||||||||||||||||||||||
Components of the provision for income taxes from continuing operations were as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Current: | |||||||||||||||||||||||||
Federal | $ | (7,369 | ) | $ | 9,273 | $ | 7,099 | ||||||||||||||||||
State | 709 | 2,164 | 2,754 | ||||||||||||||||||||||
Total | (6,660 | ) | 11,437 | 9,853 | |||||||||||||||||||||
Deferred: | |||||||||||||||||||||||||
Federal | 21,103 | (11,394 | ) | 3,312 | |||||||||||||||||||||
State | 5,148 | (2,834 | ) | (112 | ) | ||||||||||||||||||||
Total | 26,251 | (14,228 | ) | 3,200 | |||||||||||||||||||||
Total provision (benefit) | $ | 19,591 | $ | (2,791 | ) | $ | 13,053 | ||||||||||||||||||
Components of deferred tax assets | ' | ||||||||||||||||||||||||
The components of the deferred tax assets are as follows: | |||||||||||||||||||||||||
At December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Deferred tax assets | |||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||
Accrued vacation | $ | 79 | $ | 60 | |||||||||||||||||||||
Net operating loss carryforwards | - | 586 | |||||||||||||||||||||||
Allowance for bad debts | 5,502 | 7,083 | |||||||||||||||||||||||
Total current deferred tax assets | 5,581 | 7,729 | |||||||||||||||||||||||
Deferred tax assets | |||||||||||||||||||||||||
Noncurrent: | |||||||||||||||||||||||||
Allowance for bad debts | 392 | 430 | |||||||||||||||||||||||
Accrued rent | 3,669 | 3,785 | |||||||||||||||||||||||
Stock-based compensation | 1,509 | 2,095 | |||||||||||||||||||||||
Depreciation | 10,670 | 5,953 | |||||||||||||||||||||||
Other intangibles | 434 | 547 | |||||||||||||||||||||||
Pension plan liabilities | 608 | 2,754 | |||||||||||||||||||||||
Net operating loss carryforwards | 6,285 | 1,553 | |||||||||||||||||||||||
Sale leaseback-deferred gain | 2,531 | 2,482 | |||||||||||||||||||||||
AMT credit | 424 | - | |||||||||||||||||||||||
Other | - | 77 | |||||||||||||||||||||||
Total noncurrent deferred tax assets | 26,522 | 19,676 | |||||||||||||||||||||||
Total deferred tax assets | 32,103 | 27,405 | |||||||||||||||||||||||
Less valuation allowance | (31,679 | ) | - | ||||||||||||||||||||||
Deferred tax assets, net of valuation allowance | 424 | 27,405 | |||||||||||||||||||||||
Deferred tax liabilities | |||||||||||||||||||||||||
Noncurrent: | |||||||||||||||||||||||||
Goodwill | (4,952 | ) | (2,611 | ) | |||||||||||||||||||||
Total deferred tax liabilities | (4,952 | ) | (2,611 | ) | |||||||||||||||||||||
Total net noncurrent deferred tax (liabilities) assets | (4,528 | ) | 17,065 | ||||||||||||||||||||||
Total net deferred tax (liabilities) assets | $ | (4,528 | ) | $ | 24,794 | ||||||||||||||||||||
Difference between actual tax provision and tax provision that would result from use of Federal statutory rate | ' | ||||||||||||||||||||||||
The difference between the actual tax provision and the tax provision that would result from the use of the Federal statutory rate is as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(Loss) income from continuing operations before taxes | $ | (14,169 | ) | $ | (18,475 | ) | $ | 30,609 | |||||||||||||||||
Expected tax (benefit) expense | $ | (4,959 | ) | 35 | % | $ | (6,466 | ) | 35 | % | $ | 10,713 | 35 | % | |||||||||||
State tax expense (benefit) (net of federal) | (221 | ) | 1.6 | (436 | ) | 2.4 | 1,717 | 5.6 | |||||||||||||||||
Permanent impairment | - | - | 3,588 | (19.4 | ) | 109 | 0.4 | ||||||||||||||||||
Valuation allowance | 24,541 | (173.2 | ) | - | - | - | - | ||||||||||||||||||
Other | 230 | (1.7 | ) | 523 | (2.9 | ) | 514 | 1.6 | |||||||||||||||||
Total | $ | 19,591 | -138.3 | % | $ | (2,791 | ) | 15.1 | % | $ | 13,053 | 42.6 | % | ||||||||||||
Activity related to uncertain tax positions | ' | ||||||||||||||||||||||||
The following table summarizes the activity related to the Company's uncertain tax positions: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Balance at January 1, | $ | 135 | $ | 100 | $ | 100 | |||||||||||||||||||
Decrease for tax positions of prior years | (135 | ) | (100 | ) | |||||||||||||||||||||
Increase for tax positions of current year | - | 135 | - | ||||||||||||||||||||||
Balance at December 31, | $ | - | $ | 135 | $ | 100 | |||||||||||||||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
COMMITMENTS AND CONTINGENCIES [Abstract] | ' | ||||||||||||
Lease commitments | ' | ||||||||||||
Lease Commitments—The Company leases office premises, educational facilities and various equipment for varying periods through the year 2032 at basic annual rentals (excluding taxes, insurance, and other expenses under certain leases) as follows: | |||||||||||||
Year Ending December 31, | Finance Obligation | Operating Leases | Capital Leases | ||||||||||
2014 | $ | 1,546 | $ | 21,223 | $ | 2,494 | |||||||
2015 | 1,546 | 19,429 | 2,494 | ||||||||||
2016 | 1,546 | 15,680 | 2,556 | ||||||||||
2017 | - | 14,628 | 2,678 | ||||||||||
2018 | - | 13,644 | 2,678 | ||||||||||
Thereafter | - | 34,913 | 37,137 | ||||||||||
4,638 | 119,517 | 50,037 | |||||||||||
Less amount representing interest | (4,638 | ) | - | (24,094 | ) | ||||||||
$ | - | $ | 119,517 | $ | 25,943 |
UNAUDITED_QUARTERLY_FINANCIAL_1
UNAUDITED QUARTERLY FINANCIAL INFORMATION (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
UNAUDITED QUARTERLY FINANCIAL INFORMATION [Abstract] | ' | ||||||||||||||||
Quarterly financial information | ' | ||||||||||||||||
Quarterly financial information for 2013 and 2012 is as follows: | |||||||||||||||||
Quarter | |||||||||||||||||
2013 | First | Second | Third | Fourth | |||||||||||||
Revenue | $ | 86,270 | $ | 81,751 | $ | 88,527 | $ | 88,475 | |||||||||
(Loss) income from continuing operations | (5,282 | ) | (6,688 | ) | 77 | (21,866 | ) | ||||||||||
Loss from discontinued operations | (2,205 | ) | (2,690 | ) | (2,353 | ) | (10,279 | ) | |||||||||
Net loss | (7,487 | ) | (9,378 | ) | (2,276 | ) | (32,145 | ) | |||||||||
Basic | |||||||||||||||||
(Loss) earnings per share from continuing operations | $ | (0.24 | ) | $ | (0.30 | ) | $ | 0 | $ | (0.97 | ) | ||||||
Loss per share from discontinued operations | (0.10 | ) | (0.12 | ) | (0.10 | ) | (0.45 | ) | |||||||||
Net loss per share | $ | (0.33 | ) | $ | (0.42 | ) | $ | (0.10 | ) | $ | (1.42 | ) | |||||
Diluted | |||||||||||||||||
(Loss) earnings per share from continuing operations | $ | (0.24 | ) | $ | (0.30 | ) | $ | 0 | $ | (0.97 | ) | ||||||
Loss per share from discontinued operations | (0.10 | ) | (0.12 | ) | (0.10 | ) | (0.45 | ) | |||||||||
Net loss per share | $ | (0.33 | ) | $ | (0.42 | ) | $ | (0.10 | ) | $ | (1.42 | ) | |||||
Weighted average number of common shares outstanding: | |||||||||||||||||
Basic | 22,414 | 22,497 | 22,528 | 22,618 | |||||||||||||
Diluted | 22,414 | 22,497 | 22,811 | 22,618 | |||||||||||||
Quarter | |||||||||||||||||
2012 | First | Second | Third | Fourth | |||||||||||||
Revenue | $ | 96,242 | $ | 91,867 | $ | 97,704 | $ | 96,962 | |||||||||
(Loss) income from continuing operations | (1,571 | ) | (11,064 | ) | 2,284 | (5,334 | ) | ||||||||||
Loss from discontinued operations | (1,484 | ) | (9,644 | ) | (3,768 | ) | (6,605 | ) | |||||||||
Net loss | (3,055 | ) | (20,708 | ) | (1,484 | ) | (11,939 | ) | |||||||||
Basic | |||||||||||||||||
(Loss) earnings per share from continuing operations | $ | (0.07 | ) | $ | (0.50 | ) | $ | 0.1 | $ | (0.24 | ) | ||||||
Loss per share from discontinued operations | (0.07 | ) | (0.43 | ) | (0.17 | ) | (0.30 | ) | |||||||||
Net loss per share | $ | (0.14 | ) | $ | (0.93 | ) | $ | (0.07 | ) | $ | (0.54 | ) | |||||
Diluted | |||||||||||||||||
(Loss) earnings per share from continuing operations | $ | (0.07 | ) | $ | (0.50 | ) | $ | 0.1 | $ | (0.24 | ) | ||||||
Loss per share from discontinued operations | (0.07 | ) | (0.43 | ) | (0.17 | ) | (0.30 | ) | |||||||||
Net loss per share | $ | (0.14 | ) | $ | (0.93 | ) | $ | (0.07 | ) | $ | (0.54 | ) | |||||
Weighted average number of common shares outstanding: | |||||||||||||||||
Basic | 22,137 | 22,183 | 22,195 | 22,266 | |||||||||||||
Diluted | 22,137 | 22,183 | 22,281 | 22,266 | |||||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | ||
Unit | Unit | Unit | StudyArea | Unit | AssetsGroup | |||
AssetsGroup | AssetsGroup | School | AssetsGroup | |||||
Site | ||||||||
State | ||||||||
AssetsGroup | ||||||||
Business Activities [Abstract] | ' | ' | ' | ' | ' | ' | ' | |
Number of principal area of study | ' | ' | ' | 5 | ' | ' | ' | |
Number of schools operates across the United States | ' | ' | ' | 33 | ' | ' | ' | |
Number of training sites operates across the United States | ' | ' | ' | 5 | ' | ' | ' | |
Number of states in which schools operates across the United States | ' | ' | ' | 15 | ' | ' | ' | |
Cash and Cash Equivalents [Abstract] | ' | ' | ' | ' | ' | ' | ' | |
Maximum maturity period for classification of cash equivalents | ' | ' | ' | '3 months | ' | ' | ' | |
Advertising Costs [Abstract] | ' | ' | ' | ' | ' | ' | ' | |
Advertising expense | ' | ' | ' | $29,300,000 | $30,300,000 | $38,100,000 | ' | |
Goodwill and Other Intangible Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | |
Number of units impaired | 2 | 5 | 5 | ' | 7 | ' | ' | |
Goodwill impairment loss pre tax charge | 3,100,000 | 15,400,000 | ' | ' | ' | ' | ' | |
Goodwill impairment | ' | ' | ' | ' | 18,300,000 | ' | ' | |
Goodwill, discontinued operations | ' | 8,400,000 | 1,000,000 | ' | 4,500,000 | ' | ' | |
Impairment of goodwill | ' | ' | 9,300,000 | 3,062,000 | 33,717,000 | [1] | ' | ' |
Concentration of Credit Risk [Abstract] | ' | ' | ' | ' | ' | ' | ' | |
Federal deposit insurance limit | ' | ' | ' | 250,000 | ' | ' | ' | |
Excess cash, FDIC insured amount | ' | ' | ' | 66,700,000 | ' | ' | ' | |
Impairment of Long-Lived Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | |
Number of assets groups impaired | 4 | 10 | ' | ' | 4 | ' | 2 | |
Pretax charge related to impairment of long lived assets | 1,400,000 | ' | ' | ' | ' | ' | 1,700,000 | |
Impairment related to discontinued operations | 700,000 | 4,400,000 | ' | ' | 900,000 | ' | 1,600,000 | |
Pre tax charge for impairment of leasehold improvements | ' | 8,300,000 | ' | ' | 1,300,000 | ' | ' | |
Pretax charges related to definite-lived intangible assets | ' | 200,000 | ' | ' | 8,100,000 | ' | ' | |
Accreditation [Member] | ' | ' | ' | ' | ' | ' | ' | |
Impairment of Long-Lived Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | |
Impairment charge of intangible asset | ' | ' | $1,000,000 | ' | ' | ' | ' | |
[1] | $12.8 million included in discontinued operations. |
FINANCIAL_AID_AND_REGULATORY_C1
FINANCIAL AID AND REGULATORY COMPLIANCE (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Unit | Unit | Unit | |
FINANCIAL AID AND REGULATORY COMPLIANCE [Abstract] | ' | ' | ' |
Percentage of net revenues on cash basis indirectly derived from funds (in hundredths) | 80.00% | 81.00% | 84.00% |
Maximum specified percentage of net revenues on cash basis indirectly derived from funds (in hundredths) | 90.00% | 90.00% | 90.00% |
Period over which entity became ineligible after receiving specified percentage as revenue from funds | '2 years | ' | ' |
Period for which entity may not reapply for eligibility | '2 years | ' | ' |
Standard composite score for financial responsibility, minimum | '-1 | ' | ' |
Standard composite score for financial responsibility, maximum | '3 | ' | ' |
Composite score for financial responsibility | 1.5 | 1.6 | 2.1 |
WEIGHTED_AVERAGE_COMMON_SHARES2
WEIGHTED AVERAGE COMMON SHARES (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Shares used to compute basic and diluted loss income per share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic shares outstanding (in shares) | 22,618 | 22,528 | 22,497 | 22,414 | 22,266 | 22,195 | 22,183 | 22,137 | 22,513,391 | 22,195,407 | 22,019,563 |
Dilutive effect of stock options (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 135,437 |
Diluted shares outstanding (in shares) | 22,618 | 22,811 | 22,497 | 22,414 | 22,266 | 22,281 | 22,183 | 22,137 | 22,513,391 | 22,195,407 | 22,155,000 |
Stock Option [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive shares excluded from computation of income (loss) per share (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 222,707 | 71,989 | ' |
Stock Option [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive shares excluded from computation of income (loss) per share (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 657,083 | 216,908 | 399,583 |
Performance Shares [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive shares excluded from computation of income (loss) per share (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 441,552 | 134,131 | ' |
DISCONTINUED_OPERATIONS_Detail
DISCONTINUED OPERATIONS (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 18, 2013 | Jul. 31, 2012 | |
Campus | Campus | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of campuses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 7 |
Result of discontinued operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income from discontinued operations | ($10,279,000) | ($2,353,000) | ($2,690,000) | ($2,205,000) | ($6,605,000) | ($3,768,000) | ($9,644,000) | ($1,484,000) | ($17,526,000) | ($21,502,000) | ($16,000) | ' | ' |
Ohio [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of campuses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' |
Kentucky [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of campuses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' |
Five Campuses [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Result of discontinued operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 7,724,000 | 19,924,000 | 35,099,000 | ' | ' |
(Loss) income before income tax | ' | ' | ' | ' | ' | ' | ' | ' | -17,287,000 | -13,641,000 | 5,236,000 | ' | ' |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 239,000 | -5,444,000 | 1,677,000 | ' | ' |
Net (loss) income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -17,526,000 | -8,197,000 | 3,559,000 | ' | ' |
Impairments of goodwill and long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | 8,700,000 | ' | ' | ' |
Seven Campuses [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Result of discontinued operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,500,000 | 20,804,000 | ' | ' |
(Loss) income before income tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | -22,142,000 | -5,260,000 | ' | ' |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,837,000 | -1,685,000 | ' | ' |
Net (loss) income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | -13,305,000 | -3,575,000 | ' | ' |
Impairments of goodwill and long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9,500,000 | $2,100,000 | ' | ' |
BUSINESS_ACQUISITIONS_Details
BUSINESS ACQUISITIONS (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Location | |
BUSINESS ACQUISITIONS [Abstract] | ' |
Effective date of acquisition | 18-Apr-12 |
Total consideration paid for acquiring interest in Florida Medical Training Institute, Inc. | $1.70 |
Number of location in which FMTI operate there business in Florida | 5 |
Purchase price allocated to assets | 2.9 |
Purchase price allocated to intangible assets | 2.4 |
Purchase price allocated to liabilities | $1.40 |
GOODWILL_AND_OTHER_INTANGIBLES2
GOODWILL AND OTHER INTANGIBLES (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Changes in Carrying Amount of Goodwill [Abstract] | ' | ' | ' | ' | |
Gross Goodwill Balance | ' | $117,176,000 | $117,176,000 | $115,303,000 | |
Accumulated impairment losses | ' | -54,711,000 | -51,649,000 | -17,932,000 | |
Net Goodwill Balance | ' | 62,465,000 | 65,527,000 | 97,371,000 | |
Acquisition of FMTI | ' | ' | 1,873,000 | ' | |
Goodwill impairment | -9,300,000 | -3,062,000 | -33,717,000 | [1] | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | |
Amortization | ' | 400,000 | 300,000 | 1,400,000 | |
Net carrying amount at end of the period | ' | 535,000 | ' | ' | |
Intangible Assets (Excluding Goodwill) [Abstract] | ' | ' | ' | ' | |
Gross carrying amount, Total | ' | 3,163,000 | 5,087,000 | ' | |
Acquisition of FMTI | ' | ' | 474,000 | [2] | ' |
Write-off | ' | -158,000 | -1,980,000 | ' | |
Impairment | ' | ' | -418,000 | [3] | ' |
Gross carrying amount, Total | ' | 3,005,000 | 3,163,000 | 5,087,000 | |
Accumulated amortization, Total | ' | 932,000 | 2,834,000 | ' | |
Write-off | ' | -56,000 | -1,980,000 | ' | |
Amortization | ' | 248,000 | 290,000 | ' | |
Impairment | ' | ' | -212,000 | [3] | ' |
Accumulated amortization, Total | ' | 1,124,000 | 932,000 | 2,834,000 | |
Net carrying amount | ' | 1,881,000 | 2,231,000 | ' | |
Impairment charges included in discontinued operation | ' | ' | 12,800,000 | ' | |
Amortization of intangible assets | ' | 400,000 | 300,000 | 1,400,000 | |
Estimated future amortization expense [Abstract] | ' | ' | ' | ' | |
2014 | ' | 200,000 | ' | ' | |
2015 | ' | 156,000 | ' | ' | |
2016 | ' | 112,000 | ' | ' | |
2017 | ' | 46,000 | ' | ' | |
2018 | ' | 20,000 | ' | ' | |
Thereafter | ' | 1,000 | ' | ' | |
Net carrying amount | ' | 535,000 | ' | ' | |
Indefinite Trade Name [Member] | ' | ' | ' | ' | |
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | |
Gross carrying amount, beginning balance | ' | 180,000 | 180,000 | ' | |
Acquisition of FMTI | ' | ' | 0 | [2] | ' |
Write-off | ' | 0 | 0 | ' | |
Impairment | ' | ' | 0 | [3] | ' |
Gross carrying amount, ending balance | ' | 180,000 | 180,000 | ' | |
Accumulated amortization, beginning balance | ' | 0 | 0 | ' | |
Write-off | ' | 0 | 0 | ' | |
Amortization | ' | 0 | 0 | ' | |
Impairment | ' | ' | 0 | [3] | ' |
Accumulated amortization, ending balance | ' | 0 | 0 | ' | |
Net carrying amount at end of the period | ' | 180,000 | 180,000 | ' | |
Accreditation [Member] | ' | ' | ' | ' | |
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | |
Gross carrying amount, beginning balance | ' | 1,268,000 | 1,268,000 | ' | |
Acquisition of FMTI | ' | ' | 0 | [2] | ' |
Write-off | ' | -102,000 | 0 | ' | |
Impairment | ' | ' | 0 | [3] | ' |
Gross carrying amount, ending balance | ' | 1,166,000 | 1,268,000 | ' | |
Accumulated amortization, beginning balance | ' | 0 | 0 | ' | |
Write-off | ' | 0 | 0 | ' | |
Amortization | ' | 0 | 0 | ' | |
Impairment | ' | ' | 0 | [3] | ' |
Accumulated amortization, ending balance | ' | 0 | 0 | ' | |
Net carrying amount at end of the period | ' | 1,166,000 | 1,268,000 | ' | |
Student Contracts [Member] | ' | ' | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | |
Gross carrying amount, beginning balance | ' | 25,000 | 0 | ' | |
Acquisition of FMTI | ' | ' | 25,000 | [2] | ' |
Write-off | ' | -25,000 | 0 | ' | |
Impairment | ' | ' | 0 | [3] | ' |
Gross carrying amount, ending balance | ' | 0 | 25,000 | ' | |
Accumulated amortization, beginning balance | ' | 25,000 | 0 | ' | |
Write-off | ' | -25,000 | 0 | ' | |
Amortization | ' | 0 | 25,000 | ' | |
Impairment | ' | ' | 0 | [3] | ' |
Accumulated amortization, ending balance | ' | 0 | 25,000 | ' | |
Net carrying amount at end of the period | ' | 0 | 0 | ' | |
Intangible Assets (Excluding Goodwill) [Abstract] | ' | ' | ' | ' | |
Amortization of intangible assets | ' | 0 | 25,000 | ' | |
Estimated future amortization expense [Abstract] | ' | ' | ' | ' | |
Net carrying amount | ' | 0 | 0 | ' | |
Trade Name [Member] | ' | ' | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | |
Gross carrying amount, beginning balance | ' | 366,000 | 509,000 | ' | |
Acquisition of FMTI | ' | ' | 25,000 | [2] | ' |
Write-off | ' | -31,000 | 0 | ' | |
Impairment | ' | ' | -168,000 | [3] | ' |
Gross carrying amount, ending balance | ' | 335,000 | 366,000 | ' | |
Accumulated amortization, beginning balance | ' | 209,000 | 262,000 | ' | |
Write-off | ' | -31,000 | 0 | ' | |
Amortization | ' | 50,000 | 74,000 | ' | |
Impairment | ' | ' | -127,000 | [3] | ' |
Accumulated amortization, ending balance | ' | 228,000 | 209,000 | ' | |
Net carrying amount at end of the period | ' | 107,000 | 157,000 | ' | |
Weighted average amortization period | ' | '7 years | '7 years | ' | |
Intangible Assets (Excluding Goodwill) [Abstract] | ' | ' | ' | ' | |
Amortization of intangible assets | ' | 50,000 | 74,000 | ' | |
Estimated future amortization expense [Abstract] | ' | ' | ' | ' | |
Net carrying amount | ' | 107,000 | 157,000 | ' | |
Curriculum [Member] | ' | ' | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | |
Gross carrying amount, beginning balance | ' | 1,124,000 | 1,150,000 | ' | |
Acquisition of FMTI | ' | ' | 224,000 | [2] | ' |
Write-off | ' | 0 | 0 | ' | |
Impairment | ' | ' | -250,000 | [3] | ' |
Gross carrying amount, ending balance | ' | 1,124,000 | 1,124,000 | ' | |
Accumulated amortization, beginning balance | ' | 670,000 | 620,000 | ' | |
Write-off | ' | 0 | 0 | ' | |
Amortization | ' | 158,000 | 135,000 | ' | |
Impairment | ' | ' | -85,000 | [3] | ' |
Accumulated amortization, ending balance | ' | 828,000 | 670,000 | ' | |
Net carrying amount at end of the period | ' | 296,000 | 454,000 | ' | |
Weighted average amortization period | ' | '9 years | '9 years | ' | |
Intangible Assets (Excluding Goodwill) [Abstract] | ' | ' | ' | ' | |
Amortization of intangible assets | ' | 158,000 | 135,000 | ' | |
Estimated future amortization expense [Abstract] | ' | ' | ' | ' | |
Net carrying amount | ' | 296,000 | 454,000 | ' | |
Non-compete [Member] | ' | ' | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | |
Gross carrying amount, beginning balance | ' | 200,000 | 1,980,000 | ' | |
Acquisition of FMTI | ' | ' | 200,000 | [2] | ' |
Write-off | ' | 0 | -1,980,000 | ' | |
Impairment | ' | ' | 0 | [3] | ' |
Gross carrying amount, ending balance | ' | 200,000 | 200,000 | ' | |
Accumulated amortization, beginning balance | ' | 28,000 | 1,952,000 | ' | |
Write-off | ' | 0 | -1,980,000 | ' | |
Amortization | ' | 40,000 | 56,000 | ' | |
Impairment | ' | ' | 0 | [3] | ' |
Accumulated amortization, ending balance | ' | 68,000 | 28,000 | ' | |
Net carrying amount at end of the period | ' | 132,000 | 172,000 | ' | |
Weighted average amortization period | ' | '3 years | '3 years | ' | |
Intangible Assets (Excluding Goodwill) [Abstract] | ' | ' | ' | ' | |
Amortization of intangible assets | ' | 40,000 | 56,000 | ' | |
Estimated future amortization expense [Abstract] | ' | ' | ' | ' | |
Net carrying amount | ' | $132,000 | $172,000 | ' | |
[1] | $12.8 million included in discontinued operations. | ||||
[2] | The Company purchased FMTI in April 2012.B Refer to Note 5 for more information on the purchase. | ||||
[3] | Refer to Note 1 for more information related to the impairment. |
PROPERTY_EQUIPMENT_AND_FACILIT2
PROPERTY, EQUIPMENT AND FACILITIES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, equipment and facilities net [Abstract] | ' | ' | ' |
Property, equipment and facilities, Gross | $274,127,000 | $291,930,000 | ' |
Less accumulated depreciation and amortization | -146,795,000 | -137,834,000 | ' |
Property, equipment and facilities, Net | 127,332,000 | 154,096,000 | ' |
Depreciation and amortization expense | 23,300,000 | 26,400,000 | 26,300,000 |
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' |
Assets held for sale | 6,310,000 | ' | ' |
Land [Member] | ' | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' |
Assets held for sale | 800,000 | ' | ' |
Buildings and Improvements [Member] | ' | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' |
Assets held for sale | 5,510,000 | ' | ' |
Land [Member] | ' | ' | ' |
Property, equipment and facilities net [Abstract] | ' | ' | ' |
Property, equipment and facilities, Gross | 17,562,000 | 18,363,000 | ' |
Buildings and Improvements [Member] | ' | ' | ' |
Property, equipment and facilities net [Abstract] | ' | ' | ' |
Property, equipment and facilities, Gross | 178,089,000 | 192,990,000 | ' |
Capital leased assets, gross | 26,800,000 | 26,800,000 | ' |
Capital leased assets, accumulated depreciation | 8,800,000 | 7,000,000 | ' |
Capitalized interest cost | 600,000 | 600,000 | ' |
Accumulated depreciation on capitalized interest cost | 400,000 | 400,000 | ' |
Buildings and Improvements [Member] | Minimum [Member] | ' | ' | ' |
Property, equipment and facilities net [Abstract] | ' | ' | ' |
Useful life (years) | '1 year | ' | ' |
Buildings and Improvements [Member] | Maximum [Member] | ' | ' | ' |
Property, equipment and facilities net [Abstract] | ' | ' | ' |
Useful life (years) | '25 years | ' | ' |
Equipment, Furniture and Fixtures [Member] | ' | ' | ' |
Property, equipment and facilities net [Abstract] | ' | ' | ' |
Property, equipment and facilities, Gross | 76,769,000 | 79,172,000 | ' |
Capital leased assets, gross | 400,000 | 600,000 | ' |
Capital leased assets, accumulated depreciation | 400,000 | 600,000 | ' |
Equipment, Furniture and Fixtures [Member] | Minimum [Member] | ' | ' | ' |
Property, equipment and facilities net [Abstract] | ' | ' | ' |
Useful life (years) | '1 year | ' | ' |
Equipment, Furniture and Fixtures [Member] | Maximum [Member] | ' | ' | ' |
Property, equipment and facilities net [Abstract] | ' | ' | ' |
Useful life (years) | '7 years | ' | ' |
Vehicles [Member] | ' | ' | ' |
Property, equipment and facilities net [Abstract] | ' | ' | ' |
Useful life (years) | '3 years | ' | ' |
Property, equipment and facilities, Gross | 1,282,000 | 1,231,000 | ' |
Construction in Progress [Member] | ' | ' | ' |
Property, equipment and facilities net [Abstract] | ' | ' | ' |
Property, equipment and facilities, Gross | $425,000 | $174,000 | ' |
ACCRUED_EXPENSES_Details
ACCRUED EXPENSES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ACCRUED EXPENSES [Abstract] | ' | ' |
Accrued compensation and benefits | $5,128 | $3,163 |
Other accrued expenses | 5,527 | 6,583 |
Accrued expenses | $10,655 | $9,746 |
LONGTERM_DEBT_AND_LEASE_OBLIGA2
LONG-TERM DEBT AND LEASE OBLIGATIONS (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Long-term debt and lease obligations [Abstract] | ' | ' | ' | ||
Long term debt and capital lease obligations | $90,116,000 | $73,527,000 | ' | ||
Less current maturities | -435,000 | -412,000 | ' | ||
Long-term debt and lease obligations | 89,681,000 | 73,115,000 | ' | ||
Sale and a leaseback of several facilities, Date | 'December 28, 2001 | ' | ' | ||
Rent expense under finance lease | 1,500,000 | 1,500,000 | 1,500,000 | ||
Lease expiration date | 31-Dec-16 | ' | ' | ||
Scheduled maturities of long-term debt and lease obligations [Abstract] | ' | ' | ' | ||
2014 | 435,000 | ' | ' | ||
2015 | 54,971,000 | ' | ' | ||
2016 | 10,244,000 | ' | ' | ||
2017 | 748,000 | ' | ' | ||
2018 | 810,000 | ' | ' | ||
Thereafter | 22,908,000 | ' | ' | ||
Long term debt and capital lease obligations | 90,116,000 | 73,527,000 | ' | ||
Credit Agreement [Member] | ' | ' | ' | ||
Long-term debt and lease obligations [Abstract] | ' | ' | ' | ||
Credit agreement | 54,500,000 | [1] | 37,500,000 | [1] | ' |
Number of lenders led by Bank of America | 4 | ' | ' | ||
Maximum borrowing capacity of credit facility | 60,000,000 | ' | ' | ||
Reduced amount of credit facility | 40,000,000 | ' | ' | ||
Expiration date of credit facility | 5-Apr-15 | ' | ' | ||
Maturity period of credit facility | '36 months | ' | ' | ||
Variable rate of debt instrument | 'prime rate | ' | ' | ||
Federal Funds rate plus, variable rate (in hundredths) | 0.50% | ' | ' | ||
LIBOR rate plus, variable rate (in hundredths) | 1.00% | ' | ' | ||
Interest rate of credit facility (in hundredths) | 7.25% | 4.50% | ' | ||
Amount outstanding under letter of credit | 5,300,000 | ' | ' | ||
Outstanding amount of credit facility | 54,500,000 | 37,500,000 | ' | ||
Letter of Credit [Member] | ' | ' | ' | ||
Long-term debt and lease obligations [Abstract] | ' | ' | ' | ||
Maximum borrowing capacity of credit facility | 25,000,000 | ' | ' | ||
Minimum [Member] | Credit Agreement [Member] | ' | ' | ' | ||
Long-term debt and lease obligations [Abstract] | ' | ' | ' | ||
Interest rate of credit facility (in hundredths) | 2.50% | ' | ' | ||
Maximum [Member] | Credit Agreement [Member] | ' | ' | ' | ||
Long-term debt and lease obligations [Abstract] | ' | ' | ' | ||
Interest rate of credit facility (in hundredths) | 6.00% | ' | ' | ||
Finance Obligation [Member] | ' | ' | ' | ||
Long-term debt and lease obligations [Abstract] | ' | ' | ' | ||
Capital lease and finance obligation | 9,672,000 | [2] | 9,672,000 | [2] | ' |
Capital Lease-Property (with a rate of 8.0%) [Member] | ' | ' | ' | ||
Long-term debt and lease obligations [Abstract] | ' | ' | ' | ||
Capital lease and finance obligation | 25,944,000 | [3] | 26,344,000 | [3] | ' |
Interest rate of debt instrument (in hundredths) | 8.00% | ' | ' | ||
Capital Leases-Equipment (with rates ranging from 5.0% to 8.5%) [Member] | ' | ' | ' | ||
Long-term debt and lease obligations [Abstract] | ' | ' | ' | ||
Capital lease and finance obligation | $0 | $11,000 | ' | ||
Interest rate of debt instrument, minimum (in hundredths) | 5.00% | ' | ' | ||
Interest rate of debt instrument, maximum (in hundredths) | 8.50% | ' | ' | ||
[1] | (a) On April 5, 2012, the Company, as borrower, and certain of its wholly-owned subsidiaries, as guarantors, entered into a secured revolving credit agreement with a syndicate of four lenders led by Bank of America, N.A., as administrative agent and letter of credit issuer (the bCredit Facilityb). The April 5, 2012 agreement, along with subsequent amendments dated June 18, 2013 and December 20, 2013, are collectively referred to as the bCredit Agreement.b As of December 31, 2013, the aggregate principal amount available under the Credit Facility was $60 million. Effective January 16, 2014, this amount was reduced to $40 million. The Credit Facility may be used to finance capital expenditures and permitted acquisitions, to pay transaction expenses, for the issuance of letters of credit and for general corporate purposes. The Credit Agreement includes a $25 million letter of credit sublimit. Borrowings under the Credit Facility are secured by a first priority lien on substantially all of the tangible and intangible assets of the Company and its subsidiaries including real estate. The term of the Credit Facility is 36 months, maturing on April 5, 2015. The Credit Agreement provides that the lenders will receive first priority lien on substantially all of the tangible and intangible non-real property assets of the Company and its subsidiaries as well as a first priority lien on substantially all real property owned by the Company and its subsidiaries and that all net proceeds of future sales of real property by the Company and its subsidiaries be used to prepay revolving loans and permanently reduce the principal amount of revolving loans available under the Credit Facility. Amounts borrowed as revolving loans under the Credit Facility will bear interest, at the Companybs option, at either (i) an interest rate based on LIBOR and adjusted for any reserve percentage obligations under Federal Reserve Bank regulations (the bEurodollar Rateb) for specified interest periods or (ii) the Base Rate (as defined in the Credit Agreement), in each case, plus an applicable margin rate as determined under the Credit Agreement. The bBase Rateb, as defined under the Credit Agreement, is the highest of (a) the rate of interest announced from time to time by Bank of America, N.A. as its prime rate, (b) the Federal Funds rate plus 0.50% and (c) a daily rate equal to the one-month LIBOR rate plus 1.0%. Pursuant to the Amendment, the margin interest rate is subject to adjustment within a range of 2.50% to 6.00% based upon changes in the Companybs consolidated leverage ratio and depending on whether the Company has chosen the Eurodollar Rate or the Base Rate option. Letters of credit will require a fee equal to the applicable margin rate multiplied by the daily amount available to be drawn under each issued letter of credit plus an agreed upon fronting fee and customary issuance, presentation, amendment and other processing fees associated with letters of credit. At December 31, 2013, the Company had outstanding letters of credit aggregating $5.3 million, which were primarily comprised of letters of credit for the Department of Education, or DOE, matters and real estate leases. The Credit Agreement contains customary representations, warranties and covenants including consolidated adjusted net worth, consolidated leverage ratio, consolidated fixed charge coverage ratio, minimum financial responsibility composite score, cohort default rate and other financial covenants, certain restrictions on capital expenditures as well as affirmative and negative covenants and events of default customary for facilities of this type. In addition, the Company is paying fees to the lenders that are customary for facilities of this type. As of December 31, 2013 the Company is in compliance with all financial covenants. As of December 31, 2013, the Company had $54.5 million outstanding under the Credit Agreement. The interest rate on borrowings under the Credit Agreement during the year ended December 31, 2013 was 7.25%. All amounts outstanding on December 31, 2013 were repaid on January 3, 2014. The Company had $37.5 million outstanding under the Credit Agreement as of December 31, 2012. The interest rate on this borrowing was 4.5%. | ||||
[2] | The Company completed a sale and a leaseback of several facilities on December 28, 2001. The Company retained a continuing involvement in the lease and as a result it is prohibited from utilizing sale-leaseback accounting. Accordingly, the Company has treated this transaction as a finance lease. Rent payments under this obligation for the three years in the period ended December 31, 2013 were $1.5 million, respectively. These payments have been reflected in the accompanying consolidated statements of operations as interest expense for all periods presented since the effective interest rate on the obligation is greater than the scheduled payments. The lease expiration date is December 31, 2016. | ||||
[3] | In 2009, the Company assumed real estate capital leases in Fern Park, Florida and Hartford, Connecticut. These leases bear interest at 8% and expire in 2032 and 2031, respectively. |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of stock incentive plans | 2 | ' | ' | ' |
Vesting period of performance-based shares | '4 years | ' | '4 years | ' |
Specified operating income margin period | 'one or more of the fiscal years | ' | 'one or more of the fiscal years | ' |
Weighted average assumptions for grants [Abstract] | ' | ' | ' | ' |
Expected volatility (in hundredths) | ' | 51.25% | ' | ' |
Expected dividend yield (in hundredths) | ' | 4.00% | ' | ' |
Expected life (term) | ' | '4 years 7 months 24 days | ' | ' |
Risk-free interest rate (in hundredths) | ' | 0.87% | ' | ' |
Weighted-average exercise price during the year (in dollars per share) | ' | $7.79 | ' | ' |
Shares [Abstract] | ' | ' | ' | ' |
Outstanding, beginning balance (in shares) | 655,875 | 533,375 | 720,940 | ' |
Granted (in shares) | ' | 157,000 | ' | ' |
Canceled (in shares) | -108,750 | -34,500 | -74,459 | ' |
Exercised (in shares) | ' | ' | -113,106 | ' |
Outstanding, ending balance (in shares) | 547,125 | 655,875 | 533,375 | 720,940 |
Vested or expected to vest (in shares) | 527,527 | ' | ' | ' |
Exercisable, ending balance (in shares) | 449,134 | ' | ' | ' |
Weighted Average Exercise Price Per Share [Abstract] | ' | ' | ' | ' |
Outstanding, beginning balance (in dollars per share) | $14.72 | $16.60 | $14.59 | ' |
Granted (in dollars per share) | ' | $7.79 | ' | ' |
Canceled (in dollars per share) | $14.64 | $12.26 | $12.80 | ' |
Exercised (in dollars per share) | ' | ' | $6.29 | ' |
Outstanding, ending balance (in dollars per share) | $14.73 | $14.72 | $16.60 | $14.59 |
Vested or expected to vest (in dollars per share) | $14.99 | ' | ' | ' |
Exercisable, ending balance (in dollars per share) | $16.25 | ' | ' | ' |
Weighted Average Remaining Contractual Term [Abstract] | ' | ' | ' | ' |
Outstanding, beginning balance | '4 years 6 months 22 days | '4 years 10 months 20 days | '4 years 8 months 5 days | '5 years 1 month 20 days |
Outstanding, ending balance | '4 years 6 months 22 days | '4 years 10 months 20 days | '4 years 8 months 5 days | '5 years 1 month 20 days |
Vested or expected to vest | '4 years 5 months 5 days | ' | ' | ' |
Exercisable, ending balance | '3 years 9 months 7 days | ' | ' | ' |
Aggregate Intrinsic Value [Abstract] | ' | ' | ' | ' |
Outstanding, beginning balance | $0 | $0 | $2,095,000 | ' |
Exercised | ' | ' | 759,000 | ' |
Canceld | ' | 0 | ' | ' |
Outstanding, ending balance | 0 | 0 | 0 | 2,095,000 |
Vested or expected to vest | 0 | ' | ' | ' |
Exercisable, ending balance | 0 | ' | ' | ' |
Stock Options Outstanding [Abstract] | ' | ' | ' | ' |
Shares (in shares) | 547,125 | ' | ' | ' |
Contractual Weighted Average Life | '4 years 6 months 22 days | ' | ' | ' |
Weighted Average Price (in dollars per share) | $14.73 | ' | ' | ' |
Stock Options Exercisable [Abstract] | ' | ' | ' | ' |
Shares (in shares) | 449,134 | ' | ' | ' |
Weighted Exercise Price (in dollars per share) | $16.25 | ' | ' | ' |
$ 4.00-$13.99 [Member] | ' | ' | ' | ' |
Range of Exercise Prices [Abstract] | ' | ' | ' | ' |
Range of Exercise Prices, Minimum (in dollars per share) | $4 | ' | ' | ' |
Range of Exercise Prices, Maximum (in dollars per share) | $13.99 | ' | ' | ' |
Stock Options Outstanding [Abstract] | ' | ' | ' | ' |
Shares (in shares) | 259,792 | ' | ' | ' |
Contractual Weighted Average Life | '6 years 1 month 17 days | ' | ' | ' |
Weighted Average Price (in dollars per share) | $9.60 | ' | ' | ' |
Stock Options Exercisable [Abstract] | ' | ' | ' | ' |
Shares (in shares) | 161,801 | ' | ' | ' |
Weighted Exercise Price (in dollars per share) | $10.70 | ' | ' | ' |
$ 14.00-$19.99 [Member] | ' | ' | ' | ' |
Range of Exercise Prices [Abstract] | ' | ' | ' | ' |
Range of Exercise Prices, Minimum (in dollars per share) | $14 | ' | ' | ' |
Range of Exercise Prices, Maximum (in dollars per share) | $19.99 | ' | ' | ' |
Stock Options Outstanding [Abstract] | ' | ' | ' | ' |
Shares (in shares) | 182,333 | ' | ' | ' |
Contractual Weighted Average Life | '3 years 4 months 10 days | ' | ' | ' |
Weighted Average Price (in dollars per share) | $17.67 | ' | ' | ' |
Stock Options Exercisable [Abstract] | ' | ' | ' | ' |
Shares (in shares) | 182,333 | ' | ' | ' |
Weighted Exercise Price (in dollars per share) | $17.67 | ' | ' | ' |
$ 20.00-$25.00 [Member] | ' | ' | ' | ' |
Range of Exercise Prices [Abstract] | ' | ' | ' | ' |
Range of Exercise Prices, Minimum (in dollars per share) | $20 | ' | ' | ' |
Range of Exercise Prices, Maximum (in dollars per share) | $25 | ' | ' | ' |
Stock Options Outstanding [Abstract] | ' | ' | ' | ' |
Shares (in shares) | 105,000 | ' | ' | ' |
Contractual Weighted Average Life | '2 years 9 months 7 days | ' | ' | ' |
Weighted Average Price (in dollars per share) | $22.33 | ' | ' | ' |
Stock Options Exercisable [Abstract] | ' | ' | ' | ' |
Shares (in shares) | 105,000 | ' | ' | ' |
Weighted Exercise Price (in dollars per share) | $22.33 | ' | ' | ' |
Restricted Stock [Member] | ' | ' | ' | ' |
Shares [Abstract] | ' | ' | ' | ' |
Nonvested restricted stock outstanding, beginning balance (in shares) | 1,341,084 | 501,551 | ' | ' |
Granted (in shares) | 434,308 | 1,213,621 | ' | ' |
Cancelled (in shares) | -33,529 | ' | ' | ' |
Vested (in shares) | -493,917 | -374,088 | ' | ' |
Nonvested restricted stock outstanding, ending balance (in shares) | 1,247,946 | 1,341,084 | 501,551 | ' |
Weighted Average Grant Date Fair Value [Abstract] | ' | ' | ' | ' |
Nonvested restricted stock outstanding, beginning balance (in dollars per share) | $7.79 | $16.10 | ' | ' |
Granted (in dollars per share) | $5.62 | $4.82 | ' | ' |
Cancelled (in dollars per share) | $16.70 | ' | ' | ' |
Vested (in dollars per share) | $7.41 | $9.30 | ' | ' |
Nonvested restricted stock outstanding, ending balance (in dollars per share) | $6.77 | $7.79 | $16.10 | ' |
Recognized restricted stock expense | 2,900,000 | 4,000,000 | 3,100,000 | ' |
Unrecognized restricted stock expense | 7,400,000 | 8,600,000 | ' | ' |
Weighted average period | '2 years 6 months | ' | ' | ' |
Aggregate Intrinsic Value [Abstract] | ' | ' | ' | ' |
Weighted average period of unrecognized pre-tax compensation | '2 years 6 months | ' | ' | ' |
Stock Options [Member] | ' | ' | ' | ' |
Weighted Average Grant Date Fair Value [Abstract] | ' | ' | ' | ' |
Weighted average period | '1 year 9 months 18 days | ' | ' | ' |
Stock Options [Abstract] | ' | ' | ' | ' |
Weighted average fair values of options granted (in dollars per share) | ' | $2.52 | ' | ' |
Aggregate Intrinsic Value [Abstract] | ' | ' | ' | ' |
Unrecognized pre-tax compensation expense | 100,000 | ' | ' | ' |
Weighted average period of unrecognized pre-tax compensation | '1 year 9 months 18 days | ' | ' | ' |
LTIP [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Net share settlement for restricted stock (in shares) | 140,475 | 102,438 | 68,250 | ' |
Net share settlement for stock options (in shares) | 140,475 | 102,438 | 68,250 | ' |
Decrease in equity due to payment of tax for employee | 800,000 | 500,000 | 900,000 | ' |
LTIP [Member] | Restricted Stock [Member] | ' | ' | ' | ' |
Weighted Average Grant Date Fair Value [Abstract] | ' | ' | ' | ' |
Outstanding restricted shares, intrinsic value | $6,200,000 | ' | ' | ' |
PENSION_PLAN_Details
PENSION PLAN (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
CHANGES IN BENEFIT OBLIGATIONS [Roll Forward] | ' | ' | ' |
Benefit obligation-beginning of year | $23,169,000 | $21,233,000 | $17,903,000 |
Service cost | 37,000 | 35,000 | 117,000 |
Interest cost | 790,000 | 872,000 | 939,000 |
Actuarial loss | -2,614,000 | 1,926,000 | 3,008,000 |
Benefits paid | -1,068,000 | -897,000 | -734,000 |
Benefit obligation at end of year | 20,314,000 | 23,169,000 | 21,233,000 |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair value of plan assets-beginning of year | 16,268,000 | 14,639,000 | 15,087,000 |
Actual return on plan assets | 2,919,000 | 1,807,000 | 12,000 |
Employer contributions | 673,000 | 719,000 | 274,000 |
Benefits paid | -1,068,000 | -897,000 | -734,000 |
Fair value of plan assets-end of year | 18,792,000 | 16,268,000 | 14,639,000 |
BENEFIT OBLIGATION IN EXCESS OF FAIR VALUE FUNDED STATUS: | -1,522,000 | -6,901,000 | -6,594,000 |
Amounts recognized in the consolidated balance sheets [Abstract] | ' | ' | ' |
Noncurrent liabilities | -1,522,000 | -6,901,000 | -6,594,000 |
Amounts recognized in accumulated other comprehensive loss [Abstract] | ' | ' | ' |
Accumulated loss | -5,928,000 | -11,276,000 | -11,191,000 |
Deferred income taxes | 2,366,000 | 4,500,000 | 4,475,000 |
Accumulated other comprehensive loss | -3,562,000 | -6,776,000 | -6,716,000 |
Accumulated benefit obligation | 20,300,000 | 23,200,000 | ' |
Components of net periodic benefit cost [Abstract] | ' | ' | ' |
Service cost | 37,000 | 35,000 | 117,000 |
Interest cost | 790,000 | 872,000 | 939,000 |
Expected return on plan assets | -1,141,000 | -1,021,000 | -1,034,000 |
Recognized net actuarial loss | 955,000 | 1,056,000 | 742,000 |
Net periodic benefit cost | 641,000 | 942,000 | 764,000 |
Amortization of estimated net loss, transition obligation and prior service cost from accumulated other comprehensive income into net periodic benefit cost | 400,000 | ' | ' |
Pension plan adjustments | 3,214,000 | -60,000 | -1,968,000 |
Actuarial loss | 1,000,000 | ' | ' |
Plan assets using the fair value hierarchy [Abstract] | ' | ' | ' |
Fair value of plan assets | 18,792,000 | 16,268,000 | 14,639,000 |
Fair value of total plan assets by major asset category (in hundredths) | 100.00% | 100.00% | 100.00% |
Weighted-average assumptions used to determine benefit obligations [Abstract] | ' | ' | ' |
Discount rate (in hundredths) | 4.46% | 3.55% | 4.10% |
Rate of compensation increase (in hundredths) | 2.00% | 1.75% | 4.00% |
Weighted-average assumptions used to determine net periodic pension cost [Abstract] | ' | ' | ' |
Expected contributions to the plan in next fiscal year | 300,000 | ' | ' |
Pension Contributions | 700,000 | 700,000 | ' |
Expected benefit payments for the plan [Abstract] | ' | ' | ' |
Maximum contribution by employee specified as percentage of compensation (in hundredths) | 25.00% | ' | ' |
Additional contribution by employer (in hundredths) | 30.00% | ' | ' |
Maximum percentage of compensation contributed by employer as matching contribution (in hundredths) | 6.00% | ' | ' |
Compensation expense for the 401(k) plan | 1,900,000 | 2,000,000 | 2,300,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair value of plan assets-end of year | 18,792,000 | 16,268,000 | ' |
Plan assets using the fair value hierarchy [Abstract] | ' | ' | ' |
Fair value of plan assets | 18,792,000 | 16,268,000 | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair value of plan assets-end of year | 0 | 0 | ' |
Plan assets using the fair value hierarchy [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair value of plan assets-end of year | 0 | 0 | ' |
Plan assets using the fair value hierarchy [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Equity Securities [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair value of plan assets-beginning of year | 7,455,000 | ' | ' |
Fair value of plan assets-end of year | 9,491,000 | ' | ' |
Plan assets using the fair value hierarchy [Abstract] | ' | ' | ' |
Fair value of plan assets | 9,491,000 | ' | ' |
Fair value of total plan assets by major asset category (in hundredths) | 51.00% | 46.00% | 47.00% |
Expected benefit payments for the plan [Abstract] | ' | ' | ' |
Target plan asset allocations, minimum (in hundredths) | 30.00% | ' | ' |
Target plan asset allocations, maximum (in hundredths) | 70.00% | ' | ' |
Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair value of plan assets-end of year | 9,491,000 | 7,455,000 | ' |
Plan assets using the fair value hierarchy [Abstract] | ' | ' | ' |
Fair value of plan assets | 9,491,000 | 7,455,000 | ' |
Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair value of plan assets-end of year | 0 | 0 | ' |
Plan assets using the fair value hierarchy [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair value of plan assets-end of year | 0 | 0 | ' |
Plan assets using the fair value hierarchy [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Fixed Income [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair value of plan assets-beginning of year | 5,835,000 | ' | ' |
Fair value of plan assets-end of year | 5,787,000 | ' | ' |
Plan assets using the fair value hierarchy [Abstract] | ' | ' | ' |
Fair value of plan assets | 5,787,000 | ' | ' |
Fair value of total plan assets by major asset category (in hundredths) | 31.00% | 36.00% | 36.00% |
Expected benefit payments for the plan [Abstract] | ' | ' | ' |
Target plan asset allocations, minimum (in hundredths) | 20.00% | ' | ' |
Target plan asset allocations, maximum (in hundredths) | 60.00% | ' | ' |
Fixed Income [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair value of plan assets-end of year | 5,787,000 | 5,835,000 | ' |
Plan assets using the fair value hierarchy [Abstract] | ' | ' | ' |
Fair value of plan assets | 5,787,000 | 5,835,000 | ' |
Fixed Income [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair value of plan assets-end of year | 0 | 0 | ' |
Plan assets using the fair value hierarchy [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Fixed Income [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair value of plan assets-end of year | 0 | 0 | ' |
Plan assets using the fair value hierarchy [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
International Equities [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair value of plan assets-end of year | 3,484,000 | 2,957,000 | ' |
Plan assets using the fair value hierarchy [Abstract] | ' | ' | ' |
Fair value of plan assets | 3,484,000 | 2,957,000 | ' |
Fair value of total plan assets by major asset category (in hundredths) | 18.00% | 18.00% | 17.00% |
International Equities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair value of plan assets-end of year | 3,484,000 | 2,957,000 | ' |
Plan assets using the fair value hierarchy [Abstract] | ' | ' | ' |
Fair value of plan assets | 3,484,000 | 2,957,000 | ' |
International Equities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair value of plan assets-end of year | 0 | 0 | ' |
Plan assets using the fair value hierarchy [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
International Equities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair value of plan assets-end of year | 0 | 0 | ' |
Plan assets using the fair value hierarchy [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Cash and Equivalents [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair value of plan assets-beginning of year | 21,000 | ' | ' |
Fair value of plan assets-end of year | 30,000 | ' | ' |
Plan assets using the fair value hierarchy [Abstract] | ' | ' | ' |
Fair value of plan assets | 30,000 | ' | ' |
Fair value of total plan assets by major asset category (in hundredths) | 0.00% | 0.00% | 0.00% |
Expected benefit payments for the plan [Abstract] | ' | ' | ' |
Target plan asset allocations, minimum (in hundredths) | 0.00% | ' | ' |
Target plan asset allocations, maximum (in hundredths) | 10.00% | ' | ' |
Cash and Equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair value of plan assets-end of year | 30,000 | 21,000 | ' |
Plan assets using the fair value hierarchy [Abstract] | ' | ' | ' |
Fair value of plan assets | 30,000 | 21,000 | ' |
Cash and Equivalents [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair value of plan assets-end of year | 0 | 0 | ' |
Plan assets using the fair value hierarchy [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Cash and Equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair value of plan assets-end of year | 0 | 0 | ' |
Plan assets using the fair value hierarchy [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Pension Plan [Member] | ' | ' | ' |
Weighted-average assumptions used to determine net periodic pension cost [Abstract] | ' | ' | ' |
Discount rate (in hundredths) | 3.55% | 4.10% | 5.18% |
Rate of compensation increase (in hundredths) | 2.00% | 4.00% | 4.00% |
Long-term rate of return (in hundredths) | 7.00% | 7.00% | 7.00% |
Expected benefit payments for the plan [Abstract] | ' | ' | ' |
2014 | 1,041,000 | ' | ' |
2015 | 1,127,000 | ' | ' |
2016 | 1,196,000 | ' | ' |
2017 | 1,275,000 | ' | ' |
2018 | 1,330,000 | ' | ' |
Years 2019-2023 | $6,911,000 | ' | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Current [Abstract] | ' | ' | ' |
Federal | ($7,369,000) | $9,273,000 | $7,099,000 |
State | 709,000 | 2,164,000 | 2,754,000 |
Total | -6,660,000 | 11,437,000 | 9,853,000 |
Deferred [Abstract] | ' | ' | ' |
Federal | 21,103,000 | -11,394,000 | 3,312,000 |
State | 5,148,000 | -2,834,000 | -112,000 |
Total | 26,251,000 | -14,228,000 | 3,200,000 |
Total provision (benefit) | 19,591,000 | -2,791,000 | 13,053,000 |
Deferred Tax Assets Current [Abstract] | ' | ' | ' |
Accrued vacation | 79,000 | 60,000 | ' |
Net operating loss carryforwards | 0 | 586,000 | ' |
Allowance for bad debts | 5,502,000 | 7,083,000 | ' |
Total current deferred tax assets | 5,581,000 | 7,729,000 | ' |
Deferred Tax Assets Noncurrent [Abstract] | ' | ' | ' |
Allowance for bad debts | 392,000 | 430,000 | ' |
Accrued rent | 3,669,000 | 3,785,000 | ' |
Stock-based compensation | 1,509,000 | 2,095,000 | ' |
Depreciation | 10,670,000 | 5,953,000 | ' |
Other intangibles | 434,000 | 547,000 | ' |
Pension plan liabilities | 608,000 | 2,754,000 | ' |
Net operating loss carryforwards | 6,285,000 | 1,553,000 | ' |
Sale leaseback-deferred gain | 2,531,000 | 2,482,000 | ' |
AMT credit | 424,000 | 0 | ' |
Other | 0 | 77,000 | ' |
Total noncurrent deferred tax assets | 26,522,000 | 19,676,000 | ' |
Total deferred tax assets | 32,103,000 | 27,405,000 | ' |
Less valuation allowance | -31,679,000 | 0 | ' |
Deferred tax assets, net of valuation allowance | 424,000 | 27,405,000 | ' |
Deferred Tax Liabilities Noncurrent [Abstract] | ' | ' | ' |
Goodwill | -4,952,000 | -2,611,000 | ' |
Total deferred tax liabilities | -4,952,000 | -2,611,000 | ' |
Total net noncurrent deferred tax (liabilities) assets | -4,528,000 | 17,065,000 | ' |
Total net deferred tax (liabilities) assets | -4,528,000 | 24,794,000 | ' |
Difference between the actual tax provision and the tax provision that would result from the use of the Federal statutory rate [Abstract] | ' | ' | ' |
(Loss) income from continuing operations before taxes | -14,169,000 | -18,475,000 | 30,609,000 |
Expected tax (benefit) expense | -4,959,000 | -6,466,000 | 10,713,000 |
State tax expense (benefit) (net of federal) | -221,000 | -436,000 | 1,717,000 |
Permanent impairment | 0 | 3,588,000 | 109,000 |
Valuation allowance | 24,541,000 | ' | ' |
Other | 230,000 | 523,000 | 514,000 |
Total | 19,591,000 | -2,791,000 | 13,053,000 |
Expected tax (benefit) expense (in hundredths) | 35.00% | 35.00% | 35.00% |
State tax (benefit) expense (net of federal) (in hundredths) | 1.60% | 2.40% | 5.60% |
Permanent impairment (in hundredths) | 0.00% | -19.40% | 0.40% |
Valuation allowance (in hundredths) | -173.20% | 0.00% | 0.00% |
Other (in hundredths) | -1.70% | -2.90% | 1.60% |
Total (in hundredths) | -138.30% | 15.10% | 42.60% |
Valuation allowance from discontinued operations | 7,100,000 | ' | ' |
Net operating loss carryforwards | 12,300,000 | 6,100,000 | ' |
Net operating loss carryforwards limitations on amount utilized | 7,800,000 | 6,100,000 | ' |
Activity related to uncertain tax positions [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 135,000 | 100,000 | 100,000 |
Decrease for tax positions of prior years | -135,000 | -100,000 | 0 |
Increase for tax positions of current year | 0 | 135,000 | 0 |
Balance, end of period | $0 | $135,000 | $100,000 |
SEGMENT_REPORTING_Details
SEGMENT REPORTING (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Segment | |
SEGMENT REPORTING [Abstract] | ' |
Number of reportable segments | 1 |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2001 | |
Facility | ||||
Finance Obligation [Abstract] | ' | ' | ' | ' |
Year Ending December 31, 2014 | $1,546,000 | ' | ' | ' |
Year Ending December 31, 2015 | 1,546,000 | ' | ' | ' |
Year Ending December 31, 2016 | 1,546,000 | ' | ' | ' |
Year Ending December 31, 2017 | 0 | ' | ' | ' |
Year Ending December 31, 2018 | 0 | ' | ' | ' |
Thereafter | 0 | ' | ' | ' |
Finance Obligation, Total | 4,638,000 | ' | ' | ' |
Less amount representing interest | -4,638,000 | ' | ' | ' |
Finance obligation net of interest | 0 | ' | ' | ' |
Operating Leases [Abstract] | ' | ' | ' | ' |
Year Ending December 31, 2013 | 21,223,000 | ' | ' | ' |
Year Ending December 31, 2014 | 19,429,000 | ' | ' | ' |
Year Ending December 31, 2015 | 15,680,000 | ' | ' | ' |
Year Ending December 31, 2016 | 14,628,000 | ' | ' | ' |
Year Ending December 31, 2017 | 13,644,000 | ' | ' | ' |
Thereafter | 34,913,000 | ' | ' | ' |
Operating Leases, Total | 119,517,000 | ' | ' | ' |
Less amount representing interest | 0 | ' | ' | ' |
Operating leases net of interest | 119,517,000 | ' | ' | ' |
Capital Leases [Abstract] | ' | ' | ' | ' |
Year Ending December 31, 2013 | 2,494,000 | ' | ' | ' |
Year Ending December 31, 2014 | 2,494,000 | ' | ' | ' |
Year Ending December 31, 2015 | 2,556,000 | ' | ' | ' |
Year Ending December 31, 2016 | 2,678,000 | ' | ' | ' |
Year Ending December 31, 2017 | 2,678,000 | ' | ' | ' |
Thereafter | 37,137,000 | ' | ' | ' |
Capital Leases, Total | 50,037,000 | ' | ' | ' |
Less amount representing interest | -24,094,000 | ' | ' | ' |
Capital leases net of interest | 25,943,000 | ' | ' | ' |
Number of owned facilities | 4 | ' | ' | ' |
Net proceeds from sale and leaseback transaction | 8,800,000 | ' | ' | ' |
Lease Term | '15 years | ' | ' | ' |
Period considered for lease extension | '10 years | ' | ' | ' |
Lease rent expense | 21,900,000 | 21,900,000 | 21,900,000 | 1,200,000 |
Interest expense related to financing obligations | 1,500,000 | 1,500,000 | 1,500,000 | ' |
Outstanding net loan commitment | 26,500,000 | ' | ' | ' |
Future employment contract commitments | 8,900,000 | ' | ' | ' |
Surety bonds | $16,900,000 | ' | ' | ' |
UNAUDITED_QUARTERLY_FINANCIAL_2
UNAUDITED QUARTERLY FINANCIAL INFORMATION (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
UNAUDITED QUARTERLY FINANCIAL INFORMATION [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $88,475 | $88,527 | $81,751 | $86,270 | $96,962 | $97,704 | $91,867 | $96,242 | $345,024 | $382,773 | $456,722 |
(Loss) income from continuing operations | -21,866 | 77 | -6,688 | -5,282 | -5,334 | 2,284 | -11,064 | -1,571 | -33,760 | -15,684 | 17,556 |
Loss from discontinued operations | -10,279 | -2,353 | -2,690 | -2,205 | -6,605 | -3,768 | -9,644 | -1,484 | -17,526 | -21,502 | -16 |
Net loss | ($32,145) | ($2,276) | ($9,378) | ($7,487) | ($11,939) | ($1,484) | ($20,708) | ($3,055) | ($51,286) | ($37,186) | $17,540 |
Basic [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Loss) earnings per share from continuing operations (in dollars per share) | ($0.97) | $0 | ($0.30) | ($0.24) | ($0.24) | $0.10 | ($0.50) | ($0.07) | ($1.50) | ($0.71) | $0.80 |
Loss per share from discontinued operations (in dollars per share) | ($0.45) | ($0.10) | ($0.12) | ($0.10) | ($0.30) | ($0.17) | ($0.43) | ($0.07) | ($0.78) | ($0.97) | $0 |
Net loss per share (in dollars per share) | ($1.42) | ($0.10) | ($0.42) | ($0.33) | ($0.54) | ($0.07) | ($0.93) | ($0.14) | ($2.28) | ($1.68) | $0.80 |
Diluted [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Loss) earnings per share from continuing operations (in dollars per share) | ($0.97) | $0 | ($0.30) | ($0.24) | ($0.24) | $0.10 | ($0.50) | ($0.07) | ($1.50) | ($0.71) | $0.79 |
Loss per share from discontinued operations (in dollars per share) | ($0.45) | ($0.10) | ($0.12) | ($0.10) | ($0.30) | ($0.17) | ($0.43) | ($0.07) | ($0.78) | ($0.97) | $0 |
Net loss per share (in dollars per share) | ($1.42) | ($0.10) | ($0.42) | ($0.33) | ($0.54) | ($0.07) | ($0.93) | ($0.14) | ($2.28) | ($1.68) | $0.79 |
Weighted average number of common shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in shares) | 22,618 | 22,528 | 22,497 | 22,414 | 22,266 | 22,195 | 22,183 | 22,137 | 22,513,391 | 22,195,407 | 22,019,563 |
Diluted (in shares) | 22,618 | 22,811 | 22,497 | 22,414 | 22,266 | 22,281 | 22,183 | 22,137 | 22,513,391 | 22,195,407 | 22,155,000 |
DIVIDENDS_Details
DIVIDENDS (Details) (USD $) | 2 Months Ended | 12 Months Ended | ||
Feb. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
DIVIDENDS [Abstract] | ' | ' | ' | ' |
Cash dividend declared (in dollars per share) | $0.07 | $0.28 | $0.28 | $0.07 |
Schedule_IIValuation_and_Quali1
Schedule II-Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Movement in Valuation Allowances and Reserves [Abstract] | ' | ' | ' |
Balance at Beginning of Period | $18,829 | $21,858 | $26,993 |
Charged to Expense | 15,532 | 21,056 | 30,553 |
Accounts Written-off | -19,592 | -24,085 | -35,688 |
Balance at End of Period | $14,769 | $18,829 | $21,858 |