Lincoln Educational Services (LINC) 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 04, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	LINCOLN EDUCATIONAL SERVICES CORP
Entity Central Index Key	1,286,613
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 Common Stock, Shares Outstanding		23,867,201
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents	$ 32,422	$ 12,299
Restricted cash	7,358	30,000
Accounts receivable, less allowance of $12,366 and $12,193 at September 30, 2015 and December 31, 2014, respectively	17,016	13,533
Inventories	1,611	1,486
Prepaid income taxes and income taxes receivable	695	879
Assets held for sale	44,762	50,930
Prepaid expenses and other current assets	2,765	3,937
Total current assets	106,629	113,064
PROPERTY, EQUIPMENT AND FACILITIES - At cost, net of accumulated depreciation and amortization of $147,102 and $136,910 at September 30, 2015 and December 31, 2014, respectively	66,627	69,740
OTHER ASSETS:
Noncurrent restricted cash	15,254	0
Noncurrent receivables, less allowance of $943 and $1,016 at September 30, 2015 and December 31, 2014, respectively	5,921	6,235
Deferred finance charges	2,783	158
Goodwill	21,991	22,207
Other assets, net	2,703	2,303
Total other assets	48,652	30,903
TOTAL	221,908	213,707
CURRENT LIABILITIES:
Current portion of credit agreement	5,813	30,000
Current portion of capital lease obligations	515	471
Unearned tuition	26,803	26,469
Accounts payable	15,184	11,894
Accrued expenses	15,083	13,865
Other short-term liabilities	730	780
Total current liabilities	64,128	83,479
NONCURRENT LIABILITIES:
Long-term credit agreement	38,837	0
Long-term capital lease obligations	24,644	25,038
Long-term finance obligation	9,672	9,672
Pension plan liabilities	5,250	5,299
Accrued rent	6,584	6,852
Other long-term liabilities	215	357
Total liabilities	$ 149,330	$ 130,697
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, no par value - 10,000,000 shares authorized, no shares issued and outstanding at September 30, 2015 and December 31, 2014	$ 0	$ 0
Common stock, no par value - authorized: 100,000,000 shares at September 30 2015 and December 31, 2014; issued and outstanding: 29,777,742 shares at September 30, 2015 and 29,933,086 shares at December 31, 2014	141,377	141,377
Additional paid-in capital	27,131	26,350
Treasury stock at cost - 5,910,541 shares at September 30, 2015 and December 31, 2014	(82,860)	(82,860)
(Accumulated deficit) retained earnings	(6,297)	5,610
Accumulated other comprehensive loss	(6,773)	(7,467)
Total stockholders' equity	72,578	83,010
TOTAL	$ 221,908	$ 213,707

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Accounts receivable, allowance	$ 12,366	$ 12,193
PROPERTY, EQUIPMENT AND FACILITIES - accumulated depreciation and amortization	147,102	136,910
OTHER ASSETS :
Noncurrent receivables, allowance	$ 943	$ 1,016
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)	29,777,742	29,933,086
Common stock, shares outstanding (in shares)	29,777,742	29,933,086
Treasury stock, shares (in shares)	5,910,541	5,910,541

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) [Abstract]
REVENUE	$ 79,046	$ 83,982	$ 228,159	$ 239,573
COSTS AND EXPENSES:
Educational services and facilities	39,026	42,440	114,572	124,879
Selling, general and administrative	34,944	41,712	120,200	132,901
Loss (gain) on sale of assets	228	0	188	(61)
Impairment of goodwill and long-lived assets	216	39,315	216	39,315
Total costs & expenses	74,414	123,467	235,176	297,034
OPERATING INCOME (LOSS)	4,632	(39,485)	(7,017)	(57,461)
OTHER:
Interest income	19	53	40	125
Interest expense	(2,216)	(1,637)	(5,570)	(4,131)
Other income	196	149	790	149
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	2,631	(40,920)	(11,757)	(61,318)
PROVISION (BENEFIT) FOR INCOME TAXES	50	(5,556)	150	(4,719)
INCOME (LOSS) FROM CONTINUING OPERATIONS	2,581	(35,364)	(11,907)	(56,599)
LOSS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES	0	(2,717)	0	(4,172)
NET INCOME (LOSS)	$ 2,581	$ (38,081)	$ (11,907)	$ (60,771)
Basic
Income (loss) per share from continuing operations (in dollars per share)	$ 0.11	$ (1.55)	$ (0.51)	$ (2.48)
Loss per share from discontinued operations (in dollars per share)	0	(0.12)	0	(0.18)
Net income (loss) per share (in dollars per share)	0.11	(1.67)	(0.51)	(2.66)
Diluted
Income (loss) per share from continuing operations (in dollars per share)	0.11	(1.55)	(0.51)	(2.48)
Loss per share from discontinued operations (in dollars per share)	0	(0.12)	0	(0.18)
Net income (loss) per share (in dollars per share)	$ 0.11	$ (1.67)	$ (0.51)	$ (2.66)
Weighted average number of common shares outstanding:
Basic (in shares)	23,230,438	22,843,247	23,140,006	22,789,254
Diluted (in shares)	23,269,635	22,843,247	23,140,006	22,789,254

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) [Abstract]
Net income (loss)	$ 2,581	$ (38,081)	$ (11,907)	$ (60,771)
Other comprehensive income
Employee pension plan adjustments, net of taxes	231	113	694	338
Comprehensive income (loss)	$ 2,812	$ (37,968)	$ (11,213)	$ (60,433)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Loss [Member]	Total
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ 0	0	0	(60,771)	0	(60,771)
Employee pension plan adjustments, net of taxes	0	0	0	0	338	338
Stock-based compensation expense
Restricted stock	$ 0	2,408	0	0	0	2,408
Restricted stock (in shares)	79,582
Stock options	$ 0	78	0	0	0	78
Net share settlement for equity-based compensation	$ 0	(112)	0	0	0	(112)
Net share settlement for equity-based compensation (in shares)	(27,682)
Cash dividend	$ 0	0	0	(3,841)	0	(3,841)
BALANCE at Sep. 30, 2014	$ 141,377	26,551	(82,860)	1,452	(3,224)	83,296
BALANCE (in shares) at Sep. 30, 2014	29,971,661
BALANCE at Dec. 31, 2014	$ 141,377	26,350	(82,860)	5,610	(7,467)	$ 83,010
BALANCE (in shares) at Dec. 31, 2014	29,933,086					29,933,086
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ 0	0	0	(11,907)	0	$ (11,907)
Employee pension plan adjustments, net of taxes	0	0	0	0	694	694
Stock-based compensation expense
Restricted stock	$ 0	852	0	0	0	852
Restricted stock (in shares)	(106,269)
Stock options	$ 0	33	0	0	0	33
Net share settlement for equity-based compensation	$ 0	(104)	0	0	0	(104)
Net share settlement for equity-based compensation (in shares)	(49,075)
BALANCE at Sep. 30, 2015	$ 141,377	$ 27,131	$ (82,860)	$ (6,297)	$ (6,773)	$ 72,578
BALANCE (in shares) at Sep. 30, 2015	29,777,742					29,777,742

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical)	9 Months Ended
	Sep. 30, 2014$ / shares
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) [Abstract]
Cash dividend (in dollars per share)	$ 0.16

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (11,907)	$ (60,771)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	10,727	14,756
Amortization of deferred finance charges	356	615
Deferred income taxes	0	(4,528)
Loss (gain) on sale of assets	188	(61)
Impairment of goodwill and long-lived assets	216	41,437
Fixed asset donation	(20)	(62)
Provision for doubtful accounts	10,886	11,836
Stock-based compensation expense	885	2,486
Deferred rent	(505)	(499)
(Increase) decrease in assets:
Accounts receivable	(14,216)	(15,508)
Inventories	(135)	47
Prepaid income taxes and income taxes receivable	184	7,161
Prepaid expenses and current assets	1,128	281
Other assets and charges	(1,382)	286
Increase (decrease) in liabilities:
Accounts payable	3,326	(5,026)
Accrued expenses	1,274	4,370
Pension plan liabilities	0	(180)
Unearned tuition	1,034	4,663
Other liabilities	453	18
Total adjustments	14,399	62,092
Net cash provided by operating activities	2,492	1,321
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(1,606)	(4,796)
Proceeds from sale of property and equipment	447	67
Net cash used in investing activities	(1,159)	(4,729)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on borrowings	(38,850)	(64,500)
Reclassifications of payments of borrowings from restricted cash	30,000	54,500
Reclassifications of proceeds of borrowings from restricted cash	(22,612)	0
Payment of deferred finance fees	(2,794)	0
Proceeds from borrowings	53,500	17,500
Net share settlement for equity-based compensation	(104)	(112)
Dividends paid	0	(3,841)
Principal payments under capital lease obligations	(350)	(323)
Net cash provided by financing activities	18,790	3,224
NET DECREASE IN CASH AND CASH EQUIVALENTS	20,123	(184)
CASH AND CASH EQUIVALENTS-Beginning of period	12,299	12,886
CASH AND CASH EQUIVALENTS-End of period	32,422	12,702
Cash paid during the year for:
Interest	5,162	3,315
Income taxes	79	120
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Liabilities accrued for or noncash purchases of fixed assets	$ 757	$ 1,333

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2015
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Activities Liquidity — To fund the Company’s business plans, including any anticipated future losses, purchase commitments, capital expenditures and principal and interest payments on borrowings, the Company leveraged its owned real estate that is not classified as held for sale. The Company is also continuing to take actions to improve cash flow by aligning its cost structure to its student population. In addition to the current sources of capital discussed above that provide short term liquidity, the Company plans to sell approximately $44.8 million in assets which are currently classified as held for sale and are expected to be sold within one year from the date of classification. Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. Use of Estimates in the Preparation of Financial Statements materially differ New Accounting Pronouncements – In January 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-01, Income Statement – Extraordinary and Unusual Items. In August 2014, the FASB issued a new standard – ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In May 2014, the FASB issued a new standard related to revenue recognition, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new standard will replace most of the existing revenue recognition standards in GAAP. In July 2015, the FASB voted to defer the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. In August 2015, the FASB issued ASU 2015-14, wherein it was approved to defer the effective date of the Boards revenue standard ASU 2014-09 by one year for all entities and permits early adoption on a limited basis. The new standard can be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of the change recognized at the date of the initial application. The Company is assessing the potential impact of the new standard on financial reporting and has not yet selected a transition method. In April 2014, the FASB issued amended guidance on the use and presentation of discontinued operations in an entity's consolidated financial statements. The new guidance restricts the presentation of discontinued operations to business circumstances when the disposal of business operations represents a strategic shift that has or will have a major effect on an entity's operations and financial results. The guidance became effective on January 1, 2015. Adoption is on a prospective basis. The Company adopted the new guidance as of December 31, 2014 and based on the guidance did not present the schools that are held for sale as discontinued operations in the consolidated financial statements. As discussed in Note 4, the Company did include the five training sites from Florida in discontinued operations in the consolidated financial statements for the year ended December 31, 2014 as they qualify for such treatment under the amended guidance. Revenue recognition – Revenues are derived primarily from programs taught at the Company’s schools. Tuition revenues, textbook sales and one-time fees, such as nonrefundable application fees and course material fees, are recognized on a straight-line basis over the length of the applicable program as the student proceeds through the program, which is the period of time from a student’s start date through his or her graduation date, including internships or externships that take place prior to graduation, and the Company completes the performance of teaching the student which entitles the Company to the revenue. The Company evaluates whether collectability of revenue is reasonably assured prior to the student attending class and reassess collectability of tuition and fees when a student withdraws from a course. The Company calculates the amount to be returned under Title IV and its stated refund policy to determine eligible charges and, if there is a balance due from the student after this calculation, the Company expect payment from the student and the Company has a process to pursue uncollected accounts whereby, based upon the student’s financial means and ability to pay, a payment plan is established with the student to ensure that collectability is reasonable. The Company continuously monitors its historical collections to identify potential trends that may impact our determination that collectability of receivables for withdrawn students is realizable. If a student withdraws from a program prior to a specified date, federal and state regulations permit us to retain a fixed percentage of the total tuition received from the student, which varies with, but generally equals or exceed, the percentage of the term completed by the student. Tuition amount received by the Company in excess of such fixed percentage of tuition are refunded to the student or the appropriate funding source, as applicable with all refunds netted against revenue during the applicable academic term. Refunds are calculated and paid in accordance with federal, state and accrediting agency standards. When a student withdraws from a program after a specified date with a balance due to the Company, it takes a reserve of a percentage of the student’s balance based on our current collection history. Stock-Based Compensation 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 the 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 Income Taxes In accordance with ASC 740, the Company assesses its 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, the Company’s 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 the Company’s consolidated financial statements and/or tax returns. Differences between anticipated and actual outcomes of these future tax consequences could have a material impact on the Company’s 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 the Company’s valuation of income tax assets and liabilities and could cause the Company’s 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 three and nine months ended September 30, 2015 and 2014, the Company did not have any interest and penalties expense associated with uncertain tax positions.

WEIGHTED AVERAGE COMMON SHARES

WEIGHTED AVERAGE COMMON SHARES	9 Months Ended
	Sep. 30, 2015
WEIGHTED AVERAGE COMMON SHARES [Abstract]
WEIGHTED AVERAGE COMMON SHARES	2. WEIGHTED AVERAGE COMMON SHARES The weighted average number of common shares used to compute basic and diluted income (loss) per share for the three and nine months ended September 30, 2015 and 2014 was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Basic shares outstanding 23,230,438 22,843,247 23,140,006 22,789,254 Dilutive effect of stock options 39,197 - - - Diluted shares outstanding 23,269,635 22,843,247 23,140,006 22,789,254 For the three months ended September 30, 2014, options to acquire 132,595 shares were excluded from the above table because the Company reported a net loss for each quarter and therefore their impact on reported loss per share would have been antidilutive. For the nine months ended September 30, 2015 and 2014, options to acquire 47,015 and 121,269 shares, respectively, were excluded from the above table because the Company reported a net loss for each quarter and therefore their impact on reported loss per share would have been antidilutive. For the three and nine months ended September 30, 2015 and 2014, options to acquire 540,567 and 476,625 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 per share would have been antidilutive. In each of 2013 and 2014, the Company issued performance shares that vest when certain performance conditions are satisfied. As of September 30, 2015, these performance conditions were not met. As a result, the Company has determined these shares to be contingently issuable. Accordingly, 152,837 shares of outstanding performance shares have been excluded from the computation of diluted earnings per share for the three and nine months ended September 30, 2015, and 398,250 shares have been excluded for the three and nine months ended September 30, 2014. Refer to Note 6 for more information on performance shares.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	9 Months Ended
	Sep. 30, 2015
DISCONTINUED OPERATIONS [Abstract]
DISCONTINUED OPERATIONS	3. DISCONTINUED OPERATIONS On December 3, 2014, the Company’s Board of Directors approved a plan to cease operations at five training sites in Florida. The Company performed a cost benefit analysis on several schools and concluded that the training sites contained a high fixed cost component and had difficulty attracting a sufficient number of students due to high competition to maintain a stable profit margin. Accordingly, the Company ceased operations at these campuses as of December 31, 2014. This was a strategic shift to close all of the Company’s training sites and all locations that do not accept Title IV payments. The results of operations of these campuses are reflected as discontinued operations in the condensed consolidated financial statements. The results of operations at these five training sites for the three and nine months ended September 30, 2014 was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2014 2014 Revenue $ 677 $ 2,205 Operating expenses 3,504 6,462 Operating loss $ (2,827 ) $ (4,257 )

GOODWILL AND LONG-LIVED ASSETS

GOODWILL AND LONG-LIVED ASSETS	9 Months Ended
	Sep. 30, 2015
GOODWILL AND LONG-LIVED ASSETS [Abstract]
GOODWILL AND LONG-LIVED ASSETS	4. GOODWILL AND LONG-LIVED ASSETS The Company reviews long-lived assets for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. The Company reviews goodwill and intangible assets for impairment when indicators of impairment exist. Annually, or more frequently if necessary, the Company evaluates goodwill and intangible assets with indefinite lives for impairment, with any resulting impairment reflected as an operating expense. The Company concluded that as of September 30, 2015 there was an indicator of potential impairment as a result of a decrease in market capitalization and, accordingly, the Company tested goodwill for impairment. The test indicated that one of the Company’s reporting units was impaired, which resulted in a pre-tax non-cash charge of $0.2 million for the three months ended September 30, 2015. As of September 30, 2014, the Company concluded that there was an indicator of potential impairment as a result of a decrease in market capitalization and, accordingly, the Company tested goodwill for impairment. The test indicated that 10 of the Company’s reporting units were impaired, which resulted in a pre-tax charge of $39.0 million for the three months ended September 30, 2014. As of September 30, 2015, the Company concluded that there was sufficient evidence to conclude that there was no impairment of long-lived assets. Long-lived assets were tested at these campuses as a result of certain financial indicators such as the Company’s history of losses, current respective period losses, as well as future projected losses at these campuses. As of September 30, 2014, the Company concluded that there was sufficient evidence to conclude that there were impairments of certain long-lived assets at six of the Company’s campuses. Long-lived assets were tested at these campuses as a result of certain financial indicators such as the Company’s history of losses, current respective period losses, as well as future projected losses at these campuses. The long-lived impairment resulted in a pre-tax charge of $1.9 million for leasehold improvements and a $0.5 million for intangible assets. The carrying amount of goodwill at September 30, 2015 and 2014 is as follows: Gross Goodwill Balance Accumulated Impairment Losses Net Goodwill Balance Balance as of January 1, 2015 $ 115,872 $ (93,665 ) $ 22,207 Goodwill impairment - (216 ) (216 ) Balance as of September 30, 2015 $ 115,872 $ (93,881 ) $ 21,991 Gross Goodwill Balance Accumulated Impairment Losses Net Goodwill Balance Balance as of January 1, 2014 $ 117,176 $ (54,711 ) $ 62,465 Goodwill impairment - (38,954 ) (38,954 ) Balance as of September 30, 2014 $ 117,176 $ (93,665 ) $ 23,511 Intangible assets, which are included in other assets in the accompanying condensed consolidated balance sheets, consist of the following: Trade Name Accreditation Curriculum Total Gross carrying amount at December 31, 2014 $ 310 $ 1,062 $ 550 $ 1,922 Adjustments - - - - Gross carrying amount at September 30, 2015 310 1,062 550 1,922 Accumulated amortization at December 31, 2014 264 - 469 733 Amortization 33 - 15 48 Accumulated amortization at September 30, 2015 297 - 484 781 Net carrying amount at September 30, 2015 $ 13 $ 1,062 $ 66 $ 1,141 Weighted average amortization period (years) 7 Indefinite 10 Amortization of intangible assets was less than $0.1 million for each of the three months ended September 30, 2015 and 2014. Amortization of intangible assets was $0.1 million for each of the nine months ended September 30, 2015 and 2014. The following table summarizes the estimated future amortization expense: Year Ending December 31, Remainder of 2015 $ 16 2016 22 2017 20 2018 20 2019 1 Thereafter - $ 79

LONG-TERM DEBT AND LEASE OBLIGA

LONG-TERM DEBT AND LEASE OBLIGATIONS	9 Months Ended
	Sep. 30, 2015
LONG-TERM DEBT AND LEASE OBLIGATIONS [Abstract]
LONG-TERM DEBT AND LEASE OBLIGATIONS	5. LONG-TERM DEBT AND LEASE OBLIGATIONS Long-term debt and lease obligations consist of the following: September 30, 2015 December 31, 2014 Term loan (a) $ 44,650 $ - Credit agreement (a) - 30,000 Finance obligation (b) 9,672 9,672 Capital lease-property (rate of 8.0%) (c) 25,159 25,509 79,481 65,181 Less current maturities (6,328 ) (30,471 ) $ 73,153 $ 34,710 (a) Agreement agreement agreement Agreement Agreement A portion of the proceeds of the Loan were used by the Company to (i) repay approximately $6.3 million in outstanding principal, accrued interest and fees due under the previously existing revolving credit facility, (ii) fund the $15.3 million cash collateral account securing the portion of the Loan provided by Alostar, (iii) fund approximately $7.4 million in a cash collateral account securing the letters of credit issued under the previously existing revolving credit facility that remain outstanding after the termination of that facility and (iv) pay transaction expenses in connection with the Loan and the termination of the previously existing revolving credit facility. The remaining proceeds of the Loan of approximately $13.8 million may be used by the Borrowers to finance capital expenditures and for general corporate purposes consistent with the terms of the Term Loan Agreement Interest will accrue on the Loan at a per annum rate equal to the greater of (i) 11% or (ii) 90-day LIBOR plus 9% determined monthly by the Agent and will be payable monthly in arrears. The principal balance of the Loan will be repaid in equal monthly installments, commencing on August 1, 2017, determined as the quotient of (i) 10% of the outstanding principal balance of the Loan as of July 2, 2017 divided by (ii) 12. A final installment of principal and all accrued and unpaid interest will be due on the maturity date of the Loan. The Loan may be prepaid in whole or in part at any time, subject to the payment of a prepayment premium equal to (i) 5% of the principal amount prepaid at any time up to but not including the second anniversary of the Closing Date and (ii) 3% of the principal amount prepaid at any time commencing on the second anniversary of the Closing Date up to but not including the third anniversary of the Closing Date. In the event of any sale or other disposition of a school or real property by the Company permitted under the Term Loan Agreement Agreement Agreement Agreement For the three months ended September 30, 2015, $0.4 million of the Term Loan Agreement Agreement The Company had $30.0 million outstanding cember 31, 2014 which was repaid on January 3, 2015. The interest rate on this borrowing was 7.25%. The Term Loan Agreement Agreement The Term Loan Agreement contains-events of default, the occurrence and continuation of which provide the lenders with the right to exercise remedies against the Company and the cash and other collateral securing the Loan. These events of default include, among other things, the failure to pay principal, interest or any other amounts when due with respect to the Loan, the breach of covenants in the Term Loan Agreement and related collateral security agreements, the occurrence of an insolvency event for the Company or any of its subsidiaries, the issuance of a notice of intent to suspend, terminate or limit Title IV program eligibility or an educational approval of the Company or any of its subsidiaries that could reasonably be expected to result in a Material Adverse Change (as defined in the Term Loan Agreement), the occurrence of a default respect to other indebtedness of the Company or any of its subsidiaries that involves an aggregate amount of $0.5 million or more, and the entry of a final judgment against the Company or any of its subsidiaries in the aggregate amount of $1 million or more. Also, in connection with the Term Loan Agreement Agreement (b) The Company completed a sale and a leaseback of several facilities on December 28, 2001. The Company retains 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. The lease expires on 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 September 30, 2015 are as follows: Year ending December 31, 2015 $ 121 2016 6,384 2017 2,610 2018 5,275 2019 33,388 Thereafter 22,031 $ 69,809 The finance obligation of $9.7 million is excluded from the scheduled maturities schedule as it is a non-cash liability.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2015
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	6. 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. The service-based restricted shares granted during 2012 The service-based restricted shares granted during 2014 vest ratably on the grant date and the first through third anniversaries of the grant date. On June 2, 2014 and December 18, 2014, performance-based shares were granted which vest over three 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, 2015 and ending December 31, 2017 and (ii) the attainment of earnings before interest, taxes, depreciation and amortization targets during each of the fiscal years ended December 31, 2015 through 2017. 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, 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. 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. For the nine months ended September 30, 2015 and 2014, the Company completed a net share settlement for 49,075 and 27,682 restricted shares, 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. The net share settlement was in connection with income taxes incurred on restricted shares that vested and were transferred to the employee during 2015 and/or 2014, 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 employee’s return of an equivalent value of restricted shares to the Company. These transactions resulted in a decrease of approximately $0.1 million for each of the nine months ended September 30, 2015 and 2014, respectively, to equity on the consolidated balance sheets as the cash payment of the taxes effectively was a repurchase of the restricted shares 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, 2014 925,819 $ 5.04 Canceled (340,940 ) 5.00 Awards 234,651 2.28 Vested (254,046 ) 5.36 Nonvested restricted stock outstanding at September 30, 2015 565,484 3.77 The restricted stock expense for the three months ended September 30, 2015 and 2014 was $0.1 million and $0.8 million, respectively. The restricted stock expense for the nine months ended September 30, 2015 and 2014 was $0.9 million and $2.4 million, respectively. The unrecognized restricted stock expense as of September 30, 2015 and December 31, 2014 was $1.6 million and $4.5 million, respectively. As of September 30, 2015, outstanding restricted shares under the LTIP had aggregate intrinsic value of $0.3 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. The following is a summary of transactions pertaining to stock options: Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2014 424,167 $ 13.65 4.18 years $ - Canceled (151,500 ) 16.22 - Outstanding at September 30, 2015 272,667 12.22 4.30 years - Vested or expected to vest 272,667 12.22 4.30 years - Exercisable as of September 30, 2015 272,667 12.22 4.30 years - As of September 30, 2015, there was no unrecognized pre-tax compensation expense. The following table presents a summary of stock options outstanding: At September 30, 2015 Stock Options Outstanding Stock Options Exercisable Range of Exercise Prices Shares Contractual Weighted Average Life (years) Weighted Average Price Shares Weighted Average Exercise Price $4.00-$13.99 192,667 4.69 $ 9.39 192,667 $ 9.39 $14.00-$19.99 49,000 2.40 18.02 49,000 18.02 $20.00-$25.00 31,000 4.85 20.62 31,000 20.62 272,667 4.30 12.22 272,667 12.22

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2015
INCOME TAXES [Abstract]
INCOME TAXES	7. INCOME TAXES The provision for income taxes for the three months ended September 30, 2015 was $0.1 million, or 1.9% of pretax income, compared to a benefit for income taxes of $5.6 million, or 13.6%, of pretax loss for the quarter ended September 30, 2014. The provision for income taxes for the nine months ended September 30, 2015 was $0.2 million, or 1.3% of pretax loss, compared to a benefit for income taxes of $4.7 million, or 7.7% of pretax loss. Previously, the Company had a deferred tax liability related to an indefinite life intangible that was not available to offset the net deferred tax asset when evaluating the amount of the valuation allowance needed. As a result of the Company’s impairment of goodwill for the three months ended September 30, 2014, the deferred tax liability related to the indefinite life intangible reversed resulting in a decrease in the valuation allowance needed. This release of the valuation allowance resulted in an income tax benefit. The Company 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 realization of the Company’s deferred tax assets was not deemed to be more likely than not and thus the Company maintained a full valuation allowance on its net deferred tax assets as of September 30, 2015.

CONTINGENCIES

CONTINGENCIES	9 Months Ended
	Sep. 30, 2015
CONTINGENCIES [Abstract]
CONTINGENCIES	8. CONTINGENCIES In the ordinary conduct of its business, the Company is subject to 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 proceedings to which it is a party will have a material adverse effect on the Company’s business, financial condition, and 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 its investigation of whether the Company and certain of its academic institutions have complied with certain Massachusetts state consumer protection laws. On July 29, 2013, and January 17, 2014, the Company received additional Civil Investigative Demands. Pursuant to the Civil Investigative Demands, the Attorney General requested from the Company and certain of its academic institutions in Massachusetts documents and detailed information for the time period from January 1, 2008 to the present. On July 13, 2015, the Commonwealth of Massachusetts filed a complaint against the Company in the Suffolk County Superior Court alleging certain violations of the Massachusetts Consumer Protection Act since at least 2010 and continuing through 2013. At the same time, the Company agreed to the entry of a Final Judgment by Consent in order to avoid the time, burden, and expense of contesting such liability. As part of the Final Judgment by Consent, the Company denied all allegations of wrongdoing and any liability for the claims asserted in the complaint. The Company agreed, however, to pay the sum of $850,000 to the Attorney General and to forgive $165,000 of debt consisting of unpaid balances owed to the Company by certain graduates in the sole discretion of the Massachusetts Attorney General which were previously accrued for at December 31, 2014. The Final Judgment by Consent also provided certain requirements for calculation of job placement rates in Massachusetts and imposed certain disclosure obligations that are consistent with the regulations that have been previously enacted by the Massachusetts Attorney General’s Office.

PENSION PLAN

PENSION PLAN	9 Months Ended
	Sep. 30, 2015
PENSION PLAN [Abstract]
PENSION PLAN	9. PENSION PLAN The Company sponsors a noncontributory defined benefit pension plan covering some of the Company’s employees who were employed by the Company prior to 1995. Benefits are provided based on employees’ years of service and earnings. This plan was frozen on December 31, 1994. The Company did not make any contributions to the pension plan for the three and nine months ended September 30, 2015, and paid $0.2 million for the nine months ended September 30, 2014. The net periodic benefit cost was $0.5 million and less than $0.1 million for the three months ended September 30, 2015 and 2014, respectively. The net periodic benefit cost was $0.6 million and $0.1 million for the nine months ended September 30, 2015 and 2014, respectively.

SEGMENTS

SEGMENTS	9 Months Ended
	Sep. 30, 2015
SEGMENTS [Abstract]
SEGMENTS	10. SEGMENTS The for-profit education industry has been impacted by numerous regulatory changes, the changing economy and an onslaught of negative articles in the press. As a result of these actions, student populations have declined and operating costs have increased. Over the past few years, the Company has closed over 10 locations and exited its online business. The Company reviewed how it has been structured and decided to change its organization including reorganizing its Group Presidents to oversee each of the reporting segments. By aggregating the remaining 31 operating segments into three reporting segments the Company is better able to allocate financial and human resources to respond to its markets and with the goal of improving its profitability and competitive advantage. In the past, the Company offered any combination of programs at any campus. The Company has changed its focus to program offerings that create greater differentiation and attain excellence to attract more students and gain market share. Also strategically, the Company began offering continuing education training to employers who hire its students and this is best achieved at campuses focused on their profession. As a result of these environmental, market forces and strategic decisions, the Company now operates in three reportable segments: a) Transportation and Skilled Trades, b) Healthcare and Other Professions and c) Transitional. Our reportable segments have been determined based on the method by which our chief operating decision maker now evaluates performance and allocates resources. Each reportable segment represents a group of postsecondary education providers that offer a variety of degree and non-degree academic programs. These segments are organized by key market segments to enhance operational alignment within each segment to more effectively execute our strategic plan. Each of the Company’s schools is a reporting unit and an operating segment. The Company’s operating segments have been aggregated into three reportable segments because, in the Company’s judgment, the reporting units have similar services, types of customers, regulatory environment and economic characteristics. Transportation and Skilled Trades – Healthcare and Other Professions – Transitional – We evaluate segment performance based on operating results. Adjustments to reconcile segment results to consolidated results are included under the caption “Corporate,” which primarily includes unallocated corporate activity. Summary financial information by reporting segment is as follows: For the Three Months Ended September 30, Revenue Operating (Loss) Income 2015 % of Total 2014 % of Total 2015 2014 Transportation and Skilled Trades $ 49,696 62.9 % $ 51,272 61.1 % $ 10,592 $ 6,193 Healthcare and Other Professions 29,086 36.8 % 31,874 38.0 % (894 ) (38,566 ) Transitional 264 0.3 % 836 1.0 % (460 ) (553 ) Corporate - 0.0 % - 0.0 % (4,606 ) (6,559 ) Total $ 79,046 100 % $ 83,982 100 % $ 4,632 $ (39,485 ) For the Nine Months Ended September 30, Revenue Operating (Loss) Income 2015 % of Total 2014 % of Total 2015 2014 Transportation and Skilled Trades $ 136,987 60.0 % $ 139,076 58.1 % $ 18,334 $ 9,417 Healthcare and Other Professions 89,911 39.4 % 97,971 40.9 % (3,443 ) (41,538 ) Transitional 1,261 0.6 % 2,526 1.1 % (1,697 ) (1,563 ) Corporate - 0.0 % - 0.0 % (20,211 ) (23,777 ) Total $ 228,159 100 % $ 239,573 100 % $ (7,017 ) $ (57,461 ) Total Assets September 30, 2015 December 31, 2014 Transportation and Skilled Trades $ 93,576 $ 97,650 Healthcare and Other Professions 60,622 62,377 Transitional 1,873 2,184 Corporate 65,837 51,473 Discontinued Operations - 23 Total $ 221,908 $ 213,707

SUBSEQUENT EVENT

SUBSEQUENT EVENT	9 Months Ended
	Sep. 30, 2015
SUBSEQUENT EVENT [Abstract]
SUBSEQUENT EVENT	11. SUBSEQUENT EVENT As previously reported, on November 3, 2015, the Board of Directors approved a plan for the Company to divest its Healthcare and Other Professions business segment. Implementation of the plan will result in the Company’s operations being focused solely on the Transportation and Skilled Trades business segment. Due to the Board’s decision to divest the Healthcare and Other Professions business segment, beginning in the fourth quarter of 2015, this segment is anticipated to be classified as discontinued operations and the associated assets and liabilities will be classified as held for sale. This decision will trigger an impairment test at the segment level which may result in a non-cash impairment charge. In addition, as of September 30, 2015 the Company has two campuses held for sale. With the approval of the plan to divest the Healthcare and Other Professions business segment one of the campuses , in the transportation segment,

SUMMARY OF SIGNIFICANT ACCOUN20

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2015
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Business Activities	Business Activities
Liquidity	Liquidity — To fund the Company’s business plans, including any anticipated future losses, purchase commitments, capital expenditures and principal and interest payments on borrowings, the Company leveraged its owned real estate that is not classified as held for sale. The Company is also continuing to take actions to improve cash flow by aligning its cost structure to its student population. In addition to the current sources of capital discussed above that provide short term liquidity, the Company plans to sell approximately $44.8 million in assets which are currently classified as held for sale and are expected to be sold within one year from the date of classification.
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements materially differ
New Accounting Pronouncements	New Accounting Pronouncements – In January 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-01, Income Statement – Extraordinary and Unusual Items. In August 2014, the FASB issued a new standard – ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In May 2014, the FASB issued a new standard related to revenue recognition, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new standard will replace most of the existing revenue recognition standards in GAAP. In July 2015, the FASB voted to defer the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. In August 2015, the FASB issued ASU 2015-14, wherein it was approved to defer the effective date of the Boards revenue standard ASU 2014-09 by one year for all entities and permits early adoption on a limited basis. The new standard can be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of the change recognized at the date of the initial application. The Company is assessing the potential impact of the new standard on financial reporting and has not yet selected a transition method. In April 2014, the FASB issued amended guidance on the use and presentation of discontinued operations in an entity's consolidated financial statements. The new guidance restricts the presentation of discontinued operations to business circumstances when the disposal of business operations represents a strategic shift that has or will have a major effect on an entity's operations and financial results. The guidance became effective on January 1, 2015. Adoption is on a prospective basis. The Company adopted the new guidance as of December 31, 2014 and based on the guidance did not present the schools that are held for sale as discontinued operations in the consolidated financial statements. As discussed in Note 4, the Company did include the five training sites from Florida in discontinued operations in the consolidated financial statements for the year ended December 31, 2014 as they qualify for such treatment under the amended guidance.
Revenue recognition	Revenue recognition – Revenues are derived primarily from programs taught at the Company’s schools. Tuition revenues, textbook sales and one-time fees, such as nonrefundable application fees and course material fees, are recognized on a straight-line basis over the length of the applicable program as the student proceeds through the program, which is the period of time from a student’s start date through his or her graduation date, including internships or externships that take place prior to graduation, and the Company completes the performance of teaching the student which entitles the Company to the revenue. The Company evaluates whether collectability of revenue is reasonably assured prior to the student attending class and reassess collectability of tuition and fees when a student withdraws from a course. The Company calculates the amount to be returned under Title IV and its stated refund policy to determine eligible charges and, if there is a balance due from the student after this calculation, the Company expect payment from the student and the Company has a process to pursue uncollected accounts whereby, based upon the student’s financial means and ability to pay, a payment plan is established with the student to ensure that collectability is reasonable. The Company continuously monitors its historical collections to identify potential trends that may impact our determination that collectability of receivables for withdrawn students is realizable. If a student withdraws from a program prior to a specified date, federal and state regulations permit us to retain a fixed percentage of the total tuition received from the student, which varies with, but generally equals or exceed, the percentage of the term completed by the student. Tuition amount received by the Company in excess of such fixed percentage of tuition are refunded to the student or the appropriate funding source, as applicable with all refunds netted against revenue during the applicable academic term. Refunds are calculated and paid in accordance with federal, state and accrediting agency standards. When a student withdraws from a program after a specified date with a balance due to the Company, it takes a reserve of a percentage of the student’s balance based on our current collection history.
Stock-Based Compensation	Stock-Based Compensation 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 the 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 Income Taxes In accordance with ASC 740, the Company assesses its 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, the Company’s 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 the Company’s consolidated financial statements and/or tax returns. Differences between anticipated and actual outcomes of these future tax consequences could have a material impact on the Company’s 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 the Company’s valuation of income tax assets and liabilities and could cause the Company’s 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 three and nine months ended September 30, 2015 and 2014, the Company did not have any interest and penalties expense associated with uncertain tax positions.

WEIGHTED AVERAGE COMMON SHARES

WEIGHTED AVERAGE COMMON SHARES (Tables)	9 Months Ended
	Sep. 30, 2015
WEIGHTED AVERAGE COMMON SHARES [Abstract]
Weighted average numbers of common shares used to compute basic and diluted income per share	The weighted average number of common shares used to compute basic and diluted income (loss) per share for the three and nine months ended September 30, 2015 and 2014 was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Basic shares outstanding 23,230,438 22,843,247 23,140,006 22,789,254 Dilutive effect of stock options 39,197 - - - Diluted shares outstanding 23,269,635 22,843,247 23,140,006 22,789,254

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Sep. 30, 2015
DISCONTINUED OPERATIONS [Abstract]
Results of operations at training sites	The results of operations at these five training sites for the three and nine months ended September 30, 2014 was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2014 2014 Revenue $ 677 $ 2,205 Operating expenses 3,504 6,462 Operating loss $ (2,827 ) $ (4,257 )

GOODWILL AND LONG-LIVED ASSETS

GOODWILL AND LONG-LIVED ASSETS (Tables)	9 Months Ended
	Sep. 30, 2015
GOODWILL AND LONG-LIVED ASSETS [Abstract]
Changes in carrying amount of goodwill	The carrying amount of goodwill at September 30, 2015 and 2014 is as follows: Gross Goodwill Balance Accumulated Impairment Losses Net Goodwill Balance Balance as of January 1, 2015 $ 115,872 $ (93,665 ) $ 22,207 Goodwill impairment - (216 ) (216 ) Balance as of September 30, 2015 $ 115,872 $ (93,881 ) $ 21,991 Gross Goodwill Balance Accumulated Impairment Losses Net Goodwill Balance Balance as of January 1, 2014 $ 117,176 $ (54,711 ) $ 62,465 Goodwill impairment - (38,954 ) (38,954 ) Balance as of September 30, 2014 $ 117,176 $ (93,665 ) $ 23,511
Summary of finite-lived and indefinite-lived intangible assets	Intangible assets, which are included in other assets in the accompanying condensed consolidated balance sheets, consist of the following: Trade Name Accreditation Curriculum Total Gross carrying amount at December 31, 2014 $ 310 $ 1,062 $ 550 $ 1,922 Adjustments - - - - Gross carrying amount at September 30, 2015 310 1,062 550 1,922 Accumulated amortization at December 31, 2014 264 - 469 733 Amortization 33 - 15 48 Accumulated amortization at September 30, 2015 297 - 484 781 Net carrying amount at September 30, 2015 $ 13 $ 1,062 $ 66 $ 1,141 Weighted average amortization period (years) 7 Indefinite 10
Summary of estimated future amortization expense	The following table summarizes the estimated future amortization expense: Year Ending December 31, Remainder of 2015 $ 16 2016 22 2017 20 2018 20 2019 1 Thereafter - $ 79

LONG-TERM DEBT AND LEASE OBLI24

LONG-TERM DEBT AND LEASE OBLIGATIONS (Tables)	9 Months Ended
	Sep. 30, 2015
LONG-TERM DEBT AND LEASE OBLIGATIONS [Abstract]
Long-term debt and lease obligations	Long-term debt and lease obligations consist of the following: September 30, 2015 December 31, 2014 Term loan (a) $ 44,650 $ - Credit agreement (a) - 30,000 Finance obligation (b) 9,672 9,672 Capital lease-property (rate of 8.0%) (c) 25,159 25,509 79,481 65,181 Less current maturities (6,328 ) (30,471 ) $ 73,153 $ 34,710
Scheduled maturities of long-term debt and lease obligations	Scheduled maturities of long-term debt and lease obligations at September 30, 2015 are as follows: Year ending December 31, 2015 $ 121 2016 6,384 2017 2,610 2018 5,275 2019 33,388 Thereafter 22,031 $ 69,809

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2015
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, 2014 925,819 $ 5.04 Canceled (340,940 ) 5.00 Awards 234,651 2.28 Vested (254,046 ) 5.36 Nonvested restricted stock outstanding at September 30, 2015 565,484 3.77
Summary of transactions pertaining to option plans	The following is a summary of transactions pertaining to stock options: Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2014 424,167 $ 13.65 4.18 years $ - Canceled (151,500 ) 16.22 - Outstanding at September 30, 2015 272,667 12.22 4.30 years - Vested or expected to vest 272,667 12.22 4.30 years - Exercisable as of September 30, 2015 272,667 12.22 4.30 years -
Summary of options outstanding	The following table presents a summary of stock options outstanding: At September 30, 2015 Stock Options Outstanding Stock Options Exercisable Range of Exercise Prices Shares Contractual Weighted Average Life (years) Weighted Average Price Shares Weighted Average Exercise Price $4.00-$13.99 192,667 4.69 $ 9.39 192,667 $ 9.39 $14.00-$19.99 49,000 2.40 18.02 49,000 18.02 $20.00-$25.00 31,000 4.85 20.62 31,000 20.62 272,667 4.30 12.22 272,667 12.22

SEGMENTS (Tables)

SEGMENTS (Tables)	9 Months Ended
	Sep. 30, 2015
SEGMENTS [Abstract]
Summary financial information by reporting segment	Summary financial information by reporting segment is as follows: For the Three Months Ended September 30, Revenue Operating (Loss) Income 2015 % of Total 2014 % of Total 2015 2014 Transportation and Skilled Trades $ 49,696 62.9 % $ 51,272 61.1 % $ 10,592 $ 6,193 Healthcare and Other Professions 29,086 36.8 % 31,874 38.0 % (894 ) (38,566 ) Transitional 264 0.3 % 836 1.0 % (460 ) (553 ) Corporate - 0.0 % - 0.0 % (4,606 ) (6,559 ) Total $ 79,046 100 % $ 83,982 100 % $ 4,632 $ (39,485 ) For the Nine Months Ended September 30, Revenue Operating (Loss) Income 2015 % of Total 2014 % of Total 2015 2014 Transportation and Skilled Trades $ 136,987 60.0 % $ 139,076 58.1 % $ 18,334 $ 9,417 Healthcare and Other Professions 89,911 39.4 % 97,971 40.9 % (3,443 ) (41,538 ) Transitional 1,261 0.6 % 2,526 1.1 % (1,697 ) (1,563 ) Corporate - 0.0 % - 0.0 % (20,211 ) (23,777 ) Total $ 228,159 100 % $ 239,573 100 % $ (7,017 ) $ (57,461 ) Total Assets September 30, 2015 December 31, 2014 Transportation and Skilled Trades $ 93,576 $ 97,650 Healthcare and Other Professions 60,622 62,377 Transitional 1,873 2,184 Corporate 65,837 51,473 Discontinued Operations - 23 Total $ 221,908 $ 213,707

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)SegmentSchoolStateSite	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Dec. 31, 2013USD ($)
Business Activities [Abstract]
Number of reportable segments | Segment	3
Number of schools operating across the United States | School	31
Number of states in which schools operate across the United States | State	15
Liquidity [Abstract]
Goodwill impairment loss pre tax charge		$ 39,000
Cash and cash equivalents	$ 32,422	12,299	$ 12,702	$ 12,886
Cash received from term loan	19,600
Assets held for sale	$ 44,762	$ 50,930
New Accounting Pronouncements [Abstract]
Number of training sites | Site	5

WEIGHTED AVERAGE COMMON SHARE28

WEIGHTED AVERAGE COMMON SHARES (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Shares used to compute basic and diluted loss income per share [Abstract]
Basic shares outstanding (in shares)	23,230,438	22,843,247	23,140,006	22,789,254
Dilutive effect of stock options (in shares)	39,197	0	0	0
Diluted shares outstanding (in shares)	23,269,635	22,843,247	23,140,006	22,789,254
Stock Option 2 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of income (loss) per share (in shares)		132,595	47,015	121,269
Stock Option 1 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of income (loss) per share (in shares)	540,567	476,265	540,567	476,265
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)	152,837	398,250	152,837	398,250

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2014USD ($)	Sep. 30, 2014USD ($)	Dec. 03, 2014Site
Florida [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of training sites | Site			5
Five Training Sites [Member]
Result of discontinued operations [Abstract]
Revenue	$ 677	$ 2,205
Operating expenses	3,504	6,462
Operating loss	$ (2,827)	$ (4,257)

GOODWILL AND LONG-LIVED ASSET30

GOODWILL AND LONG-LIVED ASSETS (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)Campus	Sep. 30, 2015USD ($)Campus	Sep. 30, 2014USD ($)Campus	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
GOODWILL AND LONG-LIVED ASSETS [Abstract]
Number of reporting units impaired | Campus		10	1	6
Impairment of long-lived assets			$ 0
Long lived asset impairment pre-tax charges of leasehold				$ 1,900
Long lived impairment pre-tax charges of intangible assets				500
Changes in carrying amount of goodwill [Abstract]
Gross Goodwill Balance		$ 117,176		117,176	$ 115,872	$ 115,872	$ 117,176
Accumulated Impairment Losses		(93,665)		(93,665)	(93,881)	(93,665)	(54,711)
Net Goodwill Balance		23,511		23,511	21,991	22,207	$ 62,465
Goodwill impairment	$ 200	39,000	(216)	(38,954)
Finite-Lived Intangible Assets [Line Items]
Amortization	100	100	100	100
Net carrying amount	79		79
Intangible Assets (Excluding Goodwill) [Abstract]
Gross carrying amount, Total			1,922
Adjustments			0
Gross carrying amount, Total	1,922		1,922
Accumulated amortization, Total			733
Amortization			48
Accumulated amortization, Total	781		781
Net carrying amount					1,141
Amortization of intangible assets	100	$ 100	100	$ 100
Estimated future amortization expense [Abstract]
Remainder of 2015					16
2,016					22
2,017					20
2,018					20
2,019					1
Thereafter					0
Total	79		79		79
Accreditation [Member]
Indefinite-lived Intangible Assets [Line Items]
Gross carrying amount, beginning balance			1,062
Adjustments			0
Gross carrying amount, ending balance	1,062		1,062
Accumulated amortization, beginning balance			0
Amortization			0
Accumulated amortization, ending balance	0		0
Net carrying amount	1,062		1,062		1,062	$ 1,062
Trade Name [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount, beginning balance			310
Adjustments			0
Gross carrying amount, ending balance	310		310
Accumulated amortization, beginning balance			264
Amortization			33
Accumulated amortization, ending balance	297		297
Net carrying amount	13		$ 13
Weighted average amortization period			7 years
Intangible Assets (Excluding Goodwill) [Abstract]
Amortization of intangible assets			$ 33
Estimated future amortization expense [Abstract]
Total	13		13		13
Curriculum [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount, beginning balance			550
Adjustments			0
Gross carrying amount, ending balance	550		550
Accumulated amortization, beginning balance			469
Amortization			15
Accumulated amortization, ending balance	484		484
Net carrying amount	66		$ 66
Weighted average amortization period			10 years
Intangible Assets (Excluding Goodwill) [Abstract]
Amortization of intangible assets			$ 15
Estimated future amortization expense [Abstract]
Total	$ 66		$ 66		$ 66

LONG-TERM DEBT AND LEASE OBLI31

LONG-TERM DEBT AND LEASE OBLIGATIONS (Details) $ in Thousands		Jul. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)Lender	Dec. 31, 2014USD ($)
Long-term debt and lease obligations [Abstract]
Long term debt and capital lease obligations			$ 79,481	$ 79,481	$ 65,181
Less current maturities			(6,328)	(6,328)	(30,471)
Long-term debt and lease obligations			$ 73,153	$ 73,153	34,710
Interest rate of debt instrument			11.00%	11.00%
Percentage of outstanding principal balance of loan				10.00%
Percentage of principal amount prepaid but not including in the second anniversary				5.00%
Percentage of principal amount prepaid but not including in the third anniversary				3.00%
Scheduled maturities of long-term debt and lease obligations [Abstract]
2,015			$ 121	$ 121
2,016			6,384	6,384
2,017			2,610	2,610
2,018			5,275	5,275
2,019			33,388	33,388
Thereafter			22,031	22,031
Long term debt and capital lease obligations			69,809	$ 69,809
90-day LIBOR [Member]
Long-term debt and lease obligations [Abstract]
Debt instrument, basis spread on variable rate				9.00%
Credit Agreement [Member]
Long-term debt and lease obligations [Abstract]
Long-term line of credit	[1]		0	$ 0	$ 30,000
Number of lenders | Lender				3
Interest rate of credit facility					7.25%
Revolving Credit Facility [Member]
Long-term debt and lease obligations [Abstract]
Expiration date of credit facility				Apr. 5, 2016
Repayment of outstanding principal, accrued interest and fees		$ 6,300
Proceeds for remaining loan amount		13,800
Revolving Credit Facility [Member] | Bank of America and Other Lenders [Member]
Long-term debt and lease obligations [Abstract]
Long-term line of credit		20,000
Letter of Credit [Member]
Long-term debt and lease obligations [Abstract]
Cash collateral amount		7,400
Term Loan Agreement [Member]
Long-term debt and lease obligations [Abstract]
Long-term line of credit			44,650	$ 44,650	$ 0
Outstanding term loan		45,000
Expiration date of credit facility				Jul. 31, 2019
Short-term debt			5,800	$ 5,800
Aggregate repayments of the Loan			400	15,000
Default of indebtedness amount to cause breach of covenant				500
Judgment amount to cause breach of covenant				1,000
Commitment fee				1,000
Amount of fees for term loan			2,800	2,800
Term Loan Agreement [Member] | HPF Holdco, LLC and Rushing Creek 4, LLC [Member]
Long-term debt and lease obligations [Abstract]
Outstanding term loan		30,000
Term Loan Agreement [Member] | Alostar Bank of Commerce [Member]
Long-term debt and lease obligations [Abstract]
Outstanding term loan		15,000
Cash collateral amount		$ 15,300
Finance Obligation [Member]
Long-term debt and lease obligations [Abstract]
Finance obligation	[2]		9,672	9,672	9,672
Capital Lease-Property (rate of 8.0%) [Member]
Long-term debt and lease obligations [Abstract]
Finance obligation	[3]		$ 25,159	$ 25,159	$ 25,509
Interest rate of debt instrument			8.00%	8.00%
[1]	On July 31, 2015, the Company entered into a credit agreement (the "Term Loan") with three lenders, Alostar Bank of Commerce ("Alostar"), HPF Holdco, LLC and Rushing Creek 4, LLC, led by HPF Service, LLC, as administrative agent and collateral agent (the "Agent"), for an aggregate principal amount of $45 million (the "Loan"). The Loan consists of a $30 million term loan from HPF Holdco, LLC and Rushing Creek 4, LLC secured by a first priority lien in favor of the Agent on substantially all of the real and personal property owned by the Company, and a $15 million term loan from Alostar secured by a $15.3 million cash collateral account. At the Borrowers' request, a percentage of the cash collateral may be released to the Borrowers in the Agent's sole discretion and with the consent of Alostar upon the satisfaction of certain criteria as outlined in the Term Loan. The Loan, which matures on July 31, 2019, replaces the Company's previously existing $20 million revolving credit facility with Bank of America, N.A. and other lenders, which was due to expire on April 5, 2016. The previously existing revolving credit facility was terminated concurrently with the effective date of the Term Loan on July 31, 2015 (the "Closing Date"). A portion of the proceeds of the Loan were used by the Company to (i) repay approximately $6.3 million in outstanding principal, accrued interest and fees due under the previously existing revolving credit facility, (ii) fund the $15.3 million cash collateral account securing the portion of the Loan provided by Alostar, (iii) fund approximately $7.4 million in a cash collateral account securing the letters of credit issued under the previously existing revolving credit facility that remain outstanding after the termination of that facility and (iv) pay transaction expenses in connection with the Loan and the termination of the previously existing revolving credit facility. The remaining proceeds of the Loan of approximately $ 13.8 million may be used by the Borrowers to finance capital expenditures and for general corporate purposes consistent with the terms of the Term Loan. Interest will accrue on the Loan at a per annum rate equal to the greater of (i) 11% or (ii) 90-day LIBOR plus 9% determined monthly by the Agent and will be payable monthly in arrears. The principal balance of the Loan will be repaid in equal monthly installments, commencing on August 1, 2017, determined as the quotient of (i) 10% of the outstanding principal balance of the Loan as of July 2, 2017 divided by (ii) 12. A final installment of principal and all accrued and unpaid interest will be due on the maturity date of the Loan. The Loan may be prepaid in whole or in part at any time, subject to the payment of a prepayment premium equal to (i) 5% of the principal amount prepaid at any time up to but not including the second anniversary of the Closing Date and (ii) 3% of the principal amount prepaid at any time commencing on the second anniversary of the Closing Date up to but not including the third anniversary of the Closing Date. In the event of any sale or other disposition of a school or real property by the Company permitted under the Term Loan, the net proceeds of such sale or disposition must be used to prepay the Loan in an amount determined pursuant to the Term Loan, subject to the applicable prepayment premium; provided, however, that no prepayment premium will be due with respect to up to $15 million of aggregate repayments of the Loan made during the first year that the Loan is outstanding. A portion of the net cash proceeds of any disposition of a school in an amount determined pursuant to the terms of the Term Loan, must be deposited and held as cash collateral in a deposit account controlled by the Agent until the conditions for release set forth in the Term Loan are satisfied. [Add language about short term debt] For the three months ended September 30, 2015, $0.4 million of the Term Loan was repaid in connection with the Company's sale of real property located in Springdale, Ohio. The Company had $44.7 million outstanding under the Term Loan as of September 30, 2015. The Company had $30.0 million outstanding under its previously existing revolving credit facility as of December 31, 2014 which was repaid on January 3, 2015. The interest rate on this borrowing was 7.25%. The Term Loan contains customary representations, warranties and covenants such as minimum financial responsibility composite score, cohort default rate, and other financial covenants, including minimum liquidity, maximum capital expenditures, minimum fixed charge coverage ratio, maximum 90/10 ratio and minimum EBITDA (as defined in the Term Loan), as well as affirmative and negative covenants and events of default customary for facilities of this type. The Company was in compliance with all covenants as of September 30, 2015. The Term Loan contains includes events of default, the occurrence and continuation of which provide lender with the right to exercise remedies against the Company and the collateral securing the loans under the credit facility, including our cash. These events of default include, among other things, our failure to pay any amounts due under the credit facility, a breach of covenants under the credit facility, our insolvency and the insolvency of our subsidiaries, the occurrence of a material adverse effect, the occurrence of any default under certain other indebtedness, and a final judgment against us in an amount greater than $500,000. Also, in connection with the Term Loan, the Company paid to the Agent a commitment fee of $1.0 million and is required to pay to the Agent other customary fees for facilities of this type. Total fees for the Term Loan were $2.8 million which are included in deferred finance charges on the consolidated balance sheet.
[2]	The Company completed a sale and a leaseback of several facilities on December 28, 2001. The Company retains 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. The lease expires on 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) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Plan$ / sharesshares	Sep. 30, 2014USD ($)shares	Dec. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock incentive plans | Plan			2
Vesting period of performance-based shares					3 years	4 years
Specified operating income margin period					1 year	1 year
Shares [Abstract]
Outstanding, beginning balance (in shares) | shares			424,167
Canceled (in shares) | shares			(151,500)
Outstanding, ending balance (in shares) | shares	272,667		272,667		424,167
Vested or expected to vest (in shares) | shares	272,667		272,667
Exercisable, ending balance (in shares) | shares	272,667		272,667
Weighted Average Exercise Price Per Share [Abstract]
Outstanding, beginning balance (in dollars per share)			$ 13.65
Canceled (in dollars per share)			16.22
Outstanding, ending balance (in dollars per share)	$ 12.22		12.22		$ 13.65
Vested or expected to vest (in dollars per share)	12.22		12.22
Exercisable, ending balance (in dollars per share)	$ 12.22		$ 12.22
Weighted Average Remaining Contractual Term [Abstract]
Outstanding			4 years 3 months 18 days		4 years 2 months 5 days
Vested or expected to vest			4 years 3 months 18 days
Exercisable			4 years 3 months 18 days
Aggregate Intrinsic Value [Abstract]
Outstanding, beginning balance | $			$ 0
Canceled | $			0
Outstanding, ending balance | $	$ 0		0		$ 0
Vested or expected to vest | $	0		0
Exercisable, ending balance | $	$ 0		$ 0
Stock Options Outstanding [Abstract]
Shares (in shares) | shares	272,667		272,667
Contractual Weighted Average Life			4 years 3 months 18 days
Weighted Average Price (in dollars per share)	$ 12.22		$ 12.22
Stock Options Exercisable [Abstract]
Shares (in shares) | shares	272,667		272,667
Weighted Exercise Price (in dollars per share)	$ 12.22		$ 12.22
Stock Options [Member]
Aggregate Intrinsic Value [Abstract]
Unrecognized pre-tax compensation expense | $	$ 0		$ 0
Restricted Stock [Member]
Shares [Abstract]
Nonvested restricted stock outstanding, beginning balance (in shares) | shares			925,819
Canceled (in shares) | shares			(340,940)
Awards (in shares) | shares			234,651
Vested (in shares) | shares			(254,046)
Nonvested restricted stock outstanding, ending balance (in shares) | shares	565,484		565,484		925,819
Weighted Average Grant Date Fair Value [Abstract]
Nonvested restricted stock outstanding, beginning balance (in dollars per share)			$ 5.04
Canceled (in dollars per share)			5
Awards (in dollars per share)			2.28
Vested (in dollars per share)			5.36
Nonvested restricted stock outstanding, ending balance (in dollars per share)	$ 3.77		$ 3.77		$ 5.04
Recognized restricted stock expense | $	$ 100	$ 800	$ 900	$ 2,400
Unrecognized restricted stock expense | $	1,600		1,600		$ 4,500
LTIP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Decrease in equity due to payment of tax for employee | $			$ 100	$ 100
LTIP [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net share settlement for restricted stock (in shares) | shares			49,075	27,682
LTIP [Member] | Restricted Stock [Member]
Weighted Average Grant Date Fair Value [Abstract]
Outstanding restricted shares, intrinsic value | $	$ 300		$ 300
$ 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) | shares	192,667		192,667
Contractual Weighted Average Life			4 years 8 months 8 days
Weighted Average Price (in dollars per share)	$ 9.39		$ 9.39
Stock Options Exercisable [Abstract]
Shares (in shares) | shares	192,667		192,667
Weighted Exercise Price (in dollars per share)	$ 9.39		$ 9.39
$ 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) | shares	49,000		49,000
Contractual Weighted Average Life			2 years 4 months 24 days
Weighted Average Price (in dollars per share)	$ 18.02		$ 18.02
Stock Options Exercisable [Abstract]
Shares (in shares) | shares	49,000		49,000
Weighted Exercise Price (in dollars per share)	$ 18.02		$ 18.02
$ 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) | shares	31,000		31,000
Contractual Weighted Average Life			4 years 10 months 6 days
Weighted Average Price (in dollars per share)	$ 20.62		$ 20.62
Stock Options Exercisable [Abstract]
Shares (in shares) | shares	31,000		31,000
Weighted Exercise Price (in dollars per share)	$ 20.62		$ 20.62

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
INCOME TAXES [Abstract]
Provision for income taxes	$ 50	$ (5,556)	$ 150	$ (4,719)
Effective income tax rate	1.90%	13.60%	1.30%	7.70%

CONTINGENCIES (Details)

CONTINGENCIES (Details) - Subsequent Event [Member] $ in Thousands	Jul. 13, 2015USD ($)
Loss Contingencies [Line Items]
Settlement amount	$ 850,000
Debt forgiveness	$ 165,000

PENSION PLAN (Details)

PENSION PLAN (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Defined Benefit Plan Disclosure [Line Items]
Employer contributions under pension plan	$ 0		$ 0	$ 0.2
Net periodic benefit cost	$ 0.5		$ 0.6	$ 0.1
Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost		$ 0.1

SEGMENTS (Details)

SEGMENTS (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)SegmentLocation	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
SEGMENTS [Abstract]
Number of locations closed | Location			10
Number of operating segments | Segment			31
Number of reportable segments | Segment			3
Summary financial information by reporting segment [Abstract]
Revenues	$ 79,046	$ 83,982	$ 228,159	$ 239,573
Percentage of Total Revenue	100.00%	100.00%	100.00%	100.00%
Operating (Loss) Income	$ 4,632	$ (39,485)	$ (7,017)	$ (57,461)
Assets	221,908		221,908		$ 213,707
Reportable Segments [Member] | Transportation and Skilled Trades [Member]
Summary financial information by reporting segment [Abstract]
Revenues	$ 49,696	$ 51,272	$ 136,987	$ 139,076
Percentage of Total Revenue	62.90%	61.10%	60.00%	58.10%
Operating (Loss) Income	$ 10,592	$ 6,193	$ 18,334	$ 9,417
Assets	93,576		93,576		97,650
Reportable Segments [Member] | Healthcare and Other Professions [Member]
Summary financial information by reporting segment [Abstract]
Revenues	$ 29,086	$ 31,874	$ 89,911	$ 97,971
Percentage of Total Revenue	36.80%	38.00%	39.40%	40.90%
Operating (Loss) Income	$ (894)	$ (38,566)	$ (3,443)	$ (41,538)
Assets	60,622		60,622		62,377
Reportable Segments [Member] | Transitional [Member]
Summary financial information by reporting segment [Abstract]
Revenues	$ 264	$ 836	$ 1,261	$ 2,526
Percentage of Total Revenue	0.30%	1.00%	0.60%	1.10%
Operating (Loss) Income	$ (460)	$ (553)	$ (1,697)	$ (1,563)
Assets	1,873		1,873		2,184
Corporate [Member]
Summary financial information by reporting segment [Abstract]
Revenues	$ 0	$ 0	$ 0	$ 0
Percentage of Total Revenue	0.00%	0.00%	0.00%	0.00%
Operating (Loss) Income	$ (4,606)	$ (6,559)	$ (20,211)	$ (23,777)
Assets	65,837		65,837		51,473
Discontinued Operations [Member]
Summary financial information by reporting segment [Abstract]
Assets	$ 0		$ 0		$ 23

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details)	9 Months Ended
	Sep. 30, 2015Campus
SUBSEQUENT EVENT [Abstract]
Number of campuses held for sale	2
Campuses no longer included as held for sale	1