Lincoln Educational Services (LINC) 10-Q 10 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 08, 2017
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	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		24,719,055
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 7,210	$ 21,064
Restricted cash	6,189	6,399
Accounts receivable, less allowance of $12,932 and $12,375 at June 30, 2017 and December 31, 2016, respectively	17,886	15,383
Inventories	1,884	1,687
Prepaid income taxes and income taxes receivable	252	262
Assets held for sale	16,820	16,847
Prepaid expenses and other current assets	2,586	2,894
Total current assets	52,827	64,536
PROPERTY, EQUIPMENT AND FACILITIES - At cost, net of accumulated depreciation and amortization of $160,375 and $157,152 at June 30, 2017 and December 31, 2016, respectively	55,132	55,445
OTHER ASSETS:
Noncurrent restricted cash	0	20,252
Noncurrent receivables, less allowance of $1,156 and $977 at June 30, 2017 and December 31, 2016, respectively	6,876	7,323
Goodwill	14,536	14,536
Other assets, net	860	1,115
Total other assets	22,272	43,226
TOTAL	130,231	163,207
CURRENT LIABILITIES:
Current portion of credit agreement and term loan	8,000	11,713
Unearned tuition	20,528	24,778
Accounts payable	14,235	13,748
Accrued expenses	13,707	15,368
Other short-term liabilities	464	653
Total current liabilities	56,934	66,260
NONCURRENT LIABILITIES:
Long-term credit agreement and term loan	24,023	30,244
Pension plan liabilities	5,279	5,368
Accrued rent	5,278	5,666
Other long-term liabilities	825	743
Total liabilities	92,339	108,281
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, no par value - 10,000,000 shares authorized, no shares issued and outstanding at June 30, 2017 and December 31, 2016	0	0
Common stock, no par value - authorized: 100,000,000 shares at June 30, 2017 and December 31, 2016; issued and outstanding: 30,629,596 shares at June 30, 2017 and 30,685,017 shares at December 31, 2016	141,377	141,377
Additional paid-in capital	28,779	28,554
Treasury stock at cost - 5,910,541 shares at June 30, 2017 and December 31, 2016	(82,860)	(82,860)
Accumulated deficit	(43,744)	(26,044)
Accumulated other comprehensive loss	(5,660)	(6,101)
Total stockholders' equity	37,892	54,926
TOTAL	$ 130,231	$ 163,207

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
CURRENT ASSETS:
Accounts receivable, allowance	$ 12,932	$ 12,375
PROPERTY, EQUIPMENT AND FACILITIES - accumulated depreciation and amortization	160,375	157,152
OTHER ASSETS:
Noncurrent receivables, allowance	$ 1,156	$ 977
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)	30,629,596	30,685,017
Common stock, shares outstanding (in shares)	30,629,596	30,685,017
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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) [Abstract]
REVENUE	$ 61,865	$ 68,080	$ 127,144	$ 138,724
COSTS AND EXPENSES:
Educational services and facilities	32,405	35,569	65,113	72,691
Selling, general and administrative	35,554	35,750	73,879	75,905
Gain on sale of assets	(63)	(6)	(89)	(395)
Total costs & expenses	67,896	71,313	138,903	148,201
OPERATING LOSS	(6,031)	(3,233)	(11,759)	(9,477)
OTHER:
Interest income	9	8	40	72
Interest expense	(699)	(1,541)	(5,881)	(3,132)
Other income	0	1,678	0	3,431
LOSS BEFORE INCOME TAXES	(6,721)	(3,088)	(17,600)	(9,106)
PROVISION FOR INCOME TAXES	50	50	100	100
NET LOSS	$ (6,771)	$ (3,138)	$ (17,700)	$ (9,206)
Basic
Net loss per share (in dollars per share)	$ (0.28)	$ (0.13)	$ (0.74)	$ (0.39)
Diluted
Net loss per share (in dollars per share)	$ (0.28)	$ (0.13)	$ (0.74)	$ (0.39)
Weighted average number of common shares outstanding:
Basic (in shares)	23,962,055	23,448,224	23,786,656	23,399,708
Diluted (in shares)	23,962,055	23,448,224	23,786,656	23,399,708

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME [Abstract]
Net loss	$ (6,771)	$ (3,138)	$ (17,700)	$ (9,206)
Other comprehensive income
Employee pension plan adjustments	220	222	441	444
Comprehensive loss	$ (6,551)	$ (2,916)	$ (17,259)	$ (8,762)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS 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, 2015	$ 141,377	$ 27,292	$ (82,860)	$ 2,260	$ (7,072)	$ 80,997
BALANCE (in shares) at Dec. 31, 2015	29,727,555
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ 0	0	0	(9,206)	0	(9,206)
Employee pension plan adjustments	0	0	0	0	444	444
Stock-based compensation expense
Restricted stock	$ 0	675	0	0	0	675
Restricted stock (in shares)	1,079,267
Net share settlement for equity-based compensation	$ 0	(107)	0	0	0	(107)
Net share settlement for equity-based compensation (in shares)	(38,389)
BALANCE at Jun. 30, 2016	$ 141,377	27,860	(82,860)	(6,946)	(6,628)	72,803
BALANCE (in shares) at Jun. 30, 2016	30,768,433
BALANCE at Dec. 31, 2016	$ 141,377	28,554	(82,860)	(26,044)	(6,101)	$ 54,926
BALANCE (in shares) at Dec. 31, 2016	30,685,017					30,685,017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ 0	0	0	(17,700)	0	$ (17,700)
Employee pension plan adjustments	0	0	0	0	441	441
Stock-based compensation expense
Restricted stock	$ 0	654	0	0	0	654
Restricted stock (in shares)	128,810
Net share settlement for equity-based compensation	$ 0	(429)	0	0	0	(429)
Net share settlement for equity-based compensation (in shares)	(184,231)
BALANCE at Jun. 30, 2017	$ 141,377	$ 28,779	$ (82,860)	$ (43,744)	$ (5,660)	$ 37,892
BALANCE (in shares) at Jun. 30, 2017	30,629,596					30,629,596

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (17,700)	$ (9,206)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,275	6,094
Amortization of deferred finance charges	305	459
Write-off of deferred finance charges	2,161	0
Gain on disposition of assets	(89)	(395)
Gain on capital lease termination	0	(3,355)
Fixed asset donation	(18)	(58)
Provision for doubtful accounts	7,220	6,587
Stock-based compensation expense	654	675
Deferred rent	(245)	(271)
(Increase) decrease in assets:
Accounts receivable	(9,276)	(8,570)
Inventories	(197)	(128)
Prepaid income taxes and income taxes receivable	10	35
Prepaid expenses and current assets	301	178
Other assets, net	(1,075)	(1,044)
Increase (decrease) in liabilities:
Accounts payable	(28)	(1,097)
Accrued expenses	(1,804)	(88)
Unearned tuition	(4,250)	(7,908)
Other liabilities	245	(46)
Total adjustments	(1,811)	(8,932)
Net cash used in operating activities	(19,511)	(18,138)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(2,098)	(1,555)
Restricted cash	210	816
Proceeds from sale of property and equipment	122	432
Net cash used in investing activities	(1,766)	(307)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on borrowings	(49,266)	(386)
Proceeds from borrowings	38,000	0
Reclassifications of payments of borrowings from restricted cash	20,252	0
Proceeds of borrowings from restricted cash	(5,000)	(5,023)
Payments of borrowings from restricted cash	5,000	0
Payment of deferred finance fees	(1,134)	(645)
Net share settlement for equity-based compensation	(429)	(107)
Principal payments under capital lease obligations	0	(2,864)
Net provided by (cash used) in financing activities	7,423	(9,025)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(13,854)	(27,470)
CASH AND CASH EQUIVALENTS-Beginning of period	21,064	38,420
CASH AND CASH EQUIVALENTS-End of period	7,210	10,950
Cash paid for:
Interest	1,882	2,782
Income taxes	106	112
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Liabilities accrued for or noncash purchases of fixed assets	$ 2,004	$ 1,391

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Activities — Lincoln Educational Services Corporation and its subsidiaries (collectively, the “Company”, “we”, “our” and “us”, as applicable) provide diversified career-oriented post-secondary education to recent high school graduates and working adults. The Company, which currently operates 28 schools in 15 states, In the first quarter of 2015, we reorganized our operations into three reportable business segments: (a) Transportation and Skilled Trades, (b) Healthcare and Other Professions (“HOPS”), and (c) Transitional which refers to businesses that have been or are currently being taught out. In November 2015, the Board of Directors approved a plan for the Company to divest the schools included in the HOPS segment due to a strategic shift in the Company’s business strategy. The Company underwent an exhaustive process to divest the HOPS schools which proved successful in attracting various purchasers but, ultimately, did not result in a transaction that our Board believed would enhance shareholder value. When the decision was first made by the Board of Directors to divest HOPS, 18 campuses were operating in this segment. By the end of 2017, we will have strategically closed seven underperforming campuses leaving a total of eleven campuses remaining under HOPS. The Company believes that the closures and planned closures of the aforementioned campuses has positioned this segment and the Company to be more profitable going forward as well as maximizing returns for the Company’s shareholders. The combination of several factors, including the inability of the prospective buyer of the HOPS segment to close on the purchase, the improvements the Company has implemented in the HOPS operations, the closure of seven underperforming campuses and the change in federal government administration, resulted in the Board reevaluating its divestiture plan and the determination that shareholder value would more likely be enhanced by continuing to operate our HOPS segment as revitalized. Consequently, in the first quarter of 2017, the Board of Directors abandoned the plan to divest the HOPS segment and the Company intends to retain the HOPS segment. The results of operations of the campuses included in the HOPS business segment are reflected as continuing operations in the consolidated financial statements. In the fourth quarter of 2016, the Company completed the teach-out of its Hartford, Connecticut and Henderson (Green Valley), Nevada campuses. Also in 2016, the Company announced the closing of its Northeast Philadelphia, Pennsylvania; Center City Philadelphia, Pennsylvania; and West Palm Beach, Florida facilities, each of which is expected to be fully taught out and closed during 2017. In addition, in March 2017, the Board of Directors approved Liquidity — In addition to the current sources of capital discussed above that provide short term liquidity, the Company plans to sell three West Palm Beach, Florida properties and associated assets, which are currently classified as held for sale and are expected to be sold within one year from the date of classification. On March 14, 2017, the Company entered into a purchase and sale agreement with Tambone Companies, LLC, pursuant to which the Company has agreed to sell two of the three properties (the “West Palm Beach Property”) for a cash purchase price of $15.7 million. The purchase and sale agreement, as amended, is among other things, subject to customary closing conditions but the Company expects to close on the transaction in the third quarter of 2017. On April 28, 2017, the Company obtained from its lender, Sterling National Bank, an $8 million bridge term loan secured by the West Palm Beach Property. The bridge loan must be repaid upon the earlier of the sale of the West Palm Beach Property or October 1, 2017. 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 New Accounting Pronouncements In March 2017, the FASB issued ASU 2017-07, “Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” In January 2017, the FASB issued ASU No. 2017-04, “Simplifying the Test for Goodwill Impairment.” Intangibles - Goodwill and Other, The FASB has recently issued several amendments to the new standard on revenue recognition, ASU No. 2014-09, “ Revenue from Contracts with Customers Revenue from Contracts with Customers (Topic 606)—Principal versus Agent Considerations , “Revenue from Contracts with Customers (Topic 606)—Identifying Performance Obligations and Licensing The new standard is effective for annual reporting periods beginning after December 15, 2017, with early adoption permitted for annual reporting periods beginning after December 15, 2016. We do not plan to early adopt and, accordingly, we will adopt the new standard effective January 1, 2018. The Company’s assessment of the potential impact is substantially complete based on our review of current enrollment agreements and other revenue generating contracts. We believe the timing of recognizing revenue for tuition and student fees will not significantly change. The Company is closely reviewing its book revenue stream to determine whether the performance obligation of the Company is satisfied over time and revenue is recognized over the length of the student contract, which is the Company’s current practice with respect to revenue recognition, or whether the performance obligation of the Company is satisfied at the point in time and revenue is recognized when students’ books are delivered. Additionally, we are currently assessing the impacts related to the accounting for contract assets separate from accounts receivable and are evaluating the point at which a student’s contract asset becomes a receivable. We are in the process of updating our revenue accounting policy and implementing changes to our business process and controls in response to the new standard, as necessary. During the second half of 2017, we will finalize our revenue related documentation. The Company currently expects to adopt the new standard on a modified retrospective basis with the cumulative effect of the change reflected in retained earnings as of January 1, 2018 and not restate prior periods. In November 2016, the FASB issued ASU No. 2016-18: “ Statement of Cash Flows (Topic 230): Restricted Cash In August 2016, the FASB issued ASU No. 2016-15, “ Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments The Company prospectively applied ASU 2016-09, “Improvements to Employee Share Based Payment Accounting,” to the condensed consolidated statement of operations for the recognition of tax benefits within the provision for taxes, which previously would have been recorded to additional paid-in capital. The impact for the six months ended June 30, 2017 was $0. recognized no tax benefits within operating activities within the condensed consolidated statements of cash flow for the six months ended June 30, 2017 and 2016 The presentation requirements for cash flows related to employee taxes paid for withheld shares had no impact to any of the periods presented in the condensed consolidated statements of cash flows, since such cash flows have historically been presented in financing activities. In February 2016, the FASB issued guidance requiring lessees to recognize a right-of-use asset and a lease liability on the balance sheet for substantially all leases, with the exception of short-term leases. Leases will be classified as either financing or operating, with classification affecting the pattern of expense recognition in the statements of income. The guidance is effective for annual periods, including interim periods within those periods, beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the impact that the update will have on our results of operations, financial condition and financial statement disclosures. 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 six months ended June 30, 2017 and 2016, the Company did not have any interest and penalties expense associated with uncertain tax positions.

WEIGHTED AVERAGE COMMON SHARES

WEIGHTED AVERAGE COMMON SHARES	6 Months Ended
	Jun. 30, 2017
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 loss per share for the three and six months ended June 30, 2017 and 2016 was as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Basic shares outstanding 23,962,055 23,448,224 23,786,656 23,399,708 Dilutive effect of stock options - - - - Diluted shares outstanding 23,962,055 23,448,224 23,786,656 23,399,708 For the three months ended June 30, 2017 and 2016, options to acquire 537,718 and 604,378 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 six months ended June 30, 2017 and 2016, options to acquire 583,848 and 412,286 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 three and six months ended June 30, 2017, options to acquire 170,667 shares 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 income (loss) per share would have been antidilutive.

GOODWILL AND LONG-LIVED ASSETS

GOODWILL AND LONG-LIVED ASSETS	6 Months Ended
	Jun. 30, 2017
GOODWILL AND LONG-LIVED ASSETS [Abstract]
GOODWILL AND LONG-LIVED ASSETS	3. 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. There were no long-lived asset impairments during the six months ended June 30, 2017 and 2016. 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 June 30, 2017 and 2016, there was no indicator of potential impairment and, accordingly, the Company did not test goodwill for impairment. The carrying amount of goodwill at June 30, 2017 and 2016 is as follows: Gross Goodwill Balance Accumulated Impairment Losses Net Goodwill Balance Balance as of January 1, 2017 $ 117,176 $ (102,640 ) $ 14,536 Adjustments - - - Balance as of June 30, 2017 $ 117,176 $ (102,640 ) $ 14,536 Gross Goodwill Balance Accumulated Impairment Losses Net Goodwill Balance Balance as of January 1, 2016 $ 117,176 $ (93,881 ) $ 23,295 Adjustments - - - Balance as of June 30, 2016 $ 117,176 $ (93,881 ) $ 23,295 As of June 30, 2017, the goodwill balance is related to the Transportation and Skilled Trades segment. As of June 30, 2016, the goodwill balance consists of $14.5 million related to the Transportation and Skilled Trades segment and $8.8 million related to the Healthcare and Other Professions segment. Intangible assets, which are included in other assets in the accompanying condensed consolidated balance sheets, consist of the following: Curriculum Gross carrying amount at December 31, 2016 $ 160 Adjustments - Gross carrying amount at June 30, 2017 160 Accumulated amortization at December 31, 2016 128 Amortization 7 Accumulated amortization at June 30, 2017 135 Net carrying amount at June 30, 2017 $ 25 Weighted average amortization period (years) 10 Amortization of intangible assets was less than $0.1 million for each of the three and six months ended June 30, 2017 and 2016. The following table summarizes the estimated future amortization expense: Year Ending December 31, Remainder of 2017 $ 12 2018 13 $ 25

LONG-TERM DEBT AND LEASE OBLIGA

LONG-TERM DEBT AND LEASE OBLIGATIONS	6 Months Ended
	Jun. 30, 2017
LONG-TERM DEBT AND LEASE OBLIGATIONS [Abstract]
LONG-TERM DEBT AND LEASE OBLIGATIONS	4. LONG-TERM DEBT AND LEASE OBLIGATIONS Long-term debt and lease obligations consist of the following: June 30, 2017 December 31, 2016 Credit agreement (a) $ 32,023 $ - Term loan (a) - 44,267 32,023 44,267 Less current maturities (8,000 ) (11,713 ) $ 24,023 $ 32,554 (a) The Credit Facility is secured by a first priority lien in favor of the Bank on substantially all of the personal property owned by the Company as well as mortgages on four parcels of real property owned by the Company in Connecticut, Colorado, Tennessee and Texas at which four of the Company’s schools are located. At the closing, the Company drew $25 million under Tranche A of Facility 1, which, pursuant to the terms of the Credit Agreement, was used to repay the Prior Credit Facility and to pay transaction costs associated with closing the Credit Facility. After the disbursements of such amounts, the Company retained approximately $1.8 million of the borrowed amount for working capital purposes. Also, at closing, $5 million was drawn under Tranche B and, pursuant to the terms of the Credit Agreement, was deposited into an interest-bearing pledged account (the “Pledged Account”) in the name of the Company maintained at the Bank in order to secure payment obligations of the Company with respect to the costs of remediation of any environmental contamination discovered at certain of the mortgaged properties upon completion of environmental studies undertaken at such properties. Pursuant to the terms of the Credit Agreement, funds will be released from the Pledged Account upon request by the Company to reimburse the Company for costs incurred for environmental remediation, if required. Upon the completion of any such environmental remediation or upon determination that no environmental remediation is necessary, funds remaining in the Pledged Account will be released from the Pledged Account and applied to the outstanding principal balance of Tranche B and availability under Tranche B will be permanently reduced to zero and, accordingly, the maximum principal amount of Facility 1 will be permanently reduced to $25 million. During the quarter ended June 30, 2017 the environmental studies were completed and revealed no environmental issues existing at the properties. Accordingly, pursuant to the terms of the Credit Agreement, the $5 million on deposit in the Pledged Account was released and used to repay the non-revolving loan outstanding under Tranche B. Upon the repayment of Tranche B, the maximum principal amount of Facility 1 was permanently reduced to $25 million. Pursuant to the terms of the Credit Agreement, all draws under Facility 2 for letters of credit or revolving loans must be secured by cash collateral in an amount equal to 100% of the aggregate stated amount of the letters of credit issued and revolving loans outstanding through draws from Facility 1 or other available cash of the Company. Accrued interest on each revolving loan will be payable monthly in arrears. Revolving loans under Tranche A of Facility 1 will bear interest at a rate per annum equal to the greater of (x) the Bank’s prime rate plus 2.50% and (y) 6.00%. The amount borrowed under Tranche B of Facility 1 and revolving loans under Facility 2 will bear interest at a rate per annum equal to the greater of (x) the Bank’s prime rate and (y) 3.50%. Each issuance of a letter of credit under Facility 2 will require the payment of a letter of credit fee to the Bank equal to a rate per annum of 1.75% on the daily amount available to be drawn under the letter of credit, which fee shall be payable in quarterly installments in arrears. Letters of credit totaling $6.2 million that were outstanding under a $9.5 million letter of credit facility previously provided to the Company by the Bank, which letter of credit facility was set to mature on April 1, 2017, are treated as letters of credit under Facility 2. Under the terms of the Credit Agreement, the Bank receives an unused facility fee on the average daily unused balance of Facility 1 at a rate per annum equal to 0.50%, which fee is payable quarterly in arrears. In addition, the Company is required to maintain, on deposit with the Bank in one or more non-interest bearing accounts, a minimum of $5 million in quarterly average aggregate balances. If in any quarter the required average aggregate account balance is not maintained, the Company is required to pay the Bank a fee of $12,500 for that quarter. Under the terms of the Credit Agreement, in the event that the Company terminates the Credit Facility or refinances with another lender within 18 months of closing, the Company shall be required to pay the Bank a breakage fee of $500,000. In addition to the foregoing, the Credit Agreement contains customary representations, warranties and affirmative and negative covenants, including financial covenants that restrict capital expenditures, prohibit the incurrence of a net loss commencing on December 31, 2018 and require a minimum adjusted EBITDA and a minimum tangible net worth which is an annual covenant, as well as events of default customary for facilities of this type. As of June 30, 2017, the Company is in compliance with all covenants. In connection with the Credit Agreement, the Company paid the Bank an origination fee in the amount of $250,000 and other fees and reimbursements that are customary for facilities of this type. The Company incurred an early termination premium of approximately $1.8 million in connection with the termination of the Prior Credit Facility. On April 28, 2017, the Company entered into an additional secured credit agreement with the Bank, pursuant to which the Company has obtained a short term loan in the principal amount of $8 million, the proceeds of which are to be used for working capital and general corporate purposes. The loan bears interest at a rate per annum equal to the greater of the Bank’s prime rate plus 2.50% or 6.00%. The loan is secured by real property assets located in West Palm Beach, Florida at which schools operated by the Company are currently located. The loan is payable interest only until its maturity, which will occur upon the earlier of October 1, 2017 and the date of the sale of the West Palm Beach, Florida property. Pursuant to a purchase and sale agreement, as amended, the Company has agreed to sell two of three properties located in West Palm Beach, Florida to Tambone Companies, LLC for a cash purchase price of $15.7 million. The Company expects this sale to be completed in the third quarter of 2017. As of June 30, 2017, the Company had $33 million outstanding under the Credit Facility (which includes the short term loan of $8 million); offset by $1.0 million of deferred finance fees. As of December 31, 2016, the Company had $44.3 million outstanding under the Prior Credit Facility; offset by $2.3 million of deferred finance fees, which were written-off. Scheduled maturities of long-term debt and lease obligations at June 30, 2017 are as follows: Year ending December 31, 2017 $ 8,000 2018 - 2019 - 2020 25,000 $ 33,000

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2017
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	5. 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. On May 13, 2016 and January 16, 2017, performance-based restricted shares were granted to certain employees of the Company, which vest on March 15, 2017 and March 15, 2018 based upon the attainment of a financial responsibility ratio during each fiscal year ending December 31, 2016 and 2017. There is no restriction on the right to vote or the right to receive dividends with respect to any of these restricted shares. On June 2, 2014 and December 18, 2014, performance-based restricted shares were granted to certain employees of the Company, 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 restriction on the right to vote or the right to receive dividends with respect to any of these 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. There is no vesting period on the right to vote or the right to receive dividends with respect to these restricted shares. For the six months ended June 30, 2017 and 2016, the Company completed a net share settlement for 184,231 and 38,389 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 employees during 2017 and/or 2016, creating taxable income for the employees. 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 to the Company. These transactions resulted in a decrease of $0.4 million and $0.1 million for each of the six months ended June 30, 2017 and 2016, respectively, to equity on the condensed 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, 2016 1,143,599 $ 1.89 Granted 181,208 2.58 Canceled (52,398 ) 5.63 Vested (650,130 ) 1.74 Nonvested restricted stock outstanding at June 30, 2017 622,279 1.92 The restricted stock expense for the three months ended June 30, 2017 and 2016 was $0.3 million and $0.3 million, respectively. The restricted stock expense for the six months ended June 30, 2017 and 2016 was $0.7 million and $0.7 million, respectively. The unrecognized restricted stock expense as of June 30, 2017 and December 31, 2016 was $0.9 million and $1.5 million, respectively. As of June 30, 2017, outstanding restricted shares under the LTIP had aggregate intrinsic value of $1.9 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, 2016 218,167 $ 12.11 3.33 years $ - Canceled (47,500 ) 12.37 - Outstanding at June 30, 2017 170,667 12.04 3.49 years - Vested or expected to vest 170,667 12.04 3.49 years - Exercisable as of June 30, 2017 170,667 12.04 3.49 years - As of June 30, 2017, there was no unrecognized pre-tax compensation expense. The following table presents a summary of stock options outstanding: At June 30, 2017 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-$13.99 122,667 3.75 $ 8.77 122,667 $ 8.77 $ 14.00-$19.99 17,000 2.34 19.98 17,000 19.98 $ 20.00-$25.00 31,000 3.10 20.62 31,000 20.62 170,667 3.49 12.04 170,667 12.04

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2017
INCOME TAXES [Abstract]
INCOME TAXES	6. INCOME TAXES The provision for income taxes for the three months ended June 30, 2017 and 2016 was less than $0.1 million, or 0.7% of pretax loss, and less than $0.1 million, or 1.6% of pretax loss, respectively. The provision for income taxes for the six months ended June 30, 2017 and 2016 was $0.1 million, or 0.6% of pretax loss, and $0.1 million, or 1.1% of pretax loss, respectively. The Company assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to recover 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 June 30, 2017.

CONTINGENCIES

CONTINGENCIES	6 Months Ended
	Jun. 30, 2017
CONTINGENCIES [Abstract]
CONTINGENCIES	7. CONTINGENCIES In the ordinary conduct of its business, the Company is subject to certain other 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 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, however, paid the sum of $850,000 to the Massachusetts Attorney General and has agreed 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. 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 regulations that have been enacted by the Commonwealth of Massachusetts.

SEGMENTS

SEGMENTS	6 Months Ended
	Jun. 30, 2017
SEGMENTS [Abstract]
SEGMENTS	8. SEGMENTS The for-profit education industry has been impacted by numerous regulatory changes, the changing economy and an onslaught of negative media attention. 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 ten locations and exited its online business. In 2016, the Company ceased operations in Hartford, Connecticut; Fern Park, Florida; and Henderson (Green Valley), Nevada. In the fourth quarter of 2016, the Board of Directors approved plans to cease operations at our schools in Center City Philadelphia, Pennsylvania; Northeast Philadelphia, Pennsylvania; and West Palm Beach, Florida. Each of these schools is expected to close in 2017. In addition, in March 2017, the Board of Directors approved plans to cease operations at our schools in Brockton, Massachusetts and Lowell, Massachusetts which are expected to close in the fourth quarter of 2017. These schools, which were previously included in the Healthcare and Other Professions segment, are now included in the Transitional segment. In the past, we offered any combination of programs at any campus. We have shifted our focus to program offerings that create greater differentiation among campuses and attain excellence to attract more students and gain market share. Also, strategically, we began offering continuing education training to select employers who hire our students and this is best achieved at campuses focused on their profession. We currently operate in three reportable segments: a) Transportation and Skilled Trades b) Healthcare and Other Professions and c) Transitional. Our reportable segments represent a group of post-secondary 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 which have been determined based on a method by which we evaluate performance and allocate resources. Our operating segments have been aggregated into three reportable segments because, in our judgment, the operating segments have similar services, types of customers, regulatory environment and economic characteristics. Our reportable segments are described below. Transportation and Skilled Trades – Healthcare and Other Professions – Transitional – In addition, in March 2017, the Board of Directors approved The Company continually evaluates all campuses for profitability, earning potential, and customer satisfaction. This evaluation takes several factors into consideration, including the campus’s geographic location, the programs offered at the campus, as well as skillsets required of our students by their potential employers. The purpose of this evaluation is to ensure that our programs provide our students with the best possible opportunity to succeed in the marketplace with the goals of attracting more students to our programs and, ultimately, to provide the shareholders with the maximum return on their investment. Campuses in the Transitional segment have been subject to this process and have been strategically identified for closure. 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 June 30, Revenue Operating Income (Loss) 2017 % of Total 2016 % of Total 2017 2016 Transportation and Skilled Trades $ 41,310 66.8 % $ 41,032 60.3 % $ 850 $ 2,430 Healthcare and Other Professions 17,932 29.0 % 18,661 27.4 % (634 ) 918 Transitional 2,623 4.2 % 8,387 12.3 % (833 ) (1,458 ) Corporate - 0.0 % - 0.0 % (5,414 ) (5,123 ) Total $ 61,865 100.0 % $ 68,080 100.0 % $ (6,031 ) $ (3,233 ) For the Six Months Ended June 30, Revenue Operating Income (Loss) 2017 % of Total 2016 % of Total 2017 2016 Transportation and Skilled Trades $ 83,477 65.7 % $ 83,304 60.1 % $ 2,898 $ 5,796 Healthcare and Other Professions 36,769 28.9 % 38,470 27.7 % (474 ) 2,673 Transitional 6,898 5.4 % 16,950 12.2 % (1,401 ) (5,101 ) Corporate - 0.0 % - 0.0 % (12,782 ) (12,845 ) Total $ 127,144 100.0 % $ 138,724 100.0 % $ (11,759 ) $ (9,477 ) Total Assets June 30, 2017 December 31, 2016 Transportation and Skilled Trades $ 84,578 $ 83,320 Healthcare and Other Professions 7,622 7,506 Transitional 18,377 18,874 Corporate 19,654 53,507 Total $ 130,231 $ 163,207

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 2017
FAIR VALUE [Abstract]
FAIR VALUE	9. FAIR VALUE The carrying amount and estimated fair value of the Company’s financial instrument assets and liabilities, which are not measured at fair value on the Condensed Consolidated Balance Sheet, are listed in the table below: At June 30, 2017 Carrying Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Amount (Level 1) (Level 2) (Level 3) Total Financial Assets: Cash and cash equivalents $ 7,210 $ 7,210 $ - $ - $ 7,210 Restricted cash 6,189 6,189 - - 6,189 Prepaid expenses and other current assets 2,586 - 2,586 - 2,586 Financial Liabilities: Accrued expenses $ 13,707 $ - $ 13,707 $ - $ 13,707 Other short term liabilities 464 - 464 - 464 Credit facility 32,023 - 32,023 - 32,023 The fair value of the credit facility approximates the carrying amount at June 30, 2017 as it relates to current market rates for similar types of instruments. The carrying amounts reported on the Consolidated Balance Sheets for Cash and cash equivalents, Restricted cash and Noncurrent restricted cash approximate fair value because they are highly liquid. The carrying amounts reported on the Consolidated Balance Sheets for Prepaid expenses and other current assets, Accrued expenses and Other short term liabilities approximate fair value due to the short-term nature of these items.

RELATED PARTY

RELATED PARTY	6 Months Ended
	Jun. 30, 2017
RELATED PARTY [Abstract]
RELATED PARTY	10. RELATED PARTY The Company has an agreement with MATCO Tools whereby MATCO will provide the Company, on an advance commission basis, credits in MATCO branded tools, tool storage, equipment, and diagnostics products. The chief executive officer of the parent Company of MATCO is considered an immediate family member of one of the Company’s board members. The Company’s payable balances from this third party was immaterial at June 30, 2017 and 2016. Management believes that such transactions are at arm’s length and on similar terms as would have been obtained from unaffiliated third parties.

SUMMARY OF SIGNIFICANT ACCOUN18

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Business Activities	Business Activities — Lincoln Educational Services Corporation and its subsidiaries (collectively, the “Company”, “we”, “our” and “us”, as applicable) provide diversified career-oriented post-secondary education to recent high school graduates and working adults. The Company, which currently operates 28 schools in 15 states, In the first quarter of 2015, we reorganized our operations into three reportable business segments: (a) Transportation and Skilled Trades, (b) Healthcare and Other Professions (“HOPS”), and (c) Transitional which refers to businesses that have been or are currently being taught out. In November 2015, the Board of Directors approved a plan for the Company to divest the schools included in the HOPS segment due to a strategic shift in the Company’s business strategy. The Company underwent an exhaustive process to divest the HOPS schools which proved successful in attracting various purchasers but, ultimately, did not result in a transaction that our Board believed would enhance shareholder value. When the decision was first made by the Board of Directors to divest HOPS, 18 campuses were operating in this segment. By the end of 2017, we will have strategically closed seven underperforming campuses leaving a total of eleven campuses remaining under HOPS. The Company believes that the closures and planned closures of the aforementioned campuses has positioned this segment and the Company to be more profitable going forward as well as maximizing returns for the Company’s shareholders. The combination of several factors, including the inability of the prospective buyer of the HOPS segment to close on the purchase, the improvements the Company has implemented in the HOPS operations, the closure of seven underperforming campuses and the change in federal government administration, resulted in the Board reevaluating its divestiture plan and the determination that shareholder value would more likely be enhanced by continuing to operate our HOPS segment as revitalized. Consequently, in the first quarter of 2017, the Board of Directors abandoned the plan to divest the HOPS segment and the Company intends to retain the HOPS segment. The results of operations of the campuses included in the HOPS business segment are reflected as continuing operations in the consolidated financial statements. In the fourth quarter of 2016, the Company completed the teach-out of its Hartford, Connecticut and Henderson (Green Valley), Nevada campuses. Also in 2016, the Company announced the closing of its Northeast Philadelphia, Pennsylvania; Center City Philadelphia, Pennsylvania; and West Palm Beach, Florida facilities, each of which is expected to be fully taught out and closed during 2017. In addition, in March 2017, the Board of Directors approved
Liquidity	Liquidity — In addition to the current sources of capital discussed above that provide short term liquidity, the Company plans to sell three West Palm Beach, Florida properties and associated assets, which are currently classified as held for sale and are expected to be sold within one year from the date of classification. On March 14, 2017, the Company entered into a purchase and sale agreement with Tambone Companies, LLC, pursuant to which the Company has agreed to sell two of the three properties (the “West Palm Beach Property”) for a cash purchase price of $15.7 million. The purchase and sale agreement, as amended, is among other things, subject to customary closing conditions but the Company expects to close on the transaction in the third quarter of 2017. On April 28, 2017, the Company obtained from its lender, Sterling National Bank, an $8 million bridge term loan secured by the West Palm Beach Property. The bridge loan must be repaid upon the earlier of the sale of the West Palm Beach Property or October 1, 2017.
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
New Accounting Pronouncements	New Accounting Pronouncements In March 2017, the FASB issued ASU 2017-07, “Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” In January 2017, the FASB issued ASU No. 2017-04, “Simplifying the Test for Goodwill Impairment.” Intangibles - Goodwill and Other, The FASB has recently issued several amendments to the new standard on revenue recognition, ASU No. 2014-09, “ Revenue from Contracts with Customers Revenue from Contracts with Customers (Topic 606)—Principal versus Agent Considerations , “Revenue from Contracts with Customers (Topic 606)—Identifying Performance Obligations and Licensing The new standard is effective for annual reporting periods beginning after December 15, 2017, with early adoption permitted for annual reporting periods beginning after December 15, 2016. We do not plan to early adopt and, accordingly, we will adopt the new standard effective January 1, 2018. The Company’s assessment of the potential impact is substantially complete based on our review of current enrollment agreements and other revenue generating contracts. We believe the timing of recognizing revenue for tuition and student fees will not significantly change. The Company is closely reviewing its book revenue stream to determine whether the performance obligation of the Company is satisfied over time and revenue is recognized over the length of the student contract, which is the Company’s current practice with respect to revenue recognition, or whether the performance obligation of the Company is satisfied at the point in time and revenue is recognized when students’ books are delivered. Additionally, we are currently assessing the impacts related to the accounting for contract assets separate from accounts receivable and are evaluating the point at which a student’s contract asset becomes a receivable. We are in the process of updating our revenue accounting policy and implementing changes to our business process and controls in response to the new standard, as necessary. During the second half of 2017, we will finalize our revenue related documentation. The Company currently expects to adopt the new standard on a modified retrospective basis with the cumulative effect of the change reflected in retained earnings as of January 1, 2018 and not restate prior periods. In November 2016, the FASB issued ASU No. 2016-18: “ Statement of Cash Flows (Topic 230): Restricted Cash In August 2016, the FASB issued ASU No. 2016-15, “ Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments The Company prospectively applied ASU 2016-09, “Improvements to Employee Share Based Payment Accounting,” to the condensed consolidated statement of operations for the recognition of tax benefits within the provision for taxes, which previously would have been recorded to additional paid-in capital. The impact for the six months ended June 30, 2017 was $0. recognized no tax benefits within operating activities within the condensed consolidated statements of cash flow for the six months ended June 30, 2017 and 2016 The presentation requirements for cash flows related to employee taxes paid for withheld shares had no impact to any of the periods presented in the condensed consolidated statements of cash flows, since such cash flows have historically been presented in financing activities. In February 2016, the FASB issued guidance requiring lessees to recognize a right-of-use asset and a lease liability on the balance sheet for substantially all leases, with the exception of short-term leases. Leases will be classified as either financing or operating, with classification affecting the pattern of expense recognition in the statements of income. The guidance is effective for annual periods, including interim periods within those periods, beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the impact that the update will have on our results of operations, financial condition and financial statement disclosures.
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 six months ended June 30, 2017 and 2016, the Company did not have any interest and penalties expense associated with uncertain tax positions.

WEIGHTED AVERAGE COMMON SHARES

WEIGHTED AVERAGE COMMON SHARES (Tables)	6 Months Ended
	Jun. 30, 2017
WEIGHTED AVERAGE COMMON SHARES [Abstract]
Weighted average numbers of common shares used to compute basic and diluted loss per share	The weighted average number of common shares used to compute basic and diluted loss per share for the three and six months ended June 30, 2017 and 2016 was as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Basic shares outstanding 23,962,055 23,448,224 23,786,656 23,399,708 Dilutive effect of stock options - - - - Diluted shares outstanding 23,962,055 23,448,224 23,786,656 23,399,708

GOODWILL AND LONG-LIVED ASSETS

GOODWILL AND LONG-LIVED ASSETS (Tables)	6 Months Ended
	Jun. 30, 2017
GOODWILL AND LONG-LIVED ASSETS [Abstract]
Changes in carrying amount of goodwill	The carrying amount of goodwill at June 30, 2017 and 2016 is as follows: Gross Goodwill Balance Accumulated Impairment Losses Net Goodwill Balance Balance as of January 1, 2017 $ 117,176 $ (102,640 ) $ 14,536 Adjustments - - - Balance as of June 30, 2017 $ 117,176 $ (102,640 ) $ 14,536 Gross Goodwill Balance Accumulated Impairment Losses Net Goodwill Balance Balance as of January 1, 2016 $ 117,176 $ (93,881 ) $ 23,295 Adjustments - - - Balance as of June 30, 2016 $ 117,176 $ (93,881 ) $ 23,295
Summary of finite-lived intangible assets	Intangible assets, which are included in other assets in the accompanying condensed consolidated balance sheets, consist of the following: Curriculum Gross carrying amount at December 31, 2016 $ 160 Adjustments - Gross carrying amount at June 30, 2017 160 Accumulated amortization at December 31, 2016 128 Amortization 7 Accumulated amortization at June 30, 2017 135 Net carrying amount at June 30, 2017 $ 25 Weighted average amortization period (years) 10
Summary of estimated future amortization expense	The following table summarizes the estimated future amortization expense: Year Ending December 31, Remainder of 2017 $ 12 2018 13 $ 25

LONG-TERM DEBT AND LEASE OBLI21

LONG-TERM DEBT AND LEASE OBLIGATIONS (Tables)	6 Months Ended
	Jun. 30, 2017
LONG-TERM DEBT AND LEASE OBLIGATIONS [Abstract]
Long-term debt and lease obligations	Long-term debt and lease obligations consist of the following: June 30, 2017 December 31, 2016 Credit agreement (a) $ 32,023 $ - Term loan (a) - 44,267 32,023 44,267 Less current maturities (8,000 ) (11,713 ) $ 24,023 $ 32,554 (a)
Scheduled maturities of long-term debt and lease obligations	Scheduled maturities of long-term debt and lease obligations at June 30, 2017 are as follows: Year ending December 31, 2017 $ 8,000 2018 - 2019 - 2020 25,000 $ 33,000

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2017
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, 2016 1,143,599 $ 1.89 Granted 181,208 2.58 Canceled (52,398 ) 5.63 Vested (650,130 ) 1.74 Nonvested restricted stock outstanding at June 30, 2017 622,279 1.92
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, 2016 218,167 $ 12.11 3.33 years $ - Canceled (47,500 ) 12.37 - Outstanding at June 30, 2017 170,667 12.04 3.49 years - Vested or expected to vest 170,667 12.04 3.49 years - Exercisable as of June 30, 2017 170,667 12.04 3.49 years -
Summary of options outstanding	The following table presents a summary of stock options outstanding: At June 30, 2017 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-$13.99 122,667 3.75 $ 8.77 122,667 $ 8.77 $ 14.00-$19.99 17,000 2.34 19.98 17,000 19.98 $ 20.00-$25.00 31,000 3.10 20.62 31,000 20.62 170,667 3.49 12.04 170,667 12.04

SEGMENTS (Tables)

SEGMENTS (Tables)	6 Months Ended
	Jun. 30, 2017
SEGMENTS [Abstract]
Summary financial information by reporting segment	Summary financial information by reporting segment is as follows: For the Three Months Ended June 30, Revenue Operating Income (Loss) 2017 % of Total 2016 % of Total 2017 2016 Transportation and Skilled Trades $ 41,310 66.8 % $ 41,032 60.3 % $ 850 $ 2,430 Healthcare and Other Professions 17,932 29.0 % 18,661 27.4 % (634 ) 918 Transitional 2,623 4.2 % 8,387 12.3 % (833 ) (1,458 ) Corporate - 0.0 % - 0.0 % (5,414 ) (5,123 ) Total $ 61,865 100.0 % $ 68,080 100.0 % $ (6,031 ) $ (3,233 ) For the Six Months Ended June 30, Revenue Operating Income (Loss) 2017 % of Total 2016 % of Total 2017 2016 Transportation and Skilled Trades $ 83,477 65.7 % $ 83,304 60.1 % $ 2,898 $ 5,796 Healthcare and Other Professions 36,769 28.9 % 38,470 27.7 % (474 ) 2,673 Transitional 6,898 5.4 % 16,950 12.2 % (1,401 ) (5,101 ) Corporate - 0.0 % - 0.0 % (12,782 ) (12,845 ) Total $ 127,144 100.0 % $ 138,724 100.0 % $ (11,759 ) $ (9,477 ) Total Assets June 30, 2017 December 31, 2016 Transportation and Skilled Trades $ 84,578 $ 83,320 Healthcare and Other Professions 7,622 7,506 Transitional 18,377 18,874 Corporate 19,654 53,507 Total $ 130,231 $ 163,207

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2017
FAIR VALUE [Abstract]
Fair value, by balance sheet grouping	The carrying amount and estimated fair value of the Company’s financial instrument assets and liabilities, which are not measured at fair value on the Condensed Consolidated Balance Sheet, are listed in the table below: At June 30, 2017 Carrying Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Amount (Level 1) (Level 2) (Level 3) Total Financial Assets: Cash and cash equivalents $ 7,210 $ 7,210 $ - $ - $ 7,210 Restricted cash 6,189 6,189 - - 6,189 Prepaid expenses and other current assets 2,586 - 2,586 - 2,586 Financial Liabilities: Accrued expenses $ 13,707 $ - $ 13,707 $ - $ 13,707 Other short term liabilities 464 - 464 - 464 Credit facility 32,023 - 32,023 - 32,023

SUMMARY OF SIGNIFICANT ACCOUN25

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	Mar. 14, 2017USD ($)Property	Jun. 30, 2017USD ($)State	Jun. 30, 2016USD ($)	Mar. 31, 2015CampusSegment	Jun. 30, 2017USD ($)SchoolStateCampusSegment	Jun. 30, 2016USD ($)	Apr. 28, 2017USD ($)
Business Activities [Abstract]
Number of schools | School					28
Number of states in which schools operate across the United States | State		15			15
Number of campuses treated as destination schools | Campus					5
Number of reportable segments | Segment				3	3
Number of campuses operating under HOPS | Campus				18
Number of campuses closed under HOPS | Campus					7
Number of campuses remaining under HOPS | Campus					11
Liquidity [Abstract]
Cash and cash equivalents		$ 13,400			$ 13,400
Restricted cash		6,200			6,200
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income tax benefit		50	$ 50		100	$ 100
Income Taxes [Abstract]
Interest and penalties expense		$ 0	$ 0		0	0
West Palm Beach Property [Member]
Liquidity [Abstract]
Number of properties | Property	3
Number of properties agreed to be sold | Property	2
Cash purchase price	$ 15,700
Bridge term loan							$ 8,000
Tambone Companies, LLC [Member]
Liquidity [Abstract]
Number of properties agreed to be sold | Property	2
ASU 2016-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income tax benefit					$ 0	$ 0

WEIGHTED AVERAGE COMMON SHARE26

WEIGHTED AVERAGE COMMON SHARES (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Shares used to compute basic and diluted loss income per share [Abstract]
Basic shares outstanding (in shares)	23,962,055	23,448,224	23,786,656	23,399,708
Dilutive effect of stock options (in shares)	0	0	0	0
Diluted shares outstanding (in shares)	23,962,055	23,448,224	23,786,656	23,399,708
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)	537,718	604,378	583,848	412,286
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)	170,667		170,667

GOODWILL AND LONG-LIVED ASSET27

GOODWILL AND LONG-LIVED ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Dec. 31, 2016	Dec. 31, 2015
GOODWILL AND LONG-LIVED ASSETS [Abstract]
Impairment of long-lived assets			$ 0	$ 0
Changes in carrying amount of goodwill [Abstract]
Gross Goodwill Balance		$ 117,176		117,176	$ 117,176	$ 117,176	$ 117,176
Accumulated Impairment Losses		(93,881)		(93,881)	(102,640)	(102,640)	(93,881)
Adjustments			0	0
Net Goodwill Balance		23,295		23,295	14,536	$ 14,536	$ 23,295
Finite-Lived Intangible Assets [Line Items]
Net carrying amount	$ 25		25
Estimated future amortization expense [Abstract]
Remainder of 2017					12
2,018					13
Total	25		25		25
Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization	100	100	100	100
Transportation and Skilled Trades [Member]
Changes in carrying amount of goodwill [Abstract]
Net Goodwill Balance		14,500		14,500
Healthcare and Other Professions [Member]
Changes in carrying amount of goodwill [Abstract]
Net Goodwill Balance		$ 8,800		$ 8,800
Curriculum [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount, beginning balance			160
Adjustments			0
Gross carrying amount, ending balance	160		160
Accumulated amortization, beginning balance			128
Amortization			7
Accumulated amortization, ending balance	135		135
Net carrying amount	25		$ 25
Weighted average amortization period			10 years
Estimated future amortization expense [Abstract]
Total	$ 25		$ 25		$ 25

LONG-TERM DEBT AND LEASE OBLI28

LONG-TERM DEBT AND LEASE OBLIGATIONS (Details)		Mar. 14, 2017USD ($)Property	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Jun. 30, 2017USD ($)Property	Apr. 28, 2017USD ($)	Dec. 31, 2016USD ($)
Long-term debt and lease obligations [Abstract]
Long term debt and capital lease obligations			$ 32,023,000		$ 32,023,000		$ 44,267,000
Less current maturities			(8,000,000)		(8,000,000)		(11,713,000)
Long-term debt and lease obligations			24,023,000		24,023,000		32,554,000
Scheduled maturities of long-term debt and lease obligations [Abstract]
2,017			8,000,000		8,000,000
2,018			0		0
2,019			0		0
2,020			25,000,000		25,000,000
Long term debt and capital lease obligations			33,000,000		33,000,000
West Palm Beach Property [Member]
Long-term debt and lease obligations [Abstract]
Number of properties owned | Property		3
Short term loan						$ 8,000,000
Number of properties agreed to be sold | Property		2
Cash purchase price		$ 15,700,000
Credit Agreement [Member]
Long-term debt and lease obligations [Abstract]
Long-term line of credit	[1]		32,023,000		$ 32,023,000		0
Term of credit facility				38 months
Expiration date of credit facility				May 31, 2020
Number of properties owned | Property					4
Percentage of letters of credit margin against available funds in cash collateral					100.00%
Percentage of unused facility fee payable quarterly					0.50%
Minimum quarterly average aggregate balances to be maintained			5,000,000
Bank fees if minimum quarterly average aggregate balances is not maintained					$ 12,500
Closing term to terminate the credit facility					18 months
Breakage fee					$ 500,000
Bank origination fee			250,000		250,000
Deferred finance fee, offset			1,000,000		$ 1,000,000
Letter of Credit [Member]
Long-term debt and lease obligations [Abstract]
Line of credit facility, maximum borrowing capacity				$ 10,000,000
Expiration date of credit facility					Apr. 1, 2017
Percentage of letter of credit fee, quarterly installment					1.75%
Letters of credit outstanding			6,200,000		$ 6,200,000		6,200,000
Maximum availability under the facility previously provided			9,500,000		9,500,000
Term Loan [Member]
Long-term debt and lease obligations [Abstract]
Long-term line of credit	[1]		0		0		44,267,000
Revolving Credit Facility 2 [Member]
Long-term debt and lease obligations [Abstract]
Line of credit facility, maximum borrowing capacity				25,000,000
Line of credit facility, amount outstanding			0		0
Prior Credit Agreement [Member]
Long-term debt and lease obligations [Abstract]
Long-term line of credit							44,300,000
Termination premium incurred					1,800,000
Deferred finance fee, offset							$ 2,300,000
Credit Facility 1 [Member]
Long-term debt and lease obligations [Abstract]
Line of credit facility, maximum borrowing capacity				30,000,000
Outstanding principal balance after released from the pledged account			25,000,000		25,000,000
Line of credit facility, amount outstanding			33,000,000		$ 33,000,000
Minimum [Member] | Prime Rate [Member]
Long-term debt and lease obligations [Abstract]
Interest rate on credit facility					2.50%
Maximum [Member] | Prime Rate [Member]
Long-term debt and lease obligations [Abstract]
Interest rate on credit facility					6.00%
Maximum [Member] | Credit Agreement [Member]
Long-term debt and lease obligations [Abstract]
Line of credit facility, maximum borrowing capacity				55,000,000
Tranche A [Member] | Credit Agreement [Member]
Long-term debt and lease obligations [Abstract]
Long-term line of credit			25,000,000		$ 25,000,000
Tranche A [Member] | Revolving Credit Facility 1 [Member]
Long-term debt and lease obligations [Abstract]
Line of credit facility, maximum borrowing capacity				25,000,000
Amount borrowed for working capital			1,800,000		$ 1,800,000
Interest rate on credit facility					6.00%
Tranche A [Member] | Revolving Credit Facility 1 [Member] | Prime Rate [Member]
Long-term debt and lease obligations [Abstract]
Interest rate on credit facility					2.50%
Tranche B [Member] | Credit Agreement [Member]
Long-term debt and lease obligations [Abstract]
Long-term line of credit			5,000,000		$ 5,000,000
Tranche B [Member] | Non-Revolving Credit Facility [Member]
Long-term debt and lease obligations [Abstract]
Line of credit facility, maximum borrowing capacity				$ 5,000,000
Outstanding principal balance after released from the pledged account			$ 0		$ 0
Tranche B [Member] | Non-Revolving Credit Facility [Member] | Prime Rate [Member]
Long-term debt and lease obligations [Abstract]
Interest rate on credit facility					3.50%
Tranche B [Member] | Revolving Credit Facility 2 [Member] | Prime Rate [Member]
Long-term debt and lease obligations [Abstract]
Interest rate on credit facility					3.50%
[1]	On March 31, 2017, the Company entered into a secured revolving credit agreement (the "Credit Agreement") with Sterling National Bank (the "Bank") pursuant to which the Company obtained a credit facility in the aggregate principal amount of up to $55 million (the "Credit Facility"). The Credit Facility consists of (a) a $30 million loan facility ("Facility 1"), which is comprised of a $25 million revolving loan designated as "Tranche A" and a $5 million non-revolving loan designated as "Tranche B" and (b) a $25 million revolving loan facility ("Facility 2"), which includes a sublimit amount for letters of credit of $10 million. The Credit Facility replaces a term loan facility (the "Prior Credit Facility") from a lender group led by HPF Service, LLC, which was repaid and terminated concurrently with the effectiveness of the Credit Facility. The term of the Credit Facility is 38 months, maturing on May 31, 2020. The Credit Facility is secured by a first priority lien in favor of the Bank on substantially all of the personal property owned by the Company as well as mortgages on four parcels of real property owned by the Company in Connecticut, Colorado, Tennessee and Texas at which four of the Company's schools are located. At the closing, the Company drew $25 million under Tranche A of Facility 1, which, pursuant to the terms of the Credit Agreement, was used to repay the Prior Credit Facility and to pay transaction costs associated with closing the Credit Facility. After the disbursements of such amounts, the Company retained approximately $1.8 million of the borrowed amount for working capital purposes. Also, at closing, $5 million was drawn under Tranche B and, pursuant to the terms of the Credit Agreement, was deposited into an interest-bearing pledged account (the "Pledged Account") in the name of the Company maintained at the Bank in order to secure payment obligations of the Company with respect to the costs of remediation of any environmental contamination discovered at certain of the mortgaged properties upon completion of environmental studies undertaken at such properties. Pursuant to the terms of the Credit Agreement, funds will be released from the Pledged Account upon request by the Company to reimburse the Company for costs incurred for environmental remediation, if required. Upon the completion of any such environmental remediation or upon determination that no environmental remediation is necessary, funds remaining in the Pledged Account will be released from the Pledged Account and applied to the outstanding principal balance of Tranche B and availability under Tranche B will be permanently reduced to zero and, accordingly, the maximum principal amount of Facility 1 will be permanently reduced to $25 million. During the quarter ended June 30, 2017 the environmental studies were completed and revealed no environmental issues existing at the properties. Accordingly, pursuant to the terms of the Credit Agreement, the $5 million on deposit in the Pledged Account was released and used to repay the non-revolving loan outstanding under Tranche B. Upon the repayment of Tranche B, the maximum principal amount of Facility 1 was permanently reduced to $25 million. Pursuant to the terms of the Credit Agreement, all draws under Facility 2 for letters of credit or revolving loans must be secured by cash collateral in an amount equal to 100% of the aggregate stated amount of the letters of credit issued and revolving loans outstanding through draws from Facility 1 or other available cash of the Company. Accrued interest on each revolving loan will be payable monthly in arrears. Revolving loans under Tranche A of Facility 1 will bear interest at a rate per annum equal to the greater of (x) the Bank's prime rate plus 2.50% and (y) 6.00%. The amount borrowed under Tranche B of Facility 1 and revolving loans under Facility 2 will bear interest at a rate per annum equal to the greater of (x) the Bank's prime rate and (y) 3.50%. Each issuance of a letter of credit under Facility 2 will require the payment of a letter of credit fee to the Bank equal to a rate per annum of 1.75% on the daily amount available to be drawn under the letter of credit, which fee shall be payable in quarterly installments in arrears. Letters of credit totaling $6.2 million that were outstanding under a $9.5 million letter of credit facility previously provided to the Company by the Bank, which letter of credit facility was set to mature on April 1, 2017, are treated as letters of credit under Facility 2. Under the terms of the Credit Agreement, the Bank receives an unused facility fee on the average daily unused balance of Facility 1 at a rate per annum equal to 0.50%, which fee is payable quarterly in arrears. In addition, the Company is required to maintain, on deposit with the Bank in one or more non-interest bearing accounts, a minimum of $5 million in quarterly average aggregate balances. If in any quarter the required average aggregate account balance is not maintained, the Company is required to pay the Bank a fee of $12,500 for that quarter. Under the terms of the Credit Agreement, in the event that the Company terminates the Credit Facility or refinances with another lender within 18 months of closing, the Company shall be required to pay the Bank a breakage fee of $500,000. In addition to the foregoing, the Credit Agreement contains customary representations, warranties and affirmative and negative covenants, including financial covenants that restrict capital expenditures, prohibit the incurrence of a net loss commencing on December 31, 2018 and require a minimum adjusted EBITDA and a minimum tangible net worth which is an annual covenant, as well as events of default customary for facilities of this type. As of June 30, 2017, the Company is in compliance with all covenants. In connection with the Credit Agreement, the Company paid the Bank an origination fee in the amount of $250,000 and other fees and reimbursements that are customary for facilities of this type. The Company incurred an early termination premium of approximately $1.8 million in connection with the termination of the Prior Credit Facility. On April 28, 2017, the Company entered into a secured credit agreement with the Bank, pursuant to which the Company has obtained a short term loan in the principal amount of $8 million, the proceeds of which are to be used for working capital and general corporate purposes. The loan bears interest at a rate per annum equal to the greater of the Bank's prime rate plus 2.50% or 6.00%. The loan is secured by real property assets located in West Palm Beach, Florida at which schools operated by the Company are currently located. The loan is payable interest only until its maturity, which will occur upon the earlier of October 1, 2017 and the date of the sale of the West Palm Beach, Florida property. The Company has entered into a contract to sell the West Palm Beach, Florida property to Tambone Companies, LLC for a cash purchase price of $16.3 million. The Company expects this sale to be completed in the third quarter of 2017. As of June 30, 2017, the Company had $33 million outstanding under the Credit Facility; offset by $1.0 million of deferred finance fees. As of December 31, 2016, the Company had $44.3 million outstanding under the Prior Credit Facility; offset by $2.3 million of deferred finance fees, which were written-off. As of June 30, 2017 and December 31, 2016, there were letters of credit in the aggregate principal amount of $6.2 million outstanding, respectively.

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)Plan$ / sharesshares	Jun. 30, 2016USD ($)shares	Dec. 31, 2016USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock incentive plans | Plan			2
Shares [Abstract]
Outstanding, beginning balance (in shares) | shares			218,167
Canceled (in shares) | shares			(47,500)
Outstanding, ending balance (in shares) | shares	170,667		170,667		218,167
Vested or expected to vest (in shares) | shares	170,667		170,667
Exercisable, ending balance (in shares) | shares	170,667		170,667
Weighted Average Exercise Price Per Share [Abstract]
Outstanding, beginning balance (in dollars per share)			$ 12.11
Cancelled (in dollars per share)			12.37
Outstanding, ending balance (in dollars per share)	$ 12.04		12.04		$ 12.11
Vested or expected to vest (in dollars per share)	12.04		12.04
Exercisable, ending balance (in dollars per share)	$ 12.04		$ 12.04
Weighted Average Remaining Contractual Term [Abstract]
Outstanding			3 years 5 months 26 days		3 years 3 months 29 days
Vested or expected to vest			3 years 5 months 26 days
Exercisable			3 years 5 months 26 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	170,667		170,667
Contractual Weighted Average Life			3 years 5 months 26 days
Weighted Average Price (in dollars per share)	$ 12.04		$ 12.04
Stock Options Exercisable [Abstract]
Shares (in shares) | shares	170,667		170,667
Weighted Exercise Price (in dollars per share)	$ 12.04		$ 12.04
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			1,143,599
Granted (in shares) | shares			181,208
Canceled (in shares) | shares			(52,398)
Vested (in shares) | shares			(650,130)
Nonvested restricted stock outstanding, ending balance (in shares) | shares	622,279		622,279		1,143,599
Weighted Average Grant Date Fair Value [Abstract]
Nonvested restricted stock outstanding, beginning balance (in dollars per share)			$ 1.89
Granted (in dollars per share)			2.58
Canceled (in dollars per share)			5.63
Vested (in dollars per share)			1.74
Nonvested restricted stock outstanding, ending balance (in dollars per share)	$ 1.92		$ 1.92		$ 1.89
Recognized restricted stock expense | $	$ 300	$ 300	$ 700	$ 700
Unrecognized restricted stock expense | $	900		$ 900		$ 1,500
LTIP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net share settlement for restricted stock (in shares) | shares			184,231	38,389
Decrease in equity due to payment of tax for employee | $			$ 400	$ 100
LTIP [Member] | June 2, 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of performance-based shares			3 years
Specified operating income margin period			1 year
LTIP [Member] | December 18, 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of performance-based shares			3 years
Specified operating income margin period			1 year
LTIP [Member] | Restricted Stock [Member]
Weighted Average Grant Date Fair Value [Abstract]
Outstanding restricted shares, intrinsic value | $	$ 1,900		$ 1,900
$ 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	122,667		122,667
Contractual Weighted Average Life			3 years 9 months
Weighted Average Price (in dollars per share)	$ 8.77		$ 8.77
Stock Options Exercisable [Abstract]
Shares (in shares) | shares	122,667		122,667
Weighted Exercise Price (in dollars per share)	$ 8.77		$ 8.77
$ 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	17,000		17,000
Contractual Weighted Average Life			2 years 4 months 2 days
Weighted Average Price (in dollars per share)	$ 19.98		$ 19.98
Stock Options Exercisable [Abstract]
Shares (in shares) | shares	17,000		17,000
Weighted Exercise Price (in dollars per share)	$ 19.98		$ 19.98
$ 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			3 years 1 month 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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
INCOME TAXES [Abstract]
Provision for income taxes	$ 50	$ 50	$ 100	$ 100
Effective income tax rate	0.70%	1.60%	0.60%	1.10%

CONTINGENCIES (Details)

CONTINGENCIES (Details) $ in Thousands	Jul. 13, 2015USD ($)
CONTINGENCIES [Abstract]
Settlement amount	$ 850,000
Debt forgiveness	$ 165,000

SEGMENTS (Details)

SEGMENTS (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2015Segment	Jun. 30, 2017USD ($)SegmentLocation	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
SEGMENTS [Abstract]
Number of locations closed | Location				10
Number of reportable segments | Segment			3	3
Summary financial information by reporting segment [Abstract]
Revenues	$ 61,865	$ 68,080		$ 127,144	$ 138,724
Percentage of Total Revenue	100.00%	100.00%		100.00%	100.00%
Operating Income (Loss)	$ (6,031)	$ (3,233)		$ (11,759)	$ (9,477)
Assets	130,231			130,231		$ 163,207
Reportable Segments [Member] | Transportation and Skilled Trades [Member]
Summary financial information by reporting segment [Abstract]
Revenues	$ 41,310	$ 41,032		$ 83,477	$ 83,304
Percentage of Total Revenue	66.80%	60.30%		65.70%	60.10%
Operating Income (Loss)	$ 850	$ 2,430		$ 2,898	$ 5,796
Assets	84,578			84,578		83,320
Reportable Segments [Member] | Healthcare and Other Professions [Member]
Summary financial information by reporting segment [Abstract]
Revenues	$ 17,932	$ 18,661		$ 36,769	$ 38,470
Percentage of Total Revenue	29.00%	27.40%		28.90%	27.70%
Operating Income (Loss)	$ (634)	$ 918		$ (474)	$ 2,673
Assets	7,622			7,622		7,506
Reportable Segments [Member] | Transitional [Member]
Summary financial information by reporting segment [Abstract]
Revenues	$ 2,623	$ 8,387		$ 6,898	$ 16,950
Percentage of Total Revenue	4.20%	12.30%		5.40%	12.20%
Operating Income (Loss)	$ (833)	$ (1,458)		$ (1,401)	$ (5,101)
Assets	18,377			18,377		18,874
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 Income (Loss)	$ (5,414)	$ (5,123)		$ (12,782)	$ (12,845)
Assets	$ 19,654			$ 19,654		$ 53,507

FAIR VALUE (Details)

FAIR VALUE (Details) $ in Thousands	Jun. 30, 2017USD ($)
Carrying Amount [Member]
Financial Assets [Abstract]
Cash and cash equivalents	$ 7,210
Restricted cash	6,189
Prepaid expenses and other current assets	2,586
Financial Liabilities [Abstract]
Accrued expenses	13,707
Other short-term liabilities	464
Credit facility	32,023
Fair Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents	7,210
Restricted cash	6,189
Prepaid expenses and other current assets	2,586
Financial Liabilities [Abstract]
Accrued expenses	13,707
Other short-term liabilities	464
Credit facility	32,023
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents	7,210
Restricted cash	6,189
Prepaid expenses and other current assets	0
Financial Liabilities [Abstract]
Accrued expenses	0
Other short-term liabilities	0
Credit facility	0
Significant Other Observable Inputs (Level 2) [Member] | Fair Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents	0
Restricted cash	0
Prepaid expenses and other current assets	2,586
Financial Liabilities [Abstract]
Accrued expenses	13,707
Other short-term liabilities	464
Credit facility	32,023
Significant Unobservable Inputs (Level 3) [Member] | Fair Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents	0
Restricted cash	0
Prepaid expenses and other current assets	0
Financial Liabilities [Abstract]
Accrued expenses	0
Other short-term liabilities	0
Credit facility	$ 0