Lincoln Educational Services (LINC) 10-Q 13 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 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	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 7,277	$ 21,064
Restricted cash	7,189	6,399
Accounts receivable, less allowance of $13,034 and $12,375 at September 30, 2017 and December 31, 2016, respectively	18,503	15,383
Inventories	1,787	1,687
Prepaid income taxes and income taxes receivable	195	262
Assets held for sale	3,021	16,847
Prepaid expenses and other current assets	2,187	2,894
Total current assets	40,159	64,536
PROPERTY, EQUIPMENT AND FACILITIES - At cost, net of accumulated depreciation and amortization of $162,189 and $157,152 at September 30, 2017 and December 31, 2016, respectively	54,083	55,445
OTHER ASSETS:
Noncurrent restricted cash	0	20,252
Noncurrent receivables, less allowance of $1,304 and $977 at September 30, 2017 and December 31, 2016, respectively	7,827	7,323
Goodwill	14,536	14,536
Other assets, net	954	1,115
Total other assets	23,317	43,226
TOTAL	117,559	163,207
CURRENT LIABILITIES:
Current portion of credit agreement and term loan	0	11,713
Unearned tuition	26,200	24,778
Accounts payable	10,423	13,748
Accrued expenses	14,619	15,368
Other short-term liabilities	2,122	653
Total current liabilities	53,364	66,260
NONCURRENT LIABILITIES:
Long-term credit agreement and term loan	16,721	30,244
Pension plan liabilities	4,981	5,368
Accrued rent	4,672	5,666
Other long-term liabilities	685	743
Total liabilities	80,423	108,281
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, no par value - 10,000,000 shares authorized, no shares issued and outstanding at September 30, 2017 and December 31, 2016	0	0
Common stock, no par value - authorized: 100,000,000 shares at September 30, 2017 and December 31, 2016; issued and outstanding: 30,629,596 shares at September 30, 2017 and 30,685,017 shares at December 31, 2016	141,377	141,377
Additional paid-in capital	29,073	28,554
Treasury stock at cost - 5,910,541 shares at September 30, 2017 and December 31, 2016	(82,860)	(82,860)
Accumulated deficit	(45,234)	(26,044)
Accumulated other comprehensive loss	(5,220)	(6,101)
Total stockholders' equity	37,136	54,926
TOTAL	$ 117,559	$ 163,207

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
CURRENT ASSETS:
Accounts receivable, allowance	$ 13,034	$ 12,375
PROPERTY, EQUIPMENT AND FACILITIES - accumulated depreciation and amortization	162,189	157,152
OTHER ASSETS:
Noncurrent receivables, allowance	$ 1,304	$ 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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) [Abstract]
REVENUE	$ 67,308	$ 74,267	$ 194,452	$ 212,991
COSTS AND EXPENSES:
Educational services and facilities	34,070	37,543	99,183	110,234
Selling, general and administrative	35,499	37,402	109,378	113,307
Gain on sale of assets	(1,530)	(7)	(1,619)	(402)
Total costs & expenses	68,039	74,938	206,942	223,139
OPERATING LOSS	(731)	(671)	(12,490)	(10,148)
OTHER:
Interest income	7	69	47	141
Interest expense	(716)	(1,497)	(6,597)	(4,629)
Other income	0	1,678	0	5,109
LOSS BEFORE INCOME TAXES	(1,440)	(421)	(19,040)	(9,527)
PROVISION FOR INCOME TAXES	50	50	150	150
NET LOSS	$ (1,490)	$ (471)	$ (19,190)	$ (9,677)
Basic
Net loss per share (in dollars per share)	$ (0.06)	$ (0.02)	$ (0.80)	$ (0.41)
Diluted
Net loss per share (in dollars per share)	$ (0.06)	$ (0.02)	$ (0.80)	$ (0.41)
Weighted average number of common shares outstanding:
Basic (in shares)	24,023,540	23,498,904	23,866,485	23,433,015
Diluted (in shares)	24,023,540	23,498,904	23,866,485	23,433,015

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME [Abstract]
Net loss	$ (1,490)	$ (471)	$ (19,190)	$ (9,677)
Other comprehensive income
Employee pension plan adjustments	440	222	881	666
Comprehensive loss	$ (1,050)	$ (249)	$ (18,309)	$ (9,011)

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	(9,677)	0	(9,677)
Employee pension plan adjustments	0	0	0	0	666	666
Stock-based compensation expense
Restricted stock	$ 0	1,086	0	0	0	1,086
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 Sep. 30, 2016	$ 141,377	28,271	(82,860)	(7,417)	(6,406)	72,965
BALANCE (in shares) at Sep. 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	(19,190)	0	$ (19,190)
Employee pension plan adjustments	0	0	0	0	881	881
Stock-based compensation expense
Restricted stock	$ 0	948	0	0	0	948
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 Sep. 30, 2017	$ 141,377	$ 29,073	$ (82,860)	$ (45,234)	$ (5,220)	$ 37,136
BALANCE (in shares) at Sep. 30, 2017	30,629,596					30,629,596

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (19,190)	$ (9,677)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	6,438	8,590
Amortization of deferred finance charges	503	704
Write-off of deferred finance charges	2,161	0
Gain on disposition of assets	(1,619)	(402)
Gain on capital lease termination	0	(5,032)
Fixed asset donation	(18)	(123)
Provision for doubtful accounts	10,393	10,116
Stock-based compensation expense	948	1,086
Deferred rent	(981)	(358)
(Increase) decrease in assets:
Accounts receivable	(14,017)	(17,430)
Inventories	(100)	24
Prepaid income taxes and income taxes receivable	67	75
Prepaid expenses and current assets	699	763
Other assets, net	(1,173)	(1,401)
Increase (decrease) in liabilities:
Accounts payable	(3,283)	3,843
Accrued expenses	(762)	1,611
Unearned tuition	1,422	(1,966)
Other liabilities	1,905	64
Total adjustments	2,583	164
Net cash used in operating activities	(16,607)	(9,513)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(3,765)	(2,155)
Restricted cash	(790)	1,080
Proceeds from sale of property and equipment	15,452	432
Net cash provided by (used in) investing activities	10,897	(643)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on borrowings	(64,766)	(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)	(5,022)
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 cash used in financing activities	(8,077)	(9,024)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(13,787)	(19,180)
CASH AND CASH EQUIVALENTS-Beginning of period	21,064	38,420
CASH AND CASH EQUIVALENTS-End of period	7,277	19,240
Cash paid for:
Interest	2,449	4,020
Income taxes	121	122
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Liabilities accrued for or noncash purchases of fixed assets	$ 1,447	$ 2,033

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 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 25 schools in 15 states, We operate in three reportable business segments: (a) Transportation and Skilled Trades segment, (b) Healthcare and Other Professions (“HOPS”) segment, and (c) Transitional segment 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 the HOPS segment. The Company believes that the closures and planned closures of the aforementioned campuses has positioned this segment and the Company to be profitable going forward as well as maximizing returns for the Company’s shareholders. The combination of several factors, including the inability of a prospective buyer of the HOPS segment to close on the purchase, the improvements the Company has implemented in the operations of the HOPS segment, 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 segment are reflected as continuing operations in the condensed 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 which originally operated in the HOPS segment. Also in 2017, the Company completed the teach-out of its Northeast Philadelphia, Pennsylvania; Center City Philadelphia, Pennsylvania; and West Palm Beach, Florida facilities which also originally operated in the HOPS segment. In addition, in March 2017, the Board of Directors approved On August 14, 2017, New England Institute of Technology at Palm Beach, Inc., a wholly-owned subsidiary of the Company, consummated the anticipated sale of the real property located at 2400 and 2410 Metrocentre Boulevard East, West Palm Beach, Florida, including the improvements and other personal property located thereon (the “West Palm Beach Property”) to Tambone Companies, LLC (“Tambone”), pursuant to a previously disclosed purchase and sale agreement (the “West Palm Sale Agreement”) entered into on March 14, 2017. Pursuant to the terms of the West Palm Sale Agreement, as subsequently amended, the purchase price for the West Palm Beach Property was $15.8 million. As a result, the Company recorded a gain on the sale in the amount of $1.5 million. As previously disclosed, the West Palm Beach Property served as collateral for a short term loan in the principal amount of $8.0 million obtained by the Company from its lender, Sterling National Bank, on April 28, 2017, which loan matured upon the earlier of the sale of the West Palm Beach Property or October 1, 2017. Accordingly, on August 14, 2017, concurrently with the consummation of the sale of the West Palm Beach Property, the Company repaid the term loan in an aggregate amount of $8.0 million, consisting of principal and accrued interest. Liquidity — In addition to the current sources of capital discussed above that provide short term liquidity, the Company has been making efforts to sell its remaining West Palm Beach, Florida property and associated assets originally operated in the HOPS segment, which has been classified as held for sale and is expected to be sold within one year from the date of classification which was December 31, 2016. 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 “Compensation—Stock Compensation (Topic 718) — Scope of Modification Accounting.” 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 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 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 have not adopted the new standard as yet but we will adopt the new standard effective January 1, 2018 using the modified retrospective approach. 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 separately 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 processes and controls in response to the new standard, as necessary. During the remainder of 2017, we are finalizing our revenue related documentation. The Company 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 but not restated for prior periods. In November 2016, the FASB issued ASU 2016-18: “ Statement of Cash Flows (Topic 230): Restricted Cash In August 2016, the FASB issued ASU 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,” 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 nine months ended September 30, 2017 and 2016, the Company did not recognize any interest and penalties expense associated with uncertain tax positions.

WEIGHTED AVERAGE COMMON SHARES

WEIGHTED AVERAGE COMMON SHARES	9 Months Ended
	Sep. 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 nine months ended September 30, 2017 and 2016 was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Basic shares outstanding 24,023,540 23,498,904 23,866,485 23,433,015 Dilutive effect of stock options - - - - Diluted shares outstanding 24,023,540 23,498,904 23,866,485 23,433,015 For the three months ended September 30, 2017 and 2016, options to acquire 552,189 and 1,181,073 shares were excluded from the above table because the Company reported a net loss for each period and, therefore, their impact on reported loss per share would have been antidilutive. For the nine months ended September 30, 2017 and 2016, options to acquire 572,428 and 668,307 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 nine months ended September 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	9 Months Ended
	Sep. 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 nine months ended September 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 September 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 September 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 September 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 September 30, 2016 $ 117,176 $ (93,881 ) $ 23,295 As of September 30, 2017, the goodwill balance is related to the Transportation and Skilled Trades segment. As of September 30, 2016, the goodwill balance consists of $14.5 million related to the Transportation and Skilled Trades segment and $8.8 million related to our HOPS 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 September 30, 2017 160 Accumulated amortization at December 31, 2016 128 Amortization 11 Accumulated amortization at September 30, 2017 139 Net carrying amount at September 30, 2017 $ 21 Weighted average amortization period (years) 10 Amortization of intangible assets was less than $0.1 million for each of the three and nine months ended September 30, 2017 and 2016. The following table summarizes the estimated future amortization expense: Year Ending December 31, Remainder of 2017 $ 4 2018 17 $ 21

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
	Sep. 30, 2017
LONG-TERM DEBT [Abstract]
LONG-TERM DEBT	4. LONG-TERM DEBT Long-term debt consist of the following: September 30, 2017 December 31, 2016 Credit agreement (a) $ 17,500 $ - Term loan (a) - 44,267 Deferred Financing Fees (779 ) (2,310 ) 16,721 41,957 Less current maturities - (11,713 ) $ 16,721 $ 30,244 (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 of the Credit Facility, 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 disbursement 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, which, 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 based upon environmental studies undertaken at such properties. During the quarter ended June 30, 2017, the environmental studies were completed and revealed no environmental issues existing at the properties and accordingly, pursuant to the terms of the Credit Agreement, the $5 million 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 are 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 is payable monthly in arrears. Revolving loans under Tranche A of Facility 1 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 requires 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 is payable in quarterly installments in arrears. Letters of credit totaling $7.2 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. The terms of the Credit Agreement provide that the Bank be paid 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 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 and, in the event that the Company terminates the Credit Facility or refinances with another lender within 18 months of closing, the Company is 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 September 30, 2017, the Company is in compliance with all covenants. In connection with the Credit Agreement, the Company paid 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 obtained a short term loan in the principal amount of $8 million, the proceeds of which were used for working capital and general corporate purposes. The loan, which had an interest rate per annum equal to the greater of the Bank’s prime rate plus 2.50% or 6.00%, was secured by real property assets located in West Palm Beach, Florida at which schools operated by the Company were located and matured upon the earlier of October 1, 2017 and the date of the sale of the West Palm Beach, Florida property. The Company sold two of three properties located in West Palm Beach, Florida in the third quarter of 2017 and concurrently repaid the $8 million. As of September 30, 2017, the Company had $17.5 million outstanding under the Credit Facility which was offset by $0.8 million of deferred finance fees. As of December 31, 2016, the Company had $44.3 million outstanding under the Prior Credit Facility which was offset by $2.3 million of deferred finance fees, which were written-off. Scheduled maturities of long-term debt at September 30, 2017 are as follows: Year ending December 31, 2017 $ - 2018 - 2019 - 2020 17,500 $ 17,500

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 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 receive 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 restriction on the right to vote or the right to receive dividends with respect to any of these restricted shares. For the nine months ended September 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 nine months ended September 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 September 30, 2017 622,279 1.92 The restricted stock expense for the three months ended September 30, 2017 and 2016 was $0.3 million and $0.4 million, respectively. The restricted stock expense for the nine months ended September 30, 2017 and 2016 was $0.9 million and $1.1 million, respectively. The unrecognized restricted stock expense as of September 30, 2017 and December 31, 2016 was $0.6 million and $1.5 million, respectively. As of September 30, 2017, outstanding restricted shares under the LTIP had aggregate intrinsic value of $1.6 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 September 30, 2017 170,667 12.04 3.24 years - Vested or expected to vest 170,667 12.04 3.24 years - Exercisable as of September 30, 2017 170,667 12.04 3.24 years - As of September 30, 2017, there was no unrecognized pre-tax compensation expense. The following table presents a summary of stock options outstanding: At September 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 3.50 $ 8.77 122,667 $ 8.77 $ 14.00-$19.99 17,000 2.09 19.98 17,000 19.98 $ 20.00-$25.00 31,000 2.85 20.62 31,000 20.62 170,667 3.24 12.04 170,667 12.04

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2017
INCOME TAXES [Abstract]
INCOME TAXES	6. INCOME TAXES The provision for income taxes for the three months ended September 30, 2017 and 2016 was less than $0.1 million, or 3.5% of pretax loss, and less than $0.1 million, or 11.9% of pretax loss, respectively. The provision for income taxes for the nine months ended September 30, 2017 and 2016 was $0.2 million, or 0.8% of pretax loss, and $0.2 million, or 1.6% 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. In this regard, a significant 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, 2017.

CONTINGENCIES

CONTINGENCIES	9 Months Ended
	Sep. 30, 2017
CONTINGENCIES [Abstract]
CONTINGENCIES	7. CONTINGENCIES In the ordinary conduct of its business, the Company is subject to certain 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.

SEGMENTS

SEGMENTS	9 Months Ended
	Sep. 30, 2017
SEGMENTS [Abstract]
SEGMENTS	8. SEGMENTS We currently operate in three reportable segments: (a) Transportation and Skilled Trades segment (b) Healthcare and Other Professions segment and (c) Transitional segment. 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 September 30, Revenue Operating Income (Loss) 2017 % of Total 2016 % of Total 2017 2016 Transportation and Skilled Trades $ 47,694 70.9 % $ 47,939 64.5 % $ 6,061 $ 6,120 Healthcare and Other Professions 18,428 27.4 % 18,559 25.0 % (574 ) (41 ) Transitional 1,186 1.8 % 7,769 10.5 % (2,495 ) (2,029 ) Corporate - 0.0 % - 0.0 % (3,723 ) (4,721 ) Total $ 67,308 100.0 % $ 74,267 100.0 % $ (731 ) $ (671 ) For the Nine Months Ended September 30, Revenue Operating Income (Loss) 2017 % of Total 2016 % of Total 2017 2016 Transportation and Skilled Trades $ 131,169 67.5 % $ 131,243 61.6 % $ 8,960 $ 11,916 Healthcare and Other Professions 55,199 28.4 % 57,030 26.8 % (1,047 ) 2,634 Transitional 8,084 4.2 % 24,718 11.6 % (3,900 ) (7,132 ) Corporate - 0.0 % - 0.0 % (16,503 ) (17,566 ) Total $ 194,452 100.0 % $ 212,991 100.0 % $ (12,490 ) $ (10,148 ) Total Assets September 30, 2017 December 31, 2016 Transportation and Skilled Trades $ 83,272 $ 83,320 Healthcare and Other Professions 10,005 7,506 Transitional 4,219 18,874 Corporate 20,063 53,507 Total $ 117,559 $ 163,207

FAIR VALUE

FAIR VALUE	9 Months Ended
	Sep. 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 September 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 $ 7,277 $ 7,277 $ - $ - $ 7,277 Restricted cash 7,189 7,189 - - 7,189 Prepaid expenses and other current assets 2,187 - 2,187 - 2,187 Financial Liabilities: Accrued expenses $ 14,619 $ - $ 14,619 $ - $ 14,619 Other short term liabilities 2,122 - 2,122 - 2,122 Credit facility 16,721 - 16,721 - 16,721 The fair value of the revolving credit facility approximates the carrying amount at September 30, 2017 as the instrument had variable interest rates that reflected current market rates available to the Company. 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	9 Months Ended
	Sep. 30, 2017
RELATED PARTY [Abstract]
RELATED PARTY	10. RELATED PARTY The Company has an agreement with MATCO Tools whereby MATCO provides 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 September 30, 2017 and 2016. Management believes that its agreement with MATCO is an arm’s length transaction and on similar terms as would have been obtained from unaffiliated third parties.

SUMMARY OF SIGNIFICANT ACCOUN18

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 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 25 schools in 15 states, We operate in three reportable business segments: (a) Transportation and Skilled Trades segment, (b) Healthcare and Other Professions (“HOPS”) segment, and (c) Transitional segment 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 the HOPS segment. The Company believes that the closures and planned closures of the aforementioned campuses has positioned this segment and the Company to be profitable going forward as well as maximizing returns for the Company’s shareholders. The combination of several factors, including the inability of a prospective buyer of the HOPS segment to close on the purchase, the improvements the Company has implemented in the operations of the HOPS segment, 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 segment are reflected as continuing operations in the condensed 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 which originally operated in the HOPS segment. Also in 2017, the Company completed the teach-out of its Northeast Philadelphia, Pennsylvania; Center City Philadelphia, Pennsylvania; and West Palm Beach, Florida facilities which also originally operated in the HOPS segment. In addition, in March 2017, the Board of Directors approved On August 14, 2017, New England Institute of Technology at Palm Beach, Inc., a wholly-owned subsidiary of the Company, consummated the anticipated sale of the real property located at 2400 and 2410 Metrocentre Boulevard East, West Palm Beach, Florida, including the improvements and other personal property located thereon (the “West Palm Beach Property”) to Tambone Companies, LLC (“Tambone”), pursuant to a previously disclosed purchase and sale agreement (the “West Palm Sale Agreement”) entered into on March 14, 2017. Pursuant to the terms of the West Palm Sale Agreement, as subsequently amended, the purchase price for the West Palm Beach Property was $15.8 million. As a result, the Company recorded a gain on the sale in the amount of $1.5 million. As previously disclosed, the West Palm Beach Property served as collateral for a short term loan in the principal amount of $8.0 million obtained by the Company from its lender, Sterling National Bank, on April 28, 2017, which loan matured upon the earlier of the sale of the West Palm Beach Property or October 1, 2017. Accordingly, on August 14, 2017, concurrently with the consummation of the sale of the West Palm Beach Property, the Company repaid the term loan in an aggregate amount of $8.0 million, consisting of principal and accrued interest.
Liquidity	Liquidity — In addition to the current sources of capital discussed above that provide short term liquidity, the Company has been making efforts to sell its remaining West Palm Beach, Florida property and associated assets originally operated in the HOPS segment, which has been classified as held for sale and is expected to be sold within one year from the date of classification which was December 31, 2016.
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 “Compensation—Stock Compensation (Topic 718) — Scope of Modification Accounting.” 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 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 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 have not adopted the new standard as yet but we will adopt the new standard effective January 1, 2018 using the modified retrospective approach. 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 separately 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 processes and controls in response to the new standard, as necessary. During the remainder of 2017, we are finalizing our revenue related documentation. The Company 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 but not restated for prior periods. In November 2016, the FASB issued ASU 2016-18: “ Statement of Cash Flows (Topic 230): Restricted Cash In August 2016, the FASB issued ASU 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,” 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 nine months ended September 30, 2017 and 2016, the Company did not recognize any interest and penalties expense associated with uncertain tax positions.

WEIGHTED AVERAGE COMMON SHARES

WEIGHTED AVERAGE COMMON SHARES (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2017 and 2016 was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Basic shares outstanding 24,023,540 23,498,904 23,866,485 23,433,015 Dilutive effect of stock options - - - - Diluted shares outstanding 24,023,540 23,498,904 23,866,485 23,433,015

GOODWILL AND LONG-LIVED ASSETS

GOODWILL AND LONG-LIVED ASSETS (Tables)	9 Months Ended
	Sep. 30, 2017
GOODWILL AND LONG-LIVED ASSETS [Abstract]
Changes in carrying amount of goodwill	The carrying amount of goodwill at September 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 September 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 September 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 September 30, 2017 160 Accumulated amortization at December 31, 2016 128 Amortization 11 Accumulated amortization at September 30, 2017 139 Net carrying amount at September 30, 2017 $ 21 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 $ 4 2018 17 $ 21

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	9 Months Ended
	Sep. 30, 2017
LONG-TERM DEBT [Abstract]
Long-term debt	Long-term debt consist of the following: September 30, 2017 December 31, 2016 Credit agreement (a) $ 17,500 $ - Term loan (a) - 44,267 Deferred Financing Fees (779 ) (2,310 ) 16,721 41,957 Less current maturities - (11,713 ) $ 16,721 $ 30,244
Scheduled maturities of long-term debt	Scheduled maturities of long-term debt at September 30, 2017 are as follows: Year ending December 31, 2017 $ - 2018 - 2019 - 2020 17,500 $ 17,500

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 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 September 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 September 30, 2017 170,667 12.04 3.24 years - Vested or expected to vest 170,667 12.04 3.24 years - Exercisable as of September 30, 2017 170,667 12.04 3.24 years -
Summary of options outstanding	The following table presents a summary of stock options outstanding: At September 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 3.50 $ 8.77 122,667 $ 8.77 $ 14.00-$19.99 17,000 2.09 19.98 17,000 19.98 $ 20.00-$25.00 31,000 2.85 20.62 31,000 20.62 170,667 3.24 12.04 170,667 12.04

SEGMENTS (Tables)

SEGMENTS (Tables)	9 Months Ended
	Sep. 30, 2017
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 Income (Loss) 2017 % of Total 2016 % of Total 2017 2016 Transportation and Skilled Trades $ 47,694 70.9 % $ 47,939 64.5 % $ 6,061 $ 6,120 Healthcare and Other Professions 18,428 27.4 % 18,559 25.0 % (574 ) (41 ) Transitional 1,186 1.8 % 7,769 10.5 % (2,495 ) (2,029 ) Corporate - 0.0 % - 0.0 % (3,723 ) (4,721 ) Total $ 67,308 100.0 % $ 74,267 100.0 % $ (731 ) $ (671 ) For the Nine Months Ended September 30, Revenue Operating Income (Loss) 2017 % of Total 2016 % of Total 2017 2016 Transportation and Skilled Trades $ 131,169 67.5 % $ 131,243 61.6 % $ 8,960 $ 11,916 Healthcare and Other Professions 55,199 28.4 % 57,030 26.8 % (1,047 ) 2,634 Transitional 8,084 4.2 % 24,718 11.6 % (3,900 ) (7,132 ) Corporate - 0.0 % - 0.0 % (16,503 ) (17,566 ) Total $ 194,452 100.0 % $ 212,991 100.0 % $ (12,490 ) $ (10,148 ) Total Assets September 30, 2017 December 31, 2016 Transportation and Skilled Trades $ 83,272 $ 83,320 Healthcare and Other Professions 10,005 7,506 Transitional 4,219 18,874 Corporate 20,063 53,507 Total $ 117,559 $ 163,207

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
	Sep. 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 September 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 $ 7,277 $ 7,277 $ - $ - $ 7,277 Restricted cash 7,189 7,189 - - 7,189 Prepaid expenses and other current assets 2,187 - 2,187 - 2,187 Financial Liabilities: Accrued expenses $ 14,619 $ - $ 14,619 $ - $ 14,619 Other short term liabilities 2,122 - 2,122 - 2,122 Credit facility 16,721 - 16,721 - 16,721

SUMMARY OF SIGNIFICANT ACCOUN25

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	Aug. 14, 2017USD ($)	Oct. 31, 2017USD ($)	Sep. 30, 2017USD ($)State	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)SchoolStateCampusSegment	Sep. 30, 2016USD ($)	Apr. 28, 2017USD ($)
Business Activities [Abstract]
Number of schools | School					25
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
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			$ 14,500		$ 14,500
Restricted cash			7,200		7,200
Revolving loan facility, available amount			7,500		7,500
Gain on sale of property			1,530	$ 7	1,619	$ 402
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income tax benefit			50	50	150	150
Income Taxes [Abstract]
Interest and penalties expense			0	$ 0	0	0
Subsequent Event [Member]
Subsequent Event [Line Items]
Lease termination value		$ 1,500
West Palm Beach Property [Member]
Liquidity [Abstract]
Cash purchase price	$ 15,800		$ 8,000
Gain on sale of property	1,500
Short term loan							$ 8,000
Repayment of term loan	$ 8,000
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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Shares used to compute basic and diluted loss income per share [Abstract]
Basic shares outstanding (in shares)	24,023,540	23,498,904	23,866,485	23,433,015
Dilutive effect of stock options (in shares)	0	0	0	0
Diluted shares outstanding (in shares)	24,023,540	23,498,904	23,866,485	23,433,015
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)	552,189	1,181,073	572,428	668,307
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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 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	$ 21		21
Estimated future amortization expense [Abstract]
Remainder of 2017					4
2,018					17
Total	21		21		21
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			11
Accumulated amortization, ending balance	139		139
Net carrying amount	21		$ 21
Weighted average amortization period			10 years
Estimated future amortization expense [Abstract]
Total	$ 21		$ 21		$ 21

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details)		Aug. 14, 2017USD ($)	Sep. 30, 2017USD ($)Property	Mar. 31, 2017USD ($)	Sep. 30, 2017USD ($)Property	Apr. 28, 2017USD ($)	Dec. 31, 2016USD ($)
Long-term debt [Abstract]
Deferred Financing Fees			$ (779,000)		$ (779,000)		$ (2,310,000)
Long term debt			16,721,000		16,721,000		41,957,000
Less current maturities			0		0		(11,713,000)
Long-term debt, excluding current maturities			16,721,000		16,721,000		30,244,000
Scheduled maturities of long-term debt [Abstract]
2,017			0		0
2,018			0		0
2,019			0		0
2,020			17,500,000		17,500,000
Total maturities of long term debt			$ 17,500,000		$ 17,500,000
West Palm Beach Property [Member]
Long-term debt [Abstract]
Number of properties owned | Property			3		3
Short term loan						$ 8,000,000
Number of properties agreed to be sold | Property			2
Purchase price		$ 15,800,000	$ 8,000,000
Credit Agreement [Member]
Long-term debt [Abstract]
Long-term line of credit	[1]		$ 17,500,000		$ 17,500,000		0
Term of credit facility				38 months
Expiration date of credit facility				May 31, 2020
Number of properties owned | Property			4		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
Letter of Credit [Member]
Long-term debt [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			7,200,000		$ 7,200,000		6,200,000
Maximum availability under the facility previously provided			9,500,000		9,500,000
Term Loan [Member]
Long-term debt [Abstract]
Long-term line of credit	[1]		0		0		44,267,000
Revolving Credit Facility 2 [Member]
Long-term debt [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 [Abstract]
Long-term line of credit							$ 44,300,000
Termination premium incurred					1,800,000
Credit Facility 1 [Member]
Long-term debt [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			17,500,000		$ 17,500,000
Minimum [Member] | Prime Rate [Member]
Long-term debt [Abstract]
Interest rate on credit facility					2.50%
Maximum [Member] | Prime Rate [Member]
Long-term debt [Abstract]
Interest rate on credit facility					6.00%
Maximum [Member] | Credit Agreement [Member]
Long-term debt [Abstract]
Line of credit facility, maximum borrowing capacity				55,000,000
Tranche A [Member] | Credit Agreement [Member]
Long-term debt [Abstract]
Long-term line of credit			25,000,000		$ 25,000,000
Tranche A [Member] | Revolving Credit Facility 1 [Member]
Long-term debt [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 [Abstract]
Interest rate on credit facility					2.50%
Tranche B [Member] | Credit Agreement [Member]
Long-term debt [Abstract]
Long-term line of credit			5,000,000		$ 5,000,000
Tranche B [Member] | Non-Revolving Credit Facility [Member]
Long-term debt [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 [Abstract]
Interest rate on credit facility					3.50%
Tranche B [Member] | Revolving Credit Facility 2 [Member] | Prime Rate [Member]
Long-term debt [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," which Tranche B was repaid during the quarter ended June 30, 2017, 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") 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 of the Credit Facility, 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 disbursement 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, which, 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 based upon environmental studies undertaken at such properties. During the quarter ended June 30, 2017, the environmental studies were completed and revealed no environmental issues existing at the properties and accordingly, pursuant to the terms of the Credit Agreement, the $5 million 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 are 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 is payable monthly in arrears. Revolving loans under Tranche A of Facility 1 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 requires 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 is payable in quarterly installments in arrears. Letters of credit totaling $7.2 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. The terms of the Credit Agreement provide that the Bank be paid 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 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 and, in the event that the Company terminates the Credit Facility or refinances with another lender within 18 months of closing, the Company is 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 September 30, 2017, the Company is in compliance with all covenants. In connection with the Credit Agreement, the Company paid 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 obtained a short term loan in the principal amount of $8 million, the proceeds of which were used for working capital and general corporate purposes. The loan, which had an interest rate per annum equal to the greater of the Bank's prime rate plus 2.50% or 6.00%, was secured by real property assets located in West Palm Beach, Florida at which schools operated by the Company were located and matured upon the earlier of October 1, 2017 and the date of the sale of the West Palm Beach, Florida property. The Company sold two of three properties located in West Palm Beach, Florida in the third quarter of 2017 and concurrently repaid the $8 million. As of September 30, 2017, the Company had $17.5 million outstanding under the Credit Facility which was offset by $0.8 million of deferred finance fees. As of December 31, 2016, the Company had $44.3 million outstanding under the Prior Credit Facility which was offset by $2.3 million of deferred finance fees, which were written-off. As of September 30, 2017 and December 31, 2016, there were letters of credit in the aggregate principal amount of $7.2 million and $6.2 million outstanding, respectively.

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017USD ($)$ / sharesshares	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)Plan$ / sharesshares	Sep. 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 2 months 26 days		3 years 3 months 29 days
Vested or expected to vest			3 years 2 months 26 days
Exercisable			3 years 2 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 2 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	$ 400	$ 900	$ 1,100
Unrecognized restricted stock expense | $	600		$ 600		$ 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 | $	$ 1,600		$ 1,600
$ 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 6 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 1 month 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			2 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, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
INCOME TAXES [Abstract]
Provision for income taxes	$ 50	$ 50	$ 150	$ 150
Effective income tax rate	3.50%	11.90%	0.80%	1.60%

SEGMENTS (Details)

SEGMENTS (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)Segment	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)
SEGMENTS [Abstract]
Number of reportable segments | Segment			3
Summary financial information by reporting segment [Abstract]
Revenues	$ 67,308	$ 74,267	$ 194,452	$ 212,991
Percentage of Total Revenue	100.00%	100.00%	100.00%	100.00%
Operating Income (Loss)	$ (731)	$ (671)	$ (12,490)	$ (10,148)
Assets	117,559		117,559		$ 163,207
Reportable Segments [Member] | Transportation and Skilled Trades [Member]
Summary financial information by reporting segment [Abstract]
Revenues	$ 47,694	$ 47,939	$ 131,169	$ 131,243
Percentage of Total Revenue	70.90%	64.50%	67.50%	61.60%
Operating Income (Loss)	$ 6,061	$ 6,120	$ 8,960	$ 11,916
Assets	83,272		83,272		83,320
Reportable Segments [Member] | Healthcare and Other Professions [Member]
Summary financial information by reporting segment [Abstract]
Revenues	$ 18,428	$ 18,559	$ 55,199	$ 57,030
Percentage of Total Revenue	27.40%	25.00%	28.40%	26.80%
Operating Income (Loss)	$ (574)	$ (41)	$ (1,047)	$ 2,634
Assets	10,005		10,005		7,506
Reportable Segments [Member] | Transitional [Member]
Summary financial information by reporting segment [Abstract]
Revenues	$ 1,186	$ 7,769	$ 8,084	$ 24,718
Percentage of Total Revenue	1.80%	10.50%	4.20%	11.60%
Operating Income (Loss)	$ (2,495)	$ (2,029)	$ (3,900)	$ (7,132)
Assets	4,219		4,219		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)	$ (3,723)	$ (4,721)	$ (16,503)	$ (17,566)
Assets	$ 20,063		$ 20,063		$ 53,507

FAIR VALUE (Details)

FAIR VALUE (Details) $ in Thousands	Sep. 30, 2017USD ($)
Carrying Amount [Member]
Financial Assets [Abstract]
Cash and cash equivalents	$ 7,277
Restricted cash	7,189
Prepaid expenses and other current assets	2,187
Financial Liabilities [Abstract]
Accrued expenses	14,619
Other short-term liabilities	2,122
Credit facility	16,721
Fair Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents	7,277
Restricted cash	7,189
Prepaid expenses and other current assets	2,187
Financial Liabilities [Abstract]
Accrued expenses	14,619
Other short-term liabilities	2,122
Credit facility	16,721
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents	7,277
Restricted cash	7,189
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	2,187
Financial Liabilities [Abstract]
Accrued expenses	14,619
Other short-term liabilities	2,122
Credit facility	16,721
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