Lincoln Educational Services (LINC) 10-K 4 Mar 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 29, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Document Transition Report	false
Entity File Number	000-51371
Entity Registrant Name	LINCOLN EDUCATIONAL SERVICES CORP
Entity Central Index Key	0001286613
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	57-1150621
Entity Address, Address Line One	14 Sylvan Way, Suite A
Entity Address, City or Town	Parsippany
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07054
City Area Code	973
Local Phone Number	736-9340
Title of 12(b) Security	Common Stock, no par value per share
Trading Symbol	LINC
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 185,008,538
Entity Common Stock, Shares Outstanding		31,759,322
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Morristown, New Jersey

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 75,992	$ 46,074
Restricted cash	4,277	4,213
Short-term investments	0	14,758
Accounts receivable, less allowance of $34,441 and $28,560 at December 31, 2023 and 2022, respectively	35,692	37,175
Inventories	2,948	2,618
Prepaid expenses and other current assets	5,556	4,738
Asset held for sale	10,198	4,559
Total current assets	134,663	114,135
PROPERTY, EQUIPMENT AND FACILITIES - At cost, net of accumulated depreciation and amortization of $140,161 and $146,367 at December 31, 2023 and 2022, respectively	50,857	23,940
OTHER ASSETS:
Noncurrent receivables, less allowance of $19,370 and $6,810 at December 31, 2023 and 2022, respectively	17,504	22,734
Deferred income taxes, net	23,217	22,312
Operating lease right-of-use assets	89,923	93,097
Finance lease right-of-use assets	15,797	0
Goodwill	10,742	14,536
Other assets, net	1,787	812
Pension plan assets, net	759	0
Total other assets	159,729	153,491
TOTAL ASSETS	345,249	291,566
CURRENT LIABILITIES:
Unearned tuition	26,906	24,154
Accounts payable	18,152	10,496
Accrued expenses	13,680	8,653
Income taxes payable	2,832	2,055
Current portion of operating lease liabilities	11,737	9,631
Current portion of finance lease liabilities	70	0
Other short-term liabilities	33	31
Total current liabilities	73,410	55,020
NONCURRENT LIABILITIES:
Pension plan liabilities	0	668
Long-term portion of operating lease liabilities	88,853	91,001
Long-term portion of finance lease liabilities	16,126	0
Other long-term liabilities	56	0
Total liabilities	178,445	146,689
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock, no par value - authorized 100,000,000 shares at December 31, 2023 and 2022, issued and outstanding 31,359,110 shares at December 31, 2023 and 31,147,925 shares at December 31, 2022	48,181	49,072
Additional paid-in capital	49,380	45,540
Retained earnings	69,279	51,225
Accumulated other comprehensive loss	(36)	(960)
Total stockholders' equity	166,804	144,877
TOTAL LIABILITIES, SERIES A CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY	345,249	291,566
Series A Convertible Preferred Stock [Member]
SERIES A CONVERTIBLE PREFERRED STOCK
Preferred stock, no par value - authorized 10,000,000 shares at December 31, 2023 and 2022, respectively.	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Accounts receivable, allowance for credit losses		$ 34,441	$ 28,560
PROPERTY, EQUIPMENT AND FACILITIES - accumulated depreciation and amortization	[1]	140,161	146,367
OTHER ASSETS:
Noncurrent receivables, allowance for credit losses		$ 19,370	$ 6,810
STOCKHOLDERS' EQUITY:
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)		31,359,110	31,147,925
Common stock, shares outstanding (in shares)		31,359,110	31,147,925
Series A Convertible Preferred Stock [Member]
SERIES A CONVERTIBLE PREFERRED STOCK
Preferred stock, par value (in dollars per share)		$ 0	$ 0
Preferred stock, shares authorized (in shares)		10,000,000	10,000,000
[1]Includes net impairment charge

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
REVENUE	$ 378,070	$ 348,287
COSTS AND EXPENSES:
Educational services and facilities	162,275	148,746
Selling, general and administrative	209,135	182,391
Gain on sale of assets	(30,918)	(177)
Impairment of goodwill and long-lived assets	4,220	1,049
Total costs and expenses	344,712	332,009
OPERATING INCOME	33,358	16,278
OTHER:
Interest income	2,628	318
Interest expense	(347)	(160)
INCOME BEFORE INCOME TAXES	35,639	16,436
PROVISION FOR INCOME TAXES	9,642	3,802
NET INCOME	25,997	12,634
PREFERRED STOCK DIVIDENDS	0	1,111
INCOME AVAILABLE TO COMMON STOCKHOLDERS	$ 25,997	$ 11,523
Basic
Net income per common share (in dollars per share)	$ 0.86	$ 0.36
Diluted
Net income per common share (in dollars per share)	$ 0.85	$ 0.36
Weighted average number of common shares outstanding:
Basic (in shares)	30,105,194	25,879,483
Diluted (in shares)	30,540,628	25,879,483

CONSOLIDATED STATEMENTS OF OTHE

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income		$ 25,997	$ 12,634
Other comprehensive income
Employee pension plan adjustments, net of taxes	[1]	924	280
Comprehensive income		$ 26,921	$ 12,914
[1]Taxes related to pension plan adjustments were $ 0.3 0.1

CONSOLIDATED STATEMENTS OF OT_2

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Other comprehensive income
Employee pension plan adjustments, taxes	$ 0.3	$ 0.1

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Common Stock [Member] Net Cumulative Effect from Adoption [Member]	[1]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] Net Cumulative Effect from Adoption [Member]	[1]	Treasury Stock [Member]	Treasury Stock [Member] Net Cumulative Effect from Adoption [Member]	[1]	Retained Earnings [Member]	Retained Earnings [Member] Net Cumulative Effect from Adoption [Member]	[1]	Accumulated Other Comprehensive Loss [Member]	Accumulated Other Comprehensive Loss [Member] Net Cumulative Effect from Adoption [Member]	[1]	Total	Net Cumulative Effect from Adoption [Member]	[1]	Preferred Stock [Member] Series A Convertible Preferred Stock [Member]	Preferred Stock [Member] Series A Convertible Preferred Stock [Member] Net Cumulative Effect from Adoption [Member]	[1]
BALANCE at Dec. 31, 2021	$ 141,377			$ 32,439			$ (82,860)			$ 39,702			$ (1,240)			$ 129,418			$ 11,982
BALANCE (in shares) at Dec. 31, 2021	27,000,687																		12,700
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 0			0			0			12,634			0			12,634			$ 0
Preferred stock dividend	0			0			0			(1,111)			0			(1,111)			0
Preferred Stock Conversion	$ 0			11,982			0			0			0			11,982			$ (11,982)
Preferred Stock Conversion (in shares)	5,381,356																		(12,700)
Employee pension plan adjustments	$ 0			0			0			0			280			280			$ 0
Stock-based compensation expense
Restricted stock	$ 0			3,111			0			0			0			3,111			$ 0
Restricted stock (in shares)	606,950																		0
Treasury stock cancellation	$ (82,860)			0			82,860			0			0			0			$ 0
Share repurchase	$ (9,445)			0			0			0			0			(9,445)			$ 0
Share repurchase (in shares)	(1,572,414)																		0
Net share settlement for equity-based compensation	$ 0			(1,992)			0			0			0			(1,992)			$ 0
Net share settlement for equity-based compensation (in shares)	(268,654)																		0
BALANCE at Dec. 31, 2022	$ 49,072			45,540			0			51,225			(960)			$ 144,877			$ 0
BALANCE (in shares) at Dec. 31, 2022	31,147,925																		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]																Accounting Standards Update 2016-13 [Member]
Net income	$ 0			0			0			25,997			0			$ 25,997			$ 0
Employee pension plan adjustments	0			0			0			0			924			924			0
Stock-based compensation expense
Restricted stock	$ 0			5,894			0			0			0			5,894			$ 0
Restricted stock (in shares)	713,299																		0
Share repurchase	$ (891)			0			0			0			0			(891)			$ 0
Share repurchase (in shares)	(165,064)																		0
Net share settlement for equity-based compensation	$ 0			(2,054)			0			0			0			(2,054)			$ 0
Net share settlement for equity-based compensation (in shares)	(337,050)																		0
BALANCE at Dec. 31, 2023	$ 48,181	$ 0		$ 49,380	$ 0		$ 0	$ 0		$ 69,279	$ (7,943)		$ (36)	$ 0		$ 166,804	$ (7,943)		$ 0	$ 0
BALANCE (in shares) at Dec. 31, 2023	31,359,110	0																	0	0
[1]Net cumulative adjustment to equity based on the adoption of Accounting Standards Update No. 2016-13 Financial Instruments - Credit Losses.  See Note 5 to the Consolidated Financial Statements.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 25,997	$ 12,634
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,596	6,362
Finance lease amortization	175	0
Deferred income taxes	1,632	1,294
Gain on sale of assets	(30,918)	(177)
Impairment of goodwill and long-lived assets	4,220	1,049
Fixed asset donation	(239)	(408)
Provision for credit losses	41,637	34,915
Stock-based compensation expense	5,894	3,111
(Increase) decrease in assets:
Accounts receivable	(45,757)	(48,637)
Inventories	(330)	103
Prepaid expenses and current assets	900	(11)
Other assets	1,041	450
Increase (decrease) in liabilities:
Accounts payable	5,039	(2,033)
Accrued expenses	5,027	(7,016)
Unearned tuition	2,752	(1,251)
Income taxes payable	777	1,038
Other liabilities	1,115	(541)
Total adjustments	(439)	(11,752)
Net cash provided by operating activities	25,558	882
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(40,699)	(8,986)
Proceeds from sale of property and equipment	33,310	2,390
Proceeds from sale of short-term investments	39,102	0
Purchase of short-term investments	(24,344)	(14,758)
Net cash provided by (used in) investing activities	7,369	(21,354)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net share settlement for equity-based compensation	(2,054)	(1,992)
Dividend payment for preferred stock	0	(1,111)
Finance lease principal	0	0
Share repurchase	(891)	(9,445)
Net cash used in financing activities	(2,945)	(12,548)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	29,982	(33,020)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Beginning of year	50,287	83,307
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - End of year	80,269	50,287
Cash paid during the year for:
Interest	110	171
Income taxes	7,201	1,471
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Liabilities accrued for or noncash purchases of property and equipment	$ 3,522	$ 1,300

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
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 21 campuses, in 13 states has added two additional campuses, one located in East Point, Georgia and the other in Houston, Texas. As of December 31, 2023, these campuses were not operational however, the East Point, Georgia campus is expected to hold its first class in March of 2024 and the Houston, Texas campus is expected to become operational in the first quarter of 2026. Lincoln Educational Services Corporation offers programs in skilled trades (which include HVAC, welding and computerized numerical control and electrical and electronic systems technology, among other programs), automotive technology, healthcare services (which include nursing, dental assistant and medical administrative assistant, among other programs) and hospitality services and information technology (which include culinary, therapeutic massage, cosmetology and aesthetics and information technology programs). The schools operate under Lincoln Technical Institute, Lincoln College of Technology, Lincoln Culinary Institute, and Euphoria Institute of Beauty Arts and Sciences and associated brand names. Most of the campuses serve major metropolitan markets and each typically offers courses in multiple areas of study. Five of the campuses are destination schools, which attract students from across the United States and, in some cases, from abroad. The Company’s other campuses primarily attract students from their local communities and surrounding areas. All of the campuses are nationally accredited and are eligible to participate in federal financial aid programs administered by the U.S. Department of Education (the “DOE”) and applicable state education agencies and accrediting commissions which allow students to apply for and access federal student loans as well as other forms of financial aid. The Company was incorporated in New Jersey in 2003 as the successor-in-interest to various acquired schools including Lincoln Technical Institute, Inc. which opened its first campus in Newark, New Jersey in 1946. As of January 1, 2023, the Company’s business is now organized into two reportable business segments: (a) Campus Operations, and (b) Transitional. Based on trends in student demand and program expansion, there have been more cross-offerings of programs among the various campuses. Given this change, the Company has revised the way it manages the business, evaluates performance, and allocates resources, resulting in an updated segment structure. The Campus Operations segment includes campuses that are continuing in operation and contribute to the Company’s core operations and performance. The Transitional segment refers to campuses that are marked for closure and are currently being taught-out. As of December 31, 2023, the only campus classified in the Transitional segment is the Somerville, Massachusetts campus, which has been fully taught-out as of year-end. Liquidity As of December 31, 2023, the Company had $80.3 million in cash and cash equivalents and restricted cash, compared to $50.3 million in cash and cash equivalents and restricted The Company believes that its likely sources of cash should be sufficient to fund operations for the next 12 months and thereafter for the foreseeable future . Principles of Consolidation —The accompanying Consolidated Financial Statements include the accounts of Lincoln Educational Services Corporation and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. Cash and Cash Equivalents —Cash and cash equivalents include all cash balances and highly-liquid short-term investments, which contain original maturities within three months of purchase. Pursuant to the DOE’s cash management requirements, the Company retains funds from financial aid programs under Title IV of the Higher Education Act of 1965 in segregated cash management accounts. The segregated accounts do not require a restriction on use of the cash and, as such, these amounts are classified as cash and cash equivalents on the consolidated balance sheets. Restricted Cash Short-term Investments Accounts Receivable —The Company reports accounts receivable at net realizable value, which is equal to the gross receivable less an estimated allowance for uncollectible accounts. Noncurrent accounts receivable represents amounts due from graduates in excess of 12 months from the balance sheet date. Allowance for Credit Losses — We extend credit to a portion of the students who are enrolled at our academic institutions for tuition and certain other educational costs. Based upon past experience and judgment, we establish an allowance for credit losses with respect to student receivables which we estimate will ultimately not be collectible. Our standard student receivable allowance is based on an estimate of lifetime expected credit losses for student receivables that considers vintages of receivables to determine a loss rate. Our estimation methodology considers a number of quantitative and qualitative factors that, based on our collection experience, we believe have an impact on our repayment risk and ability to collect student receivables. Changes in the trends in any of these factors may impact our estimate of the allowance for credit losses. These factors include, but are not limited to: internal repayment history, changes in the current economic, legislative or regulatory environments, internal cash collection forecasts and the ability to complete the federal financial aid process with the student. These factors are monitored and assessed on a regular basis. Overall, our allowance estimation process for student receivables is validated by trending analysis and comparing estimated and actual performance. Management makes a series of assumptions to determine what is believed to be the appropriate level of allowance for credit losses. Management determines a reasonable and supportable forecast based on the expectation of future conditions over a supportable forecast period as described above, as well as qualitative adjustments based on current and future conditions that may not be fully captured in the historical modeling factors described above. All of these estimates are susceptible to significant change. We monitor our collections and write-off experience to assess whether or not adjustments to our allowance percentage estimates are necessary. Changes in trends in any of the factors that we believe impact the collection of our student receivables, as noted above, or modifications to our collection practices, and other related policies may impact our estimate of our allowance for credit losses and our results from operations. Because a substantial portion of our revenue is derived from Title IV Programs, any legislative or regulatory action that significantly reduces the funding available under Title IV Programs, or the ability of our students or institutions to participate in Title IV Programs, would likely have a material impact on the realizability of our receivables. Inventories —Inventories consist mainly of textbooks, computers, tools and supplies. Inventories are valued at the lower of cost or market on a first-in, first-out basis. Property, Equipment and Facilities — Depreciation and Amortization Asset Retirement Obligation — Advertising Costs —Costs related to advertising are expensed as incurred and are approximately $38.2 million and $35.0 million for the years ended December 31, 2023 and 2022, respectively. These amounts are included in selling, general and administrative expenses in the Consolidated Statements of Operations. Goodwill Impairment of Long-Lived Assets — The Company reviews the carrying value of its long-lived assets and identifiable intangibles for possible impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. For other long-lived assets, including right-of-use (“ROU”) lease assets, the Company evaluates assets for recoverability when there is an indication of potential impairment. Factors the Company considers important, which could trigger an impairment review, include significant changes in the manner of the use of the asset, significant changes in historical trends in operating performance, significant changes in projected operating performance, and significant negative economic trends. If the undiscounted cash flows from a group of assets being evaluated is less than the carrying value of that group of assets, the fair value of the asset group is determined and the carrying value of the asset group is written down to fair value. When we perform the quantitative impairment test for long-lived assets, we examine estimated future cash flows using Level 3 inputs. These cash flows are evaluated by using weighted probability techniques as well as comparisons of past performance against projections. Assets may also be evaluated by identifying independent market values. If the Company determines that an asset’s carrying value is impaired, it will record a write-down of the carrying value of the asset and charge the impairment as an operating expense in the period in which the determination is made . On June 8, 2023, the Company consummated the sale of its Nashville, Tennessee property. See “Note 8, Real Estate Transactions.” The result of the sale created a change in the trajectory of the fair value of the Nashville, Tennessee operations and as such, the Company recorded a pre-tax non-cash impairment charge of $0.4 million relating to long-lived assets. On December 31, 2022, as a result of impairment testing it was determined that there was a long-lived asset impairment of $1.0 million. The impairment was the result of an assessment of the current market value, as compared to the carrying value of the assets. Concentration of Credit Risk —Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments. The Company places its cash and cash equivalents with high credit quality financial institutions. The Company’s cash balances with financial institutions typically exceed the Federal Deposit Insurance Corporation (“FDIC”) limit of $0.25 million. The Company’s cash balances on deposit as of December 31, 2023, exceeded the balance insured by the FDIC by approximately $34.3 million. The Company has not experienced any losses to date on its invested cash. The Company extends credit for tuition and fees to many of its students. The credit risk with respect to these accounts receivable is mitigated by the students’ participation in federally funded financial aid programs unless students withdraw prior to the receipt of federal funds for those students. In addition, the remaining tuition receivables are primarily comprised of smaller individual amounts due from students. With respect to student receivables, the Company had no significant concentrations of credit risk as of each of December 31, 2023 and 2022, respectively. Use of Estimates in the Preparation of Financial Statements —The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the period. On an ongoing basis, the Company evaluates the estimates and assumptions, including those used to determine the incremental borrowing rate to calculate lease liabilities and ROU assets, lease term to calculate lease cost, revenue recognition, bad debts, impairments, fixed assets, income taxes, benefit plans and certain accruals. Actual results could differ from those estimates. Income Taxes — The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”). This statement requires an asset and a liability approach for measuring deferred taxes based on temporary differences between the financial statement and tax bases of assets and liabilities existing at each balance sheet date using enacted tax rates for years in which taxes are expected to be paid or recovered. In accordance with ASC 740, the Company assesses our deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable. A valuation allowance is required to be established or maintained when, based on currently available information, it is more likely than not that all or a portion of a deferred tax asset will not be realized. In accordance with ASC 740, our On August 16, 2022, the Inflation Reduction Act was enacted and signed into law. The Inflation Reduction Act is a budget reconciliation package that includes significant changes relating to tax, climate change, energy and health care. The income tax provision of the act includes, among other items, a corporate alternative minimum tax of 15.0%, an excise tax of 1.0% on corporate stock buybacks, energy-related tax credits and additional IRS funding. The tax provisions of the Inflation Reduction Act have not had a material impact on the Company’s Consolidated Financial Statements. We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense. During the fiscal years ended December 31, 2023 and 2022, we did not record any interest and penalties expense associated with uncertain tax positions, as we do not have any uncertain tax positions. Start-up Costs — Costs related to the start of new campuses are expensed as incurred. New Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842)

FINANCIAL AID AND REGULATORY CO

FINANCIAL AID AND REGULATORY COMPLIANCE	12 Months Ended
	Dec. 31, 2023
FINANCIAL AID AND REGULATORY COMPLIANCE [Abstract]
FINANCIAL AID AND REGULATORY COMPLIANCE	2. FINANCIAL AID AND REGULATORY COMPLIANCE Financial Aid The Company’s schools and students participate in a variety of government-sponsored financial aid programs that assist students in paying for the cost of their education. The largest source of such support is the federal programs of student financial assistance under Title IV of the Higher Education Act of 1965, as amended, commonly referred to as the Title IV Programs, which are administered by the DOE. During the fiscal years ended December 31, 2023 and 2022, approximately 81% and 74%, respectively, of net revenues on a cash basis were indirectly derived from funds distributed under Title IV Programs. For the fiscal years ended December 31, 2023 and 2022, the Company calculated that no individual DOE reporting entity received more than 90% of its revenue, determined on a cash basis pursuant to DOE regulations, from the Title IV Program funds. The Company’s calculations may be subject to review by the DOE. Under DOE regulations, a proprietary institution that derives more than 90% of its total revenue from the Title IV Programs for two two Regulatory Compliance All institutions participating in Title IV Programs must satisfy specific standards of financial responsibility. The DOE evaluates institutions for compliance with these standards each year, based on the institution’s annual audited financial statements, as well as following a change in ownership resulting in a change of control of the institution. The most significant financial responsibility measurement is the institution ’ • the equity ratio, which measures the institution ’ • the primary reserve ratio, which measures the institution ’ • the net income ratio, which measures the institution ’ The DOE assigns a strength factor to the results of each of these ratios on a scale from negative 1.0 to positive 3.0, with negative 1.0 reflecting financial weakness and positive 3.0 reflecting financial strength. The DOE then assigns a weighting percentage to each ratio and adds the weighted scores for the three ratios together to produce a composite score for the institution. The composite score must be at least 1.5 for the institution to be deemed financially responsible without the need for further oversight. If an institution’s composite score is below 1.5, but is at least 1.0, it is in a category denominated by the DOE as “the zone.” Under the DOE regulations, institutions that are in the zone typically may be permitted by the DOE to continue to participate in the Title IV Programs by choosing one of two alternatives: 1) the “Zone Alternative” under which an institution is required to make disbursements to students under the Heightened Cash Monitoring 1 (“HCM1”) payment method, or a different payment method other than the advance payment method, and to notify the DOE within 10 days after the occurrence of certain oversight and financial events or 2) submit a letter of credit to the DOE equal to 50 percent of the Title IV Program funds received by the institution during its most recent fiscal year. The DOE permits an institution to participate under the “Zone Alternative” for a period of up to three reimbursement payment methods, the HCM1 payment method typically does not require schools to submit documentation to the DOE and wait for DOE approval before drawing down Title IV Program funds. Effective July 1, 2016, a school under HCM1, HCM2 or reimbursement payment methods must also pay any credit balances due to a student before drawing down funds for the amount of those disbursements from the DOE, even if the student or parent provides written authorization for the school to hold the credit balance. If an institution’s composite score is below 1.0, the institution is considered by the DOE to lack financial responsibility. If the DOE determines that an institution does not satisfy the DOE’s financial responsibility standards, depending on its composite score and other factors, that institution may establish its eligibility to participate in the Title IV Programs on an alternative basis by, among other things: • posting a letter of credit in an amount equal to at least 50% of the total Title IV Program funds received by the institution during the institution ’ • posting a letter of credit in an amount equal to at least 10% of the Title IV Program funds received by the institution during its most recently completed fiscal year accepting provisional certification; complying with additional DOE monitoring requirements and agreeing to receive Title IV Program funds under an arrangement other than the DOE’s standard advance funding arrangement. For the 2023 and 2022 fiscal years, we calculated our composite score to be 3.0 and 2.9, respectively. These scores are subject to determination by the DOE based on its review of our consolidated audited financial statements for the 2023 and 2022 fiscal years, but we believe it is likely that the DOE will determine that our institutions comply with the composite score requirement.

NET INCOME PER COMMON SHARE

NET INCOME PER COMMON SHARE	12 Months Ended
	Dec. 31, 2023
NET INCOME PER COMMON SHARE [Abstract]
NET INCOME PER COMMON SHARE	3. NET INCOME PER COMMON SHARE Basic and diluted earnings per share (“EPS”) are determined in accordance with ASC Topic 260, “ Earnings per Share During the year ended December 31, 2022, the Company presented its basic and diluted income per common share using the two-class method, which requires all outstanding Series A Preferred Stock (“Series A Preferred Stock”) and unvested shares of Restricted Stock that contain rights to non-forfeitable dividends and therefore participate in undistributed income with common shareholders to be included in computing income per common share. Under the two-class method, net income is reduced by the amount of dividends declared in the period for each class of Common Stock and participating security. The remaining undistributed income is then allocated to Common Stock and participating securities based on their respective rights to receive dividends. Series A Preferred Stock and shares of unvested Restricted Stock contain non-forfeitable rights to dividends on an if-converted basis and on the same basis as shares of the Company’s Common Stock, respectively, and are considered participating securities. The Series A Preferred Stock and unvested Restricted Stock are not included in the computation of basic income per common share in periods in which we have a net loss, as the Series A Preferred Stock and unvested Restricted Stock are not contractually obligated to share in our net losses. However, the cumulative dividends on Series A Preferred Stock for the period decreases the income or increases the net loss allocated to common shareholders unless the dividend is paid in the period. Basic income per common share has been computed by dividing net income allocated to common shareholders by the weighted-average number of common shares outstanding. On November 30, 2022, the Company exercised in full its right of mandatory conversion of the Company’s Series A Preferred Stock. In connection with the conversion, each share of Series A Preferred Stock was cancelled and converted into 423.729 shares of the Company’s Common Stock, no par value per share (the “Common Stock”). No shares of Series A Preferred Stock remain outstanding and all rights of the holders to receive future dividends have been terminated. As a result of the conversion, the aggregate 12,700 shares of Series A Preferred Stock outstanding were converted into 5,381,356 shares of Common Stock. As of December 31, 2023, the Company still maintains Restricted Stock, but these shares do not participate in the disbursement of dividends. The following is a reconciliation of the numerator and denominator of the net income per share computations for the years ended December 31, 2023 and 2022: Year Ended December 31, (in thousands, except share data) 2023 2022 Numerator: Net income $ 25,997 $ 12,634 Less: preferred stock dividend - (1,111 ) Less: allocation to preferred stockholders - (1,753 ) Less: allocation to restricted stockholders - (559 ) Net income allocated to common stockholders $ 25,997 $ 9,211 Basic net income per share: Denominator: Weighted average common shares outstanding 30,105,194 25,879,483 Basic net income per share $ 0.86 $ 0.36 Diluted net income per share: Denominator: Weighted average number of: Common shares outstanding 30,540,628 25,879,483 Dilutive shares outstanding 30,540,628 25,879,483 Diluted net income per share $ 0.85 $ 0.36 The following table summarizes the potential weighted average shares of Common Stock that were excluded from the determination of our diluted shares outstanding as they were anti-dilutive: Year Ended December 31, 2023 2022 Unvested restricted stock - 516,233 - 516,233

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
	Dec. 31, 2023
REVENUE RECOGNITION [Abstract]
REVENUE RECOGNITION	4. REVENUE RECOGNITION Substantially all of our revenues are considered to be revenues from contracts with students. We determine standalone selling price based on the price at which the distinct services or goods are sold separately. The related accounts receivable balances are recorded in our balance sheets as student accounts receivable. We do not have significant revenue recognized from performance obligations that were satisfied in prior periods, and we do not have any transaction price allocated to unsatisfied performance obligations other than in our unearned tuition. We record revenue for students who withdraw from our schools only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Unearned tuition represents contract liabilities primarily related to our tuition revenue. We have assessed the costs incurred to obtain a contract with a student and determined them to be immaterial. Unearned tuition in the amount of $26.9 million and $24.2 million is recorded in the current liabilities section of the accompanying Consolidated Balance Sheets as of December 31, 2023 and 2022, respectively. The change in this contract liability balance during the fiscal year ended December 31, 2023 is the result of payments received in advance of satisfying performance obligations, offset by revenue recognized during that period. Revenue recognized for the fiscal year ended December 31, 2023 that was included in the contract liability balance at the beginning of the year was $23.3 million. The following table depicts the timing of revenue recognition by segment: Year ended December 31, 2023 Campus Operations Transitional Consolidated Timing of Revenue Recognition Services transferred at a point in time $ 22,914 $ 23 $ 22,937 Services transferred over time 353,688 1,445 355,133 Total revenues $ 376,602 $ 1,468 $ 378,070 Year ended December 31, 2022 Campus Operations Transitional Consolidated Timing of Revenue Recognition Services transferred at a point in time $ 21,434 $ 288 $ 21,722 Services transferred over time 320,006 6,559 326,565 Total revenues $ 341,440 $ 6,847 $ 348,287

STUDENT RECEIVABLES

STUDENT RECEIVABLES	12 Months Ended
	Dec. 31, 2023
STUDENT RECEIVABLES [Abstract]
STUDENT RECEIVABLES	5. STUDENT RECEIVABLES Student receivables represent funds owed to us in exchange for the educational services provided to a student. Student receivables are reflected net of an allowance for credit losses at the end of the reporting period. Student receivables, net, are reflected on our Consolidated Balance Sheets as components of both current and non-current assets. Our students pay for their costs through a variety of funding sources, including federal loan and grant programs, institutional payment plans, Veterans Administration and other military funding and grants, private and institutional scholarships and cash payments. Cash receipts from government-related sources are typically received during the current academic term. Students who have not applied for any type of financial aid generally set up a payment plan with the institution and make payments on a monthly basis as per the terms of the payment plan. A student receivable balance is written off when deemed uncollectable, which is typically once a student is out of school and there has been no payment activity on the account for 150 days. If, however, the student does remit a payment during this time period, the 150-day policy for write-off starts again until the students either (1) continues making payments or (2) the student does not make any additional payments and is then subsequently written off after 150 days. Students enrolled in the Company’s programs are provided with a variety of funding resources, including financial aid, grants, scholarships and private loans. After exhausting all fund options, if the student is still in need of additional financing, the Company may offer an institutional loan as a lender of last resort. Institutional loan terms are pre-determined at enrollment and are not typically restructured. Our standard student receivable allowance is based on an estimate of lifetime expected credit losses on student receivables that considers vintages of receivables to determine a loss rate. In considering lifetime credit losses, if the expected life goes beyond the Company’s reasonable ability to forecast, the Company then reverts back to historical loss experience as an indicator of collections. In determining the expected credit losses for the period, student receivables were disaggregated and pooled into two different categories to refine the calculation. Other information considered included external factors outside the Company’s control, which included, but was not limited to, the effects of COVID-19. Given that collection history during the pandemic was not considered to be a reliable indicator of a student’s repayment history, the Company adjusted the historical loss calculation by normalizing the financial data relating to that time period. Our estimation methodology further considered a number of quantitative and qualitative factors that, based on our collection experience, we believe have an impact on our repayment risk and ability to collect student receivables. Changes in the trends in any of these factors may impact our estimate of the allowance for credit losses. These factors include, but are not limited to: internal repayment history, student status, changes in the current economic condition, legislative or regulatory environments, internal cash collection forecasts and the ability to complete the federal financial aid process with the student. These factors are monitored and assessed on a regular basis. Overall, our allowance estimation process for student receivables is validated by trending analysis and comparing estimated and actual performance. Student Receivables The Company has student receivables that are due greater than 12 months from the date of our Consolidated Balance Sheets. As of December 31, 2023, and December 31, 2022, the amount of non-current student receivables under payment plans that is longer than 12 months in duration, net of allowance for credit losses, was $17.5 million and $22.7 million, respectively. The following table presents the amortized cost basis of student receivables as of December 31, 2023 by year of origination. Year Ended December 31, 2023 Student Year Receivables (1) Write-Off’s (2) 2023 $ 77,113 $ 9,540 2022 12,548 19,731 2021 6,799 3,194 2020 3,036 727 2019 2,019 535 Thereafter 1,031 310 Total $ 102,546 $ 34,037 *As the Company did not adopt ASC Topic 326 until January 1, 2023, no comparative information from the prior year is available. (1) Student receivables are presented gross and only relate to amounts owed directly from the individual student. These receivables do not include amounts owed relating to federal subsidy or from corporate partnerships. (2) Write-off amounts included only relate to the year ended December 31, 2023. The Company does not utilize or maintain data pertaining to student credit information. Allowance for Credit Losses We define student receivables as a portfolio segment under ASC Topic 326 . Year Ended December 31, 2023 Balance, beginning of period $ 35,370 Cumulative effect of ASC Topic 326 10,841 Adjusted beginning of period balance 46,211 Provision for credit losses 41,637 Write-off’s (34,037 ) Balance, at end of period $ 53,811 Fair Value Measurements The carrying amount reported in our Consolidated Balance Sheets for the current portion of student receivables approximates fair value because of the nature of these financial instruments as they generally have short maturity periods. It is not practicable to estimate the fair value of the non-current portion of student receivables, since observable market data is not readily available, and no reasonable estimation methodology exists.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2023
LEASES [Abstract]
LEASES	6. LEASES The Company determines if an arrangement is a lease at inception. The Company considers any contract where there is an identified asset as to which the Company has the right to control its use in determining whether the contract contains a lease. An operating lease ROU asset represents the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are to be recognized at the commencement date based on the present value of lease payments over the lease term. As all of the Company’s operating leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available on the commencement date in determining the present value of lease payments. We estimate the incremental borrowing rate based on a yield curve analysis, utilizing the interest rate derived from the fair value analysis of our credit facility and adjusting it for factors that appropriately reflect the profile of secured borrowing over the expected term of the lease. The operating lease ROU assets include any lease payments made prior to the rent commencement date and exclude lease incentives. Our leases have remaining lease terms of one year to 22 years. Lease terms may include options to extend the lease term used in determining the lease obligation when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments are recognized on a straight-line basis over the lease term for operating leases. On October 31, 2023, the Company entered into a lease for approximately 100,000 square feet of space to serve as the Company’s new campus in Houston, Texas. The lease term commenced on January 2, 2024, with an initial lease term of 21 years and 6 months On October 18, 2023, the Company entered into a lease for approximately 120,000 square feet of space to serve as the Company’s new Nashville, Tennessee campus. The lease term commenced on November 1, 2023, with an initial lease term of 15 years. The lease contains two five-year renewal options. See Note 8, “Real Estate Transactions”. On September 28, 2023, the Company purchased a 90,000 square foot property located at 311 Veterans Highway, Levittown, Pennsylvania for approximately $10.2 million and has subsequently on January 30, 2024 entered into a sale-leaseback transaction for this property. See Note 8, “Real Estate Transactions”. As of December 31, 2023, this property is classified as held-for-sale on the Consolidated Balance Sheets. On November 3, 2022, the Board of Directors approved a plan to close the Somerville, Massachusetts campus, which as of December 31, 2023, has been fully taught-out On June 30, 2022, the Company executed a lease for approximately 55,000 square feet of space to serve as the Company’s new campus in East Point, Georgia. The lease term commenced in August 2022, with total payments due on an undiscounted basis of $12.2 million over the 12-year initial term. The lease contains two five-year renewal options that may be exercised by the Company at the end of the initial lease term. The Company had no involvement in the construction or design of the facilities on the property and was not deemed to be in control of the asset prior to the lease commencement date. For the year ended December 31, 2023, the Company incurred approximately $0.8 million in rent expenses. The following table presents components of lease cost and classification on the Consolidated Statement of Operations: Year Ended December 31, in thousands Consolidated Statement of Operations Classification 2023 2022 Operating Lease Cost Selling, general and administrative $ 19,235 $ 18,943 Finance lease cost Amortization of leased assets Depreciation and amortization 175 - Interest on lease Liabilities Interest expense 224 - Variable lease cost Selling, general and administrative 475 55 $ 20,109 $ 18,998 The net change in ROU asset and operating lease liability is included in the net change in other assets in the Consolidated Statements of Cash Flows for the fiscal years ended December 31, 2023 and 2022. The net change in ROU asset and finance lease liability is split between principal payments, interest expense and amortization expense. Principal payments are classified in the financing section, interest expense is included in net income and amortization expense is broken out separately in the operating section of the Consolidated Statements of Cash Flows. Supplemental cash flow information and non-cash activity related to our leases are as follows: December 31, 2023 2022 Cash flow information: Cash paid for amounts included in the measurement of lease liabilities Operating Cash Flows - operating leases $ 16,103 $ 18,443 Financing Cash Flows - finance leases $ - $ - Non-cash activity: Lease liabilities arising from obtaining right-of-use assets Operating leases $ 10,477 $ 13,820 Finance leases $ 15,971 $ - During the year ended December 31, 2023, the Company entered into three new leases and five lease modifications that resulted in noncash re-measurement of the related ROU asset and operating lease liability of $10.5 million. In addition, during the fourth quarter of 2023, the Company entered into a finance lease and recorded a $16.0 million ROU asset and liability. Weighted-average remaining lease term and discount rate for our leases are as follows: Year Ended December 31, 2023 2022 Weighted-average remaining lease term Operating leases 11.16 years 11.23 years Finance leases 15.09 years - Weighted-average discount rate Operating leases 6.89 % 7.12 % Finance leases 8.39 % - Maturities of lease liabilities by fiscal year for our leases as of December 31, 2023 are as follows: As of December 31, 2023 Operating Leases Finance Leases Year ending December 31, 2024 $ 18,053 $ 1,421 2025 16,668 1,173 2026 14,385 1,671 2027 11,499 1,738 2028 11,331 1,808 Thereafter 67,311 22,796 Total lease payments 139,247 30,607 Less: imputed interest (38,657 ) (14,411 ) Present value of lease liabilities $ 100,590 $ 16,196

GOODWILL

GOODWILL	12 Months Ended
	Dec. 31, 2023
GOODWILL [Abstract]
GOODWILL	7. GOODWILL Changes in the carrying amount of goodwill during the fiscal years ended December 31, 2023 and 2022 are as follows: Gross Goodwill Balance Accumulated Impairment Losses Net Goodwill Balance Balance as of January 1, 2022 $ 117,176 $ (102,640 ) $ 14,536 Adjustments - - - Balance as of December 31, 2022 117,176 (102,640 ) 14,536 Adjustments - (3,794 ) (3,794 ) Balance as of December 31, 2023 $ 117,176 $ (106,434 ) $ 10,742 When we perform our annual goodwill impairment assessment we have the option to perform a qualitative assessment based on a number of factors impacting our reporting units (step 0). When a qualitative assessment is performed, a number of factors are evaluated to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Our qualitative assessment is subjective. It includes a review of macroeconomic and industry factors, review of financial and non-financial performance measures, including projected student starts and assessment of adverse events that may negatively impact a reporting unit’s carrying value. Adverse events would include, but are not limited to, difficulty in accessing capital, a greater competitive environment, decline in market-dependent multiples or metrics, regulatory or political developments, change in key personnel, strategy, or customers, or litigation. If we conclude based on our qualitative review that it is more likely than not that the fair value of the reporting unit is less than the carrying value, we proceed with a quantitative impairment test. When we perform our quantitative impairment test we believe the most critical assumptions and estimates in determining the estimated fair value of our reporting units include, but are not limited to, future tuition revenues, operating costs, working capital changes, capital expenditures and a discount rate. The assumptions used in determining our expected future cash flows consider various factors such as historical operating trends particularly in student enrollment and pricing and long-term operating strategies and initiatives. If we determine that quantitative tests are necessary, we determine the fair value of each reporting unit using an equal weighting of the discounted cash flow model and the market approach, or if required, we will evaluate other asset value-based approaches. Our judgment is necessary in forecasting future cash flows and operating results, critical assumptions include growth rates, changes in operating costs, capital expenditures, changes in weighted average costs of capital, and the fair value of an asset based on the price that would be received in a current transaction to sell the asset. Additionally, we obtain independent market metrics for the industry and our peers to assist in the development of these key assumptions. This process is consistent with our internal forecasts and operating plans. On June 8, 2023, the Company consummated the sale of its Nashville, Tennessee property. See Note 8, “Real Estate Transactions.” The result of the sale created a change in the trajectory of the fair value of the Nashville, Tennessee operations and as such, the Company recorded a pre-tax non-cash impairment charge of $3.8 million relating to goodwill. No further impairments to goodwill were deemed necessary as of December 31, 2023. For the year ended December 31, 2022, there were no impairments related to goodwill.

REAL ESTATE TRANSACTIONS

REAL ESTATE TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
REAL ESTATE TRANSACTIONS [Abstract]
REAL ESTATE TRANSACTIONS	8. REAL ESTATE TRANSACTIONS Purchase and Sale-leaseback Transaction – Philadelphia, Pennsylvania Area Campus On September 28, 2023, the Company purchased a 90,000 square foot property located at 311 Veterans Highway, Levittown, Pennsylvania for approximately $10.2 million and on January 30, 2024, the Company has subsequently entered into a sale-leaseback transaction for this property. The Company plans to invest approximately $15.0 million, net of the tenant improvement allowance, in the buildout of new classrooms and training areas. As of December 31, 2023, the new campus is classified as held-for-sale on the Consolidated Balance Sheets. See Note 19, “Subsequent Events.” Property Sale Agreement - Nashville, Tennessee Campus On September 24, 2021, Nashville Acquisition, L.L.C., a subsidiary of the Company, entered into a Contract for the Purchase of Real Estate (the “Nashville Contract”) to sell the nearly 16-acre property located at 524 Gallatin Avenue, Nashville, Tennessee 37206, at which the Company operates its Nashville campus, to SLC Development, LLC, a subsidiary of Southern Land Company (“SLC”). On June 8, 2023, the Company closed on the sale of its Nashville, Tennessee property to East Nashville Owner, LLC, an affiliate of SLC, for approximately $33.8 million pursuant to the Nashville Contract. The net proceeds from the Nashville sale, net of closing costs, are available for working capital, acquisitions, other strategic initiatives, and general corporate purposes. In connection with the sale, the parties entered into a lease agreement allowing Lincoln to continue to occupy the campus and operate it on a rent-free basis for a period of 15 months plus options to extend the lease for up to three consecutive 30-day terms at $150,000 per extension term. The carrying value of the campus is approximately $4.5 million and the estimated fair value of the rent for the 15-month rent-free period was approximately $2.3 million at the consummation of the lease. As of December 31, 2023, approximately $1.3 million remains and is included in prepaid expenses and other current assets on the Company’s Consolidated Balance Sheets.

PROPERTY, EQUIPMENT AND FACILIT

PROPERTY, EQUIPMENT AND FACILITIES	12 Months Ended
	Dec. 31, 2023
PROPERTY, EQUIPMENT AND FACILITIES [Abstract]
PROPERTY, EQUIPMENT AND FACILITIES	9. PROPERTY, EQUIPMENT AND FACILITIES Property, equipment and facilities consist of the following: At December 31, Useful life (years) 2023 2022 Land - $ 52 $ 52 Buildings and improvements (a) 1-25 101,541 86,031 Equipment, furniture and fixtures 1-7 80,214 82,585 Vehicles 3 1,592 751 Construction in progress (a) - 7,620 888 191,018 170,307 Less accumulated depreciation and amortization (a) (140,161 ) (146,367 ) $ 50,857 $ 23,940 (a) Includes net impairment charge On December 31, 2022, as a result of impairment testing it was determined that there was a long-lived asset impairment of $1.0 million. The impairment was the result of an assessment of the current market value, as compared to the current carrying value of the assets. In addition to the $0.4 million impairment charge noted above, the additional $0.6 million impairment charge was related to the Company’s ROU asset. The increase in property, equipment and facilities was driven by several factors, including a $13.0 million investment relating to the build-out of the new East Point, Georgia campus, $9.0 million in new and expanded programs at various campuses, expansions and additional programs focused on Welding, EEST, HVAC, Auto and MA, $1.0 million for the build-out related to our Tesla Partnership, $7.0 million of facilities upgrades, including security and branding, with the remainder focusing on training materials and equipment. Gross property, equipment and facilities and accumulated depreciation and amortization are down as a result of the sale of our Suffield, Connecticut property during the second quarter of 2022. Depreciation and amortization expense of property, equipment and facilities was $6.8 million and $6.4 million for the years ended December 31, 2023 and 2022, respectively.

ACCRUED EXPENSES

ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2023
ACCRUED EXPENSES [Abstract]
ACCRUED EXPENSES	10. ACCRUED EXPENSES Accrued expenses consist of the following: At December 31, 2023 2022 Accrued compensation and benefits $ 9,845 $ 5,451 Accrued real estate taxes 1,733 1,812 Other accrued expenses 2,102 1,390 $ 13,680 $ 8,653

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2023
LONG-TERM DEBT [Abstract]
LONG-TERM DEBT	11. LONG-TERM DEBT Credit Facility On November 14, 2019, the Company entered into a senior secured credit agreement (the “Sterling Credit Agreement”) with its lender, Sterling National Bank (the “Lender”), providing for borrowing in the aggregate principal amount of up to $60.0 million (the “Credit Facility”). Initially, the Credit Facility was comprised of four facilities: (1) a $20.0 million senior secured term loan maturing on December 1, 2024 (the “Term Loan”), with monthly interest and principal payments based on a 120-month amortization, with the outstanding balance due on the maturity date; (2) a $10.0 million senior secured delayed draw term loan maturing on December 1, 2024 (the “Delayed Draw Term Loan”), with monthly interest payments for the first 18 months and thereafter monthly payments of interest and principal based on a 120-month amortization and all balances due on the maturity date; (3) a $15.0 million senior secured committed revolving line of credit providing a sublimit of up to $10.0 million for standby letters of credit maturing on November 13, 2022 (the “Revolving Loan”), with monthly payments of interest only; and (4) a $15.0 million senior secured non-restoring line of credit maturing on January 31, 2021 (the “Line of Credit Loan”). The Credit Facility was secured by a first priority lien in favor of the Lender on substantially all of the personal property owned by the Company as well as a pledge of the stock and other rights in the Company’s subsidiaries and mortgages on parcels of real property owned by the Company. The Sterling Credit Agreement was amended on various occasions. On November 4, 2022, the Company agreed with its Lender to terminate the Sterling Credit Agreement and the remaining Revolving Loan. The Lender agreed to allow the Company’s existing letters of credit to remain outstanding, provided that they are cash collateralized. As of December 31, 2023, the letters of credit, in the aggregate outstanding principal amount of $4.1 million, remained outstanding, were cash collateralized, and were classified as restricted cash on the Consolidated Balance Sheets. As of December 31, 2023, the Company did not have a credit facility and did not have any debt outstanding. On February 16, 2024, the Company entered into a secured credit agreement (the “Fifth Third Credit Agreement”) with Fifth Third Bank, National Association (the “Bank”), pursuant to which the Company, as borrower, has obtained a revolving credit facility in the aggregate principal amount of $40.0 million including a $10.0 million letter of credit sublimit and a $20.0 million accordion feature (the “Facility”), the proceeds of which are to be used for working capital, general corporate and certain other permitted purposes. See Note 19, “Subsequent Events.”

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2023
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	12. STOCKHOLDERS’ EQUITY Common Stock Holders of our Common Stock are entitled to receive dividends when and as declared by our Board of Directors and have the right to one vote per share on all matters requiring shareholder approval. The Company has not declared or paid any cash dividends on our Common Stock since the Company’s Board of Directors discontinued our quarterly cash dividend program in February 2015. The Company has no current intentions to resume the payment of cash dividends in the foreseeable future. Preferred Stock On November 30, 2022, the Company exercised in full its right of mandatory conversion of the Company’s Series A Preferred Stock. In connection with the conversion, each share of Series A Preferred Stock has been cancelled and converted into the right to receive 423.729 shares of the Company’s Common Stock, no par value per share. Shares of the Series A Preferred Stock are no longer outstanding and all rights of the holders to receive future dividends have terminated. As a result of the conversion, the aggregate 12,700 shares of Series A Preferred Stock outstanding were converted into 5,381,356 shares of Common Stock. Dividends Dividends on the Series A Preferred Stock (“Series A Dividends”), at the initial annual rate of 9.6% is to be paid, in arrears, from the date of issuance quarterly on each December 31, March 31, June 30 and September 30 with September 30, 2020 being the first dividend payment date. As of December 31, 2022, we have paid $1.1 million in cash dividends on the outstanding shares of Series A Preferred Stock. With the exercise of the mandatory conversion of the Company’s Series A Preferred Stock there will not be any additional dividend payment related to the Series A Preferred Stock going forward. Dividends are included in the Consolidated Balance Sheets within additional paid-in-capital when the Company maintains an accumulated deficit. Treasury Stock On May 24, 2022, the Board of Directors authorized the cancellation of 5,910,541 shares of Treasury Stock, which reduced Treasury Stock and Common Stock by $82.9 million. Restricted Stock The Company currently has two stock incentive plans: the Lincoln Educational Services Corporation 2020 Long-Term Incentive Compensation Plan (the “LTIP”) and the 2005 Long Term Incentive Plan (the “Prior Plan”). LTIP On March 26, 2020, the Board of Directors adopted the LTIP to provide an incentive to certain directors, officers, employees and consultants of the Company to align their interests in the Company’s success with those of its shareholders through the grant of equity-based awards. On June 16, 2020, the shareholders of the Company approved the LTIP. The LTIP is administered by the Compensation Committee of the Board of Directors, or such other qualified committee appointed by the Board of Directors, which will, among other duties, have the full power and authority to take all actions and make all determinations required or provided for under the LTIP. Pursuant to the LTIP, the Company may grant options, share appreciation rights, restricted shares, restricted share units, incentive stock options and nonqualified stock options. Under the LTIP, employees may surrender shares as payment of applicable income tax withholding on the vested Restricted Stock. The LTIP has a duration of 10 years. On February 23, 2023, the Board of Directors approved, subject to shareholder approval, the amendment of the LTIP to increase the aggregate number of shares available under the LTIP from 2,000,000 shares to 4,000,000 shares. The amendment was approved and adopted by the shareholders at the Annual Meeting of Shareholders held on May 5, 2023 Prior Plan Under the Prior Plan, certain employees have 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 amount of the award and the fair market value of a share of Common Stock on the date of the grant. The LTIP makes it clear that there will be no new grants under the Prior Plan as of June 16, 2020, the date of shareholder approval of the LTIP. As no shares remain available under the Prior Plan, there can be no additional grants under the Prior Plan. Grants under the Prior Plan remain in effect according to their terms. Therefore, those grants remaining in effect under the Prior Plan are subject to the particular award agreement relating thereto and to the Prior Plan to the extent that the Prior Plan provides rules relating to those grants. The Prior Plan remains in effect only to that extent. F or the years ended December 31, 2023 and 2022, respectively, the Company completed a net share settlement for 337,050 and 268,654 restricted shares on behalf of certain employees that participate in the LTIP and the Prior Plan upon the vesting of the restricted shares pursuant to the terms of the LTIP and the Prior Plan. The net share settlement was in connection with income taxes incurred on restricted shares that vested and were transferred to the employees during 2023 and/or 2022, creating taxable income for the employees. At the employees’ request, the Company has paid 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 $2.0 million and $2.0 million for each of the years ended December 31, 2023 and 2022, respectively, to equity on the Consolidated Balance Sheets as the cash payment of the taxes effectively was a repurchase of the restricted shares granted in previous years The following is a summary of transactions pertaining to Restricted Stock: Shares Weighted Average Grant Date Fair Value Per Share Nonvested restricted stock outstanding at December 31, 2021 1,743,846 $ 3.89 Granted 606,950 7.21 Cancelled - - Vested (802,530 ) 4.18 Nonvested restricted stock outstanding at December 31, 2022 1,548,266 5.18 Granted 751,240 6.10 Cancelled (37,941 ) 6.15 Vested (862,890 ) 3.76 Nonvested restricted stock outstanding at December 31, 2023 1,398,675 5.16 The Restricted Stock expense for the fiscal years ended December 31, 2023 and 2022 was $5.9 million and $3.1 million, respectively. The unrecognized Restricted Stock expense as of December 31, 2023 and 2022 was $4.3 million and $7.9 million, respectively. As of December 31, 2023, outstanding Restricted Shares under the LTIP had aggregate intrinsic value of $14.0 million. Share Repurchase Program On May 24, 2022, the Company announced that its Board of Directors had authorized a share repurchase program of up to $30.0 million of the Company’s outstanding Common Stock. The repurchase program was authorized for 12 months. Pursuant to the program, purchases may be made, from time to time, in open-market transactions at prevailing market prices, in privately negotiated transactions or by other means as determined by the Company’s management and in accordance with applicable federal securities laws. The timing of purchases and the number of shares repurchased under the program will depend on a variety of factors including price, trading volume, corporate and regulatory requirements and market conditions. The Company retains the right to limit, terminate or extend the share repurchase program at any time without prior notice. On February 27, 2023, the Board of Director extended the share repurchase program for an additional 12 months and authorized the repurchase of an additional $10.0 million of the Company’s Common Stock, for an aggregate of up to $30.6 million in additional repurchases. The following table presents information about our repurchases of Common Stock, all of which were completed through open market purchases: Year Ended December 31, (in thousands, except share data) 2023 2022 Total number of shares repurchased 1 165,064 1,572,414 Total cost of shares repurchased $ 891 $ 9,445 1

PENSION PLAN

PENSION PLAN	12 Months Ended
	Dec. 31, 2023
PENSION PLAN [Abstract]
PENSION PLAN	13. PENSION PLAN The Company sponsors a noncontributory defined benefit pension plan covering substantially all of the Company’s union employees. Benefits are provided based on employees’ years of service and earnings. This plan was frozen on December 31, 1994 for non-union employees. The following table sets forth the plan’s funded status and amounts recognized in the Consolidated Financial Statements: Year Ended December 31, 2023 2022 CHANGES IN BENEFIT OBLIGATIONS: Benefit obligation-beginning of year $ 17,113 $ 22,557 Service cost - 37 Interest cost 792 542 Actuarial loss (gain) 4 (4,661 ) Benefits paid (1,288 ) (1,362 ) Benefit obligation at end of year 16,621 17,113 CHANGE IN PLAN ASSETS: Fair value of plan assets-beginning of year 16,445 20,950 Actual return on plan assets 2,223 (3,143 ) Benefits paid (1,288 ) (1,362 ) Fair value of plan assets-end of year 17,380 16,445 FAIR VALUE IN EXCESS (DEFICIT) OF BENEFIT OBLIGATION FUNDED STATUS: $ 759 $ (668 ) For the fiscal year ended December 31, 2023, the actuarial loss of less than $0.1 million was due to the decrease in the discount rate from 4.90% to 4.71%. Amounts recognized in the Consolidated Balance Sheets consist of: At December 31, 2023 2022 Noncurrent assets $ 759 $ - Noncurrent liabilities $ - $ (668 ) Amounts recognized in accumulated other comprehensive loss consist of: Year Ended December 31, 2023 2022 Accumulated loss $ (1,219 ) $ (2,480 ) Deferred income taxes 1,183 1,520 Accumulated other comprehensive loss $ (36 ) $ (960 ) The accumulated benefit obligation was $16.6 million and $17.1 million at December 31, 2023 and 2022, respectively. The following table provides the components of net periodic cost for the plan: Year Ended December 31, 2023 2022 COMPONENTS OF NET PERIODIC BENEFIT COST Service cost $ - $ 37 Interest cost 792 542 Expected return on plan assets (1,065 ) (1,217 ) Recognized net actuarial loss 106 81 Net periodic benefit income $ (167 ) $ (557 ) The estimated net income and prior service cost for the plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next year is zero. The following tables present plan assets using the fair value hierarchy as of December 31, 2023 and 2022, respectively. The fair value hierarchy has three levels based on the reliability of inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using observable prices that are based on inputs not quoted in active markets but observable by market data, while Level 3 includes the fair values estimated using significant non-observable inputs. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Total Equity securities $ 4,231 $ - $ - $ 4,231 Fixed income 8,065 - - 8,065 International equities 3,466 - - 3,466 Real estate 1,062 - - 1,062 Cash and equivalents 556 - - 556 Balance at December 31, 2023 $ 17,380 $ - $ - $ 17,380 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Total Equity securities $ 4,692 $ - $ - $ 4,692 Fixed income 6,130 - - 6,130 International equities 3,650 - - 3,650 Real estate 1,301 - - 1,301 Cash and equivalents 672 - - 672 Balance at December 31, 2022 $ 16,445 $ - $ - $ 16,445 Fair value of total plan assets by major asset category as of December 31: 2023 2022 Equity securities 25 % 29 % Fixed income 47 % 37 % International equities 20 % 22 % Real estate 6 % 8 % Cash and equivalents 2 % 4 % Total 100 % 100 % Weighted-average assumptions used to determine benefit obligations as of December 31: 2023 2022 Discount rate 4.71 % 4.90 % Rate of compensation increase 2.50 % 2.50 % Weighted-average assumptions used to determine net periodic pension cost for years ended December 31: 2023 2022 Discount rate 4.71 % 4.90 % Rate of compensation increase 2.50 % 2.50 % Long-term rate of return 6.75 % 6.75 % As this plan was frozen to non-union employees on December 31, 1994, the difference between the projected benefit obligation and accumulated benefit obligation is not significant in any year. The Company invests plan assets based on a total return on investment approach, pursuant to which the plan assets include a diversified blend of equity and fixed income investments toward a goal of maximizing the long-term rate of return without assuming an unreasonable level of investment risk. The Company determines the level of risk based on an analysis of plan liabilities, the extent to which the value of the plan assets satisfies the plan liabilities and the plan’s financial condition. The investment policy includes target allocations ranging from 30% to 70% for equity investments, 20% to 60% for fixed income investments and 0% to 10% for cash equivalents. The equity portion of the plan assets represents growth and value stocks of small, medium and large companies. The Company measures and monitors the investment risk of the plan assets both on a quarterly basis and annually when the Company assesses plan liabilities. The Company uses a building block approach to estimate the long-term rate of return on plan assets. This approach is based on the capital markets assumption that the greater the volatility, the greater the return over the long term. An analysis of the historical performance of equity and fixed income investments, together with current market factors such as the inflation and interest rates, are used to help make the assumptions necessary to estimate a long-term rate of return on plan assets. Once this estimate is made, the Company reviews the portfolio of plan assets and makes adjustments thereto that the Company believes are necessary to reflect a diversified blend of equity and fixed income investments that is capable of achieving the estimated long-term rate of return without assuming an unreasonable level of investment risk. The Company also compares the portfolio of plan assets to those of other pension plans to help assess the suitability and appropriateness of the plan’s investments. The Company does not expect to make contributions to the plan in 2024. However, after considering the funded status of the plan, movements in the discount rate, investment performance and related tax consequences, the Company may choose to make additional contributions to the plan in any given year. The total amount of the Company’s contributions paid under its pension plan was zero for each of the fiscal years ended December 31, 2023 and 2022, respectively. Information about the expected benefit payments for the plan is as follows: Year Ending December 31, 2024 $ 1,356,612 2025 1,338,497 2026 1,339,214 2027 1,325,656 2028 1,311,178 Years 2029-2033 6,169,290 The Company has a 401(k) defined contribution plan for all eligible employees. Employees may contribute up to 75% of their compensation into the plan. The Company may contribute up to an additional 15% of the employee’s contributed amount up to 6% of compensation. For each of the fiscal years ended December 31, 2023 and 2022, the Company’s expense for the 401(k) plan amounted to $0.8 million and $0.7 million, respectively.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
INCOME TAXES [Abstract]
INCOME TAXES	14. INCOME TAXES Components of the provision for income taxes were as follows: Year Ended December 31, 2023 2022 Current: Federal $ 5,825 $ 1,864 State 2,185 644 Total 8,010 2,508 Deferred: Federal 989 767 State 643 527 Total 1,632 1,294 Total provision $ 9,642 $ 3,802 Effective Tax rate The reconciliation of the effective tax rate to the U.S. Statutory Federal Income tax rate was: Year Ended December 31, 2023 2022 Income before taxes $ 35,639 $ 16,436 Expected tax $ 7,484 21.0 % $ 3,452 21.0 % State tax (net of federal benefit) 2,234 6.3 % 925 5.6 % Other (76 ) -0.2 % (575 ) -3.5 % Total $ 9,642 27.1 % $ 3,802 23.1 % Deferred Taxes The components of the non-current deferred tax assets (liabilities) were as follows: At December 31, 2023 2022 Gross noncurrent deferred tax assets (liabilities) Operating lease liability $ 26,835 $ 26,897 Provision for credit losses 14,388 9,454 Finance lease liability 4,390 - Depreciation 4,180 9,531 Stock-based compensation 1,223 541 Net operating loss carryforwards 1,040 1,957 Accrued expenses 225 67 Other intangibles 24 39 Pension plan liabilities (202 ) 179 Goodwill (618 ) (1,469 ) Finance lease right of use assets (4,224 ) - Operating lease right-of-use assets (24,043 ) (24,884 ) Noncurrent deferred tax assets, net $ 23,218 $ 22,312 As of December 31, 2023, and 2022, the Company had gross net operating losses (“NOL”) of $18.1 million and $34.2 million, respectively for state tax purposes and none for federal. While some states NOL can be carried forward indefinitely, the majority of state NOLs expire in 2033 and end in 2037 if not utilized .

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2023
FAIR VALUE [Abstract]
FAIR VALUE	15. FAIR VALUE The accounting framework for determining fair value includes a hierarchy for ranking the quality and reliability of the information used to measure fair value, which enables the reader of the financial statements to assess the inputs used to develop those measurements. The fair value hierarchy consists of three tiers: Level 1: Defined as quoted market prices in active markets for identical assets or liabilities. Level 2: Defined as inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, model-based valuation techniques for which all significant assumptions are observable in the market or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Defined as unobservable inputs that are not corroborated by market data. The Company measures the fair value of money market funds using Level 1 inputs. As of December 31, 2023, the Company had three treasury bills, with maturity date of three months or less, classified as cash equivalents second The following table presents the fair value of the financial instruments measured on a recurring basis as of December 31, 2023 and 2022. December 31, 2023 Carrying Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Amount (Level 1) (Level 2) (Level 3) Total C ash equivalents Money market fund $ 9,037 $ 9,037 $ - $ - $ 9,037 Treasury bill 20,343 20,343 - - 20,343 Total cash equivalents and short-term investment s $ 29,380 $ 29,380 $ - $ - $ 29,380 December 31, 2022 Carrying Quoted Prices in Active Markets for Identical Assets Significant Other Observable Significant Unobservable Inputs Amount (Level 1) (Level 2) (Level 3) Total C ash equivalents Money market fund $ 18,160 $ 18,160 $ - $ - $ 18,160 Treasury bill 10,383 10,383 - - 10,383 Short-term investments : Treasury bill 14,758 14,758 - - 14,758 Total cash equivalents and short-term investment s $ 43,301 $ 43,301 $ - $ - $ 43,301 The carrying amount of the Company’s financial instruments, including cash equivalents, short-term investments, 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.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2023
SEGMENT REPORTING [Abstract]
SEGMENT REPORTING	16. SEGMENT REPORTING As of January 1, 2023, the Company’s business is now organized into two reportable business segments: (a) Campus Operations; and (b) Transitional. Based on trends in student demand and program expansion, there have been more cross-offerings of programs among the various campuses. Given this change, the Company has revised the way it manages the business, evaluates performance, and allocates resources, resulting in an updated segment structure. As a result, the Company has shifted its focus to two new segments defined below: Campus Operations Transitional We evaluate performance based on operating results. Adjustments to reconcile segment results to consolidated results are included in the caption “Corporate,” which primarily includes unallocated corporate activity. Summary financial information by reporting segment is as follows: For the Year Ended December 31, Revenue Operating Income (Loss) 2023 % of Total 2022 % of Total 2023 2022 Campus Operations $ 376,602 99.6 % $ 341,440 98.0 % $ 47,579 $ 49,524 Transitional 1,468 0.4 % 6,847 2.0 % (1,914 ) (430 ) Corporate - - (12,307 ) (32,816 ) Total $ 378,070 100.0 % $ 348,287 100.0 % $ 33,358 $ 16,278 Total Assets December 31, 2023 December 31, 2022 Campus Operations $ 234,940 $ 190,473 Transitional 262 1,499 Corporate 110,047 99,594 Total $ 345,249 $ 291,566

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	17. COMMITMENTS AND CONTINGENCIES Litigation and Regulatory Matters — O n June 22, 2022, the plaintiff student loan borrowers in a class action against the DOE in federal court in California ( Sweet v. Cardona , No. 3:19-cv-3674 (N.D. Cal.)) and the DOE announced a proposed settlement agreement to resolve claims that the DOE has failed to timely decide Borrower Defense to Repayment applications submitted to the DOE. The proposed settlement included three categories of relief for student loan borrowers. First, it set forth a list of approximately 150 institutions, including Lincoln Technical Institute and Lincoln College of Technology, and, under the settlement, the DOE would agree to discharge loans and refund prior loan payments to class members with loan debt associated with an institution on the list (which includes Lincoln institutions). The class action plaintiffs and the DOE stated that the DOE had determined that attendance at one of the listed institutions justifies presumptive relief allegedly based on strong indicia regarding substantial misconduct by the institutions, whether credibly alleged or in some instances proven, and the purportedly high rate of class members with applications related to the listed schools. Second, the proposed settlement included new procedures for DOE to resolve pending borrower defense claims associated with other schools not on the list. Third, for any student loan borrower who submitted a borrower defense application after June 22, 2022 and before the final approval of the settlement, the proposed settlement would require the DOE to review the applications under the DOE’s 2016 regulatory standards and issue decisions within 36 months, or else the applications would be discharged in full. At the time the plaintiffs and DOE announced the proposed settlement, Lincoln was not a party to the lawsuit and none of the named plaintiffs had attended a Lincoln institution. In August 2022, Lincoln and three other schools were granted permission to intervene in the lawsuit to protect their interests in the finalization and implementation of any settlement agreement the court might approve. In October 2022, the four intervening schools, including Lincoln, filed objections to the final approval of the settlement, asserting reputational harms from the schools’ inclusion on the settlement’s list of schools and denial of schools’ due process rights under the DOE’s borrower defense regulations. On November 16, 2022, the federal district court overruled the four schools’ objections and approved the settlement as proposed. As a result of this final approval, the DOE has estimated that approximately 196,000 student loan borrowers who attended one of the listed schools (including Lincoln institutions) will receive automatic student loan discharges; that another approximately 100,000 student loan borrowers who attended other schools not on the list would receive decisions under new procedures; and that approximately 250,000 student loan borrowers who submitted borrower defense applications between June 22, 2022 and November 16, 2022 would receive decisions under the DOE’s 2016 regulatory standards within 36 months or else receive automatic student loan discharges. On January 13, 2023, Lincoln appealed the settlement’s final approval to the U.S. Court of Appeals for the Ninth Circuit. Two of the three other intervenor schools also appealed on the same date. The three appealing schools also sought to stay the implementation of the settlement while their appeals were being decided, but the requested stay was denied by the district court, the Ninth Circuit, and the U.S. Supreme Court. As a result, the DOE is implementing the settlement relief while the three schools appeal the settlement’s final approval. Lincoln and the two other appealing schools filed their opening appellate brief in the Ninth Circuit on May 3, 2023. The plaintiffs and the DOE filed their opposition appellate briefs on August 2, 2023. Lincoln and the two other appealing schools filed their reply appellate brief on September 22, 2023. The Ninth Circuit heard oral argument on December 5, 2023, and is currently considering the appeal. It is not possible at this time to predict whether the settlement will be upheld on appeal, what actions the DOE might take if the settlement is upheld on appeal, or whether the DOE or other agencies might take actions against Lincoln institutions before the appeal is decided. Such actions could have a material adverse effect on our business and results of operations. Even if the Ninth Circuit rules in our favor and if the approval of the settlement is overturned, the DOE already may have discharged by that time the loans associated with some or all of the pending applications. We have seen evidence that the DOE already may have discharged some of the loans associated with some of the pending applications, but the DOE has not furnished definitive data to us necessary to determine the extent to which applications have been granted. The DOE may or may not attempt to seek recoupment from applicable schools relating to approval of borrower defense applications. The settlement also requires the DOE to review and decide borrower defense applications submitted after June 22, 2022 and before November 16, 2022 within 36 months of the final settlement date. If the DOE grants some or all of these applications, the DOE also could attempt to recoup from us the loan amounts relating to these applications. If the DOE approves borrower defense applications concerning us and attempts to recoup from us the loan amounts in the approved applications, we would consider our options for challenging the legal and factual bases for such actions. We cannot predict what other actions the DOE might take if the settlement is fully implemented, including the amount of borrower defense applications that the DOE might grant or the amount of any recoupment that the DOE might seek from us, if any. We also cannot predict the outcome of any challenges we might make to such actions In addition to the foregoing, in the ordinary conduct of our business, we are subject to additional periodic lawsuits, investigations, regulatory proceedings and other claims, including, but not limited to, claims involving students or graduates, routine employment matters and business disputes. We cannot predict the ultimate resolution of these lawsuits, investigations, regulatory proceedings and other claims asserted against us, but we do not believe that any of these matters will have a material adverse effect on our business, financial condition, results of operations or cash flows. S tudent Financing Plans — Executive Employment Agreements Surety Bonds

COVID-19 PANDEMIC AND CARES ACT

COVID-19 PANDEMIC AND CARES ACT	12 Months Ended
	Dec. 31, 2023
COVID-19 PANDEMIC AND CARES ACT [Abstract]
COVID-19 PANDEMIC AND CARES ACT	18. COVID-19 PANDEMIC AND CARES ACT In response to the COVID-19 pandemic, in 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law, providing a $2.0 trillion federal economic relief package of financial assistance and other relief to individuals and businesses impacted by the pandemic. Among other things, the CARES Act includes a $14.0 billion Higher Education Emergency Relief Fund (“HEERF”) for the DOE to distribute directly to institutions of higher education. The DOE has allocated funds to each institution of higher education based on a formula contained in the CARES Act. The formula is heavily weighted toward institutions with large numbers of Pell Grant recipients. The DOE allocated $27.4 million to our schools, distributed in two equal installments, and required them to be utilized by April 30, 2021 and May 14, 2021, respectively. As of September 30, 2021, the Company had distributed the full $13.7 million of its first installment as emergency grants to students and had utilized the full $13.7 million of its second installment. Proceeds from the second installment for permitted expenses were primarily utilized to either offset original expenses incurred or to reduce student accounts receivable, driving a decrease in bad debt expense. Both uses resulted in a decrease in our selling, general, and administrative expenses. Institutions are required to use at least half of the HEERF funds for emergency grants to students for expenses related to disruptions in campus operations (e.g., food, housing, etc.). The law requires an institution receiving such funds to continue, to the greatest extent practicable, to pay its employees and contractors during the period of any disruptions or closures related to the COVID-19 emergency, which the Company has done. The Company was also permitted to defer payment of FICA payroll taxes through January 1, 2021 and did so, but pursuant to requirements of the deferment, repaid 50.0% of the deferred payments in January 2022 and, in accordance with the deferment, repaid the remaining 50.0% in January 2023. In December 2020, the Consolidated Appropriations Act, 2021 was enacted, which included the Coronavirus Response and Relief Supplemental Appropriations Act, 2021 (“CRRSAA”). The CRRSAA provided an additional $81.9 billion to the Education Stabilization Fund, including $22.7 billion for the HEERF, which was originally created by the CARES Act in March 2020. The higher education provisions of the CRRSAA are intended in part to provide additional financial assistance benefitting students and their postsecondary institutions in the wake of the spread of COVID-19 across the country and its impact on higher educational institutions. In March 2021, the $1.9 trillion American Rescue Plan Act of 2021 (“ARPA”) was signed into law. Among other things, the ARPA provides $40.0 billion in relief funds that go directly to colleges and universities, with $395.8 million going to for-profit institutions. The DOE allocated a total of $24.4 million to our schools from the funds made available under CRRSAA and ARPA. As of December 31, 2022, the Company has drawn down and distributed to our students $14.8 million of these allocated funds. The availability of the remainder of the funds has expired as of June 30, 2023 and the Company will no longer have access to such funds. Failure to comply with requirements for the usage and reporting of these funds could result in requirements to repay some or all of the allocated funds and in other sanctions.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	19. SUBSEQUENT EVENTS Sale-leaseback Transaction – Philadelphia, Pennsylvania Area Campus On January 30, 2024, the Company entered into a sale-leaseback transaction for the property located at 311 Veterans Highway, Levittown, Pennsylvania. This property is 90,000 square feet and was previously purchased by the Company on September 28, 2023 for approximately $10.2 million. The sale transaction is for an aggregate sale price of approximately $11.0 million. Simultaneously with the closing of the sale, the Company and the purchaser have entered into a triple-net lease agreement pursuant to which the property is being leased back to Lincoln for a twenty-year term. The lease agreement includes a $2.5 million tenant improvement allowance. The Company plans to invest approximately $15.0 million, net of the tenant improvement allowance, in the buildout of new classrooms and training areas to ensure a best-in-class campus that provides a positive experience for students, faculty, and industry partners. Students training at the new Levittown, Pennsylvania campus will go on to launch new careers in the Automotive, Welding, HVAC and Electrical industries throughout the greater Philadelphia area. As of December 31, 2023, the new campus is classified as held-for-sale on the Consolidated Balance Sheets. The Company has served the Philadelphia, Pennsylvania area at its current campus located at 9191 Torresdale Avenue for more than 60 years. The new Levittown, Pennsylvania campus is expected to open in the second half of 2025 and is not expected to impact the student experience at the existing campus at 9191 Torresdale Avenue. While the current campus can accommodate 250 students, the new Levittown, Pennsylvania campus will have the capability to handle more than double this capacity. The existing campus will continue to operate until the buildout at the new location is fully complete to ensure a seamless transition. Additionally, the facility will have the extra capacity to accommodate several potential industry partners and future program expansions. New Credit Facility On February 16, 2024, the Company entered into a secured credit agreement (the “Fifth Third Credit Agreement”) with Fifth Third Bank, National Association (the “Bank”), pursuant to which the Company, as borrower, has obtained a revolving credit facility in the aggregate principal amount of $40.0 million including a $10.0 million letter of credit sublimit and a $20.0 million accordion feature (the “Facility”), the proceeds of which are to be used for working capital, general corporate and certain other permitted purposes. The Facility is guaranteed by the Company’s wholly-owned subsidiaries and is secured by a first priority lien in favor of the Bank on substantially all of the personal property owned by the Company and its subsidiaries. The term of the Facility is 36 months, maturing on February 16, 2027. Each advance under the Facility will bear interest on the outstanding principal amount thereof from the date when made at an interest rate determined at the election of the Company at either the Tranche Rate (which is the forward-looking Secured Overnight Financing Rate (SOFR) for one Under the terms of the Fifth Third Credit Agreement, the Company will pay to the Bank an unused facility fee on the average daily unused balance of the Facility at a rate per annum equal to 0.50%, which fee is payable in arrears on dates when interest is due and payable. The Company will also pay to the Bank a letter of credit fee equal to the Applicable Margin for loans subject to the Tranche Rate multiplied by the maximum amount available to be drawn under such letter of credit. The Fifth Third Credit Agreement contains customary representations, warranties and affirmative and negative covenants, as well as events of default customary for facilities of this type. In connection with the Fifth Third Credit Agreement, the Company paid the Bank a closing fee in the amount of $200,000 and other customary fees and reimbursements.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Schedule II-Valuation and Quali

Schedule II-Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2023
Schedule II-Valuation and Qualifying Accounts [Abstract]
Schedule II-Valuation and Qualifying Accounts	LINCOLN EDUCATIONAL SERVICES CORPORATION Schedule II—Valuation and Qualifying Accounts (in thousands) Description Balance at Beginning of Period Charged to Expense Accounts Written-off Balance at End of Period Allowance accounts for the year ended: December 31, 2023 Student receivable allowance $ 35,370 $ 41,637 $ (23,196 ) 1 $ 53,811 December 31, 2022 Student receivable allowance $ 31,921 $ 34,915 $ (31,466 ) $ 35,370 1 On January 1, 2023, the Company adopted Accounting Standards Update No. 2016-13 Financial Instruments - Credit Losses . The adoption resulted in an opening balance sheet adjustments of $ 10.8 7.9 2.9

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
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 21 campuses, in 13 states has added two additional campuses, one located in East Point, Georgia and the other in Houston, Texas. As of December 31, 2023, these campuses were not operational however, the East Point, Georgia campus is expected to hold its first class in March of 2024 and the Houston, Texas campus is expected to become operational in the first quarter of 2026. Lincoln Educational Services Corporation offers programs in skilled trades (which include HVAC, welding and computerized numerical control and electrical and electronic systems technology, among other programs), automotive technology, healthcare services (which include nursing, dental assistant and medical administrative assistant, among other programs) and hospitality services and information technology (which include culinary, therapeutic massage, cosmetology and aesthetics and information technology programs). The schools operate under Lincoln Technical Institute, Lincoln College of Technology, Lincoln Culinary Institute, and Euphoria Institute of Beauty Arts and Sciences and associated brand names. Most of the campuses serve major metropolitan markets and each typically offers courses in multiple areas of study. Five of the campuses are destination schools, which attract students from across the United States and, in some cases, from abroad. The Company’s other campuses primarily attract students from their local communities and surrounding areas. All of the campuses are nationally accredited and are eligible to participate in federal financial aid programs administered by the U.S. Department of Education (the “DOE”) and applicable state education agencies and accrediting commissions which allow students to apply for and access federal student loans as well as other forms of financial aid. The Company was incorporated in New Jersey in 2003 as the successor-in-interest to various acquired schools including Lincoln Technical Institute, Inc. which opened its first campus in Newark, New Jersey in 1946. As of January 1, 2023, the Company’s business is now organized into two reportable business segments: (a) Campus Operations, and (b) Transitional. Based on trends in student demand and program expansion, there have been more cross-offerings of programs among the various campuses. Given this change, the Company has revised the way it manages the business, evaluates performance, and allocates resources, resulting in an updated segment structure. The Campus Operations segment includes campuses that are continuing in operation and contribute to the Company’s core operations and performance. The Transitional segment refers to campuses that are marked for closure and are currently being taught-out. As of December 31, 2023, the only campus classified in the Transitional segment is the Somerville, Massachusetts campus, which has been fully taught-out as of year-end.
Liquidity	Liquidity As of December 31, 2023, the Company had $80.3 million in cash and cash equivalents and restricted cash, compared to $50.3 million in cash and cash equivalents and restricted The Company believes that its likely sources of cash should be sufficient to fund operations for the next 12 months and thereafter for the foreseeable future .
Principles of Consolidation	Principles of Consolidation —The accompanying Consolidated Financial Statements include the accounts of Lincoln Educational Services Corporation and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated.
Cash and Cash Equivalents	Cash and Cash Equivalents —Cash and cash equivalents include all cash balances and highly-liquid short-term investments, which contain original maturities within three months of purchase. Pursuant to the DOE’s cash management requirements, the Company retains funds from financial aid programs under Title IV of the Higher Education Act of 1965 in segregated cash management accounts. The segregated accounts do not require a restriction on use of the cash and, as such, these amounts are classified as cash and cash equivalents on the consolidated balance sheets.
Restricted Cash	Restricted Cash
Short-term Investments	Short-term Investments
Accounts Receivable	Accounts Receivable —The Company reports accounts receivable at net realizable value, which is equal to the gross receivable less an estimated allowance for uncollectible accounts. Noncurrent accounts receivable represents amounts due from graduates in excess of 12 months from the balance sheet date.
Allowance for Credit Losses	Allowance for Credit Losses — We extend credit to a portion of the students who are enrolled at our academic institutions for tuition and certain other educational costs. Based upon past experience and judgment, we establish an allowance for credit losses with respect to student receivables which we estimate will ultimately not be collectible. Our standard student receivable allowance is based on an estimate of lifetime expected credit losses for student receivables that considers vintages of receivables to determine a loss rate. Our estimation methodology considers a number of quantitative and qualitative factors that, based on our collection experience, we believe have an impact on our repayment risk and ability to collect student receivables. Changes in the trends in any of these factors may impact our estimate of the allowance for credit losses. These factors include, but are not limited to: internal repayment history, changes in the current economic, legislative or regulatory environments, internal cash collection forecasts and the ability to complete the federal financial aid process with the student. These factors are monitored and assessed on a regular basis. Overall, our allowance estimation process for student receivables is validated by trending analysis and comparing estimated and actual performance. Management makes a series of assumptions to determine what is believed to be the appropriate level of allowance for credit losses. Management determines a reasonable and supportable forecast based on the expectation of future conditions over a supportable forecast period as described above, as well as qualitative adjustments based on current and future conditions that may not be fully captured in the historical modeling factors described above. All of these estimates are susceptible to significant change. We monitor our collections and write-off experience to assess whether or not adjustments to our allowance percentage estimates are necessary. Changes in trends in any of the factors that we believe impact the collection of our student receivables, as noted above, or modifications to our collection practices, and other related policies may impact our estimate of our allowance for credit losses and our results from operations. Because a substantial portion of our revenue is derived from Title IV Programs, any legislative or regulatory action that significantly reduces the funding available under Title IV Programs, or the ability of our students or institutions to participate in Title IV Programs, would likely have a material impact on the realizability of our receivables.
Inventories	Inventories —Inventories consist mainly of textbooks, computers, tools and supplies. Inventories are valued at the lower of cost or market on a first-in, first-out basis.
Property, Equipment and Facilities - Depreciation and Amortization	Property, Equipment and Facilities — Depreciation and Amortization
Asset Retirement Obligation	Asset Retirement Obligation —
Advertising Costs	Advertising Costs —Costs related to advertising are expensed as incurred and are approximately $38.2 million and $35.0 million for the years ended December 31, 2023 and 2022, respectively. These amounts are included in selling, general and administrative expenses in the Consolidated Statements of Operations.
Goodwill	Goodwill
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets — The Company reviews the carrying value of its long-lived assets and identifiable intangibles for possible impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. For other long-lived assets, including right-of-use (“ROU”) lease assets, the Company evaluates assets for recoverability when there is an indication of potential impairment. Factors the Company considers important, which could trigger an impairment review, include significant changes in the manner of the use of the asset, significant changes in historical trends in operating performance, significant changes in projected operating performance, and significant negative economic trends. If the undiscounted cash flows from a group of assets being evaluated is less than the carrying value of that group of assets, the fair value of the asset group is determined and the carrying value of the asset group is written down to fair value. When we perform the quantitative impairment test for long-lived assets, we examine estimated future cash flows using Level 3 inputs. These cash flows are evaluated by using weighted probability techniques as well as comparisons of past performance against projections. Assets may also be evaluated by identifying independent market values. If the Company determines that an asset’s carrying value is impaired, it will record a write-down of the carrying value of the asset and charge the impairment as an operating expense in the period in which the determination is made . On June 8, 2023, the Company consummated the sale of its Nashville, Tennessee property. See “Note 8, Real Estate Transactions.” The result of the sale created a change in the trajectory of the fair value of the Nashville, Tennessee operations and as such, the Company recorded a pre-tax non-cash impairment charge of $0.4 million relating to long-lived assets. On December 31, 2022, as a result of impairment testing it was determined that there was a long-lived asset impairment of $1.0 million. The impairment was the result of an assessment of the current market value, as compared to the carrying value of the assets.
Concentration of Credit Risk	Concentration of Credit Risk —Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments. The Company places its cash and cash equivalents with high credit quality financial institutions. The Company’s cash balances with financial institutions typically exceed the Federal Deposit Insurance Corporation (“FDIC”) limit of $0.25 million. The Company’s cash balances on deposit as of December 31, 2023, exceeded the balance insured by the FDIC by approximately $34.3 million. The Company has not experienced any losses to date on its invested cash. The Company extends credit for tuition and fees to many of its students. The credit risk with respect to these accounts receivable is mitigated by the students’ participation in federally funded financial aid programs unless students withdraw prior to the receipt of federal funds for those students. In addition, the remaining tuition receivables are primarily comprised of smaller individual amounts due from students. With respect to student receivables, the Company had no significant concentrations of credit risk as of each of December 31, 2023 and 2022, respectively.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements —The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the period. On an ongoing basis, the Company evaluates the estimates and assumptions, including those used to determine the incremental borrowing rate to calculate lease liabilities and ROU assets, lease term to calculate lease cost, revenue recognition, bad debts, impairments, fixed assets, income taxes, benefit plans and certain accruals. Actual results could differ from those estimates.
Income Taxes	Income Taxes — The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”). This statement requires an asset and a liability approach for measuring deferred taxes based on temporary differences between the financial statement and tax bases of assets and liabilities existing at each balance sheet date using enacted tax rates for years in which taxes are expected to be paid or recovered. In accordance with ASC 740, the Company assesses our deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable. A valuation allowance is required to be established or maintained when, based on currently available information, it is more likely than not that all or a portion of a deferred tax asset will not be realized. In accordance with ASC 740, our On August 16, 2022, the Inflation Reduction Act was enacted and signed into law. The Inflation Reduction Act is a budget reconciliation package that includes significant changes relating to tax, climate change, energy and health care. The income tax provision of the act includes, among other items, a corporate alternative minimum tax of 15.0%, an excise tax of 1.0% on corporate stock buybacks, energy-related tax credits and additional IRS funding. The tax provisions of the Inflation Reduction Act have not had a material impact on the Company’s Consolidated Financial Statements. We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense. During the fiscal years ended December 31, 2023 and 2022, we did not record any interest and penalties expense associated with uncertain tax positions, as we do not have any uncertain tax positions.
Start-up Costs	Start-up Costs — Costs related to the start of new campuses are expensed as incurred.
New Accounting Pronouncements	New Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842)

NET INCOME PER COMMON SHARE (Ta

NET INCOME PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 31, 2023
NET INCOME PER COMMON SHARE [Abstract]
Reconciliation of Numerator and Denominator of Net Income Per Share Computations	The following is a reconciliation of the numerator and denominator of the net income per share computations for the years ended December 31, 2023 and 2022: Year Ended December 31, (in thousands, except share data) 2023 2022 Numerator: Net income $ 25,997 $ 12,634 Less: preferred stock dividend - (1,111 ) Less: allocation to preferred stockholders - (1,753 ) Less: allocation to restricted stockholders - (559 ) Net income allocated to common stockholders $ 25,997 $ 9,211 Basic net income per share: Denominator: Weighted average common shares outstanding 30,105,194 25,879,483 Basic net income per share $ 0.86 $ 0.36 Diluted net income per share: Denominator: Weighted average number of: Common shares outstanding 30,540,628 25,879,483 Dilutive shares outstanding 30,540,628 25,879,483 Diluted net income per share $ 0.85 $ 0.36
Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table summarizes the potential weighted average shares of Common Stock that were excluded from the determination of our diluted shares outstanding as they were anti-dilutive: Year Ended December 31, 2023 2022 Unvested restricted stock - 516,233 - 516,233

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
	Dec. 31, 2023
REVENUE RECOGNITION [Abstract]
Depicts Timing of Revenue Recognition by Segment	The following table depicts the timing of revenue recognition by segment: Year ended December 31, 2023 Campus Operations Transitional Consolidated Timing of Revenue Recognition Services transferred at a point in time $ 22,914 $ 23 $ 22,937 Services transferred over time 353,688 1,445 355,133 Total revenues $ 376,602 $ 1,468 $ 378,070 Year ended December 31, 2022 Campus Operations Transitional Consolidated Timing of Revenue Recognition Services transferred at a point in time $ 21,434 $ 288 $ 21,722 Services transferred over time 320,006 6,559 326,565 Total revenues $ 341,440 $ 6,847 $ 348,287

STUDENT RECEIVABLES (Tables)

STUDENT RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2023
STUDENT RECEIVABLES [Abstract]
Student Receivables	The following table presents the amortized cost basis of student receivables as of December 31, 2023 by year of origination. Year Ended December 31, 2023 Student Year Receivables (1) Write-Off’s (2) 2023 $ 77,113 $ 9,540 2022 12,548 19,731 2021 6,799 3,194 2020 3,036 727 2019 2,019 535 Thereafter 1,031 310 Total $ 102,546 $ 34,037 *As the Company did not adopt ASC Topic 326 until January 1, 2023, no comparative information from the prior year is available. (1) Student receivables are presented gross and only relate to amounts owed directly from the individual student. These receivables do not include amounts owed relating to federal subsidy or from corporate partnerships. (2) Write-off amounts included only relate to the year ended December 31, 2023.
Allowance for Credit Losses	We define student receivables as a portfolio segment under ASC Topic 326 . Year Ended December 31, 2023 Balance, beginning of period $ 35,370 Cumulative effect of ASC Topic 326 10,841 Adjusted beginning of period balance 46,211 Provision for credit losses 41,637 Write-off’s (34,037 ) Balance, at end of period $ 53,811

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
LEASES [Abstract]
Components of Lease Cost	The following table presents components of lease cost and classification on the Consolidated Statement of Operations: Year Ended December 31, in thousands Consolidated Statement of Operations Classification 2023 2022 Operating Lease Cost Selling, general and administrative $ 19,235 $ 18,943 Finance lease cost Amortization of leased assets Depreciation and amortization 175 - Interest on lease Liabilities Interest expense 224 - Variable lease cost Selling, general and administrative 475 55 $ 20,109 $ 18,998
Supplemental Cash Flow Information and Non-cash Activity Related to Leases	Supplemental cash flow information and non-cash activity related to our leases are as follows: December 31, 2023 2022 Cash flow information: Cash paid for amounts included in the measurement of lease liabilities Operating Cash Flows - operating leases $ 16,103 $ 18,443 Financing Cash Flows - finance leases $ - $ - Non-cash activity: Lease liabilities arising from obtaining right-of-use assets Operating leases $ 10,477 $ 13,820 Finance leases $ 15,971 $ -
Weighted Average Remaining Lease Term and Discount Rate	Weighted-average remaining lease term and discount rate for our leases are as follows: Year Ended December 31, 2023 2022 Weighted-average remaining lease term Operating leases 11.16 years 11.23 years Finance leases 15.09 years - Weighted-average discount rate Operating leases 6.89 % 7.12 % Finance leases 8.39 % -
Maturities of Lease Liabilities	Maturities of lease liabilities by fiscal year for our leases as of December 31, 2023 are as follows: As of December 31, 2023 Operating Leases Finance Leases Year ending December 31, 2024 $ 18,053 $ 1,421 2025 16,668 1,173 2026 14,385 1,671 2027 11,499 1,738 2028 11,331 1,808 Thereafter 67,311 22,796 Total lease payments 139,247 30,607 Less: imputed interest (38,657 ) (14,411 ) Present value of lease liabilities $ 100,590 $ 16,196

GOODWILL (Tables)

GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2023
GOODWILL [Abstract]
Changes in Carrying Amount of Goodwill	Changes in the carrying amount of goodwill during the fiscal years ended December 31, 2023 and 2022 are as follows: Gross Goodwill Balance Accumulated Impairment Losses Net Goodwill Balance Balance as of January 1, 2022 $ 117,176 $ (102,640 ) $ 14,536 Adjustments - - - Balance as of December 31, 2022 117,176 (102,640 ) 14,536 Adjustments - (3,794 ) (3,794 ) Balance as of December 31, 2023 $ 117,176 $ (106,434 ) $ 10,742

PROPERTY, EQUIPMENT AND FACIL_2

PROPERTY, EQUIPMENT AND FACILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
PROPERTY, EQUIPMENT AND FACILITIES [Abstract]
Property, Equipment and Facilities	Property, equipment and facilities consist of the following: At December 31, Useful life (years) 2023 2022 Land - $ 52 $ 52 Buildings and improvements (a) 1-25 101,541 86,031 Equipment, furniture and fixtures 1-7 80,214 82,585 Vehicles 3 1,592 751 Construction in progress (a) - 7,620 888 191,018 170,307 Less accumulated depreciation and amortization (a) (140,161 ) (146,367 ) $ 50,857 $ 23,940 (a) Includes net impairment charge

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2023
ACCRUED EXPENSES [Abstract]
Accrued Expenses	Accrued expenses consist of the following: At December 31, 2023 2022 Accrued compensation and benefits $ 9,845 $ 5,451 Accrued real estate taxes 1,733 1,812 Other accrued expenses 2,102 1,390 $ 13,680 $ 8,653

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2023
STOCKHOLDERS' EQUITY [Abstract]
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, 2021 1,743,846 $ 3.89 Granted 606,950 7.21 Cancelled - - Vested (802,530 ) 4.18 Nonvested restricted stock outstanding at December 31, 2022 1,548,266 5.18 Granted 751,240 6.10 Cancelled (37,941 ) 6.15 Vested (862,890 ) 3.76 Nonvested restricted stock outstanding at December 31, 2023 1,398,675 5.16
Repurchases of Common Stock	The following table presents information about our repurchases of Common Stock, all of which were completed through open market purchases: Year Ended December 31, (in thousands, except share data) 2023 2022 Total number of shares repurchased 1 165,064 1,572,414 Total cost of shares repurchased $ 891 $ 9,445 1

PENSION PLAN (Tables)

PENSION PLAN (Tables)	12 Months Ended
	Dec. 31, 2023
PENSION PLAN [Abstract]
Plan's Funded Status	The following table sets forth the plan’s funded status and amounts recognized in the Consolidated Financial Statements: Year Ended December 31, 2023 2022 CHANGES IN BENEFIT OBLIGATIONS: Benefit obligation-beginning of year $ 17,113 $ 22,557 Service cost - 37 Interest cost 792 542 Actuarial loss (gain) 4 (4,661 ) Benefits paid (1,288 ) (1,362 ) Benefit obligation at end of year 16,621 17,113 CHANGE IN PLAN ASSETS: Fair value of plan assets-beginning of year 16,445 20,950 Actual return on plan assets 2,223 (3,143 ) Benefits paid (1,288 ) (1,362 ) Fair value of plan assets-end of year 17,380 16,445 FAIR VALUE IN EXCESS (DEFICIT) OF BENEFIT OBLIGATION FUNDED STATUS: $ 759 $ (668 )
Amounts Recognized in Consolidated Balance Sheets	Amounts recognized in the Consolidated Balance Sheets consist of: At December 31, 2023 2022 Noncurrent assets $ 759 $ - Noncurrent liabilities $ - $ (668 )
Amounts Recognized in Accumulated Other Comprehensive Loss	Amounts recognized in accumulated other comprehensive loss consist of: Year Ended December 31, 2023 2022 Accumulated loss $ (1,219 ) $ (2,480 ) Deferred income taxes 1,183 1,520 Accumulated other comprehensive loss $ (36 ) $ (960 )
Components of Net Periodic Cost for Plan	The following table provides the components of net periodic cost for the plan: Year Ended December 31, 2023 2022 COMPONENTS OF NET PERIODIC BENEFIT COST Service cost $ - $ 37 Interest cost 792 542 Expected return on plan assets (1,065 ) (1,217 ) Recognized net actuarial loss 106 81 Net periodic benefit income $ (167 ) $ (557 )
Plan Assets using Fair Value Hierarchy	The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Total Equity securities $ 4,231 $ - $ - $ 4,231 Fixed income 8,065 - - 8,065 International equities 3,466 - - 3,466 Real estate 1,062 - - 1,062 Cash and equivalents 556 - - 556 Balance at December 31, 2023 $ 17,380 $ - $ - $ 17,380 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Total Equity securities $ 4,692 $ - $ - $ 4,692 Fixed income 6,130 - - 6,130 International equities 3,650 - - 3,650 Real estate 1,301 - - 1,301 Cash and equivalents 672 - - 672 Balance at December 31, 2022 $ 16,445 $ - $ - $ 16,445
Fair Value of Total Plan Assets by Major Asset Category	Fair value of total plan assets by major asset category as of December 31: 2023 2022 Equity securities 25 % 29 % Fixed income 47 % 37 % International equities 20 % 22 % Real estate 6 % 8 % Cash and equivalents 2 % 4 % Total 100 % 100 %
Expected Benefit Payments for Plan	Information about the expected benefit payments for the plan is as follows: Year Ending December 31, 2024 $ 1,356,612 2025 1,338,497 2026 1,339,214 2027 1,325,656 2028 1,311,178 Years 2029-2033 6,169,290
Benefit Obligations [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted Average Assumptions	Weighted-average assumptions used to determine benefit obligations as of December 31: 2023 2022 Discount rate 4.71 % 4.90 % Rate of compensation increase 2.50 % 2.50 %
Periodic Pension Cost [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted Average Assumptions	Weighted-average assumptions used to determine net periodic pension cost for years ended December 31: 2023 2022 Discount rate 4.71 % 4.90 % Rate of compensation increase 2.50 % 2.50 % Long-term rate of return 6.75 % 6.75 %

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
INCOME TAXES [Abstract]
Components of the Provision for Income Taxes	Components of the provision for income taxes were as follows: Year Ended December 31, 2023 2022 Current: Federal $ 5,825 $ 1,864 State 2,185 644 Total 8,010 2,508 Deferred: Federal 989 767 State 643 527 Total 1,632 1,294 Total provision $ 9,642 $ 3,802
Reconciliation of Effective Tax Rate to U.S. Statutory Federal Income Tax Rate	The reconciliation of the effective tax rate to the U.S. Statutory Federal Income tax rate was: Year Ended December 31, 2023 2022 Income before taxes $ 35,639 $ 16,436 Expected tax $ 7,484 21.0 % $ 3,452 21.0 % State tax (net of federal benefit) 2,234 6.3 % 925 5.6 % Other (76 ) -0.2 % (575 ) -3.5 % Total $ 9,642 27.1 % $ 3,802 23.1 %
Components of Non-current Deferred Tax Assets (Liabilities)	The components of the non-current deferred tax assets (liabilities) were as follows: At December 31, 2023 2022 Gross noncurrent deferred tax assets (liabilities) Operating lease liability $ 26,835 $ 26,897 Provision for credit losses 14,388 9,454 Finance lease liability 4,390 - Depreciation 4,180 9,531 Stock-based compensation 1,223 541 Net operating loss carryforwards 1,040 1,957 Accrued expenses 225 67 Other intangibles 24 39 Pension plan liabilities (202 ) 179 Goodwill (618 ) (1,469 ) Finance lease right of use assets (4,224 ) - Operating lease right-of-use assets (24,043 ) (24,884 ) Noncurrent deferred tax assets, net $ 23,218 $ 22,312

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2023
FAIR VALUE [Abstract]
Fair Value of Financial Instruments Measured on Recurring Basis	The following table presents the fair value of the financial instruments measured on a recurring basis as of December 31, 2023 and 2022. December 31, 2023 Carrying Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Amount (Level 1) (Level 2) (Level 3) Total C ash equivalents Money market fund $ 9,037 $ 9,037 $ - $ - $ 9,037 Treasury bill 20,343 20,343 - - 20,343 Total cash equivalents and short-term investment s $ 29,380 $ 29,380 $ - $ - $ 29,380 December 31, 2022 Carrying Quoted Prices in Active Markets for Identical Assets Significant Other Observable Significant Unobservable Inputs Amount (Level 1) (Level 2) (Level 3) Total C ash equivalents Money market fund $ 18,160 $ 18,160 $ - $ - $ 18,160 Treasury bill 10,383 10,383 - - 10,383 Short-term investments : Treasury bill 14,758 14,758 - - 14,758 Total cash equivalents and short-term investment s $ 43,301 $ 43,301 $ - $ - $ 43,301

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2023
SEGMENT REPORTING [Abstract]
Financial Information by Reporting Segment	Summary financial information by reporting segment is as follows: For the Year Ended December 31, Revenue Operating Income (Loss) 2023 % of Total 2022 % of Total 2023 2022 Campus Operations $ 376,602 99.6 % $ 341,440 98.0 % $ 47,579 $ 49,524 Transitional 1,468 0.4 % 6,847 2.0 % (1,914 ) (430 ) Corporate - - (12,307 ) (32,816 ) Total $ 378,070 100.0 % $ 348,287 100.0 % $ 33,358 $ 16,278 Total Assets December 31, 2023 December 31, 2022 Campus Operations $ 234,940 $ 190,473 Transitional 262 1,499 Corporate 110,047 99,594 Total $ 345,249 $ 291,566

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Business Activities (Details)	12 Months Ended
	Dec. 31, 2023 Campus State Segment
Business Activities [Abstract]
Number of campuses	21
Number of states in which schools operate across the United States | State	13
Number of additional campuses	2
Number of campuses treated as destination schools	5
Number of reportable segments | Segment	2

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Liquidity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Liquidity [Abstract]
Cash, cash equivalents and restricted cash	$ 80,269	$ 50,287	$ 83,307
Short-term investments	$ 0	$ 14,758

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Cash and Cash Equivalents (Details)	12 Months Ended
	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Maximum maturity period for classification of cash equivalents	3 months

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Short-term Investments (Details)	12 Months Ended
	Dec. 31, 2023
Minimum [Member]
Short-term Investments [Abstract]
Maturity period for short-term investments	3 months
Maximum [Member]
Short-term Investments [Abstract]
Maturity period for short-term investments	12 months

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Advertising Costs [Abstract]
Advertising expense	$ 38.2	$ 35

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Impairment of Long-Lived Assets (Details) - USD ($) $ in Millions		12 Months Ended
	Jun. 08, 2023	Dec. 31, 2022
Impairment of Long-Lived Assets [Abstract]
Impairment charges on long lived assets	$ 0.4	$ 1

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Concentration of Credit Risk (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Concentration of Credit Risk [Abstract]
Federal deposit insurance limit	$ 250
Excess cash, FDIC uninsured amount	$ 34,300

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Abstract]
Interest and penalties expense	$ 0	$ 0
Uncertain tax positions	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, New Accounting Pronouncements (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
New Accounting Pronouncements [Abstract]
Accounts receivables	$ 17,504	$ 22,734
Retained earnings	69,279	51,225
Deferred tax asset	$ 23,217	22,312
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASC 326 [Member]
New Accounting Pronouncements [Abstract]
Accounts receivables		10,800
Retained earnings		(7,900)
Deferred tax asset		$ 2,900

FINANCIAL AID AND REGULATORY _2

FINANCIAL AID AND REGULATORY COMPLIANCE (Details) - Score	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financial Aid [Abstract]
Percentage of net revenues on cash basis indirectly derived from funds	81%	74%
Maximum specified percentage of net revenues on cash basis indirectly derived from funds	90%	90%
Period over which entity became ineligible after receiving specified percentage as revenue from funds	2 years
Period for which entity may not reapply for eligibility	2 years
Regulatory Compliance [Abstract]
Minimum composite required for financial responsibility	1.5
Maximum period for institution to participate under the Zone Alternative	3 years
Composite score for financial responsibility	3	2.9
Minimum [Member]
Regulatory Compliance [Abstract]
Standard composite score for financial responsibility	(1)
Maximum [Member]
Regulatory Compliance [Abstract]
Standard composite score for financial responsibility	3
U.S. Department of Education [Member]
Regulatory Compliance [Abstract]
Maximum notification period	10 days
Minimum percentage letter of credit amount equal total Title IV Program funds	50%
Minimum percentage Letter of credit amount equal prior years total Title IV Program funds	10%
U.S. Department of Education [Member] | Minimum [Member]
Regulatory Compliance [Abstract]
Minimum composite required for financial responsibility	1
U.S. Department of Education [Member] | Maximum [Member]
Regulatory Compliance [Abstract]
Minimum composite required for financial responsibility	1.5

NET INCOME PER COMMON SHARE (De

NET INCOME PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Nov. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Numerator [Abstract]
Net income		$ 25,997	$ 12,634
Less: preferred stock dividend		0	(1,111)
Less: allocation to preferred stockholders		0	(1,753)
Less: allocation to restricted stockholders		0	(559)
Net income allocated to common stockholders		$ 25,997	$ 9,211
Denominator [Abstract]
Weighted average common shares outstanding (in shares)		30,105,194	25,879,483
Basic net income per share (in dollars per share)		$ 0.86	$ 0.36
Denominator [Abstract]
Dilutive shares outstanding (in shares)		30,540,628	25,879,483
Diluted income per share (in dollars per share)		$ 0.85	$ 0.36
Antidilutive Shares [Abstract]
Antidilutive shares excluded from computation of earnings (loss) per share (in shares)		0	516,233
Unvested Restricted Stock [Member]
Antidilutive Shares [Abstract]
Antidilutive shares excluded from computation of earnings (loss) per share (in shares)		0	516,233
Common Stock [Member]
Preferred Stock [Abstract]
Number of shares issued upon conversion of preferred stock (in shares)	423.729
Stock conversion (in shares)	5,381,356
Series A Convertible Preferred Stock [Member]
Preferred Stock [Abstract]
Preferred stock, par value (in dollars per share)	$ 0	$ 0	$ 0
Preferred stock, outstanding (in shares)	0
Shares converted (in shares)	(12,700)

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
REVENUE RECOGNITION [Abstract]
Unearned tuition	$ 26,906	$ 24,154
Revenue recognized included in contract liability	23,300
Disaggregation of Revenue [Abstract]
Revenue	378,070	348,287
Services Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Revenue	22,937	21,722
Services Transferred over Time [Member]
Disaggregation of Revenue [Abstract]
Revenue	355,133	326,565
Campus Operations [Member]
Disaggregation of Revenue [Abstract]
Revenue	376,602	341,440
Campus Operations [Member] | Services Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Revenue	22,914	21,434
Campus Operations [Member] | Services Transferred over Time [Member]
Disaggregation of Revenue [Abstract]
Revenue	353,688	320,006
Transitional [Member]
Disaggregation of Revenue [Abstract]
Revenue	1,468	6,847
Transitional [Member] | Services Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Revenue	23	288
Transitional [Member] | Services Transferred over Time [Member]
Disaggregation of Revenue [Abstract]
Revenue	$ 1,445	$ 6,559

STUDENT RECEIVABLES, Summary (D

STUDENT RECEIVABLES, Summary (Details)	12 Months Ended
	Dec. 31, 2023
Student Receivables [Abstract]
Write off period for student receivable balance	150 days

STUDENT RECEIVABLES, Student Re

STUDENT RECEIVABLES, Student Receivables (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
STUDENT RECEIVABLES [Abstract]
Accounts receivables		$ 17,504	$ 22,734
Student Receivables [Abstract]
2023	[1]	77,113
2022	[1]	12,548
2021	[1]	6,799
2020	[1]	3,036
2019	[1]	2,019
Thereafter	[1]	1,031
Total	[1]	102,546
Write-Off's [Abstract]
2023	[2]	9,540
2022	[2]	19,731
2021	[2]	3,194
2020	[2]	727
2019	[2]	535
Thereafter	[2]	310
Total	[2]	$ 34,037
[1]Student receivables are presented gross and only relate to amounts owed directly from the individual student.  These receivables do not include amounts owed relating to federal subsidy or from corporate partnerships.[2]Write-off amounts included only relate to the year ended December 31, 2023.

STUDENT RECEIVABLES, Allowance

STUDENT RECEIVABLES, Allowance for Credit Losses (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
Allowance for Credit Losses [Abstract]
Balance, beginning of period		$ 35,370
Provision for credit losses		41,637	$ 34,915
Write-off's	[1]	(34,037)
Balance, at end of period		53,811	35,370
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member]
Allowance for Credit Losses [Abstract]
Balance, beginning of period		10,841
Balance, at end of period			10,841
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Allowance for Credit Losses [Abstract]
Balance, beginning of period		$ 46,211
Balance, at end of period			$ 46,211
[1]Write-off amounts included only relate to the year ended December 31, 2023.

LEASES (Details)

LEASES (Details) $ in Thousands				12 Months Ended
	Oct. 31, 2023 Option Squarefeet	Oct. 18, 2023 Squarefeet Option	Sep. 28, 2023 USD ($) ft²	Dec. 31, 2023 USD ($) Option Lease	Dec. 31, 2022 USD ($)	Aug. 31, 2022 USD ($)	Jun. 30, 2022 Squarefeet
Operating Leases [Abstract]
Approximate area of leased school space | Squarefeet	100,000	120,000					55,000
Undiscounted lease payments				$ 38,657		$ 12,200
Operating lease term	21 years 6 months	15 years		12 years
Number of renewal options | Option	3	2		2
Renewal lease term	5 years	5 years		5 years
Rent paid				$ 800
Components of Lease Cost [Abstract]
Amortization of leased assets				175	$ 0
Total lease cost				20,109	18,998
Cash paid for amounts included in the measurement of operating lease liabilities [Abstract]
Operating Cash Flows - operating leases				16,103	18,443
Financing Cash Flows - finance leases				0	0
Lease liabilities arising from obtaining right-of-use assets [Abstract]
Operating leases				10,477	13,820
Finance leases				$ 15,971	$ 0
Number of new leases | Lease				3
Number of lease modifications | Lease				5
Weighted Average Remaining Lease Term [Abstract]
Operating leases				11 years 1 month 28 days	11 years 2 months 23 days
Finance leases				15 years 1 month 2 days
Weighted Average Discount Rate [Abstract]
Operating leases				6.89%	7.12%
Finance leases				8.39%	0%
Operating Leases [Abstract]
2024				$ 18,053
2025				16,668
2026				14,385
2027				11,499
2028				11,331
Thereafter				67,311
Total lease payments				139,247
Less: imputed interest				(38,657)		$ (12,200)
Present value of lease liabilities				100,590
Finance Leases [Abstract]
2024				1,421
2025				1,173
2026				1,671
2027				1,738
2028				1,808
Thereafter				22,796
Total lease payments				30,607
Less: imputed interest				(14,411)
Present value of lease liabilities				16,196
Selling, General and Administrative [Member]
Components of Lease Cost [Abstract]
Operating lease cost				19,235	$ 18,943
Variable lease cost				475	55
Depreciation and Amortization [Member]
Components of Lease Cost [Abstract]
Amortization of leased assets				175	0
Interest Expense [Member]
Components of Lease Cost [Abstract]
Interest on lease liabilities				$ 224	$ 0
Purchase Transaction [Member]
Operating Leases [Abstract]
Area of property purchased | ft²			90,000
Property purchase price			$ 10,200
Minimum [Member]
Operating Leases [Abstract]
Remaining lease term				1 year
Maximum [Member]
Operating Leases [Abstract]
Remaining lease term				22 years

GOODWILL (Details)

GOODWILL (Details) - USD ($) $ in Thousands		7 Months Ended	12 Months Ended
	Jun. 08, 2023	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in Carrying Amount of Goodwill [Abstract]
Gross goodwill balance		$ 117,176	$ 117,176	$ 117,176	$ 117,176
Accumulated impairment losses		(106,434)	(106,434)	(102,640)	(102,640)
Net goodwill balance		10,742	10,742	14,536	$ 14,536
Adjustments			$ (3,794)	0
Goodwill impairment loss	$ 3,800	$ 0		$ 0

REAL ESTATE TRANSACTIONS, Purch

REAL ESTATE TRANSACTIONS, Purchase and Sale-leaseback Transaction - Philadelphia, Pennsylvania Area Campus (Details) - Purchase Transaction [Member] $ in Millions	Sep. 28, 2023 USD ($) ft²	Dec. 31, 2023 USD ($)
Purchase and Sale-leaseback Transaction - Philadelphia, Pennsylvania Area Campus [Abstract]
Area of property purchased | ft²	90,000
Property purchase price	$ 10.2
Investment in buildout of new classrooms and training areas		$ 15

REAL ESTATE TRANSACTIONS, Prope

REAL ESTATE TRANSACTIONS, Property Sale Agreement - Nashville, Tennessee Campus (Details)		12 Months Ended
	Jun. 08, 2023 USD ($)	Dec. 31, 2023 USD ($) Term	Dec. 31, 2022 USD ($)	Sep. 24, 2021 a
Property Sale Agreement - Nashville, Tennessee Campus [Abstract]
Carrying value		$ 50,857,000	$ 23,940,000
Prepaid expenses and other current assets		$ 5,556,000	$ 4,738,000
Property Sale Agreement [Member]
Property Sale Agreement - Nashville, Tennessee Campus [Abstract]
Area of property to sell | a				16
Sale price of agreement	$ 33,800,000
Lease period for rent-free basis		15 months
Period of additional option to extend lease		30 days
Rental payment per extension term		$ 150,000
Carrying value		4,500,000
Amount of lease for rent-free period		2,300,000
Prepaid expenses and other current assets		$ 1,300,000
Property Sale Agreement [Member] | Maximum [Member]
Property Sale Agreement - Nashville, Tennessee Campus [Abstract]
Number of additional lease terms | Term		3

PROPERTY, EQUIPMENT AND FACIL_3

PROPERTY, EQUIPMENT AND FACILITIES (Details) - USD ($) $ in Thousands			12 Months Ended
		Jun. 08, 2023	Dec. 31, 2023	Dec. 31, 2022
Property, equipment and facilities net [Abstract]
Property, equipment and facilities, Gross			$ 191,018	$ 170,307
Less accumulated depreciation and amortization	[1]		(140,161)	(146,367)
Property, equipment and facilities, Net			50,857	23,940
Impairment of long-lived assets		$ 400		$ 1,000
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]				Goodwill and Intangible Asset Impairment
Impairment of property amount				$ 400
Impairment of ROU asset				600
Depreciation and amortization expense			6,800	6,400
Land [Member]
Property, equipment and facilities net [Abstract]
Property, equipment and facilities, Gross			52	52
Buildings and Improvements [Member]
Property, equipment and facilities net [Abstract]
Property, equipment and facilities, Gross	[1]		101,541	86,031
Increase in property, equipment and facilities			$ 7,000
Buildings and Improvements [Member] | Minimum [Member]
Property, equipment and facilities net [Abstract]
Useful life	[1]		1 year
Buildings and Improvements [Member] | Maximum [Member]
Property, equipment and facilities net [Abstract]
Useful life	[1]		25 years
Equipment, Furniture and Fixtures [Member]
Property, equipment and facilities net [Abstract]
Property, equipment and facilities, Gross			$ 80,214	82,585
Equipment, Furniture and Fixtures [Member] | Minimum [Member]
Property, equipment and facilities net [Abstract]
Useful life			1 year
Equipment, Furniture and Fixtures [Member] | Maximum [Member]
Property, equipment and facilities net [Abstract]
Useful life			7 years
Vehicles [Member]
Property, equipment and facilities net [Abstract]
Useful life			3 years
Property, equipment and facilities, Gross			$ 1,592	751
Construction in Progress [Member]
Property, equipment and facilities net [Abstract]
Property, equipment and facilities, Gross	[1]		7,620	$ 888
Building [Member] | New Campus [Member]
Property, equipment and facilities net [Abstract]
Increase in property, equipment and facilities			13,000
Building [Member] | Tesla Partnership [Member]
Property, equipment and facilities net [Abstract]
Increase in property, equipment and facilities			1,000
Machinery and Equipment [Member]
Property, equipment and facilities net [Abstract]
Increase in property, equipment and facilities			$ 9,000
[1]Includes net impairment charge

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ACCRUED EXPENSES [Abstract]
Accrued compensation and benefits	$ 9,845	$ 5,451
Accrued real estate taxes	1,733	1,812
Other accrued expenses	2,102	1,390
Accrued expenses	$ 13,680	$ 8,653

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - Credit Facility [Member] $ in Millions		12 Months Ended
	Feb. 16, 2024 USD ($)	Dec. 31, 2023 USD ($)	Nov. 14, 2019 USD ($) Facility
Long-term debt [Abstract]
Line of credit facility, maximum borrowing capacity		$ 0	$ 60
Number of facilities available in 2019 credit agreement | Facility			4
Letters of credit outstanding		4.1
Credit agreement		$ 0
Subsequent Event [Member]
Long-term debt [Abstract]
Line of credit facility, maximum borrowing capacity	$ 20
Expiration date of credit facility	Feb. 16, 2027
Letter of Credit [Member] | Subsequent Event [Member]
Long-term debt [Abstract]
Line of credit facility, maximum borrowing capacity	$ 10
Term Loan [Member]
Long-term debt [Abstract]
Line of credit facility, maximum borrowing capacity			$ 20
Expiration date of credit facility		Dec. 01, 2024
Line of credit facility, amortization schedule based period for interest and principal payments		120 months
Delayed Draw Term Loan [Member]
Long-term debt [Abstract]
Line of credit facility, maximum borrowing capacity			10
Expiration date of credit facility		Dec. 01, 2024
Line of credit facility, amortization schedule based period for interest and principal payments		120 months
Line of credit facility, monthly interest payment period		18 months
Credit Agreement [Member]
Long-term debt [Abstract]
Line of credit facility, maximum borrowing capacity			15
Expiration date of credit facility		Jan. 31, 2021
Revolving Loan [Member]
Long-term debt [Abstract]
Line of credit facility, maximum borrowing capacity			15
Expiration date of credit facility		Nov. 13, 2022
Revolving Loan [Member] | Subsequent Event [Member]
Long-term debt [Abstract]
Line of credit facility, maximum borrowing capacity	$ 40
Revolving Loan [Member] | Letter of Credit [Member]
Long-term debt [Abstract]
Line of credit facility, maximum borrowing capacity			$ 10

STOCKHOLDERS' EQUITY, Common St

STOCKHOLDERS' EQUITY, Common Stock and Preferred Stock (Details) $ / shares in Units, $ in Thousands				12 Months Ended
	Nov. 30, 2022 $ / shares shares	May 24, 2022 USD ($) shares	Nov. 14, 2019	Dec. 31, 2023 USD ($) Vote $ / shares	Dec. 31, 2022 USD ($) $ / shares
Dividends [Abstract]
Dividends paid on shares of Series A preferred stock				$ 0	$ 1,111
Treasury Stock [Abstract]
Cancellation of treasury stock amount					$ 0
Common Stock [Member]
Common Stock [Abstract]
Common stock voting rights per share | Vote				1
Cash dividends declared or paid				$ 0
Preferred Stock [Abstract]
Number of shares issued upon conversion of preferred stock (in shares) | shares	423.729
Stock conversion (in shares) | shares	5,381,356
Treasury Stock [Abstract]
Cancellation of treasury stock (in shares) | shares		5,910,541
Cancellation of treasury stock amount		$ 82,900
Series A Convertible Preferred Stock [Member]
Preferred Stock [Abstract]
Preferred stock, par value (in dollars per share) | $ / shares	$ 0			$ 0	$ 0
Shares converted (in shares) | shares	(12,700)
Dividends [Abstract]
Dividend rate			9.60%
First dividend payment date			Sep. 30, 2020
Dividends paid on shares of Series A preferred stock				$ 1,100

STOCKHOLDERS' EQUITY, Restricte

STOCKHOLDERS' EQUITY, Restricted Stock and Stock Options (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) Plan $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Feb. 23, 2023 shares
Stockholders' Equity Note Details [Abstract]
Number of stock incentive plans | Plan	2
Restricted Stock [Member]
Shares [Abstract]
Nonvested Restricted Stock outstanding, beginning balance (in shares)	1,548,266	1,743,846
Granted (in shares)	751,240	606,950
Cancelled (in shares)	(37,941)	0
Vested (in shares)	(862,890)	(802,530)
Nonvested Restricted Stock outstanding, ending balance (in shares)	1,398,675	1,548,266
Weighted Average Grant Date Fair Value Per Share [Abstract]
Nonvested Restricted Stock outstanding, beginning balance (in dollars per share) | $ / shares	$ 5.18	$ 3.89
Granted (in dollars per share) | $ / shares	6.1	7.21
Cancelled (in dollars per share) | $ / shares	6.15	0
Vested (in dollars per share) | $ / shares	3.76	4.18
Nonvested Restricted Stock outstanding, ending balance (in dollars per share) | $ / shares	$ 5.16	$ 5.18
Recognized restricted stock expense | $	$ 5.9	$ 3.1
Unrecognized restricted stock expense | $	$ 4.3	$ 7.9
LTIP [Member] | Minimum [Member]
Stockholders' Equity Note Details [Abstract]
Number of shares available for issuance under incentive plan (in shares)			2,000,000
LTIP [Member] | Maximum [Member]
Stockholders' Equity Note Details [Abstract]
Number of shares available for issuance under incentive plan (in shares)			4,000,000
LTIP [Member] | June 16, 2020 [Member]
Stockholders' Equity Note Details [Abstract]
Stock option award issuance, plan duration	10 years
LTIP [Member] | Restricted Stock [Member]
Weighted Average Grant Date Fair Value Per Share [Abstract]
Outstanding restricted shares, intrinsic value | $	$ 14
Non Employee Directors Plan [Member]
Stockholders' Equity Note Details [Abstract]
Net share settlement for restricted stock (in shares)	337,050	268,654
Decrease in equity due to payment of tax for employee | $	$ 2	$ 2

STOCKHOLDERS' EQUITY, Share Rep

STOCKHOLDERS' EQUITY, Share Repurchase Program (Details) - USD ($) $ in Thousands			12 Months Ended
		Feb. 27, 2023	Dec. 31, 2023	Dec. 31, 2022	May 24, 2022
STOCKHOLDERS' EQUITY [Abstract]
Authorized amount of share repurchase program					$ 30,000
Period over which common stock can be repurchased			12 months
Additional period over which common stock can be repurchased		12 months
Additional authorized amount of share repurchase program		$ 10,000
Additional amount of shares repurchased		$ 30,600
Share Repurchase Program [Abstract]
Total number of shares repurchased (in shares)	[1]		165,064	1,572,414
Amount of shares repurchased			$ 891	$ 9,445
[1]These shares were subsequently canceled and recorded as a reduction of Common Stock.

PENSION PLAN, Plan's funded sta

PENSION PLAN, Plan's funded status (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CHANGES IN BENEFIT OBLIGATIONS [Roll Forward]
Benefit obligation-beginning of year	$ 17,113	$ 22,557
Service cost	0	37
Interest cost	792	542
Actuarial loss (gain)	4	(4,661)
Benefits paid	(1,288)	(1,362)
Benefit obligation at end of year	16,621	17,113
CHANGE IN PLAN ASSETS [Roll Forward]
Fair value of plan assets-beginning of year	16,445	20,950
Actual return on plan assets	2,223	(3,143)
Benefits paid	(1,288)	(1,362)
Fair value of plan assets-end of year	17,380	16,445
FAIR VALUE IN EXCESS (DEFICIT) OF BENEFIT OBLIGATION FUNDED STATUS:	$ 759	$ (668)
Discount rate	4.71%	4.90%
Maximum [Member]
CHANGE IN PLAN ASSETS [Roll Forward]
Actuarial loss due to change in discount rate	$ 100

PENSION PLAN, Summary (Details)

PENSION PLAN, Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amounts recognized in the consolidated balance sheets [Abstract]
Noncurrent assets	$ 759	$ 0
Noncurrent liabilities	0	(668)
Amounts recognized in accumulated other comprehensive loss [Abstract]
Accumulated loss	(1,219)	(2,480)
Deferred income taxes	1,183	1,520
Accumulated other comprehensive loss	(36)	(960)
Accumulated benefit obligation	16,600	17,100
COMPONENTS OF NET PERIODIC BENEFIT COST [Abstract]
Service cost	0	37
Interest cost	792	542
Expected return on plan assets	(1,065)	(1,217)
Recognized net actuarial loss	106	81
Net periodic benefit income	$ (167)	$ (557)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, general and administrative	Selling, general and administrative
Amortization of estimated net loss, transition obligation and prior service cost from accumulated other comprehensive income into net periodic benefit cost	$ 0
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	$ 17,380	$ 16,445	$ 20,950
Fair value of total plan assets by major asset category	100%	100%
Weighted-average assumptions used to determine benefit obligations [Abstract]
Discount rate	4.71%	4.90%
Rate of compensation increase	2.50%	2.50%
Weighted-average assumptions used to determine net periodic pension cost [Abstract]
Discount rate	4.71%	4.90%
Pension contributions	$ 0	$ 0
Expected benefit payments for the plan [Abstract]
Maximum contribution by employee specified as percentage of compensation	75%
Additional contribution by employer	15%
Maximum percentage of compensation contributed by employer as matching contribution	6%
Compensation expense for the 401(k) plan	$ 800	700
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	17,380	16,445
Significant Other Observable Inputs (Level 2) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	0	0
Significant Unobservable Inputs (Level 3) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	0	0
Equity Securities [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	$ 4,231	$ 4,692
Fair value of total plan assets by major asset category	25%	29%
Equity Securities [Member] | Minimum [Member]
Weighted-average assumptions used to determine net periodic pension cost [Abstract]
Target plan asset allocations	30%
Equity Securities [Member] | Maximum [Member]
Weighted-average assumptions used to determine net periodic pension cost [Abstract]
Target plan asset allocations	70%
Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	$ 4,231	$ 4,692
Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	0	0
Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	0	0
Fixed Income [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	$ 8,065	$ 6,130
Fair value of total plan assets by major asset category	47%	37%
Fixed Income [Member] | Minimum [Member]
Weighted-average assumptions used to determine net periodic pension cost [Abstract]
Target plan asset allocations	20%
Fixed Income [Member] | Maximum [Member]
Weighted-average assumptions used to determine net periodic pension cost [Abstract]
Target plan asset allocations	60%
Fixed Income [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	$ 8,065	$ 6,130
Fixed Income [Member] | Significant Other Observable Inputs (Level 2) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	0	0
Fixed Income [Member] | Significant Unobservable Inputs (Level 3) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	0	0
International Equities [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	$ 3,466	$ 3,650
Fair value of total plan assets by major asset category	20%	22%
International Equities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	$ 3,466	$ 3,650
International Equities [Member] | Significant Other Observable Inputs (Level 2) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	0	0
International Equities [Member] | Significant Unobservable Inputs (Level 3) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	0	0
Real Estate [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	$ 1,062	$ 1,301
Fair value of total plan assets by major asset category	6%	8%
Real Estate [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	$ 1,062	$ 1,301
Real Estate [Member] | Significant Other Observable Inputs (Level 2) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	0	0
Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	0	0
Cash and Equivalents [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	$ 556	$ 672
Fair value of total plan assets by major asset category	2%	4%
Cash and Equivalents [Member] | Minimum [Member]
Weighted-average assumptions used to determine net periodic pension cost [Abstract]
Target plan asset allocations	0%
Cash and Equivalents [Member] | Maximum [Member]
Weighted-average assumptions used to determine net periodic pension cost [Abstract]
Target plan asset allocations	10%
Cash and Equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	$ 556	$ 672
Cash and Equivalents [Member] | Significant Other Observable Inputs (Level 2) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	0	0
Cash and Equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	$ 0	$ 0
Pension Plan [Member]
Weighted-average assumptions used to determine net periodic pension cost [Abstract]
Discount rate	4.71%	4.90%
Rate of compensation increase	2.50%	2.50%
Long-term rate of return	6.75%	6.75%
Expected benefit payments for the plan [Abstract]
2024	$ 1,356,612
2025	1,338,497
2026	1,339,214
2027	1,325,656
2028	1,311,178
Years 2029-2033	$ 6,169,290

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current [Abstract]
Federal	$ 5,825	$ 1,864
State	2,185	644
Total	8,010	2,508
Deferred [Abstract]
Federal	989	767
State	643	527
Total	1,632	1,294
Total provision	9,642	3,802
Effective income tax rate reconciliation, amount [Abstract]
Income before taxes	35,639	16,436
Expected tax	7,484	3,452
State tax (net of federal benefit)	2,234	925
Other	(76)	(575)
Total provision	$ 9,642	$ 3,802
Effective income tax rate reconciliation, percent [Abstract]
Expected tax	21%	21%
State tax (net of federal benefit)	6.30%	5.60%
Other	(0.20%)	(3.50%)
Total	27.10%	23.10%
Gross noncurrent deferred tax assets (liabilities) [Abstract]
Operating lease liability	$ 26,835	$ 26,897
Provision for credit losses	14,388	9,454
Finance lease liability	4,390	0
Depreciation	4,180	9,531
Stock-based compensation	1,223	541
Net operating loss carryforwards	1,040	1,957
Accrued expenses	225	67
Other intangibles	24	39
Pension plan liabilities	(202)	179
Goodwill	(618)	(1,469)
Finance lease right of use assets	(4,224)	0
Operating lease right-of-use assets	(24,043)	(24,884)
Noncurrent deferred tax assets, net	23,218	22,312
State Tax [Member]
Operating Loss Carryforwards [Abstract]
Net operating losses	18,100	$ 34,200
Federal Tax [Member]
Operating Loss Carryforwards [Abstract]
Net operating losses	$ 0

FAIR VALUE (Details)

FAIR VALUE (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) Investment
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Number of treasury bills | Investment		2
Number of treasury bills classified as cash and cash equivalent | Investment		1
Number of treasury bills classified as a short-term investment | Investment		1
Recurring [Member] | Carrying Amount [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Total cash equivalents and short-term investments	$ 29,380	$ 43,301
Recurring [Member] | Carrying Amount [Member] | Money Market Fund [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents	9,037	18,160
Recurring [Member] | Carrying Amount [Member] | Treasury Bill [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents	20,343	10,383
Short-term investments		14,758
Recurring [Member] | Fair Value [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Total cash equivalents and short-term investments	29,380	43,301
Recurring [Member] | Fair Value [Member] | Money Market Fund [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents	9,037	18,160
Recurring [Member] | Fair Value [Member] | Treasury Bill [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents	20,343	10,383
Short-term investments		14,758
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Total cash equivalents and short-term investments	29,380	43,301
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value [Member] | Money Market Fund [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents	9,037	18,160
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value [Member] | Treasury Bill [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents	20,343	10,383
Short-term investments		14,758
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair Value [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Total cash equivalents and short-term investments	0	0
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair Value [Member] | Money Market Fund [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents	0	0
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair Value [Member] | Treasury Bill [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents	0	0
Short-term investments		0
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Total cash equivalents and short-term investments	0	0
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value [Member] | Money Market Fund [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents	0	0
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value [Member] | Treasury Bill [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents	$ 0	0
Short-term investments		$ 0

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)
SEGMENT REPORTING [Abstract]
Number of reportable operating segments | Segment	2
Estimated costs to close campus	$ 2,000
Summary financial information by reporting segment [Abstract]
Revenue	$ 378,070	$ 348,287
Percentage of Total Revenue	100%	100%
Operating Income (Loss)	$ 33,358	$ 16,278
Assets	345,249	291,566
Campus Operations [Member]
Summary financial information by reporting segment [Abstract]
Revenue	376,602	341,440
Reportable Segments [Member] | Campus Operations [Member]
Summary financial information by reporting segment [Abstract]
Revenue	$ 376,602	$ 341,440
Percentage of Total Revenue	99.60%	98%
Operating Income (Loss)	$ 47,579	$ 49,524
Assets	234,940	190,473
Reportable Segments [Member] | Transitional [Member]
Summary financial information by reporting segment [Abstract]
Revenue	$ 1,468	$ 6,847
Percentage of Total Revenue	0.40%	2%
Operating Income (Loss)	$ (1,914)	$ (430)
Assets	262	1,499
Corporate [Member]
Summary financial information by reporting segment [Abstract]
Revenue	0	0
Operating Income (Loss)	(12,307)	(32,816)
Assets	$ 110,047	$ 99,594

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions				1 Months Ended		5 Months Ended	12 Months Ended
	Jan. 13, 2023 School	Nov. 16, 2022 Student Decision	Jun. 22, 2022 Institution Category	Oct. 31, 2022 School	Aug. 31, 2022 School	Nov. 16, 2022 Application	Dec. 31, 2023 USD ($)
COMMITMENTS AND CONTINGENCIES [Abstract]
Number of categories of relief for student loan borrowers | Category			3
Number of institutes for which DOC agreed to discharge loans and refund prior loan payments | Institution			150
Period to review borrower defense applications before final settlement date							36 months
Number of schools granted permission to intervene in the lawsuit | School					3
Number of schools that filed objection against the settlement | School				4
Estimated number of students to receive automatic loan discharges | Student		196,000
Estimated number of students to receive decisions under new procedures | Decision		100,000
Number of new borrowers who submitted borrower defense applications | Application						250,000
Number of schools that appealed the settlement's final approval | School	3
Outstanding net loan commitment | $							$ 33.6
Future employment contract commitments | $							10.6
Surety bonds | $							$ 16

COVID-19 PANDEMIC AND CARES A_2

COVID-19 PANDEMIC AND CARES ACT (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($)	Dec. 31, 2023 USD ($) Intallment
COVID-19 [Abstract]
Total amount expected to be received under CARES Act		$ 27.4
Number of installments used to allocated funds to schools | Intallment		2
Emergency grants available in first installment under CARES Act	$ 13.7
Utilized amount of permitted expenses	$ 13.7
DOE allocated amount to schools		$ 24.4
Emergency grants distributed to students under CRRSAA and ARPA Act		$ 14.8

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Thousands				12 Months Ended
	Feb. 16, 2024 USD ($)	Jan. 30, 2024 USD ($) Student	Sep. 28, 2023 USD ($) ft²	Dec. 31, 2023 USD ($)	Nov. 14, 2019 USD ($)
Credit Facility [Member]
New Credit Facility [Abstract]
Line of credit facility, maximum borrowing capacity				$ 0	$ 60,000
Credit Facility [Member] | Revolving Loan [Member]
New Credit Facility [Abstract]
Line of credit facility, maximum borrowing capacity					15,000
Expiration date of credit facility				Nov. 13, 2022
Credit Facility [Member] | Letter of Credit [Member] | Revolving Loan [Member]
New Credit Facility [Abstract]
Line of credit facility, maximum borrowing capacity					$ 10,000
Subsequent Event [Member] | Credit Facility [Member]
New Credit Facility [Abstract]
Line of credit facility, maximum borrowing capacity	$ 20,000
Term of facility	36 months
Expiration date of credit facility	Feb. 16, 2027
Line of credit facility, frequency of principal and interest periodic payment	quarterly or monthly
Payments for closing fee	$ 200,000
Subsequent Event [Member] | Credit Facility [Member] | Revolving Loan [Member]
New Credit Facility [Abstract]
Line of credit facility, maximum borrowing capacity	40,000
Subsequent Event [Member] | Credit Facility [Member] | Letter of Credit [Member]
New Credit Facility [Abstract]
Line of credit facility, maximum borrowing capacity	$ 10,000
Percentage of letter of credit fee, annual payment	0.50%
Subsequent Event [Member] | Minimum [Member] | Credit Facility [Member] | SOFR [Member]
New Credit Facility [Abstract]
Term of variable rate	1 month
Subsequent Event [Member] | Minimum [Member] | Credit Facility [Member] | Tranche Rate [Member]
New Credit Facility [Abstract]
Interest rate on credit facility	1.75%
Subsequent Event [Member] | Minimum [Member] | Credit Facility [Member] | Base Rate [Member]
New Credit Facility [Abstract]
Interest rate on credit facility	0.75%
Subsequent Event [Member] | Maximum [Member] | Credit Facility [Member] | SOFR [Member]
New Credit Facility [Abstract]
Term of variable rate	3 months
Subsequent Event [Member] | Maximum [Member] | Credit Facility [Member] | Tranche Rate [Member]
New Credit Facility [Abstract]
Interest rate on credit facility	2.50%
Subsequent Event [Member] | Maximum [Member] | Credit Facility [Member] | Base Rate [Member]
New Credit Facility [Abstract]
Interest rate on credit facility	1.50%
Sale-Leaseback Transaction [Member]
Sale-Leaseback Transaction [Abstract]
Area of property purchased | ft²			90,000
Property purchase price			$ 10,200
Sale-Leaseback Transaction [Member] | Subsequent Event [Member]
Sale-Leaseback Transaction [Abstract]
Sale price of agreement		$ 11,000
Leaseback agreement term		20 years
Tenant improvement allowance		$ 15,000
Number of students current campus can accommodate | Student		250
Sale-Leaseback Transaction [Member] | Subsequent Event [Member] | Minimum [Member]
Sale-Leaseback Transaction [Abstract]
Property served term		60 years
Sale-Leaseback Transaction [Member] | Subsequent Event [Member] | Lease Agreements [Member]
Sale-Leaseback Transaction [Abstract]
Tenant improvement allowance		$ 2,500

Schedule II-Valuation and Qua_2

Schedule II-Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023		Dec. 31, 2022
Movement in Valuation Allowances and Reserves [Abstract]
Balance at beginning of period	$ 35,370		$ 31,921
Charged to expense	41,637		34,915
Accounts written-off	(23,196)	[1]	(31,466)
Balance at end of period	53,811		35,370
Accounts receivables	17,504		22,734
Retained earnings	69,279		51,225
Deferred tax asset	$ 23,217		22,312
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASC 326 [Member]
Movement in Valuation Allowances and Reserves [Abstract]
Accounts receivables			10,800
Retained earnings			(7,900)
Deferred tax asset			2,900
Allowance for Credit Loss [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASC 326 [Member]
Movement in Valuation Allowances and Reserves [Abstract]
Accounts receivables			10,800
Retained earnings			(7,900)
Deferred tax asset			$ 2,900
[1]On January 1, 2023, the Company adopted Accounting Standards Update No. 2016-13 Financial Instruments - Credit Losses . The adoption resulted in an opening balance sheet adjustments of $ 10.8 7.9 2.9