National American University (NAUH) 10-Q 1 Apr 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Feb. 29, 2016	Mar. 31, 2016
Document And Entity Information [Abstract]
Entity Registrant Name	National American University Holdings, Inc.
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Feb. 29, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Trading Symbol	NAUH
Entity Central Index Key	1,399,855
Current Fiscal Year End Date	--05-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		24,135,234

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Feb. 29, 2016	May. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 22,564	$ 23,300
Available for sale investments	4,115	4,102
Student receivables — net of allowance of $805 and $1,583 at February 29, 2016 and May 31, 2015, respectively	3,166	14,358
Other receivables	425	1,195
Income taxes receivable	3,787	0
Deferred income taxes	2,311	2,335
Prepaid and other current assets	2,346	2,151
Total current assets	38,714	47,441
Total property and equipment - net	32,302	36,390
OTHER ASSETS:
Condominium inventory	621	385
Land held for future development	312	312
Course development — net of accumulated amortization of $2,979 and $2,760 at February 29, 2016 and May 31, 2015, respectively	734	804
Other	1,076	1,212
Total other assets	2,743	2,713
TOTAL	73,759	86,544
CURRENT LIABILITIES:
Current portion of capital lease payable	275	244
Accounts payable	3,202	3,246
Dividends payable	1,092	1,139
Income taxes payable	72	1
Deferred income	1,841	1,459
Accrued and other liabilities	4,472	6,746
Total current liabilities	10,954	12,835
DEFERRED INCOME TAXES	3,224	3,283
OTHER LONG-TERM LIABILITIES	5,595	6,047
CAPITAL LEASE PAYABLE, NET OF CURRENT PORTION	11,643	$ 11,853
COMMITMENTS AND CONTINGENCIES (Note 9)
STOCKHOLDERS' EQUITY:
Common stock, $0.0001 par value (50,000,000 authorized; 28,430,854 issued and 24,135,234 outstanding as of February 29, 2016; 28,262,241 issued and 25,191,414 outstanding as of May 31, 2015)	3	$ 3
Additional paid-in capital	58,765	58,336
Retained earnings	6,068	13,751
Treasury stock, at cost (4,295,620 shares at February 29, 2016 and 3,070,827 shares at May 31, 2015)	(22,416)	(19,455)
Accumulated other comprehensive loss, net of taxes - unrealized loss on available for sale securities	(4)	(1)
Total National American University Holdings, Inc. stockholders' equity	42,416	52,634
Non-controlling interest	(73)	(108)
Total stockholders' equity	42,343	52,526
TOTAL	$ 73,759	$ 86,544

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands	Feb. 29, 2016	May. 31, 2015
Statement of Financial Position [Abstract]
Allowance for student receivables	$ 805	$ 1,583
Accumulated amortization of course development	$ 2,979	$ 2,760
Common stock, par value	$ .0001	$ .0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	28,430,854	28,262,241
Common stock, shares outstanding	24,135,234	25,191,414
Treasury stock, shares	4,295,620	3,070,827

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
REVENUE:
Academic revenue	$ 21,130	$ 27,053	$ 67,381	$ 81,862
Auxiliary revenue	1,273	1,747	4,854	5,840
Rental income - apartments	275	283	831	876
Condominium sales	0	0	0	447
Total revenue	22,678	29,083	73,066	89,025
OPERATING EXPENSES:
Cost of educational services	6,252	7,327	19,380	21,537
Selling, general and administrative	17,672	17,896	55,480	53,839
Auxiliary expense	927	1,279	3,590	4,144
Cost of condominium sales	0	0	0	368
Loss (gain) on disposition of property	671	0	734	(1,678)
Total operating expenses	25,522	26,502	79,184	78,210
OPERATING (LOSS) INCOME	(2,844)	2,581	(6,118)	10,815
OTHER INCOME (EXPENSE):
Interest income	18	17	62	128
Interest expense	(217)	(220)	(654)	(671)
Other income - net	45	38	133	138
Total other expense	(154)	(165)	(459)	(405)
(LOSS) INCOME BEFORE INCOME TAXES	(2,998)	2,416	(6,577)	10,410
INCOME TAX BENEFIT (EXPENSE)	1,123	(938)	2,234	(3,924)
NET (LOSS) INCOME	(1,875)	1,478	(4,343)	6,486
NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST	(16)	(14)	(35)	(26)
NET (LOSS) INCOME ATTRIBUTABLE TO NATIONAL AMERICAN UNIVERSITY HOLDINGS, INC. AND SUBSIDIARIES	(1,891)	1,464	(4,378)	6,460
OTHER COMPREHENSIVE (LOSS) INCOME — Unrealized (losses) gains on investments, net of tax	0	2	(3)	3
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO NATIONAL AMERICAN UNIVERSITY HOLDINGS, INC.	$ (1,891)	$ 1,466	$ (4,381)	$ 6,463
Basic net (loss) earnings attributable to National American University Holdings, Inc.	$ (0.08)	$ 0.06	$ (0.18)	$ 0.26
Diluted net (loss) earnings attributable to National American University Holdings, Inc.	$ (0.08)	$ 0.06	$ (0.18)	$ 0.26
Basic weighted average shares outstanding	24,152,228	25,181,951	24,836,759	25,151,670
Diluted weighted average shares outstanding	24,152,228	25,191,074	24,836,759	25,160,601

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income / Loss	Noncontrolling Interest	Total
Beginning Balance at May. 31, 2014	$ 3	$ 59,191	$ 11,573	$ (19,423)	$ (3)	$ (146)	$ 51,195
Purchase of shares common stock for the treasury	0	0	0	(25)	0	0	(25)
Stock based compensation expense	0	(917)	0	0	0	0	(917)
Dividends declared	0	0	(3,402)	0	0	0	(3,402)
Net (loss) income	0	0	6,460	0	0	26	6,486
Other comprehensive income/loss, net of tax	0	0	0	0	3	0	3
Ending Balance at Feb. 28, 2015	3	58,274	14,631	(19,448)	0	(120)	53,340
Beginning Balance at May. 31, 2015	3	58,336	13,751	(19,455)	(1)	(108)	52,526
Purchase of shares common stock for the treasury	0	0	0	(2,961)	0	0	(2,961)
Stock based compensation expense	0	429	0	0	0	0	429
Dividends declared	0	0	(3,305)	0	0	0	(3,305)
Net (loss) income	0	0	(4,378)	0	0	35	(4,343)
Other comprehensive income/loss, net of tax	0	0	0	0	(3)	0	(3)
Ending Balance at Feb. 29, 2016	$ 3	$ 58,765	$ 6,068	$ (22,416)	$ (4)	$ (73)	$ 42,343

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	9 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Statement of Stockholders' Equity [Abstract]
Number of common shares for treasury	1,224,793	8,237
Dividends declared, per share	$ .045	$ .045

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (4,343)	$ 6,486
Adjustments to reconcile net (loss) income to net cash flows provided by operating activities:
Depreciation and amortization	4,242	4,636
Loss (gain) on disposition of property and equipment	734	(1,678)
Provision for uncollectable tuition	4,332	3,317
Noncash compensation expense	429	(917)
Deferred income taxes	(35)	832
Changes in assets and liabilities:
Student and other receivables	7,630	7,970
Prepaid and other current assets	(195)	(215)
Condominium inventory	(236)	367
Other assets	123	(2)
Income tax receivable/payable	(3,716)	(2,006)
Accounts payable	(20)	1,466
Deferred income	382	178
Accrued and other liabilities	(2,279)	(1,399)
Other long-term liabilities	(452)	(257)
Net cash flows provided by operating activities	6,596	18,778
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available for sale investments	(3,897)	(50,140)
Proceeds from sale of available for sale investments	3,881	43,230
Purchases of property and equipment	(768)	(1,253)
Proceeds from sale of property and equipment	75	3,464
Course development	(149)	(109)
Payments received on contract for deed	5	157
Payments received on note receivable	0	1,390
Other	13	8
Net cash flows used in investing activities	(840)	(3,253)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of capital lease payable	(179)	(151)
Purchase of treasury stock	(2,961)	(25)
Dividends paid	(3,352)	(3,399)
Net cash flows used in financing activities	(6,492)	(3,575)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(736)	11,950
CASH AND CASH EQUIVALENTS - Beginning of year	23,300	4,154
CASH AND CASH EQUIVALENTS - End of period	22,564	16,104
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION:
Cash paid for income taxes	1,517	5,099
Cash paid for interest	661	665
Property and equipment purchases included in accounts payable	0	15
Dividends declared and unpaid	$ 1,092	$ 1,137

1. STATEMENT PRESENTATION AND B

1. STATEMENT PRESENTATION AND BASIS OF CONSOLIDATION	9 Months Ended
	Feb. 29, 2016
Accounting Policies [Abstract]
STATEMENT PRESENTATION AND BASIS OF CONSOLIDATION	The accompanying unaudited condensed financial statements are presented on a consolidated basis. The accompanying financial statements include the accounts of National American University Holdings, Inc. (the “Company”), its subsidiary, Dlorah, Inc. (“Dlorah”), and its divisions, National American University (“NAU” or the “University”), and Fairway Hills. The accompanying unaudited condensed consolidated financial statements have been prepared on a basis substantially consistent with the Company’s audited financial statements and in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim financial reporting. As permitted under these rules, certain footnotes and other financial information that are normally required by accounting principles generally accepted in the United States (“U.S. GAAP”) can be condensed or omitted. The information in the condensed consolidated balance sheet as of May 31, 2015, was derived from the audited consolidated financial statements for the Company for the year then ended. Accordingly, these financial statements should be read in conjunction with the Company’s annual financial statements which were included in the Company’s Annual Report Form 10-K for the year ended May 31, 2015, filed on August 7, 2015. Furthermore, the results of operations and cash flows for the nine month periods ended February 29, 2016 and February 28, 2015 are not necessarily indicative of the results that may be expected for the full year. These financial statements include consideration of subsequent events through issuance. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments necessary for a fair presentation as prescribed by U.S. GAAP. Unless the context otherwise requires, the terms “we”, “us”, “our” and the “Company” used throughout this document refer to National American University Holdings, Inc. and its wholly owned subsidiary, Dlorah, Inc., which owns and operates National American University, sometimes referred to as “NAU” or the “University”. Estimates

2. NATURE OF OPERATIONS

2. NATURE OF OPERATIONS	9 Months Ended
	Feb. 29, 2016
Accounting Policies [Abstract]
NATURE OF OPERATIONS	The Company, through Dlorah, owns and operates National American University. NAU is a regionally accredited, proprietary, multi-campus institution of higher learning, offering associate, bachelors, masters and doctoral degree programs in allied health, legal studies, education, business, accounting, and information technology. The Company, through Dlorah’s Fairway Hills real estate division, also manages apartment units and develops and sells multi-family residential real estate in the Rapid City, South Dakota area. During January 2016, the Company announced the planned closure of two campuses: Weldon Spring, Missouri and Tigard, Oregon, effective March 1, 2016. The related physical locations will not be driving future revenue; instead, these students will be supported by the online platform. As a result, for the three and nine month periods ended February 29, 2016, undepreciated leasehold improvements of $328 and $394 for Weldon Spring, Missouri and Tigard, Oregon, respectively, were fully written off. The impairment loss is included in loss on disposition of property in the consolidated financial statements

3. RECENTLY ADOPTED AND NEW ACC

3. RECENTLY ADOPTED AND NEW ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Feb. 29, 2016
Accounting Changes and Error Corrections [Abstract]
RECENTLY ADOPTED AND NEW ACCOUNTING PRONOUNCEMENTS	In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606) In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) Leases

4. CONTRACT FOR DEED

4. CONTRACT FOR DEED	9 Months Ended
	Feb. 29, 2016
Contractors [Abstract]
CONTRACT FOR DEED	The Company signed a contract for deed on its former Rapid City campus on March 28, 2013 for $4,000 (see Note 5 for capital lease on new campus). The sale did not meet the accounting requirements to be consummated and was not recorded at that time. On July 11, 2014, the contract for deed was settled. The Company collected the outstanding proceeds, which included $3,230 of principal and $85 of interest that was offset by $59 of lease-back payments and maintenance expenses related to the long-term operating lease. All remaining liens on the property were released and deemed sold, resulting in a gain of $1,743.

5. CAPITAL LEASE OBLIGATION

5. CAPITAL LEASE OBLIGATION	9 Months Ended
	Feb. 29, 2016
Leases [Abstract]
CAPITAL LEASE OBLIGATION	As part of ongoing operations, the Company entered into a capital lease arrangement for additional space that houses the corporate headquarters, distance learning operations, and the new Rapid City campus operations (see Note 4). During the year ended May 31, 2014, the Company increased its capital lease obligation by $2,000 to account for tenant improvements. The Company initially paid for the improvements and reached an agreement with the lessor to be reimbursed for the amount under the terms of a $2,000 note receivable. The note receivable required monthly payments of $14 at 6% that directly offset the monthly payments to the lessor under the capital lease obligation. In June 2014, the landlord of the property paid the $1,390 remaining balance of the note receivable.

6. STOCKHOLDERS' EQUITY

6. STOCKHOLDERS' EQUITY	9 Months Ended
	Feb. 29, 2016
Equity [Abstract]
STOCKHOLDERS' EQUITY	The authorized capital stock for the Company is 51,100,000, consisting of: (i) 50,000,000 shares of common stock, par value $0.0001 and (ii) 1,000,000 shares of preferred stock, par value $0.0001, and (iii) 100,000 shares of class A common stock, par value $0.0001. Of the authorized shares, 24,135,234 and 25,191,414 shares of common stock were outstanding as of February 29, 2016 and May 31, 2015, respectively. No shares of preferred stock or Class A common stock were outstanding at February 29, 2016. Stock Repurchase Plan On August 6, 2015, the Company’s Board of Directors authorized the repurchase of up to 350,000 shares, for aggregate consideration not to exceed $1.25 million, of the Company’s outstanding common stock in both open market and privately negotiated transactions. The plan is authorized for a period of one year from August 10, 2015. The timing and actual number of shares purchased depends on a variety of factors such as price, corporate and regulatory requirements, and other prevailing market conditions. During the three and nine months ended February 29, 2016, the Company repurchased 202,512 shares for $451 and 353,581 shares for $867, respectively, under this authorization. In addition, during the nine months ended February 29, 2016, the Company repurchased 853,073 shares of its outstanding common stock for $2,039 from a single unrelated shareholder. This repurchase was approved by the Company’s Board of Directors and was separate from the August 6, 2015 repurchase authorization. During the three and nine months ended February 29, 2016, $0 and $55, respectively, of additions to treasury stock resulted from the settlement of stock-based compensation. During the three and nine months ended February 28, 2015, $6 and $25, respectively, of additions to treasury stock resulted from the settlement of stock-based compensation. Stock-Based Compensation In December 2009, the Company adopted the 2009 Stock Option and Compensation Plan (the “Plan”) pursuant to which the Company may grant restricted stock awards, restricted stock units and stock options to aid in recruiting and retaining employees, officers, directors and other consultants. A total of 1,300,000 shares were authorized by the Plan. At February 29, 2016, 471,672 shares of common stock remain available for issuance under the Plan. In October 2013, the Company’s Board of Directors adopted the 2013 Restricted Stock Unit Plan (the “2013 Plan”) authorizing the issuance of up to 750,000 shares of the Company’s stock to participants in the 2013 Plan. At February 29, 2016, 596,500 shares of common stock remain available for issuance under the 2013 Plan. Restricted stock No restricted stock awards were granted during the three months ended February 29, 2016. During the nine months ended February 29, 2016, the Company awarded 40,485 restricted stock awards with time based vesting at a grant date fair value of $2.47 per share to members of the board of directors. Shares vest one year from the grant date and require board service for the entire year. Compensation expense in the consolidated statements of operations associated with restricted stock awards totaled $91 and $89, respectively, for the nine month periods ended February 29, 2016 and February 28, 2015. Compensation expense in the consolidated statements of operations associated with time based vesting restricted stock awards totaled $25 and $33, respectively for the three month periods ended February 29, 2016 and February 28, 2015. At February 29, 2016, the unamortized compensation cost of these restricted stock awards totaled $60. The unamortized cost is expected to be recognized over a weighted-average period of 0.6 years as of February 29, 2016. A summary of restricted share awards activity as of February 29, 2016 and the changes during the nine months then ended is presented below: Restricted Shares Shares Weighted Average Grant Date Fair Value Non-vested shares at May 31, 2015 42,155 $ 3.11 Granted 40,485 2.47 Vested (42,155 ) 3.11 Forfeited - - Non-vested shares at February 29, 2016 40,485 $ 2.47 In addition to the restricted stock awards with time vesting above, during the three months ended November 30, 2015, the Company, under the 2013 Plan, issued 187,500 restricted stock units (“RSUs”) with performance based vesting. The number of shares to be earned is determined by the Company’s profitability during the fiscal year ending May 31, 2016. Management at this time believes the performance objectives will not be attained and, as a result, no compensation cost has been recorded in the consolidated statements of operations. Unrestricted stock Unrestricted stock is issued to certain employees in settlement of a portion of their salaries and bonuses. Compensation expense in the consolidated statements of operations associated with these unrestricted stock issuances totaled $24 and $241, respectively, for the three and nine months ended February 29, 2016. Stock options During the nine months ended February 29, 2016, the Company granted stock options to purchase 148,475 shares of stock; 50% of the stock options vested on the issuance date and the remaining 50% vests at the end of the current fiscal year. There were no stock options granted during the three months ended February 29, 2016. The following assumptions were used to determine fair value of the stock options awarded: For the Nine Months Ended Assumptions used: February 29, 2016 Expected term (in years) 5.75 Expected volatility 50.40 % Weighted average risk free interest rate 1.54 % Weighted average risk free interest rate range 1.54 % Weighted average expected dividend 5.92 % Weighted average expected dividend range 5.92 % Weighted average fair value $ 0.84 A summary of option activity under the Plan as of February 29, 2016 and changes during the nine months then ended is presented below: Stock Options Shares Weighted average exercise price Weighted average remaining contractual life (in years) Aggregate intrinsic value Outstanding at May 31, 2015 78,750 $ 6.34 7.1 $ 0 Granted 148,475 3.06 Exercised 0 0 Forfeited or canceled (33,875 ) 4.50 Outstanding at February 29, 2016 193,350 $ 4.14 8.6 $ 0 Exercisable at February 29, 2016 124,113 $ 4.75 8.0 $ 0 The Company recorded compensation expense for stock options of $24 and $97, respectively, for the three and nine month periods ended February 29, 2016, in the consolidated statements of operations. As of February 29, 2016, there was $24 of unrecognized compensation cost related to unvested stock option based compensation arrangements granted under the Plan to be amortized over 0.3 years. The Company plans to issue new shares as settlement of options exercised. Dividends The following table presents details of the Company’s fiscal 2016 and 2015 dividend payments: Date declared Record date Payment date Per share April 7, 2014 June 30, 2014 July 11, 2014 $ 0.0450 August 11, 2014 September 30, 2014 October 10, 2014 $ 0.0450 October 6, 2014 December 31, 2014 January 16, 2015 $ 0.0450 January 24, 2015 March 31, 2015 April 17, 2015 $ 0.0450 April 13, 2015 June 30, 2015 July 10, 2015 $ 0.0450 August 10, 2015 September 30, 2015 October 9, 2015 $ 0.0450 October 5, 2015 December 31, 2015 January 15, 2016 $ 0.0450 January 23, 2016 March 31, 2016 (est) April 8, 2016 $ 0.0450

7. EARNINGS PER SHARE

7. EARNINGS PER SHARE	9 Months Ended
	Feb. 29, 2016
Earnings Per Share [Abstract]
EARNINGS PER SHARE	Basic earnings per share (“EPS”) is computed by dividing net income attributable to the Company by the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings per share reflect the potential dilution that could occur assuming vesting, conversion or exercise of all dilutive unexercised options and restricted stock. The following is a reconciliation of the numerator and denominator for the basic and diluted EPS computations: Nine Months Ended Three Months Ended February 29, February 28, February 29, February 28, 2016 2015 2016 2015 Numerator: Net (loss) income attributable to National American University Holdings, Inc. $ (4,378 ) $ 6,460 $ (1,891 ) $ 1,464 Denominator: Weighted average shares outstanding used to compute basic net income per common share 24,836,759 25,151,670 24,152,228 25,181,951 Incremental shares issuable upon the assumed exercise of stock options 0 0 0 0 Incremental shares issuable upon the assumed vesting of restricted shares 0 8,931 0 9,123 Common shares used to compute diluted net income per share 24,836,759 25,160,601 24,152,228 25,191,074 Basic net (loss) income per common share $ (0.18 ) $ 0.26 $ (0.08 ) $ 0.06 Diluted net (loss) income per common share $ (0.18 ) $ 0.26 $ (0.08 ) $ 0.06 A total of 193,350 shares of common stock for the three and nine months ended February 29, 2016 and 82,500 shares of common stock for the three and nine months ended February 28, 2015 subject to issuance upon exercise of stock options have been excluded from the calculation of diluted EPS as the effect would have been anti-dilutive. A total of 82,640 shares of common stock subject to vesting and issuance upon exercise of restricted stock for the three and nine months ended February 29, 2016 (4,484 and 12,894 of these shares had potential dilutive impact for the three and nine months ended February 29, 2016, respectively) have been excluded from the calculation of diluted EPS as the effect would have been anti-dilutive.

8. INCOME TAXES

8. INCOME TAXES	9 Months Ended
	Feb. 29, 2016
Income Taxes
INCOME TAXES	The Company’s effective tax rate was 34.0% for the nine months ended February 29, 2016, as compared to 37.7% for the corresponding period in 2015. The effective tax rate varies from the statutory rate primarily due to the fluctuation in state income taxes as a result of the Company’s net loss position, nondeductible meals, and stock compensation

9. COMMITMENTS AND CONTINGENCIE

9. COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Feb. 29, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	From time to time, NAU is a party to various claims, lawsuits or other proceedings relating to the conduct of its business. Although the outcome of litigation cannot be predicted with certainty and some claims, lawsuits or other proceedings may be disposed of unfavorably, management believes, based on facts presently known, that the outcome of such legal proceedings and claims, lawsuits or other proceedings will not have a material effect on the Company’s consolidated financial position, cash flows or future results of operations.

10. FAIR VALUE MEASUREMENTS

10. FAIR VALUE MEASUREMENTS	9 Months Ended
	Feb. 29, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	The following table summarizes certain information for assets and liabilities measured at fair value on a recurring basis: Quoted prices in active markets (level 1) Other observable inputs (level 2) Unobservable inputs (level 3) Fair value February 29, 2016 Investments: Certificates of deposit $ 0 $ 4,115 $ 0 $ 4,115 Money market accounts included in cash equivalents 274 0 0 274 Total assets at fair value $ 274 $ 4,115 $ 0 $ 4,389 May 31, 2015 Investments: Certificates of deposit $ 244 $ 3,858 $ 0 $ 4,102 Money market accounts included in cash equivalents 269 0 0 269 Total assets at fair value $ 513 $ 3,858 $ 0 $ 4,371 Following is a summary of the valuation techniques for assets and liabilities recorded in the consolidated condensed balance sheets at fair value on a recurring basis: Certificates of Deposit (“CD’s”) and money market accounts: Fair value of financial instruments:

11. SEGMENT REPORTING

11. SEGMENT REPORTING	9 Months Ended
	Feb. 29, 2016
Segment Reporting [Abstract]
SEGMENT REPORTING	Operating segments are defined as business areas or lines of an enterprise about which financial information is available and evaluated on a regular basis by the chief operating decision makers, or decision-making groups, in deciding how to allocate capital and other resources to such lines of business. The Company operates two operating and reportable segments: NAU and other. The NAU segment contains the revenues and expenses associated with the University operations and the allocated portion of corporate overhead. The other segment contains primarily real estate. These operating segments are divisions of the Company for which separate financial information is available and evaluated regularly by executive management in deciding how to allocate resources and in assessing performance. General administrative costs of the Company are allocated to specific divisions of the Company. The following table presents the reportable segment financial information, in thousands: Nine Months Ended February 29, 2016 Nine Months Ended February 28, 2015 Consolidated Consolidated NAU Other Total NAU Other Total Revenue: Academic revenue $ 67,381 $ - $ 67,381 $ 81,862 $ - $ 81,862 Auxiliary revenue 4,854 - 4,854 5,840 - 5,840 Rental income — apartments - 831 831 - 876 876 Condominium sales - - - - 447 447 Total revenue 72,235 831 73,066 87,702 1,323 89,025 Operating expenses: Cost of educational services 19,380 - 19,380 21,537 - 21,537 Selling, general &administrative 54,404 1,076 55,480 52,640 1,199 53,839 Auxiliary expense 3,590 - 3,590 4,144 - 4,144 Cost of condominium sales - - - - 368 368 Loss (gain) on disposition of property 809 (75 ) 734 113 (1,791 ) (1,678 ) Total operating expenses (income) 78,183 1,001 79,184 78,434 (224 ) 78,210 (Loss) income from operations (5,948 ) (170 ) (6,118 ) 9,268 1,547 10,815 Other income (expense): Interest income 57 5 62 32 96 128 Interest expense (654 ) - (654 ) (663 ) (8 ) (671 ) Other income - net - 133 133 - 138 138 Total other (expense) income (597 ) 138 (459 ) (631 ) 226 (405 ) (Loss) income before taxes $ (6,545 ) $ (32 ) $ (6,577 ) $ 8,637 $ 1,773 $ 10,410 As of February 29, 2016 As of February 28, 2015 Consolidated Consolidated NAU Other Total NAU Other Total Total assets $ 64,594 $ 9,165 $ 73,759 $ 78,755 $ 10,062 $ 88,817 Three Months Ended February 29, 2016 Three Months Ended February 28, 2015 Consolidated Consolidated NAU Other Total NAU Other Total Revenue: Academic revenue $ 21,130 $ - $ 21,130 $ 27,053 $ - $ 27,053 Auxiliary revenue 1,273 - 1,273 1,747 - 1,747 Rental income — apartments - 275 275 - 283 283 Total revenue 22,403 275 22,678 28,800 283 29,083 Operating expenses: Cost of educational services 6,252 - 6,252 7,327 - 7,327 Selling, general &administrative 17,369 303 17,672 17,580 316 17,896 Auxiliary expense 927 - 927 1,279 - 1,279 Loss (gain) on disposition of property 742 (71 ) 671 - - - Total operating expenses 25,290 232 25,522 26,186 316 26,502 (Loss) income from operations (2,887 ) 43 (2,844 ) 2,614 (33 ) 2,581 Other income (expense): Interest income 18 - 18 14 3 17 Interest expense (217 ) - (217 ) (220 ) - (220 ) Other income - net - 45 45 - 38 38 Total other (expense) income (199 ) 45 (154 ) (206 ) 41 (165 ) (Loss) income before taxes $ (3,086 ) $ 88 $ (2,998 ) $ 2,408 $ 8 $ 2,416

6. STOCKHOLDERS' EQUITY (Tables

6. STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Feb. 29, 2016
Equity [Abstract]
Summary of Restricted Shares Activity	Restricted Shares Shares Weighted Average Grant Date Fair Value Non-vested shares at May 31, 2015 42,155 $ 3.11 Granted 40,485 2.47 Vested (42,155 ) 3.11 Forfeited - - Non-vested shares at February 29, 2016 40,485 $ 2.47
Summary of Stock Options Assumptions	For the Nine Months Ended Assumptions used: February 29, 2016 Expected term (in years) 5.75 Expected volatility 50.40 % Weighted average risk free interest rate 1.54 % Weighted average risk free interest rate range 1.54 % Weighted average expected dividend 5.92 % Weighted average expected dividend range 5.92 % Weighted average fair value $ 0.84
Summary of Option Activity	Stock Options Shares Weighted average exercise price Weighted average remaining contractual life (in years) Aggregate intrinsic value Outstanding at May 31, 2015 78,750 $ 6.34 7.1 $ 0 Granted 148,475 3.06 Exercised 0 0 Forfeited or canceled (33,875 ) 4.50 Outstanding at February 29, 2016 193,350 $ 4.14 8.6 $ 0 Exercisable at February 29, 2016 124,113 $ 4.75 8.0 $ 0
Summary of Dividend Payments	Date declared Record date Payment date Per share April 7, 2014 June 30, 2014 July 11, 2014 $ 0.0450 August 11, 2014 September 30, 2014 October 10, 2014 $ 0.0450 October 6, 2014 December 31, 2014 January 16, 2015 $ 0.0450 January 24, 2015 March 31, 2015 April 17, 2015 $ 0.0450 April 13, 2015 June 30, 2015 July 10, 2015 $ 0.0450 August 10, 2015 September 30, 2015 October 9, 2015 $ 0.0450 October 5, 2015 December 31, 2015 January 15, 2016 $ 0.0450 January 23, 2016 March 31, 2016 (est) April 8, 2016 $ 0.0450

7. EARNINGS PER SHARE (Tables)

7. EARNINGS PER SHARE (Tables)	9 Months Ended
	Feb. 29, 2016
Earnings Per Share [Abstract]
Reconciliation of Numerator and Denominator for Basic and Diluted EPS Computations	Nine Months Ended Three Months Ended February 29, February 28, February 29, February 28, 2016 2015 2016 2015 Numerator: Net (loss) income attributable to National American University Holdings, Inc. $ (4,378 ) $ 6,460 $ (1,891 ) $ 1,464 Denominator: Weighted average shares outstanding used to compute basic net income per common share 24,836,759 25,151,670 24,152,228 25,181,951 Incremental shares issuable upon the assumed exercise of stock options 0 0 0 0 Incremental shares issuable upon the assumed vesting of restricted shares 0 8,931 0 9,123 Common shares used to compute diluted net income per share 24,836,759 25,160,601 24,152,228 25,191,074 Basic net (loss) income per common share $ (0.18 ) $ 0.26 $ (0.08 ) $ 0.06 Diluted net (loss) income per common share $ (0.18 ) $ 0.26 $ (0.08 ) $ 0.06

10. FAIR VALUE MEASUREMENTS (Ta

10. FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Feb. 29, 2016
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis	Quoted prices in active markets (level 1) Other observable inputs (level 2) Unobservable inputs (level 3) Fair value February 29, 2016 Investments: Certificates of deposit $ 0 $ 4,115 $ 0 $ 4,115 Money market accounts included in cash equivalents 274 0 0 274 Total assets at fair value $ 274 $ 4,115 $ 0 $ 4,389 May 31, 2015 Investments: Certificates of deposit $ 244 $ 3,858 $ 0 $ 4,102 Money market accounts included in cash equivalents 269 0 0 269 Total assets at fair value $ 513 $ 3,858 $ 0 $ 4,371

11. SEGMENT REPORTING (Tables)

11. SEGMENT REPORTING (Tables)	9 Months Ended
	Feb. 29, 2016
Segment Reporting [Abstract]
Financial Information of Reportable Segment	Nine Months Ended February 29, 2016 Nine Months Ended February 28, 2015 Consolidated Consolidated NAU Other Total NAU Other Total Revenue: Academic revenue $ 67,381 $ - $ 67,381 $ 81,862 $ - $ 81,862 Auxiliary revenue 4,854 - 4,854 5,840 - 5,840 Rental income — apartments - 831 831 - 876 876 Condominium sales - - - - 447 447 Total revenue 72,235 831 73,066 87,702 1,323 89,025 Operating expenses: Cost of educational services 19,380 - 19,380 21,537 - 21,537 Selling, general &administrative 54,404 1,076 55,480 52,640 1,199 53,839 Auxiliary expense 3,590 - 3,590 4,144 - 4,144 Cost of condominium sales - - - - 368 368 Loss (gain) on disposition of property 809 (75 ) 734 113 (1,791 ) (1,678 ) Total operating expenses (income) 78,183 1,001 79,184 78,434 (224 ) 78,210 (Loss) income from operations (5,948 ) (170 ) (6,118 ) 9,268 1,547 10,815 Other income (expense): Interest income 57 5 62 32 96 128 Interest expense (654 ) - (654 ) (663 ) (8 ) (671 ) Other income - net - 133 133 - 138 138 Total other (expense) income (597 ) 138 (459 ) (631 ) 226 (405 ) (Loss) income before taxes $ (6,545 ) $ (32 ) $ (6,577 ) $ 8,637 $ 1,773 $ 10,410 As of February 29, 2016 As of February 28, 2015 Consolidated Consolidated NAU Other Total NAU Other Total Total assets $ 64,594 $ 9,165 $ 73,759 $ 78,755 $ 10,062 $ 88,817 Three Months Ended February 29, 2016 Three Months Ended February 28, 2015 Consolidated Consolidated NAU Other Total NAU Other Total Revenue: Academic revenue $ 21,130 $ - $ 21,130 $ 27,053 $ - $ 27,053 Auxiliary revenue 1,273 - 1,273 1,747 - 1,747 Rental income — apartments - 275 275 - 283 283 Total revenue 22,403 275 22,678 28,800 283 29,083 Operating expenses: Cost of educational services 6,252 - 6,252 7,327 - 7,327 Selling, general &administrative 17,369 303 17,672 17,580 316 17,896 Auxiliary expense 927 - 927 1,279 - 1,279 Loss (gain) on disposition of property 742 (71 ) 671 - - - Total operating expenses 25,290 232 25,522 26,186 316 26,502 (Loss) income from operations (2,887 ) 43 (2,844 ) 2,614 (33 ) 2,581 Other income (expense): Interest income 18 - 18 14 3 17 Interest expense (217 ) - (217 ) (220 ) - (220 ) Other income - net - 45 45 - 38 38 Total other (expense) income (199 ) 45 (154 ) (206 ) 41 (165 ) (Loss) income before taxes $ (3,086 ) $ 88 $ (2,998 ) $ 2,408 $ 8 $ 2,416

4. CONTRACT FOR DEED - Addition

4. CONTRACT FOR DEED - Additional Information (Details Narrative) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Jul. 31, 2014	Mar. 31, 2013	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Contract For Deed - Additional Information Details Narrative
Property, sales price		$ 4,000
Proceeds From Principal Received	$ 3,230
Proceed from interest received	85
(Gain) loss on disposition of property	1,743		$ (671)	$ 0	$ (734)	$ 1,678
Sale lease back monthly rental payment	$ 59

5. CAPITAL LEASE OBLIGATION - A

5. CAPITAL LEASE OBLIGATION - Additional Information (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2014	May. 31, 2014
Notes receivable amount		$ 2,000
Notes receivable per month		$ 14
Notes receivable interest rate percentage		6.00%
Payment received on a note receivable	$ 1,390
Capital Lease
Capital lease additions		$ 2,000

6. STOCKHOLDERS EQUITY - Summar

6. STOCKHOLDERS EQUITY - Summary of Restricted Shares (Details)	9 Months Ended
	Feb. 29, 2016$ / sharesshares
Number of options
Outstanding, beginning | shares	42,155
Granted | shares	40,485
Vested | shares	(42,155)
Forfeited | shares	0
Outstanding, ending | shares	40,485
Weighted average grant date fair value
Outstanding, beginning | $ / shares	$ 3.11
Granted | $ / shares	2.47
Vested | $ / shares	3.11
Forfeited | $ / shares	0
Outstanding, ending | $ / shares	$ 2.47

6. STOCKHOLDERS EQUITY - Stock

6. STOCKHOLDERS EQUITY - Stock Option Assumptions (Details)	9 Months Ended
	Feb. 29, 2016$ / shares
Stockholders Equity - Stock Option Assumptions Details
Expected term (in years)	5 years 9 months
Expected volatility	50.40%
Weighted average risk free interest rate	1.54%
Weighted average risk free interest rate range	1.54%
Weighted average expected dividend	5.92%
Weighted average expected dividend range	5.92%
Weighted average fair value	$ .84

6. STOCKHOLDERS EQUITY - Summ27

6. STOCKHOLDERS EQUITY - Summary of Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Feb. 29, 2016USD ($)$ / sharesshares
Number of options
Outstanding, beginning | shares	78,750
Granted | shares	148,475
Exercised | shares	0
Forfeited or canceled | shares	(33,875)
Outstanding, ending | shares	193,350
Exercisable | shares	124,113
Weighted average exercise price
Outstanding, beginning | $ / shares	$ 6.34
Granted | $ / shares	3.06
Exercised | $ / shares	0
Forfeited or canceled | $ / shares	4.50
Outstanding, ending | $ / shares	4.14
Exercisable | $ / shares	$ 4.75
Weighted average remaining contractual term
Outstanding, beginning	7 years 1 month 6 days
Outstanding, ending	8 years 7 months 6 days
Exercisable	8 years
Approximate aggregate intrinsic value
Outstanding, beginning | $	$ 0
Outstanding, ending | $	0
Exercisable | $	$ 0

6. STOCKHOLDERS EQUITY - Summ28

6. STOCKHOLDERS EQUITY - Summary of Dividend Payments (Details)	9 Months Ended
	Feb. 29, 2016$ / shares
Period 1 [Member]
Dividends Payable [Line Items]
Date declared	Apr. 7, 2014
Record date	Jun. 30, 2014
Payment date	Jul. 11, 2014
Per share	$ 0.045
Period 2 [Member]
Dividends Payable [Line Items]
Date declared	Aug. 11, 2014
Record date	Sep. 30, 2014
Payment date	Oct. 10, 2014
Per share	$ 0.045
Period 3 [Member]
Dividends Payable [Line Items]
Date declared	Oct. 6, 2014
Record date	Dec. 31, 2014
Payment date	Jan. 16, 2015
Per share	$ 0.045
Period 4 [Member]
Dividends Payable [Line Items]
Date declared	Jan. 24, 2015
Record date	Mar. 31, 2015
Payment date	Apr. 17, 2015
Per share	$ 0.045
Period 5 [Member]
Dividends Payable [Line Items]
Date declared	Apr. 13, 2015
Record date	Jun. 30, 2015
Payment date	Jul. 10, 2015
Per share	$ 0.045
Period 6 [Member]
Dividends Payable [Line Items]
Date declared	Aug. 10, 2015
Record date	Sep. 30, 2015
Payment date	Oct. 9, 2015
Per share	$ 0.045
Period 7 [Member]
Dividends Payable [Line Items]
Date declared	Oct. 5, 2015
Record date	Dec. 31, 2015
Payment date	Jan. 15, 2016
Per share	$ 0.045
Period 8 [Member]
Dividends Payable [Line Items]
Date declared	Jan. 23, 2016
Record date	Mar. 31, 2016
Payment date	Apr. 8, 2016	[1]
Per share	$ 0.045
[1]	estimated

6. STOCKHOLDERS EQUITY - Additi

6. STOCKHOLDERS EQUITY - Additional Information (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended
	Aug. 31, 2015	Feb. 29, 2016	Nov. 30, 2015	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015	May. 31, 2015
Authorized capital stock		51,100,000			51,100,000
Common stock, par value		$ .0001			$ .0001		$ .0001
Common stock,		50,000,000			50,000,000		50,000,000
Preferred stock, shares authorized		1,000,000			1,000,000
Preferred stock, par value		$ 0.0001			$ 0.0001
Class A common stock, shares authorized		100,000			100,000
Class A common stock, par value		$ 0.0001			$ 0.0001
Common stock, shares outstanding		24,135,234			24,135,234		25,191,414
Total repurchase authorizations, shares	350,000
Total repurchase authorization	$ 1,250
Repurchase of common shares from a single unrelated shareholder					853,073
Repurchase of common shares from a single unrelated shareholder, amount					$ 2,039
Additions to treasury stock					2,961	$ 25
Restricted stock units issued			187,500
Unrecognized compensation cost related to unvested stock option		$ 24			$ 24
Unrecognized compensation cost related to unvested stock option weighted average period		3 months 18 days
2009 Plan
Shares authorized under stock based compensation plan		1,300,000			1,300,000
Shares available for future issuance		471,672			471,672
2013 Plan
Shares authorized under stock based compensation plan		750,000			750,000
Shares available for future issuance		596,500			596,500
August 2015 Repurchase Plan
Repurchase of common shares		202,512			353,581
Additions to treasury stock		$ 451			$ 867
Restricted Stock [Member]
Stock compensation expense		$ 25		$ 33	91	89
Unamortized compensation expense of restricted shares			$ 60
Unamortized compensation expense weighted average period		7 months 6 days
Stock Option
Stock compensation expense		$ 24			97
Unrestricted Stock [Member]
Stock compensation expense		24			241
Stock Based Compensation Settlement
Additions to treasury stock		$ 0		$ 6	$ 55	$ 25

7. EARNINGS PER SHARE - Reconci

7. EARNINGS PER SHARE - Reconciliation of Numerator and Denominator for Basic and Diluted EPS Computations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Numerator:
Net (loss) income attributable to National American University Holdings, Inc.	$ (1,891)	$ 1,464	$ (4,378)	$ 6,460
Denominator:
Weighted average shares outstanding used to compute basic net income per common share	24,152,228	25,181,951	24,836,759	25,151,670
Incremental shares issuable upon the assumed exercise of stock options	0	0	0	0
Incremental shares issuable upon the assumed vesting of restricted shares	0	9,123	0	8,931
Common shares used to compute diluted net income per share	24,152,228	25,191,074	24,836,759	25,160,601
Basic net (loss) income per common share	$ (0.08)	$ 0.06	$ (0.18)	$ 0.26
Diluted net (loss) income per common share	$ (0.08)	$ 0.06	$ (0.18)	$ 0.26

7. EARNINGS PER SHARE - Additio

7. EARNINGS PER SHARE - Additional Information (Details Narrative) - shares	3 Months Ended		9 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Equity Option [Member]
Computation Of Earnings Per Share Line Items [Line Items]
Number of shares excluded from calculation of diluted EPS	193,350	82,500	193,350	82,500
Restricted Stock [Member]
Computation Of Earnings Per Share Line Items [Line Items]
Number of shares excluded from calculation of diluted EPS	82,640		82,640
Number of shares with potentially diluted impact	4,484		12,894

8. INCOME TAXES - Additional In

8. INCOME TAXES - Additional Information (Details Narrative)	9 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Income Taxes - Additional Information Details Narrative
Effective tax rate	34.00%	37.70%

10. FAIR VALUE MEASUREMENTS - S

10. FAIR VALUE MEASUREMENTS - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Feb. 29, 2016	May. 31, 2015
Investments
Total assets at fair value	$ 4,389	$ 4,371
Fair Value, Inputs, Level 1 [Member]
Investments
Total assets at fair value	274	513
Fair Value, Inputs, Level 2 [Member]
Investments
Total assets at fair value	4,115	3,858
Fair Value, Inputs, Level 3 [Member]
Investments
Total assets at fair value	0	0
Certificate of Deposit [Member]
Investments
Total assets at fair value	4,115	4,102
Certificate of Deposit [Member] | Fair Value, Inputs, Level 1 [Member]
Investments
Total assets at fair value	0	244
Certificate of Deposit [Member] | Fair Value, Inputs, Level 2 [Member]
Investments
Total assets at fair value	4,115	3,858
Certificate of Deposit [Member] | Fair Value, Inputs, Level 3 [Member]
Investments
Total assets at fair value	0	0
Money Market Funds [Member]
Investments
Total assets at fair value	274	269
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Investments
Total assets at fair value	274	269
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Investments
Total assets at fair value	0	0
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Investments
Total assets at fair value	$ 0	$ 0

10. FAIR VALUE MEASUREMENTS - A

10. FAIR VALUE MEASUREMENTS - Additional Information (Details Narrative) - USD ($) $ in Thousands	Feb. 29, 2016	May. 31, 2015
Fair Value Measurements - Additional Information Details Narrative
Estimated fair value of capital lease obligations	$ 11,918	$ 12,097

11. SEGMENT REPORTING - Financi

11. SEGMENT REPORTING - Financial Information of Reportable Segment (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2014	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015	May. 31, 2015
REVENUE:
Academic revenue		$ 21,130	$ 27,053	$ 67,381	$ 81,862
Auxiliary revenue		1,273	1,747	4,854	5,840
Rental income - apartments		275	283	831	876
Condominium sales		0	0	0	447
Total revenue		22,678	29,083	73,066	89,025
OPERATING EXPENSES:
Cost of educational services		6,252	7,327	19,380	21,537
Selling, general & administrative		17,672	17,896	55,480	53,839
Auxiliary expense		927	1,279	3,590	4,144
Cost of condominium sales		0	0	0	368
Loss (gain) on disposition of property	$ (1,743)	671	0	734	(1,678)
Total operating expenses (income)		25,522	26,502	79,184	78,210
(Loss) income from operations		(2,844)	2,581	(6,118)	10,815
OTHER INCOME (EXPENSE):
Interest income		18	17	62	128
Interest expense		(217)	(220)	(654)	(671)
Other income - net		45	38	133	138
Total other (expense) income		(154)	(165)	(459)	(405)
(Loss) income before taxes		(2,998)	2,416	(6,577)	10,410
Total assets		73,759	88,817	73,759	88,817	$ 86,544
Nau [Member]
REVENUE:
Academic revenue		21,130	27,053	67,381	81,862
Auxiliary revenue		1,273	1,747	4,854	5,840
Rental income - apartments		0	0	0	0
Condominium sales				0	0
Total revenue		22,403	28,800	72,235	87,702
OPERATING EXPENSES:
Cost of educational services		6,252	7,327	19,380	21,537
Selling, general & administrative		17,369	17,580	54,404	52,640
Auxiliary expense		927	1,279	3,590	4,144
Cost of condominium sales				0	0
Loss (gain) on disposition of property		742	0	809	113
Total operating expenses (income)		25,290	26,186	78,183	78,434
(Loss) income from operations		(2,887)	2,614	(5,948)	9,268
OTHER INCOME (EXPENSE):
Interest income		18	14	57	32
Interest expense		(217)	(220)	(654)	(663)
Other income - net		0	0	0	0
Total other (expense) income		(199)	(206)	(597)	(631)
(Loss) income before taxes		(3,086)	2,408	(6,545)	8,637
Total assets		64,594	78,755	64,594	78,755
Other Segments [Member]
REVENUE:
Academic revenue		0	0	0	0
Auxiliary revenue		0	0	0	0
Rental income - apartments		275	283	831	876
Condominium sales				0	447
Total revenue		275	283	831	1,323
OPERATING EXPENSES:
Cost of educational services		0	0	0	0
Selling, general & administrative		303	316	1,076	1,199
Auxiliary expense		0	0	0	0
Cost of condominium sales				0	368
Loss (gain) on disposition of property		(71)	0	(75)	(1,791)
Total operating expenses (income)		232	316	1,001	(224)
(Loss) income from operations		43	(33)	(170)	1,547
OTHER INCOME (EXPENSE):
Interest income		0	3	5	96
Interest expense		0	0	0	(8)
Other income - net		45	38	133	138
Total other (expense) income		45	41	138	226
(Loss) income before taxes		88	8	(32)	1,773
Total assets		$ 9,165	$ 10,062	$ 9,165	$ 10,062

11. SEGMENT REPORTING - Additio

11. SEGMENT REPORTING - Additional Information (Details)	9 Months Ended
	Feb. 29, 2016Segments
Segment Reporting [Abstract]
Number of reportable segments	2