Summary of Significant Accounting Policies (Tables)

9 Months Ended

Mar. 31, 2015

Summary of Significant Accounting Policies

Schedule of useful lives of property and equipment

		Useful Life
Student computers and tablets		3 years
Computer hardware		3 years
Computer software		3-5 years
Web site development costs		3 years
Office equipment		5 years
Furniture and fixtures		7 years
Leasehold improvements		3-12 years

Schedule of goodwill activity

Rollforward of Goodwill	Amount
	($ in millions)
Balance as of June 30, 2014	$	58.1
Acquisition of LearnBop, Inc.	9.0
Adjustments due to foreign exchange translations	0.1
Balance as of March 31, 2015	$	67.2

Schedule of intangible assets

	March 31, 2015							June 30, 2014
($ in millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Value		Gross Carrying Amount		Accumulated Amortization			Net Carrying Value
Trade names	$	17.5	$	(5.3	)	$	12.2	$	17.5	$	(4.6	)	$	12.9
Customer and distributor relationships	18.2		(8.9		)	9.3		18.2		(7.7		)	10.5
Developed technology	1.2		(1.2		)	—		1.2		(1.2		)	—
Other	0.5		(0.2		)	0.3		0.5		(0.2		)	0.3
	$	37.4	$	(15.6	)	$	21.8	$	37.4	$	(13.7	)	$	23.7

Schedule of assets and liabilities measured at fair value on a recurring basis

The following table summarizes certain fair value information at March 31, 2015 for assets and liabilities measured at fair value on a recurring basis:

	Fair Value Measurements Using:
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Input		Inputs
Description	Fair Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
Redeemable Noncontrolling Interest in Middlebury Joint Venture	$	16,801	$	—	$	—	$	16,801
Redeemable Noncontrolling Interest in LearnBop, Inc.	3,000		$	—	$	—	3,000
Total	$	19,801	$	—	$	—	$	19,801

The following table summarizes certain fair value information at June 30, 2014 for assets and liabilities measured at fair value on a recurring basis:

	Fair Value Measurements Using:
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Input		Inputs
Description	Fair Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
Redeemable Noncontrolling Interest in Middlebury Joint Venture	$	16,801	$	—	$	—	$	16,801
Total	$	16,801	$	—	$	—	$	16,801

The following table summarizes the activity during the nine months ended March 31, 2015 for assets and liabilities measured at fair value on a recurring basis:

	Nine Months Ended March 31, 2015
			Purchases,				Fair Value
	Fair Value		Issuances,		Unrealized		March 31,
Description	June 30, 2014		and Settlements		Gains/(Losses)		2015
	(In thousands)
Redeemable Noncontrolling Interest in Middlebury Joint Venture	$	16,801	$	—	$	—	$	16,801
Redeemable Noncontrolling Interest in LearnBop, Inc.	—		3,000		—		3,000

Total	$	16,801	$	3,000	$	—	$	19,801

Schedule of calculation of basic and diluted net income per share

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2015		2014		2015		2014
	(In thousands except shares and				(In thousands except shares and
	per share data)				per share data)
Basic and dilutive income per share:
Net income attributable to common stockholders, including Series A stockholders	$	17,013	$	15,949	$	22,568	$	7,244
Weighted average common shares — basic	37,211,634		39,596,798		37,334,598		39,136,667
Weighted average common shares — diluted	37,408,911		39,596,798		37,574,665		39,136,667
Basic net income per share	$	0.46	$	0.40	$	0.60	$	0.19
Diluted net income per share	$	0.45	$	0.40	$	0.60	$	0.19