<SEC-DOCUMENT>0000950123-11-098334.txt : 20111114
<SEC-HEADER>0000950123-11-098334.hdr.sgml : 20111111
<ACCEPTANCE-DATETIME>20111114142956
ACCESSION NUMBER:		0000950123-11-098334
CONFORMED SUBMISSION TYPE:	10-Q/A
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20110331
FILED AS OF DATE:		20111114
DATE AS OF CHANGE:		20111114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Grand Canyon Education, Inc.
		CENTRAL INDEX KEY:			0001434588
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				203356009
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34211
		FILM NUMBER:		111201073

	BUSINESS ADDRESS:	
		STREET 1:		3300 W. CAMELBACK ROAD
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85017
		BUSINESS PHONE:		602-639-7500

	MAIL ADDRESS:	
		STREET 1:		3300 W. CAMELBACK ROAD
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85017
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q/A
<SEQUENCE>1
<FILENAME>c24175e10vqza.htm
<DESCRIPTION>FORM 10-Q/A
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 10-Q/A</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#C24175tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 10pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 1pt; margin-top: 10pt"><DIV align="center"><DIV style="font-size: 1pt; margin-top: 10pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 18pt; margin-top: 10pt"><B>FORM
10-Q/A</B>
</DIV>

<DIV align="center" style="font-size: 1pt; margin-top: 10pt"><DIV align="center"><DIV style="font-size: 1pt; margin-top: 10pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>




<DIV align="center" style="font-size: 12pt; margin-top: 10pt"><B>Amendment  No.1 to Form 10-Q</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>(Mark One)</B>
</DIV>


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 1pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT style="font-family: Wingdings">&#254;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD><B>QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>


<!-- xbrl,dc -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%"><B>For the quarterly period ended March&nbsp;31, 2011</B></DIV>
<!-- /xbrl,dc -->

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>or</B></DIV>


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 10pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT style="font-family: Wingdings">&#111;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%"><B>For the transition period from <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> to <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>
Commission File Number: 001-34211</B>
</DIV>

<DIV align="center" style="font-size: 1pt; margin-top: 10pt"><DIV align="center"><DIV style="font-size: 1pt; margin-top: 10pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 10pt"><B>GRAND CANYON EDUCATION, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">
<B><I>(Exact name of registrant as specified in its charter)</I></B></DIV>

<DIV align="center" style="font-size: 1pt; margin-top: 10pt"><DIV align="center"><DIV style="font-size: 1pt; margin-top: 10pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>DELAWARE</B><BR>
<B><I>(State or other jurisdiction of <BR>
Incorporation or organization)</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>20-3356009</B><BR>
<B><I>(I.R.S. Employer<BR>
Identification No.)</I></B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>3300 W. Camelback Road<BR>
Phoenix, Arizona 85017</B><BR>
<B><I>(Address, including zip code, of principal executive offices)</I></B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>(602)&nbsp;639-7500<BR>
(Registrant&#146;s telephone number, including area code)</B></DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Indicate by check mark whether the registrant (1)&nbsp;has filed all reports required to be
filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12&nbsp;months
(or for such shorter period that the registrant was required to file such reports), and (2)&nbsp;has
been subject to such filing requirements for the past 90&nbsp;days.
Yes <FONT style="font-family: Wingdings">&#254;</FONT> No <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Indicate by check mark whether the registrant has submitted electronically and posted on its
corporate Web site, if any, every Interactive Data File required to be submitted and posted
pursuant to Rule&nbsp;405 of Regulation&nbsp;S-T (&#167;232.405 of this chapter) during the preceding 12&nbsp;months
(or for such shorter period that the registrant was required to submit and post such files). Yes <FONT style="font-family: Wingdings">&#254;</FONT> No <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated
filer, a non-accelerated filer, or a smaller reporting company. See definitions of &#147;large
accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule&nbsp;12b-2 of the
Exchange Act. (Check one):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Large accelerated filer <FONT style="font-family: Wingdings">&#254;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><font style="white-space: nowrap">Non-accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT><br>
(Do not check if a smaller reporting company)</font>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><font style="white-space: nowrap">Smaller reporting company <FONT style="font-family: Wingdings">&#111;</FONT></font></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Indicate by check mark whether the registrant is a shell company (as defined in Rule&nbsp;12b-2 of
the Exchange Act). Yes <FONT style="font-family: Wingdings">&#111;</FONT> No <FONT style="font-family: Wingdings">&#254;</FONT>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The total number of shares of common stock outstanding as of November&nbsp;1, 2011, was 44,331,047.
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>




<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C24175tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><U>Explanatory
Note</U></B></DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Amendment No.&nbsp;1 to Form 10-Q (the &#147;Form 10-Q/A&#148;) is being filed by Grand Canyon
Education, Inc. (the &#147;University&#148;) to amend and restate its Quarterly Report on Form 10-Q for the
three months ended March&nbsp;31, 2011 filed with the United States Securities and Exchange Commission
(&#147;SEC&#148;) on May 9, 2011 (the &#147;Original Form 10-Q&#148;). The purpose of this Quarterly Report on Form&nbsp;10-Q/A is to amend and restate our condensed financial statements, financial data and related
disclosures to reflect a correction in methodology relating to the manner in which the University
estimates its allowance for doubtful accounts, as discussed in Note 2 to the accompanying restated
financial statements. This correction, which is described below, requires the
University to restate its audited financial statements for the year
ended December&nbsp;31, 2010
and its unaudited interim financial statements for the quarters ended June 30, 2010, September 30, 2010, March 31, 2011
and June 30, 2011. The
University has  filed an Amended Annual Report on Form 10-K/A for the year ended December&nbsp;31,
2010 with the SEC on November&nbsp;14, 2011 immediately preceding the filing of this report.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Restatement of Previously Issued Financial Statements</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We are filing this Form 10-Q/A as a result of the correction of an error in our methodology
relating to the manner in which we estimate our allowance for doubtful accounts, which requires us
to restate our financial statements for the year ended December&nbsp;31, 2010 and our unaudited interim
financial statements for the quarter ended March&nbsp;31, 2011.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In recent periods, we experienced a significant change in the composition of our receivable
balances since our transition to the borrower-based financial aid model in the second quarter of
2010 in which the receivables due from former students had grown as a percentage of the total
amount outstanding. However, our historical process for estimating the allowance for doubtful
accounts did not consider the disaggregation of receivable balances by student based on enrollment
status. As a result, the growth in the inactive student receivables was not evident when making our
allowance estimate in prior periods. As our collection experience indicates that receivables from
former students carry a higher risk, this disaggregated information
should have been considered in determining the probability of loss within our receivables. If such information had
been evaluated, we would have increased the allowance for doubtful accounts to reflect the
increased risk profile of the receivables in prior periods. Accordingly, the Audit Committee of
the Board of Directors, together with management and in consultation with Ernst &#038; Young LLP, our
independent registered public accounting firm, determined that,
because management should have taken
the additional steps necessary to develop the disaggregated information for use in the analysis of
reserve requirements and resulting allowance for doubtful accounts, the financial statements
for the fiscal year ended December 31, 2010 and for the quarters
ended June
30, 2010, September 30, 2010, March 31, 2011 and June 30, 2011 should
be restated to correct the allowance for doubtful accounts.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C24175tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As a result, the University concluded that it understated bad debt
expense and overstated operating income and net income,
by approximately $3.0 million, $3.0 million, and $1.8 million, respectively, for the three months ended March&nbsp;31, 2011. Accordingly, we have restated:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">Our balance sheet as of March&nbsp;31, 2011 by increasing our allowance for
doubtful accounts by $3.0 million; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">Our income statement for the three months ended March&nbsp;31, 2011 by
increasing instructional costs and services expense by
$3.0&nbsp;million and decreasing operating income and net
income by $3.0 million and $1.8 million, respectively.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As a result of this restatement, amounts in our statements of cash flows and stockholders&#146;
equity for the three months ended March&nbsp;31, 2011 have also been restated. Our total cash flows
from operations for the three months ended March&nbsp;31, 2011 remains unchanged. A summary of the
effects of this restatement to our financial statements included within this Form 10-Q/A is
presented in Note 2 in the accompanying notes to financial statements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Form 10-Q/A  includes changes in Part I, Item 4 &#151; Controls and Procedures
and reflects management&#146;s restated assessment of our disclosure controls and procedures
(as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of March 31, 2011.
  This restatement of management&#146;s assessment regarding disclosure controls and procedures
results from a material weakness in our internal control over financial reporting relating to the
above described restatements.  The information required in this restatement was previously omitted and
should have been reported in our Original Form 10-Q.  As of the date
of this filing, we have implemented certain changes in our internal
controls to address this material weakness.  See Part I, Item 4 &#151; Controls and Procedures.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For the convenience of the reader, this Form 10-Q/A sets forth the Original Form 10-Q in its
entirety, as modified and superseded where necessary to reflect the restatement. The following
items have been amended principally as a result of, and to reflect, the restatement:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">Part&nbsp;I &#151; Item&nbsp;1. Financial Statements;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">Part&nbsp;I &#151; Item&nbsp;2. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations; and</DIV></TD>
</TR>
<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">Part&nbsp;I &#151; Item&nbsp;4. Controls
and Procedures</DIV></TD>
</TR>


<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">Part&nbsp;II &#151; Item&nbsp;6. Exhibits.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In accordance with applicable SEC rules, this Form 10-Q/A includes certifications from our
Principal Executive Officer and Principal Financial Officer dated as of the date of this filing.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="C24175tocpage"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Table of Contents</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>GRAND CANYON EDUCATION, INC.<BR>
FORM 10-Q<BR>
INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C24175101"><B>PART I &#151; FINANCIAL INFORMATION</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C24175102">Item&nbsp;1 Financial Statements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C24175103">Item&nbsp;2 Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C24175104">Item&nbsp;3 Quantitative and Qualitative Disclosures About Market Risk</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C24175105">Item&nbsp;4 Controls and Procedures</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C24175106"><B>PART II &#151; OTHER INFORMATION</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C24175107">Item&nbsp;1 Legal Proceedings</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C24175108">Item&nbsp;1A Risk Factors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C24175109">Item&nbsp;2 Unregistered Sales of Equity Securities and Use of Proceeds</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C24175110">Item&nbsp;3 Defaults Upon Senior Securities</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C24175111">Item&nbsp;4 Reserved</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C24175112">Item&nbsp;5 Other Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C24175113">Item&nbsp;6 Exhibits</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C24175114">SIGNATURES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c24175exv31w1.htm">Exhibit 31.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c24175exv31w2.htm">Exhibit 31.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c24175exv32w1.htm">Exhibit 32.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c24175exv32w2.htm">Exhibit 32.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="lope-20110331.xml">EX-101 INSTANCE DOCUMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="lope-20110331.xsd">EX-101 SCHEMA DOCUMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="lope-20110331_cal.xml">EX-101 CALCULATION LINKBASE DOCUMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="lope-20110331_lab.xml">EX-101 LABELS LINKBASE DOCUMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="lope-20110331_pre.xml">EX-101 PRESENTATION LINKBASE DOCUMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="lope-20110331_def.xml">EX-101 DEFINITION LINKBASE DOCUMENT</A></FONT></TD></TR>
</TABLE>
</DIV>
<DIV align="left">
<!-- /TOC -->
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C24175tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left">
<A name="C24175101"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>PART I &#151; FINANCIAL INFORMATION</B>
</DIV>

<DIV align="left">
<A name="C24175102"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;1.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Financial Statements</B></DIV></TD>
</TR>
</TABLE>
</DIV>




<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>GRAND CANYON EDUCATION, INC.<BR>
<!-- xbrl,in -->
Income Statements<BR>
<!-- xbrl,body -->
(Unaudited)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="1" style="border-bottom: 1px solid #000000"><B>(In thousands, except per share data)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Restated</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net revenue</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">101,709</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">89,326</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Costs and expenses:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Instructional costs and services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,660</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Selling and promotional, including $401
and $2,347 to related parties for March
31, 2011 and 2010, respectively</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,832</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,876</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">General and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,832</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,104</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exit costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total costs and expenses</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,539</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,729</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Operating income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,597</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(107</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(344</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Income before income taxes</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,095</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,314</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,614</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,834</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,480</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Earnings per share:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Basic income per share</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Diluted income per share</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Basic weighted average shares outstanding</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,590</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,674</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Diluted weighted average shares outstanding</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,325</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><I>The accompanying notes are an integral part of these financial statements.</I>
</DIV>
<!-- /xbrl,in -->
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C24175tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>GRAND CANYON EDUCATION, INC.<BR>
<!-- xbrl,ci -->
Statements of Comprehensive Income<BR>
<!-- xbrl,body -->
(Unaudited)</B>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>(In thousands)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Restated</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,480</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Other comprehensive income, net of tax:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized gains (losses)&nbsp;on hedging derivatives</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(147</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized losses on available for sale securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Realized gains on available for sale securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(19</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Comprehensive income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,310</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><I>The accompanying notes are an integral part of these financial statements.</I>
</DIV>
<!-- /xbrl,ci -->

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C24175tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>GRAND CANYON EDUCATION, INC.<BR>
<!-- xbrl,bs -->
Balance Sheets
<!-- xbrl,body -->
</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>(In thousands, except par value)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Restated</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Current assets </B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">30,243</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">33,637</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restricted cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,740</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,178</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts
receivable, net of allowance for doubtful accounts of $31,366 (Restated) and
$30,112 at March&nbsp;31, 2011 and December&nbsp;31, 2010, respectively</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,972</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,983</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income taxes receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,415</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,563</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,078</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,834</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total current assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117,309</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133,125</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,655</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,999</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restricted cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">760</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Prepaid royalties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,396</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,579</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,941</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,941</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,487</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,800</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,892</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">275,487</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">275,096</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center"><B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY:</B><BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Current liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">27,072</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,693</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued compensation and benefits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,144</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,633</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,477</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued litigation loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,200</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued exit costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income taxes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">829</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Student deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,873</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,218</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,034</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Due to related parties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,958</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,346</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of capital lease obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,638</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,673</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,957</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,026</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total current liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,030</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122,848</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital lease obligations, less current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other noncurrent liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,679</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,715</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notes payable, less current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,881</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151,151</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147,595</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commitments and contingencies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Stockholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Preferred stock, $0.01 par value, 10,000 shares authorized; 0 shares issued
and outstanding at March&nbsp;31, 2011 and December&nbsp;31, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common stock, $0.01 par value, 100,000 shares authorized; 45,812 and 45,811
shares issued and 44,817 and 45,761 shares outstanding at March&nbsp;31, 2011 and
December&nbsp;31, 2010, respectively</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">458</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">458</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Treasury stock, at cost, 995 and 50 shares of common stock at March&nbsp;31, 2011
and December&nbsp;31, 2010, respectively</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,993</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(782</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additional paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78,961</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,449</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated other comprehensive loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(392</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(445</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,821</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total stockholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,336</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,501</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total liabilities and stockholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">275,487</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">275,096</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><I>The accompanying notes are an integral part of these financial statements.</I>
</DIV>

<!-- /xbrl,bs -->

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C24175tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>GRAND CANYON EDUCATION, INC.<BR>
<!-- xbrl,se -->
Statement of Stockholders&#146; Equity<BR>
<!-- xbrl,body -->
(In thousands)<BR>
(Unaudited)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Tabler Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Additional</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Common Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Treasury Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Paid-in</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Comprehensive</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Par Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Stated Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Capital</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Loss</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Earnings</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Restated</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Restated</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at December&nbsp;31, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,811</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">458</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(782</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">77,449</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(445</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">50,821</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">127,501</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,481</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrealized
gain on hedging derivative, net of taxes of $21</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common stock purchased for treasury</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">945</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,211</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,211</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exercise of stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Excess tax benefits from share-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,430</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at March&nbsp;31, 2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,812</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">458</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(14,993</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">78,961</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(392</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">60,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">124,336</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><I>The accompanying notes are an integral part of these financial statements.</I>
</DIV>
<!-- /xbrl,se -->
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C24175tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>GRAND CANYON EDUCATION, INC.<BR>
<!-- xbrl,cf -->
Statements of Cash Flows<BR>
<!-- xbrl,body -->
(Unaudited)</B>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Three Months Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>(In thousands)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Restated</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash flows provided by operating activities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,480</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjustments to reconcile net income to net cash provided by operating activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Share-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,037</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Excess tax benefits from share-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(492</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Amortization of debt issuance costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Provision for bad debts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,034</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,774</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,826</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,661</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exit costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(24</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(479</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">(224</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(39</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Changes in assets and liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Accounts receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,023</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,862</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Prepaid expenses and other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(52</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,655</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Due to/from related parties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,388</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,748</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,912</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(513</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,024</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Income taxes receivable/payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,665</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,251</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Student deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,746</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,911</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Deferred revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,184</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,168</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net cash provided by operating activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,413</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,080</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash flows used in investing activities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capital expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,668</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,591</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Change in restricted cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,753</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,931</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Proceeds from sale or maturity of investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">487</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net cash used in investing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,915</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,035</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash flows (used in) provided by financing activities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Principal payments on notes payable and capital lease obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(694</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(727</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Purchase of treasury stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,211</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Excess tax benefits from share-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">492</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net proceeds from exercise of stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">502</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net cash (used in) provided by financing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,892</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">267</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net (decrease)&nbsp;increase in cash and cash equivalents</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,394</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,312</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash and cash equivalents, beginning of period</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,637</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,571</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash and cash equivalents, end of period</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">30,243</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">97,883</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Supplemental disclosure of cash flow information</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash paid for interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">195</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash paid for income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">219</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,598</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Supplemental disclosure of non-cash investing and financing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Purchases of property and equipment included in accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,631</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,357</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tax benefit of Spirit warrant intangible</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">259</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><I>The accompanying notes are an integral part of these financial statements.</I>
</DIV>
<!-- /xbrl,cf -->

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C24175tocpage">Table of Contents</A></H5><P>
<!-- xbrl,ns -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>GRAND CANYON EDUCATION, INC.<BR>
Notes to Financial Statements<BR>
(In thousands, except share and per share data)<BR>
(Unaudited)</B>
</DIV>



<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>1. Nature of Business</B>
</DIV>
<!-- xbrl,body -->

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Grand Canyon Education, Inc. (the &#147;University&#148;) is a regionally accredited provider of
postsecondary education services focused on offering graduate and undergraduate degree programs in
its core disciplines of education, business, healthcare, and liberal arts. The University offers
courses online, at its approximately 100 acre traditional ground campus in Phoenix, Arizona and
onsite at the facilities of employers. The University is accredited by The Higher Learning
Commission of the North Central Association of Colleges and Schools.
</DIV>
<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>2.&nbsp;Restatement of Financial Statements
</B></DIV>
<!-- xbrl,body -->


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On November&nbsp;3, 2011, the University determined that there was an error in the methodology it
used to estimate its allowance for doubtful accounts and that its financial statements for the
three months ended March&nbsp;31, 2011 needed to be restated.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In recent periods, the University experienced a significant change in the composition of its
receivable balances since its transition to the borrower-based financial aid model in the second
quarter of 2010 in which the receivables due from former students had grown as a percentage of the
total amount outstanding. However, the University&#146;s historical process for estimating the
allowance for doubtful accounts did not consider the disaggregation of receivable balances by
student based on enrollment status. As a result, the growth in the inactive student receivables was
not evident when making the allowance estimate in prior periods. As the University&#146;s collection
experience indicates that receivables from former students carry a higher risk, this disaggregated
information should have been considered in determining the probability of loss within the
University&#146;s receivables. If such information had been evaluated, management would have increased
the allowance for doubtful accounts to reflect the increased risk profile of the receivables in
prior periods. Accordingly, the Audit Committee of the Board of Directors together with
management, determined that, because management should have taken the additional steps
necessary to develop the disaggregated information for use in the analysis of reserve requirements
and resulting allowance for doubtful accounts, the financial statements for the fiscal year ended
December&nbsp;31, 2010 and for the quarters ended June 30, 2010,
September 30, 2010, March 31, 2011 and June 30, 2011 should be restated to correct the allowance
for doubtful accounts.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following
table summarizes the unaudited quarterly results of operations as originally
reported and as restated for the three months ended March 31, 2011.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center"  STYLE="BORDER-BOTTOM: 1PX SOLID #000000" colspan="6"><B>2011</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>First Quarter</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>First Quarter</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>As Reported</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>As Restated</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net revenue</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">101,709</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">101,709</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Costs and expenses:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Instructional costs and
services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,830</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Selling and promotional</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,832</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,832</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">General and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,832</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,832</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total costs and expenses</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82,494</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,539</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Operating income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,215</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,170</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(75</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(75</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Income before income taxes</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,095</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,614</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,298</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,481</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Earnings per share:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Basic income per
share(1)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Diluted income per share(1)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Basic weighted average
shares outstanding</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,590</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,590</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Diluted weighted average
shares outstanding</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,089</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The sum of quarterly income per share may not equal annual income
per share due to rounding.</TD>
</TR>
</TABLE>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The
following is a summary of the changes on the University&#146;s
balance sheet.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>As of March 31, 2011</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>As Reported</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>As Restated</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounts
receivable, net of allowance for doubtful accounts of $13,169 (As
Reported) and $31,366 (As Restated)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,972</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,563</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128,286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117,309</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">286,464</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">275,487</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,302</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135,313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,336</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total liabilities and
stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">286,464</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">275,487</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The
following is a summary of the changes on the University&#146;s statement of cash flows.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>March 31, 2011</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>As Reported</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>As Restated</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,298</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,481</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for bad debts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,988</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,034</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(224</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash provided by
operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,413</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,413</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>3. Summary of Significant Accounting Policies</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Unaudited Interim Financial Information</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The accompanying unaudited interim financial statements of the University have been prepared
in accordance with U.S. generally accepted accounting principles, consistent in all material
respects with those applied in its financial statements included in
its Annual Report on Form 10-K/A
for the fiscal year ended December&nbsp;31, 2010. Accordingly, they do not include all of the
information and footnotes required by U.S. generally accepted accounting principles for complete
financial statements. Such interim financial information is unaudited but reflects all adjustments
that in the opinion of management are necessary for the fair presentation of the interim periods
presented. Interim results are not necessarily indicative of results for a full year. This
Quarterly Report on Form 10-Q/A should be read in conjunction with the University&#146;s audited financial
statements and footnotes included in its Annual Report on Form 10-K/A for the fiscal year ended
December&nbsp;31, 2010 from which the December&nbsp;31, 2010 balance sheet information was derived.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Restricted Cash and Cash Equivalents</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A significant portion of the University&#146;s revenue is received from students who participate in
government financial aid and assistance programs. Restricted cash and cash equivalents primarily
represents amounts received from the federal and state governments under various student aid grant
and loan programs, such as Title IV. These funds are received subsequent to the completion of the
authorization and disbursement process for the benefit of the student. The U.S. Department of
Education requires Title IV funds collected in advance of student billings to be segregated in a
separate cash or cash equivalent account until the students are billed for their portion. The
University also classifies the $5,200 that it agreed to pay to settle the <I>qui tam </I>matter as
restricted cash, subject to the distribution of the settlement amount from escrow in accordance
with the terms of the settlement agreement. The University records all of these amounts as a
current asset in restricted cash and cash equivalents. Restricted cash and cash equivalents is
excluded from cash and cash equivalents until the cash is no longer restricted. The majority of
these funds remain as restricted cash and cash equivalents for an average of 60 to 90&nbsp;days from the
date of receipt.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In the fourth quarter of 2010, the counterparty to the University&#146;s interest rate swap made a
collateral call and the University posted $760 of pledged collateral as noncurrent restricted cash.
The pledged collateral was reduced to $445 as of March&nbsp;31, 2011.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Derivatives and Hedging</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Derivative financial instruments are recorded on the balance sheet as assets or liabilities
and re-measured at fair value at each reporting date. For derivatives designated as cash flow
hedges, the effective portion of the gain or loss on the derivative is reported as a component of
other comprehensive income and reclassified into earnings in the same period or periods during
which the hedged transaction affects earnings. Gains and losses on the derivative representing
either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are
recognized in current earnings.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Derivative financial instruments enable the University to manage its exposure to interest rate
risk. The University does not engage in any derivative instrument trading activity. Credit risk
associated with the University&#146;s derivatives is limited to the risk that a derivative counterparty
will not perform in accordance with the terms of the contract. Exposure to counterparty credit
risk is considered low because these agreements have been entered into with institutions with
strong credit ratings, and they are expected to perform fully under the terms of the agreements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On June&nbsp;30, 2009, the University entered into an interest rate corridor instrument and an
interest rate swap to manage its 30 Day LIBOR interest exposure related to its variable rate debt,
which commenced in April&nbsp;2009 and matures in April&nbsp;2014. The fair value of the interest rate
corridor instrument as of March&nbsp;31, 2011 and December&nbsp;31, 2010 was $25 and $27, respectively, which
is included in other assets. The fair value of the interest rate swap is a liability of $583 and
$686 as of March&nbsp;31, 2011 and December&nbsp;31, 2010, respectively, which is included in other
noncurrent liabilities. The fair values of each derivative instrument were determined using a
hypothetical derivative transaction and Level 2 of the hierarchy of valuation inputs. These
derivative instruments were designated as cash flow hedges of variable rate debt obligations. The
adjustment of $74 and $245 in the first three months of 2011 and 2010, respectively, for the
effective portion of the loss on the derivatives is included as a component of other comprehensive
income, net of taxes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The interest rate corridor instrument hedges variable interest rate risk starting July&nbsp;1, 2009
through April&nbsp;30, 2014 with a notional amount of $11,268 as of March&nbsp;31, 2011. The corridor
instrument permits the University to hedge its interest rate risk at several thresholds; the
University will pay variable interest rates based on the 30 Day LIBOR rates monthly until that
index reaches 4%. If 30 Day LIBOR is equal to 4% through 6%, the University will pay 4%. If 30
Day LIBOR exceeds 6%, the University will pay actual 30 Day LIBOR less 2%. This reduces the
University&#146;s exposure to potential increases in interest rates.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The interest rate swap commenced on May&nbsp;1, 2010 and continues each month thereafter until
April&nbsp;30, 2014 and has a notional amount of $11,268 as of March&nbsp;31, 2011. The University will
receive 30 Day LIBOR and pay 3.245% fixed interest on the amortizing notional amount. Therefore,
the University has hedged its exposure to future variable rate cash flows through April&nbsp;30, 2014.
The interest rate swap is not subject to a master netting arrangement and collateral has been
called by the counterparty and reflected in a restricted cash account as of March&nbsp;31, 2011 and
December&nbsp;31, 2010 in the amount of $445 and $760, respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of March&nbsp;31, 2011 no derivative ineffectiveness was identified. Any ineffectiveness in the
University&#146;s derivative instruments designated as hedges would be reported in interest expense in
the income statement. For the three months ended March&nbsp;31, 2011 $8 of credit risk was recorded in
interest expense on the derivatives. At March&nbsp;31, 2011, the University is not expected to
reclassify gains or losses on derivative instruments from accumulated other comprehensive (loss)
income into earnings during the next 12&nbsp;months.
</DIV>

<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C24175tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>GRAND CANYON EDUCATION, INC.<BR>
Notes to Financial Statements<BR>
(In thousands, except share and per share data)<BR>
(Unaudited)</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Fair Value of Financial Instruments</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of March&nbsp;31, 2011, the carrying value of cash and cash equivalents, accounts receivable,
account payable and accrued expenses approximate their fair value based on the liquidity or the
short-term maturities of these instruments. The carrying value of debt approximates fair value as
it is based on variable rate index. The carrying value of capital lease obligations approximate
fair value based upon market interest rates available to the University for debt of similar risk
and maturities. Derivative financial instruments are carried at fair value, determined using Level
2 of the hierarchy of valuation inputs, with the use of inputs other than quoted prices that are
observable for the asset or liability.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Revenue Recognition</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Net revenues consist primarily of tuition and fees derived from courses taught by the
University online, at its 100 acre traditional campus in Phoenix, Arizona, and onsite at the
facilities of employers, as well as from related educational resources such as access to online
materials. Tuition revenue and most fees and related educational resources are recognized pro-rata
over the applicable period of instruction, net of scholarships provided by the University. For the
three months ended March&nbsp;31, 2011 and 2010, the University&#146;s revenue was reduced by approximately
$19,769 and $13,771, respectively, as a result of scholarships that the University offered to
students. The University maintains an institutional tuition refund policy, which provides for all
or a portion of tuition to be refunded if a student withdraws during stated refund periods.
Certain states in which students reside impose separate, mandatory refund policies, which override
the University&#146;s policy to the extent in conflict. If a student withdraws at a time when only a
portion, or none of the tuition is refundable, then in accordance with its revenue recognition
policy, the University continues to recognize the tuition that was not refunded as pro-rata over
the applicable period of instruction. Since the University recognizes revenue pro-rata over the
term of the course and because, under its institutional refund policy, the amount subject to refund
is never greater than the amount of the revenue that has been deferred, under the University&#146;s
accounting policies revenue is not recognized with respect to amounts that could potentially be
refunded. The University&#146;s change in April&nbsp;2010 to a non-term borrower-based institution from a
term based institution for federal student financial aid funding purposes does not have any impact
on the timing and recognition of revenues.
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Instructional Costs and Services</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Instructional costs and services consist primarily of costs related to the administration and
delivery of the University&#146;s educational programs. This expense category includes salaries,
benefits and share-based compensation for full-time and adjunct faculty and administrative
personnel, information technology costs, bad debt expense, curriculum and new program development
costs (which are expensed as incurred) and costs associated with other support groups that provide
services directly to the students. This category also includes an allocation of depreciation,
amortization, royalty to former owner, rent, and occupancy costs attributable to the provision of educational services,
primarily at the University&#146;s Phoenix, Arizona campus.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Selling and Promotional</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Selling and promotional expenses include salaries, benefits and share-based compensation of
personnel engaged in the marketing, recruitment, and retention of students, as well as advertising
costs associated with purchasing leads, hosting events and seminars, and producing marketing
materials. This category also includes an allocation of depreciation, amortization, rent, and
occupancy costs attributable to selling and promotional activities at the Company&#146;s facilities in
Arizona. Selling and promotional costs are expensed as incurred.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Through December&nbsp;2010, the University was a party to a revenue sharing arrangement (the
Collaboration Agreement) with Mind Streams, L.L.C. (Mind Streams), a related party pursuant to
which it paid a percentage of the net revenue that it actually received from applicants recruited
by those entities that matriculated at Grand Canyon University. Mind Streams bore all costs
associated with the recruitment of these applicants.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C24175tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>GRAND CANYON EDUCATION, INC.<BR>
Notes to Financial Statements<BR>
(In thousands, except share and per share data)<BR>
(Unaudited)</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As a result of new rules adopted by the U.S. Department of Education and effective July&nbsp;1,
2011, the University determined that revenue sharing arrangements like the Collaboration Agreement,
and the manner in which it pays amounts under the Collaboration Agreement, will most likely no
longer be permitted. Accordingly, the University and Mind Streams entered into an agreement, dated
December&nbsp;30, 2010, pursuant to which the University agreed to pay Mind Streams an amount equal to
(a) $8,500, plus (b)&nbsp;Mind Streams&#146; applicable share of any net revenue actually received by the
University on or before February&nbsp;28, 2011 with respect to any such
Mind Streams identified students commencing University courses prior to November&nbsp;1, 2010. In
return, Mind Streams agreed to (i)&nbsp;accept such amounts in full and complete satisfaction of all
amounts owed by the University to Mind Streams under the Collaboration Agreement, and (ii)&nbsp;transfer
to the University a proprietary database of potential student leads. A payment of $8,500 was made
in January&nbsp;2011 in conjunction with this agreement. Additionally in 2010, Gail Richardson, the
father of Brent D. Richardson, the University&#146;s Executive Chairman, and Christopher C. Richardson,
the University&#146;s General Counsel and a director, formed a new entity, Lifetime Learning, which
plans to generate and sell leads to the University and other entities in the education sector. For
the three months ended March&nbsp;31, 2011 and 2010, the University expensed approximately $401 and
$2,347, respectively, pursuant to these arrangements, exclusive of the settlement arrangement
discussed above. As of March&nbsp;31, 2011 and December&nbsp;31, 2010 $564, and $9,367, respectively, were
due to these related parties.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>General and Administrative</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">General and administrative expenses include salaries, benefits and share-based compensation of
employees engaged in corporate management, finance, human resources, compliance, and other
corporate functions. General and administrative expenses also include an allocation of
depreciation, amortization, rent, and occupancy costs attributable to the departments providing
general and administrative functions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Exit Costs</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In November&nbsp;2009, the University finalized a plan to centralize its student services
operations in Arizona and, as a result, closed its student services facility in Utah. The exit
costs incurred in connection with this decision have been expensed and are presented separately on
the income statement. The costs incurred included severance payments; relocation expenses; future
lease payments, net of estimated sublease rentals; and the write off of leasehold improvements
associated with this leased space. The following is a summary of the University&#146;s exit activities:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Accrued Exit Costs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>at</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Accrued Exit</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Costs at</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Exit Costs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Payments in 2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>March 31, 2011</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued exit costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(24</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Use of Estimates</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The preparation of financial statements in conformity with U.S. generally accepted accounting
principles requires management to make estimates and assumptions that affect the reported amounts
in the financial statements and accompanying notes. Actual results could differ from those
estimates.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Segment Information</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The University operates as a single educational delivery operation using a core infrastructure
that serves the curriculum and educational delivery needs of both its ground and online students
regardless of geography. The University&#146;s Chief Executive Officer manages the University&#146;s
operations as a whole and no expense or operating income information is generated or evaluated on
any component level.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Reclassifications</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Certain reclassifications have been made to the prior period balances to conform to the
current period.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Recent Accounting Pronouncements</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The University has reviewed and evaluated all recent accounting pronouncements and believes
there are none that could potentially have a material impact on the University&#146;s financial
condition, results of operations, or disclosures.
</DIV>


<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>4. Net Income Per Common Share</B>
</DIV>
<!-- xbrl,body -->

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Basic net income per common share is calculated by dividing net income available to common
stockholders by the weighted average number of common shares outstanding for the period. Diluted
earnings per common share reflects the assumed conversion of all potentially dilutive securities,
consisting of stock options, for which the estimated fair value exceeds the exercise price, less
shares which could have been purchased with the related proceeds, unless anti-dilutive. For
employee equity awards, repurchased shares are also included for any unearned compensation adjusted
for tax.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The table below reflects the calculation of the weighted average number of common shares
outstanding, on an as if converted basis, used in computing basic and diluted earnings per common
share.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Three Months Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Denominator:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Basic weighted average shares outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,590,195</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,673,917</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Effect of dilutive stock options and restricted stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">498,720</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">650,856</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Diluted weighted average shares outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,088,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,324,773</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C24175tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>GRAND CANYON EDUCATION, INC.<BR>
Notes to Financial Statements<BR>
(In thousands, except share and per share data)<BR>
(Unaudited)</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Diluted weighted average shares outstanding exclude the incremental effect of shares that
would be issued upon the assumed exercise of stock options. For the three months ended March&nbsp;31,
2011 and 2010, approximately 2,244,541 and 506,868, respectively, of the University&#146;s stock options
outstanding were excluded from the calculation of diluted earnings per share as their inclusion
would have been anti-dilutive. These options could be dilutive in the future.
</DIV>

<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>5. Valuation and Qualifying Accounts</B>
</DIV>
<!-- xbrl,body -->

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Balance at</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Balance at</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Beginning of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Charged to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>End of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Period</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Expense</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Deductions</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Period</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Allowance for doubtful accounts receivable:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Three months
ended March&nbsp;31, 2011 (Restated)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">30,112</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,034</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,780</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">31,366</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Three months ended March&nbsp;31, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,553</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,774</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,479</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,848</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 0pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Deductions represent accounts written off, net of recoveries.</DIV></TD>
</TR>

</TABLE>



<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>6. Property and Equipment</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Property and equipment consist of the following:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>As of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>As of March</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>31, 2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,282</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Land improvements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,597</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,597</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Buildings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,939</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,323</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equipment under capital leases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,502</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,502</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Leasehold improvements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,407</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Computer equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,796</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,742</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Furniture, fixtures and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,896</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,401</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Internally developed software</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,390</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,825</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,098</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">998</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Construction in progress</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,390</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,349</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168,725</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148,426</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less accumulated depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(28,070</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(24,427</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">140,655</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">123,999</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>7. Commitments and Contingencies</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Leases</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The University leases certain land, buildings and equipment under non-cancelable operating
leases expiring at various dates through 2023. Future minimum lease payments under operating leases
due each year are as follows at March&nbsp;31, 2011:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,745</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,243</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,020</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,640</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2015</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,764</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,188</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total minimum payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">53,600</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Total rent expense and related taxes and operating expenses under operating leases for the
three months ended March&nbsp;31, 2011 and 2010 were $1,593 and $1,084, respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Legal Matters</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">From time to time, the University is a party to various lawsuits, claims, and other legal
proceedings that arise in the ordinary course of business, some of which are covered by insurance.
When the University is aware of a claim or potential claim, it assesses the likelihood of any loss
or exposure. If it is probable that a loss will result and the amount of the loss can be reasonably
estimated, the University records a liability for the loss. If the loss is not probable or the
amount of the loss cannot be reasonably estimated, the University discloses the nature of the
specific claim if the likelihood of a potential loss is reasonably possible and the amount involved
is material. With respect to the majority of pending litigation matters, the University&#146;s ultimate
legal and financial responsibility, if any, cannot be estimated with certainty and, in most cases,
any potential losses related to those matters are not considered probable.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In connection with the <I>qui tam </I>lawsuit that had been filed against the University in August
2007 in the United States District Court for the District of Arizona (the &#147;Court&#148;) by a
then-current employee on behalf of the federal government, and in connection with the related
settlement agreement approved by the Court in August&nbsp;2010, the University continues to maintain a
$5,200 accrued litigation loss and a commensurate amount of restricted cash of $5,200 in an
interest-bearing segregated account controlled by the University, for payment to the United States
and the relator in accordance with the terms of the settlement agreement on the earlier of
September&nbsp;1, 2011 or the issuance by the Department of Education to the University of a full
three-year Title IV program participation agreement.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C24175tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>GRAND CANYON EDUCATION, INC.<BR>
Notes to Financial Statements<BR>
(In thousands, except share and per share data)<BR>
(Unaudited)</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Upon resolution of any pending legal matters, the University may incur charges in excess of
presently established reserves. Management does not believe that any such charges would,
individually or in the aggregate, have a material adverse effect on the University&#146;s financial
condition, results of operations or cash flows.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Tax Reserves, Non-Income Tax Related</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">From time to time the University has exposure to various non-income tax related matters that
arise in the ordinary course of business. At March&nbsp;31, 2011 and December&nbsp;31, 2010, the University
had reserved approximately $83 and $92, respectively, for tax matters where its ultimate exposure
is considered probable and the potential loss can be reasonably estimated.
</DIV>

<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>8. Income Taxes</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The University&#146;s uncertain tax positions are related to tax years that remain subject to
examination by tax authorities. As of March&nbsp;31, 2011, the earliest tax year still subject to
examination for federal and state purposes is 2007 and 2005, respectively.
</DIV>

<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>9. Share-Based Compensation</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On September&nbsp;27, 2008 the University&#146;s shareholders approved the adoption of the 2008 Equity
Incentive Plan (&#147;Incentive Plan&#148;) and the 2008 Employee Stock Purchase (&#147;ESPP&#148;). A total of
4,199,937 shares of the University&#146;s common stock were originally authorized for issuance under the
Incentive Plan. On January&nbsp;1, of each subsequent year in accordance with the terms of the
Incentive Plan, the number of shares authorized for issuance under the Incentive Plan automatically
increased by 2.5% of the number of shares of common stock issued and outstanding on the previous
December&nbsp;31, raising the total number of shares of common stock authorized for issuance under the
Incentive Plan to 7,622,034 shares. Although the ESPP has not yet been implemented, a total of
1,049,984 shares of the University&#146;s common stock have been authorized for sale under the ESPP.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A summary of the activity related to stock options granted under the University&#146;s Incentive
Plan since December&nbsp;31, 2010 is as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>Summary of Stock Options Outstanding</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Remaining</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Price per</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Contractual</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Intrinsic</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Share</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Term (Years)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Value ($)(1)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Outstanding as of December&nbsp;31, 2010</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,026,172</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,226,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,154</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Forfeited, canceled or expired</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(29,208</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Outstanding as of March&nbsp;31, 2011</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,222,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14.47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">157</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Exercisable as of March&nbsp;31, 2011</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,671,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12.95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,590</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Available for issuance as of March&nbsp;31, 2011</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,978,459</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 0pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Aggregate intrinsic value represents the value of the University&#146;s
closing stock price on March&nbsp;31, 2011 ($14.50) in excess of the
exercise price multiplied by the number of options outstanding or
exercisable.</DIV></TD>
</TR>

</TABLE>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Share-based Compensation Expense</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The table below outlines share-based compensation expense for the quarter ended March&nbsp;31, 2011
and 2010 related to restricted stock and stock options granted:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Instructional costs and services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">620</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">379</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Selling and promotional</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">746</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">621</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Share-based compensation expense included in operating expenses</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,037</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax effect of share-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(572</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(415</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Share-based compensation expense, net of tax</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">858</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">622</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>10. Regulatory</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The University is subject to extensive regulation by federal and state governmental agencies
and accrediting bodies. In particular, the Higher Education Act of 1965, as amended (the &#147;Higher
Education Act&#148;), and the regulations promulgated thereunder by the Department of Education, subject
the University to significant regulatory scrutiny on the basis of numerous standards that schools
must satisfy in order to participate in the various federal student financial assistance programs
under Title IV of the Higher Education Act.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C24175tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>GRAND CANYON EDUCATION, INC.<BR>
Notes to Financial Statements<BR>
(In thousands, except share and per share data)<BR>
(Unaudited)</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">To participate in the Title IV programs, an institution must be authorized to offer its
programs of instruction by the relevant agency of the state in which it is located, accredited by
an accrediting agency recognized by the Department of Education and certified as eligible by the
Department of Education. The Department of Education will certify an institution to participate in
the Title IV programs only after the institution has demonstrated compliance with the Higher
Education Act and the Department of Education&#146;s extensive regulations regarding institutional
eligibility. An institution must also demonstrate its compliance to the Department of Education on
an ongoing basis. The University submitted its application for recertification in March&nbsp;2008 in
anticipation of the expiration of its provisional certification on June&nbsp;30, 2008. The Department of
Education did not make a decision on the University&#146;s recertification application by June&nbsp;30, 2008,
and therefore the University&#146;s participation in the Title IV programs had been automatically
extended thereafter on a month-to-month basis pending the Department of Education&#146;s decision.
While this decision remained pending, on January&nbsp;12, 2011, the University disclosed the termination
of certain voting agreements that had the effect of triggering a change in control under Department of Education regulations because it caused the University&#146;s largest
stockholder group to own and control less than 25% of the outstanding voting stock. On April&nbsp;8,
2011, following the completion of the Department of Education&#146;s review of the information that the
University provided in connection with the termination of the voting agreements, the Department of
Education notified the University that it approved its application for a change of ownership and
issued to the University a new, provisional program participation agreement to participate in the Title IV
programs. While this certification is provisional, it does remove the University from
month-to-month status, provides for the University&#146;s continued participation in Title IV programs
through December&nbsp;31, 2013, and does not impose any conditions (such as any letter of credit requirement) or other restrictions on the University
during the provisional period other than the standard restrictions applicable to a provisional
certification. In accordance with the terms of the provisional certification, the University may
apply for recertification on a full basis by submitting a complete application by no later than
September&nbsp;30, 2013.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Because the University operates in a highly regulated industry, it, like other industry
participants, may be subject from time to time to investigations, claims of non-compliance, or
lawsuits by governmental agencies or third parties, which allege statutory violations, regulatory
infractions, or common law causes of action. While there can be no assurance that regulatory
agencies or third parties will not undertake investigations or make claims against the University,
or that such claims, if made, will not have a material adverse effect on the University&#146;s business,
results of operations or financial condition, management believes the University is in compliance
with applicable regulations in all material respects.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In connection with its administration of the Title IV federal student financial aid programs,
the Department of Education periodically conducts program reviews at selected schools that receive
Title IV funds. In July&nbsp;2010, the Department of Education initiated a program review of Grand
Canyon University covering the 2008-2009 and 2009-2010 award years. As part of this program
review, a Department of Education program review team conducted a site visit on the University&#146;s
campus and reviewed, and in some cases requested further information regarding, the University&#146;s
records, practices and policies relating to, among other things, financial aid, enrollment,
enrollment counselor compensation, program eligibility and other Title IV compliance matters. Upon
the conclusion of the site visit, the University was informed by the program review team that it
would (i)&nbsp;conduct further review of the University&#146;s documents and records offsite, (ii)&nbsp;upon
completion of such review, schedule a formal exit interview to be followed by a preliminary program
review report in which any preliminary findings of non-compliance would be presented, and (iii)
conclude the review by issuance of a final determination letter. The program review team has not
yet scheduled a formal exit interview with the University. Accordingly, at this point, the program
review remains open and the University intends to continue to cooperate with the review team until
the program review is completed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">While the University has not yet received notification of the timing of its exit interview or
the Department of Education&#146;s preliminary program review report or final determination letter,
following the conclusion of the site visit the University became aware that the program review team
had two preliminary findings of concern. The first issue is whether a compensation policy in use
during part of the period under review improperly rewarded some enrollment counselors based on
success in enrolling students in violation of applicable law. As the University has previously
disclosed, while it believes that the University&#146;s compensation policies and practices at issue in
the program review were not based on success in enrolling students in violation of applicable law,
the Department of Education&#146;s regulations and interpretations of the incentive compensation law do
not establish clear criteria for compliance in all circumstances and some of the University&#146;s
practices in prior years were not within the scope of any of the specific &#147;safe harbors&#148; provided
in the compensation regulations and applicable during that period.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The second issue is whether, during the award years under review, certain programs offered
within the University&#146;s College of Liberal Arts provided students with training to prepare them for
gainful employment in a recognized occupation. This &#147;gainful employment&#148; standard has been a
requirement for Title IV eligibility for programs offered at proprietary institutions of higher
education such as Grand Canyon University although, pursuant to legislation passed in 2008 and
effective as of July&nbsp;1, 2010, this requirement no longer applies to designated liberal arts
programs offered by the University and certain other institutions that have held accreditation by a
regional accrediting agency since a date on or before October&nbsp;1, 2007 (the University has held a
regional accreditation since 1968). Subsequent to the site visit, the program review team
submitted a written request to the University in which the program review team stated the view
that, prior to July&nbsp;1, 2010, traditional liberal arts programs were not considered as being
eligible under Title IV but then requested additional information from the University that would
help the Department of Education determine whether the programs offered within the University&#146;s
College of Liberal Arts were eligible under Title IV because they did provide training to prepare
students for gainful employment in a recognized occupation. While the University was not informed
as to which specific programs offered within the University&#146;s College of Liberal Arts the program
review team believes may be ineligible, in August&nbsp;2010 the University provided the Department of
Education with the requested information which the University believes will demonstrate that the
programs offered within the University&#146;s College of Liberal Arts met this requirement. The
University has received no further communications from the Department of Education regarding the
program review.
</DIV>

<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C24175tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>GRAND CANYON EDUCATION, INC.<BR>
Notes to Financial Statements<BR>
(In thousands, except share and per share data)<BR>
(Unaudited)</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The University&#146;s policies and procedures are planned and implemented to comply with the
applicable standards and regulations under Title IV. If and to the extent the Department of
Education&#146;s final determination letter identifies any compliance issues, the University is
committed to resolving such issues and ensuring that Grand Canyon University operates in compliance
with all Department of Education requirements. Program reviews may remain unresolved for months or
years with little or no communication from the Department of Education, and may involve multiple
exchanges of information following the site visit. The University cannot presently predict whether
or if further information requests will be made, when the exit interview will take place, when the
preliminary program review report or final determination letter will be issued, or when the program
review will be closed. If the Department of Education were to make significant findings of
non-compliance in the final program review determination letter, including any finding related to
the two issues discussed above, then, after exhausting any administrative appeals available to the
University, the University could be required to pay a fine, return Title IV monies previously
received, or be subjected to other administrative sanctions. While the University cannot currently
predict the outcome of the Department of Education review, any adverse finding could damage the
University&#146;s reputation in the industry and have a material adverse effect on the University&#146;s
business, results of operations, cash flows and financial position.
</DIV>


<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>11. Treasury Stock</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On August&nbsp;16, 2010, the University announced that its Board of Directors had authorized the
University to repurchase up to $25,000 of common stock, from time to time, depending on market
conditions and other considerations. The expiration date on the repurchase authorizations is
September&nbsp;30, 2011 and repurchases occur at the University&#146;s discretion. Repurchases may be made
in the open market or in privately negotiated transactions, pursuant to the applicable Securities
and Exchange Commission rules. The amount and timing of future share repurchases, if any, will be
made as market and business conditions warrant. Since the approval of the share repurchase plan,
the University has purchased 995,200 shares of common stock shares at an aggregate cost of $14,993
which includes 945,200 shares of common stock at an aggregate cost of $14,211 during the three
months ended March&nbsp;31, 2011, which are recorded at cost in the accompanying balance sheets and
statement of stockholders&#146; equity.
</DIV>

<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>12. Subsequent Events</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On April&nbsp;8, 2011, the University entered into an amended and restated loan agreement with Bank
of America, N.A. (the &#147;Amended Agreement&#148;). Under the Amended Agreement, the bank (a)&nbsp;extended the
maturity date of the University&#146;s existing loan from April&nbsp;30, 2014 to March&nbsp;31, 2016 and decreased
the interest rate on the outstanding balance from the BBA Libor Rate plus 225 basis points to the
BBA Libor Rate plus 200 basis points (all other terms of the existing loan remain the same), and
(b)&nbsp;provided to the University a revolving line of credit in the amount of $50,000 through March
31, 2016 to be utilized for working capital, capital expenditures, share repurchases and other
general corporate purposes. The Amended Agreement contains standard covenants that are
substantially consistent with those included in the prior agreement, including covenants that,
among other things, restrict the University&#146;s ability to incur additional debt or make certain
investments, require the University to maintain compliance with certain applicable regulatory
standards, and require the University to maintain a certain financial condition. Indebtedness under
the Amended Agreement is secured by all of the University&#146;s assets.
</DIV>
<!-- /xbrl,ns -->

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C24175tocpage">Table of Contents</A></H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left">
<A name="C24175103"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;2.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>
The following discussion and analysis of our financial condition and results of
operations has been restated to reflect the restatement of the balance sheet and
statements of income, stockholders&#146; equity and cash flows for the quarter ended
March 31, 2011 and should be read in conjunction with our financial statements and
related notes that appear elsewhere in this report.
</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Forward-Looking Statements</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This
Quarterly Report on Form 10-Q/A, including Item&nbsp;2, <I>Management&#146;s Discussion and Analysis of
Financial Condition and Results of Operations</I>, contains certain &#147;forward-looking statements,&#148; which
include information relating to future events, future financial performance, strategies,
expectations, competitive environment, regulation, and availability of resources. These
forward-looking statements include, without limitation, statements regarding: proposed new
programs; expectations that regulatory developments or other matters will not have a material
adverse effect on our financial position, results of operations, or liquidity; statements
concerning projections, predictions, expectations, estimates, or forecasts as to our business,
financial and operational results, and future economic performance; and statements of management&#146;s
goals and objectives and other similar expressions concerning matters that are not historical
facts. Words such as &#147;may,&#148; &#147;should,&#148; &#147;could,&#148; &#147;would,&#148; &#147;predicts,&#148; &#147;potential,&#148; &#147;continue,&#148;
&#147;expects,&#148; &#147;anticipates,&#148; &#147;future,&#148; &#147;intends,&#148; &#147;plans,&#148; &#147;believes,&#148; &#147;estimates&#148; and similar
expressions, as well as statements in future tense, identify forward-looking statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Forward-looking statements should not be read as a guarantee of future performance or results,
and will not necessarily be accurate indications of the times at, or by, which such performance or
results will be achieved. Forward-looking statements are based on information available at the time
those statements are made or management&#146;s good faith belief as of that time with respect to future
events, and are subject to risks and uncertainties that could cause actual performance or results
to differ materially from those expressed in or suggested by the forward-looking statements.
Important factors that could cause such differences include, but are not limited to:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">our failure to comply with the extensive regulatory framework applicable to our
industry, including Title IV of the Higher Education Act and the regulations thereunder,
state laws and regulatory requirements, and accrediting commission requirements;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the results of the ongoing program review being conducted by the Department of
Education of our compliance with Title IV program requirements, and possible fines or
other administrative sanctions resulting therefrom;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the ability of our students to obtain federal Title IV funds, state financial aid,
and private financing;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">potential damage to our reputation or other adverse effects as a result of negative
publicity in the media, in the industry or in connection with governmental reports or
investigations or otherwise, affecting us or other companies in the for-profit
postsecondary education sector;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">risks associated with changes in applicable federal and state laws and regulations
and accrediting commission standards including pending rulemaking by the Department of
Education;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">our ability to hire and train new, and develop and train existing, enrollment
counselors;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the pace of growth of our enrollment;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">our ability to convert prospective students to enrolled students and to retain
active students;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">our success in updating and expanding the content of existing programs and
developing new programs in a cost-effective manner or on a timely basis;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">industry competition, including competition for qualified executives and other
personnel;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">risks associated with the competitive environment for marketing our programs;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">failure on our part to keep up with advances in technology that could enhance the
online experience for our students;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the extent to which obligations under our loan agreement, including the need to
comply with restrictive and financial covenants and to pay principal and interest
payments, limits our ability to conduct our operations or seek new business
opportunities;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">potential decreases in enrollment, the payment of refunds or other negative impacts
on our operating results as a result of our change from a &#147;term-based&#148; financial aid
system to a &#147;borrower-based, non-term&#148; or &#147;BBAY&#148; financial aid system;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">our ability to manage future growth effectively; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">general adverse economic conditions or other developments that affect job prospects
in our core disciplines.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Additional factors that could cause actual results to differ from those discussed in the
forward-looking statements include, but are not limited to, those described in this &#147;Management&#146;s
Discussion and Analysis of Financial Condition and Results of Operations&#148; and in &#147;Risk Factors&#148; in
Part&nbsp;I, Item&nbsp;1A of our Annual Report on Form 10-K/A for the fiscal year ended December&nbsp;31, 2010, as
updated in our subsequent reports filed with the Securities and Exchange Commission (&#147;SEC&#148;),
including any updates found in Part&nbsp;II, Item&nbsp;1A of this
Quarterly Report on Form 10-Q/A or our other
reports on Form 10-Q or 10-Q/A. You should not put undue reliance on any forward-looking statements.
Forward-looking statements speak only as of the date the statements are made and we assume no
obligation to update forward-looking statements to reflect actual results, changes in assumptions,
or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no
inference should be drawn that we will make additional updates with respect to those or other
forward-looking statements.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C24175tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Restatement of Financial Statements</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The University is filing this Form 10-Q/A as a result of the correction of an error in the
University&#146;s methodology relating to the manner in which the University estimates its allowance for
doubtful accounts, which requires the University to restate its financial statements for the year
ended December&nbsp;31, 2010 and its unaudited interim financial statements for the quarter ended March
31, 2011.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In
recent periods, the University experienced a significant change in the composition
of its receivable balances since its transition to the borrower-based financial aid
model in the second quarter of 2010 in which the receivables due from former students
had grown as a percentage of the total amount outstanding. However, the
University&#146;s historical process for estimating the allowance for doubtful accounts did not consider the disaggregation of receivable balances by student based on enrollment status.  As a result, the growth in the inactive student receivables was
not evident when making the allowance estimate in prior periods. As the University&#146;s collection
experience indicates that receivables from former students carry a higher risk, this disaggregated
information should have been considered in determining the probability of loss within the University&#146;s
receivables. If such information had been evaluated, management would have increased the allowance
for doubtful accounts to reflect the increased risk profile of the receivables in prior periods.
Accordingly, the Audit Committee of the Board of Directors, together with management and in
consultation with Ernst &#038; Young LLP, the University&#146;s independent registered public accounting
firm, determined that, because management should have taken the additional steps necessary to
develop the disaggregated information for use in the analysis of reserve requirements and resulting
allowance for doubtful accounts, the financial statements for the fiscal year ended December&nbsp;31,
2010 and for the quarters ended June 30, 2010, September 30, 2010,
March 31, 2011 and June 30, 2011  should be restated to correct the
allowance for doubtful accounts.
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As
a result, the University concluded that it understated bad debt
expense and overstated operating income and net income,
by approximately $3.0 million, $3.0 million, and $1.8 million, respectively, for the three months ended March&nbsp;31, 2011. Accordingly, we have restated:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">Our balance sheet as of March&nbsp;31, 2011 by increasing our allowance for
doubtful accounts by $3.0 million; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">Our income statement for the three months ended March&nbsp;31, 2011 by
increasing instructional costs and services expense by $3.0 million and decreasing operating income and net
income by $3.0 million and $1.8 million, respectively.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As a result of this restatement, amounts in our statements of cash flows and stockholders&#146;
equity for the three months ended March&nbsp;31, 2011 have also been restated. Our total cash flows
from operations for the three months ended March&nbsp;31, 2011 remains unchanged. A summary of the
effects of this restatement to our financial statements included within this Form 10-Q/A is
presented in Note 2 in the accompanying notes to financial statements.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C24175tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Overview</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We are a regionally accredited provider of postsecondary education services focused on
offering graduate and undergraduate degree programs in our core disciplines of education, business,
healthcare, and liberal arts. We offer programs online as well as ground programs at our
approximately 100 acre traditional campus in Phoenix, Arizona and onsite at the facilities of
employers.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At March&nbsp;31, 2011, we had approximately 42,500 students, an increase of 9.4% over the
approximately 38,900 students we had at March&nbsp;31, 2010. At March&nbsp;31, 2011, 90.9% of our students
were enrolled in our online programs, and 45.8% of our online students were pursuing master&#146;s or
doctoral degrees. In addition, revenue per student increased between periods as we increased
tuition prices for students in our online and professional studies programs by 0.0% to 5.7%,
depending on the program, with an estimated blended rate increase of 3.5% for our 2010-11 academic
year, as compared to tuition price increases for students in our online and professional studies
programs of 2.3% to 15.5% for our 2009-10 academic year, depending on the program, with an
estimated blended rate increase of 5.0% for the prior academic year. Tuition for our traditional
ground programs had no increase for our 2010-11 academic year, as compared to an increase of 6.6%
for the prior academic year. In addition, we experienced an increase in the number of students
taking four credit courses between years. Operating income was $16.2&nbsp;million for the three months
ended March&nbsp;31, 2011, a decrease of $3.4&nbsp;million over the $19.6&nbsp;million in operating income for the
three months ended March&nbsp;31, 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following is a summary of our student enrollment at March&nbsp;31, 2011 and 2010 (which included
less than 525 students pursuing non-degree certificates in each period) by degree type and by
instructional delivery method:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2011</B><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B># of Students</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>% of Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B># of Students</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>% of Total</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Graduate degrees<SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">43.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">41.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Undergraduate degree</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,067</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">56.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,641</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">58.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,505</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,854</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2011</B><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B># of Students</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>% of Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B># of Students</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>% of Total</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Online<SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,655</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">90.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,796</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">92.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ground<SUP style="FONT-size: 85%; vertical-align: text-top">(4)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,505</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,854</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 0pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Enrollment at March&nbsp;31, 2011 represents individual students who attended a course during the last two months of
the calendar quarter. Prior to our transition to BBAY, enrollment had been defined as individual students that
attended a course in a term that was in session as of the end of the quarter.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes 1,301 and 615 students pursuing doctoral degrees at March&nbsp;31, 2011 and 2010, respectively.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">As of March&nbsp;31, 2011 and 2010, 45.8% and 43.4%, respectively, of our online students are pursuing graduate degrees.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(4)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes both our traditional on-campus ground students, as well as our professional studies students.</DIV></TD>
</TR>

</TABLE>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Critical Accounting Policies and Use of Estimates</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our
critical accounting policies are disclosed in our Annual Report on
Form 10-K/A for the
fiscal year ended December&nbsp;31, 2010. During the three months ended March&nbsp;31, 2011, there have been
no significant changes in our critical accounting policies.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Key Trends, Developments and Challenges</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our key trends, developments and challenges are disclosed in our Annual Report on Form
10-K/A for the fiscal year ended December&nbsp;31, 2010. During the three months ended March&nbsp;31, 2011,
there have been no significant changes in these trends. See Item&nbsp;7, &#147;Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operations &#151; Key Trends, Developments and
Challenges&#148; in our Annual Report on Form 10-K/A for our fiscal year ended December&nbsp;31, 2010, which is
incorporated herein by reference.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C24175tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Results of Operations</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table sets forth income statement data as a percentage of net revenue for each
of the periods indicated:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Three Months Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Instructional costs and services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Selling and promotional</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">General and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exit costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.4</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Three Months Ended March&nbsp;31, 2011 Compared to Three Months Ended March&nbsp;31, 2010</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Net revenue</I>. Our net revenue for the quarter ended March&nbsp;31, 2011 was $101.7&nbsp;million, an
increase of $12.4&nbsp;million, or 13.9%, as compared to net revenue of $89.3&nbsp;million for the quarter
ended March&nbsp;31, 2010. This increase was primarily due to an increase in online enrollment and, to a
lesser extent, increases in the average tuition per student as a result of tuition price increases
and an increase in the number of students taking four credit courses between years, partially
offset by an increase in institutional scholarships and reduced revenue caused by our transition to
a borrower-based, non-term financial aid system (&#147;BBAY&#148;) from a term-based financial aid system.
End-of-period enrollment increased to approximately 42,500, as we were able to continue our growth
and increase our recruitment, marketing, and enrollment operations. We are anticipating increased
pressure on new and continuing enrollments due primarily to the increasing challenges presented in
the economy, the impact of new and proposed regulations, and increased competition.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Instructional costs and services expenses</I>. Our instructional costs and services expenses for
the quarter ended March&nbsp;31, 2011 were $48.9&nbsp;million, an
increase of $12.2&nbsp;million, or 33.3%, as
compared to instructional costs and services expenses of $36.7&nbsp;million for the quarter ended March
31, 2010. This increase was primarily due to increases in instructional compensation and related
expenses, faculty compensation, bad debt expense, depreciation and amortization, and instructional
supplies of $3.3&nbsp;million, $2.6&nbsp;million, $5.3&nbsp;million, $0.9&nbsp;million, and $0.8&nbsp;million, respectively,
partially offset by a decrease in other miscellaneous instructional costs and services of $0.7
million. These increases are primarily attributable to the increased headcount (both staff and
faculty) needed to provide student instruction and support services, including increased occupancy
and equipment costs for the increased headcount, to support the increase in enrollments. Our
instructional costs and services expenses as a percentage of net
revenue increased by 7.1% to 48.1%
for the quarter ended March&nbsp;31, 2011, as compared to 41.0% for the quarter ended March&nbsp;31, 2010
primarily due to an increase in faculty compensation as a percentage of revenue as we have seen
decreases in class size as the result of increasing the number of starts, an increase in employee
compensation and related expenses as a percentage of revenue, and increased instructional supplies
due to increased licensing fees related to educational resources and continued improvement in
curriculum development and new and enhanced innovative educational tools, partially offset by our
ability to leverage the fixed cost structure of our campus-based facilities and ground faculty
across an increasing revenue base. In addition, bad debt expense
increased to $10.0&nbsp;million or 9.9%
of net revenues in the first quarter of 2011 from $4.8&nbsp;million or 5.3% of revenues in the first
quarter of 2010 as a result of an increase in aged receivables between periods primarily due to the
current economic conditions and the conversion to BBAY.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Selling and promotional expenses</I>. Our selling and promotional expenses for the quarter ended
March&nbsp;31, 2011 were $29.8&nbsp;million, an increase of $2.9&nbsp;million, or 11.0%, as compared to selling
and promotional expenses of $26.9&nbsp;million for the quarter ended March&nbsp;31, 2010. This increase was
primarily due to increases in employee compensation and related expenses, other selling and
promotional expense, and advertising of $1.4&nbsp;million, $0.9&nbsp;million and $0.6&nbsp;million, respectively.
These increases were driven by a continued expansion in our marketing efforts, which resulted in an
increase in recruitment, marketing, and staffing. Our selling and promotional expenses as a
percentage of net revenue decreased by 0.8% to 29.3% for the quarter ended March&nbsp;31, 2011, from
30.1% for the quarter ended March&nbsp;31, 2010. This decrease occurred as a result of slowing the
growth of our enrollment counselor hiring such that our new enrollment counselors as a percentage
of total enrollment counselors is less in 2011 than in 2010. In this regard, we incur immediate
expenses in connection with hiring new enrollment counselors while these individuals undergo
training, and typically do not achieve full productivity or generate enrollments from these
enrollment counselors until four to six months after their dates of hire. We plan to continue to
add additional enrollment counselors in the future, although the number of additional hires as a
percentage of the total headcount is expected to remain flat or decrease. In addition, we
terminated our revenue sharing arrangement with MindStreams, L.L.C. in December&nbsp;2010. As a result,
our advertising as a percentage of revenue decreased between years.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>General and administrative expenses</I>. Our general and administrative expenses for the quarter
ended March&nbsp;31, 2011 were $6.8&nbsp;million, an increase of $0.7&nbsp;million, or 11.9%, as compared to
general and administrative expenses of $6.1&nbsp;million for the quarter ended March&nbsp;31, 2010. This
increase was primarily due to increases in other general and administrative expenses of $0.7
million. Our general and administrative expenses as a percentage of net revenue decreased by 0.1%
to 6.7% for the quarter ended March&nbsp;31, 2011, from 6.8% for the quarter ended March&nbsp;31, 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Interest expense</I>. Our interest expense for the quarter ended March&nbsp;31, 2011 was $0.1&nbsp;million,
a decrease of $0.2&nbsp;million from $0.3&nbsp;million for the quarter ended March&nbsp;31, 2010, as the average
interest rates were lowered as a result of the loan amendment to reduce the interest rate beginning
in the third quarter of 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Income
tax expense</I>. Income tax expense for the quarters ended
March&nbsp;31, 2011 and 2010 were
$6.6
million and $7.8 million, respectively. In the first quarter of 2011, legislation was enacted by the state of Arizona implementing
a gradual reduction in the corporate tax rate beginning in 2014 that will be fully phased in by
2017. As a result of this legislation we were required to adjust our deferred tax balances to
account for the effect of the new state tax rate, which resulted in higher state income taxes for
the first quarter of 2011. Excluding the state tax rate adjustment for our deferred balances, our
effective tax rate was 40.0% during the first quarter of 2011 compared to 40.6% during the first
quarter of 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Net
income</I>. Our net income for the quarter ended March&nbsp;31, 2011
was $9.5&nbsp;million, a decrease
of $2.0&nbsp;million, as compared to $11.5&nbsp;million for the quarter ended March&nbsp;31, 2010, due to the
factors discussed above.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C24175tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Seasonality</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our net revenue and operating results normally fluctuate as a result of seasonal variations in
our business, principally due to changes in enrollment. Student population varies as a result of
new enrollments, graduations, and student attrition. The majority of our traditional ground
students do not attend courses during the summer months (May through August), which affects our
results for our second and third fiscal quarters. Since a significant amount of our campus costs
are fixed, the lower revenue resulting from the decreased ground student enrollment has
historically contributed to lower operating margins during those periods. As we have increased the
relative proportion of our online students, this summer effect has recently lessened. However, one
of our current focuses is to accelerate the growth of our ground student enrollment. Thus, it is
likely that this seasonal effect could be more pronounced in the future. Partially offsetting this
summer effect in the third quarter has been the sequential quarterly increase in enrollments that
has occurred as a result of the traditional fall school start. This increase in enrollments also
has occurred in the first quarter, corresponding to calendar year matriculation. In addition, we
typically experience higher net revenue in the fourth quarter due to its overlap with the semester
encompassing the traditional fall school start and in the first quarter due to its overlap with the
first semester of the calendar year. A portion of our expenses do not vary proportionately with
these fluctuations in net revenue, resulting in higher operating income in the first and fourth
quarters relative to other quarters. We expect quarterly fluctuation in operating results to
continue as a result of these seasonal patterns.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Liquidity and Capital Resources</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Liquidity</I>. We financed our operating activities and capital expenditures during the three
months ended March&nbsp;31, 2011 and 2010 primarily through cash provided by operating activities. Our
unrestricted cash and cash equivalents were $30.2&nbsp;million and $33.6&nbsp;million at March&nbsp;31, 2011 and
December&nbsp;31, 2010, respectively. Our restricted cash and cash equivalents at March&nbsp;31, 2011 and
December&nbsp;31, 2010 were $50.2&nbsp;million and $52.9&nbsp;million, respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On April&nbsp;8, 2011, the University entered into an amended and restated loan agreement with Bank
of America, N.A. (the &#147;Amended Agreement&#148;). Under the Amended Agreement, the bank (a)&nbsp;extended the
maturity date of the University&#146;s existing loan from April&nbsp;30, 2014 to March&nbsp;31, 2016 and decreased
the interest rate on the outstanding balance from the BBA Libor Rate plus 225 basis points to the
BBA Libor Rate plus 200 basis points (all other terms of the existing loan remain the same), and
(b)&nbsp;provided to the University a revolving line of credit in the amount of $50.0&nbsp;million through
March&nbsp;31, 2016 to be utilized for working capital, capital expenditures, share repurchases and
other general corporate purposes. The Amended Agreement contains standard covenants that are
substantially consistent with those included in the prior agreement, including covenants that,
among other things, restrict the University&#146;s ability to incur additional debt or make certain
investments, require the University to maintain compliance with certain applicable regulatory
standards, and require the University to maintain a certain financial condition. Indebtedness under
the Amended Agreement is secured by all of the University&#146;s assets.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Based on our current level of operations and anticipated growth, we believe that our cash flow
from operations and other sources of liquidity, including cash and cash equivalents and our
revolving line of credit, will provide adequate funds for ongoing operations, planned capital
expenditures, and working capital requirements for at least the next 24&nbsp;months.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Cash Flows</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Operating Activities</I>. Net cash provided by operating activities for the three months ended
March&nbsp;31, 2011 was $23.4&nbsp;million as compared to $49.1&nbsp;million for the three months ended March&nbsp;31,
2010. Cash provided by operating activities in the three months ended March&nbsp;31, 2011 and 2010
resulted from our net income plus non cash charges for bad debts, depreciation and amortization,
and share-based compensation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Investing Activities</I>. Net cash used in investing activities was $11.9&nbsp;million and $14.0
million for the three months ended March&nbsp;31, 2011 and 2010, respectively. Capital expenditures were
$14.7&nbsp;million and $11.6&nbsp;million for the three months ended March&nbsp;31, 2011 and 2010, respectively.
In 2011, capital expenditures primarily consisted of ground campus building projects such as a new
dormitory and events arena to support our increasing traditional ground student enrollment as well
as purchases of computer equipment, other internal use software projects and furniture and
equipment. In 2010, cash used in investing activities primarily consisted of ground campus building
projects, purchases of computer equipment, and software costs to complete our transition from
Datatel to CampusVue and Great Plains, other internal use software projects, furniture and
equipment to support our increasing student enrollment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Financing Activities</I>. Net cash used in financing activities was $14.9&nbsp;million and provided by
financing activities was $0.3&nbsp;million in the three months ended March&nbsp;31, 2011 and 2010,
respectively. During the first three months of 2011, $14.2&nbsp;million was used to purchase treasury
stock in accordance with the University&#146;s share repurchase program. During the first three months
of 2010 proceeds from the exercise of stock options and the excess tax benefits from share-based
compensation were partially offset by principal payments on notes payable and capital lease
obligations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Contractual Obligations</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table sets forth, as of March&nbsp;31, 2011, the aggregate amounts of our significant
contractual obligations and commitments with definitive payment terms due in each of the periods
presented (in millions):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>Payments Due by Period</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Less than</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>More than</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>1 Year</B> (1)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2-3 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>4-5 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>5 Years</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long term notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital lease obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Purchase obligations(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating lease obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total contractual obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">131.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">43.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">33.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">39.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 0pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Less than one year represents expected expenditures from April&nbsp;1, 2011 through December&nbsp;31, 2011.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The purchase obligation amounts include expected spending by period under contracts that were in
effect at March&nbsp;31, 2011.</DIV></TD>
</TR>

</TABLE>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Off-Balance Sheet Arrangements</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We do not have any off-balance sheet arrangements that have had or are reasonably likely to
have a material current or future effect on our financial condition, changes in financial
condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital
resources.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C24175tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left">
<A name="C24175104"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;3.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Quantitative and Qualitative Disclosures About Market Risk</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Impact of inflation. </I>We believe that inflation has not had a material impact on our results of
operations for the quarter ended March&nbsp;31, 2011 or 2010. There can be no assurance that future
inflation will not have an adverse impact on our operating results and financial condition.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Market risk</I>. On June&nbsp;30, 2009, we entered into two derivative agreements to manage our 30 Day
LIBOR interest exposure from the variable rate debt we incurred in connection with the repurchase
of shares of our common stock and the land and buildings that comprise our ground campus, which
debt matures in April&nbsp;2014. The corridor instrument, which hedges variable interest rate risk
starting July&nbsp;1, 2009 through April&nbsp;30, 2014 with a notional amount of $11.3&nbsp;million as of March
31, 2011, permits us to hedge our interest rate risk at several thresholds. Under this
arrangement, in addition to the credit spread we will pay variable interest rates based on the 30
Day LIBOR rates monthly until that index reaches 4%. If 30 Day LIBOR is equal to 4% through 6%, we
will continue to pay 4%. If 30 Day LIBOR exceeds 6%, we will pay actual 30 Day LIBOR less 2%. The
interest rate swap commenced on May&nbsp;1, 2010, continues each month thereafter until April&nbsp;30, 2014,
and has a notional amount of $11.3&nbsp;million as of March&nbsp;31, 2011. Under this arrangement, we will
receive 30 Day LIBOR and pay 3.245% fixed rate on the amortizing notional amount plus the credit
spread.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Except with respect to the foregoing, we have no derivative financial instruments or
derivative commodity instruments. We invest cash in excess of current operating requirements in
short term certificates of deposit and money market instruments in multiple financial institutions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Interest rate risk</I>. We manage interest rate risk by investing excess funds in cash equivalents
and AAA-rated marketable securities bearing variable interest rates, which are tied to various
market indices. Our future investment income may fall short of expectations due to changes in
interest rates or we may suffer losses in principal if we are forced to sell securities that have
declined in market value due to changes in interest rates. At March&nbsp;31, 2011, a 10% increase or
decrease in interest rates would not have a material impact on our future earnings, fair values, or
cash flows. For information regarding our variable rate debt, see &#147;Market risk&#148; above.
</DIV>
<DIV align="left">
<A name="C24175105"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;4.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Controls and Procedures</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Evaluation of Disclosure Controls and Procedures</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">
We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the
Exchange Act) that are designed to ensure that information required to be disclosed in reports
filed by us under the Exchange Act is recorded, processed, summarized and reported within the time
periods specified in the SEC's rules and forms and that such information is accumulated and
communicated to management, including our Principal Executive Officer and Principal Financial
Officer, as appropriate, to allow for timely decisions regarding required disclosure. In
connection with the restatement discussed in the Explanatory Note to this Form 10-Q/A and in
Note 2 to our condensed financial statements, under the direction of our Principal Executive
Officer and Principal Financial Officer, management conducted a reevaluation of the effectiveness
of our internal control over financial reporting as of March&nbsp;31, 2011. The framework on
which such evaluation was based is contained in the report entitled
&#147;Internal Control - Integrated Framework&#148; issued by the Committee of Sponsoring
Organizations of the Treadway Commission (the &#147;COSO ReporReport&#148;). Based on the evaluation
and the criteria set forth in the COSO Report, management identified a material weakness in
internal control over financial reporting described in the
management&#146;s report on internal control
over financial reporting included in Item 9A to our 2010 Form 10-K/A related to our calculation
of the allowance for doubtful accounts that continued to exist as of March&nbsp;31, 2011. Under
Audit Standard No. 5, a material weakness is a control deficiency, or combination of control
deficiencies, that results in more than a remote likelihood that a material misstatement of the
annual or interim financial statements will not be prevented or detected.
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">
Based on its reevaluation, including consideration of the aforementioned material weakness, and
the criteria discussed above, management has restated its conclusion relative to the effectiveness
of our internal control over financial reporting as of March&nbsp;31, 2011. Accordingly,
management now concludes that our internal control over financial reporting was not effective at
a reasonable assurance level as of March&nbsp;31, 2011.
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>
Remediation Steps to Address Material Weakness</I></B>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">
Management has dedicated significant resources to correct the methodology relating to the
calculation of our allowance for doubtful accounts and to ensure that we take proper steps to
improve our internal controls and remedy our material weakness in our internal control over
financial reporting and disclosure controls. Management has
implemented effective control policies and procedures and remediated the underlying control
deficiencies by taking the following actions:
</DIV>
<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>conducted a full review of our methodology for estimating the allowance for doubtful
accounts  </TD>
</TR>

</TABLE>
</DIV>
<DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>established controls and procedures adequate to timely identify changes to the
composition of our accounts receivable   </TD>
</TR>

</TABLE>
</DIV>
<DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>established controls and procedures to enhance our ability to
monitor collection trends.</TD>
</TR>
</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">
Management believes that the actions described above have remediated the identified material
weakness and strengthened our internal control over financial
reporting as of the date of this filing.
</DIV>




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Changes in Internal Control over Financial Reporting.</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Except
as noted above, there were no changes in our
internal control over financial reporting identified in connection with the evaluation required by
Rule&nbsp;13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the period covered by this
report that have materially affected, or are reasonably likely to materially affect, our internal
control over financial reporting.
</DIV>
<DIV align="left">
<A name="C24175106"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>PART II &#151; OTHER INFORMATION</B>
</DIV>

<DIV align="left">
<A name="C24175107"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;1.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Legal Proceedings</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">None.
</DIV>
<DIV align="left">
<A name="C24175108"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;1A.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Risk Factors</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">There have been no material changes to the risk factors disclosed in the &#147;Risk Factors&#148;
section of our Annual Report on Form 10-K/A for the year ended December&nbsp;31, 2010.
</DIV>
<DIV align="left">
<A name="C24175109"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;2.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Unregistered Sales of Equity Securities and Use of Proceeds</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Recent Sales of Unregistered Securities</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">None.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Purchases of Equity Securities by the Issuer and Affiliated Purchasers</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On August&nbsp;16, 2010, our Board of Directors adopted a stock repurchase program, pursuant to
which we are authorized to repurchase up to $25.0&nbsp;million of shares of common stock, from time to
time, depending on market conditions and other considerations. The expiration date on the
repurchase authorization is September&nbsp;30, 2011 and repurchases occur at our discretion.
Repurchases may be made in the open market or in privately negotiated transactions, pursuant to the
applicable Securities and Exchange Commission rules. The amount and timing of future share
repurchases, if any, will be made as market and business conditions warrant. During the quarter
ended March&nbsp;31, 2011, we purchased 945,200 shares of common stock at an aggregate cost of $14.2
million and for an average price of $15.03 per share. At March&nbsp;31, 2011, there remains $10.0
million available under our current share repurchase authorization.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C24175tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table sets forth our share repurchases of common stock during each period in the
first quarter of fiscal 2011:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total Number of Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Maximum Dollar Value</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Purchased as Part of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of Shares That May Yet</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average Price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Publicly Announced</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Be Purchased Under that</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Period</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares Purchased</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Paid Per Share</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Programs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Programs</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">January&nbsp;1, 2011 &#151; January&nbsp;31, 2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">24,218,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">February&nbsp;1, 2011 &#151; February&nbsp;28, 2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">22,640,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March&nbsp;1, 2011 &#151; March&nbsp;31, 2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">845,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">845,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,007,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">945,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">945,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,007,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="C24175110"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;3.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Defaults Upon Senior Securities</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">None.
</DIV>
<DIV align="left">
<A name="C24175111"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;4.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Reserved</B></DIV></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left">
<A name="C24175112"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;5.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Other Information</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">None.
</DIV>
<DIV align="left">
<A name="C24175113"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;6.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Exhibits</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;Exhibits
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Method of Filing</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amended and Restated Certificate of Incorporation.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by
reference to
Exhibit&nbsp;3.1 to
Amendment No.&nbsp;6 to
the University&#146;s
Registration
Statement on Form
S-1 filed with the
SEC on November&nbsp;12,
2008.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Second Amended and Restated Bylaws.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by
reference to
Exhibit&nbsp;3.1 to the
University&#146;s
Current Report on
Form&nbsp;8-K filed with
the SEC on August
2, 2010.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Specimen of Stock Certificate.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by
reference to
Exhibit&nbsp;4.1 to
Amendment No.&nbsp;2 to
the University&#146;s
Registration
Statement on Form
S-1 filed with the
SEC on September
29, 2008.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amended and Restated Investor Rights Agreement,
dated September&nbsp;17, 2008, by and among Grand
Canyon Education, Inc. and the other parties
named therein.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by
reference to
Exhibit&nbsp;4.2 to
Amendment No.&nbsp;2 to
the University&#146;s
Registration
Statement on Form
S-1 filed with the
SEC on September
29, 2008.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amended and Restated Loan Agreement, dated
April&nbsp;8, 2011 by and between the University and
Bank of America, N.A.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Exhibit&nbsp;10.1 to the University&#146;s Quarterly Report on Form
10-Q filed with the SEC on May 9, 2011.
</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">31.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Certification of Chief Executive Officer
pursuant to Rules&nbsp;13a-14(a) and 15d-14(a), as
adopted pursuant to Section&nbsp;302 of the
Sarbanes-Oxley Act of 2002.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed herewith.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">31.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Certification of Chief Financial Officer
pursuant to Rules&nbsp;13a-14(a) and 15d-14(a), as
adopted pursuant to Section&nbsp;302 of the
Sarbanes-Oxley Act of 2002.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed herewith.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">32.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Certification of Chief Executive Officer
pursuant to 18 U.S.C. Section&nbsp;1350, as adopted
pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act
of 2002. &#134;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed herewith.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">32.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Certification of Chief Financial Officer
pursuant to 18 U.S.C. Section&nbsp;1350, as adopted
pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act
of 2002. &#134;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed herewith.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 0pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">&#134;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">This certification is being furnished solely to accompany this report pursuant to 18 U.S.C.
Section&nbsp;1350, and is not being filed for purposes of Section&nbsp;18 of the Exchange Act, and is
not to be incorporated by reference into any filings of the University, whether made before or
after the date hereof, regardless of any general incorporation language in such filing.</DIV></TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C24175tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left">
<A name="C24175114"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SIGNATURES</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>GRAND CANYON EDUCATION, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: November 14, 2011&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Daniel E. Bachus
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Daniel E. Bachus&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Financial Officer<br>
(Principal Financial Officer and Principal Accounting Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C24175tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left">
<A name="C24175115"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">EXHIBIT INDEX
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Method of Filing</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amended and Restated Certificate of Incorporation.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by
reference to
Exhibit&nbsp;3.1 to
Amendment No.&nbsp;6 to
the University&#146;s
Registration
Statement on Form
S-1 filed with the
SEC on November&nbsp;12,
2008.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Second Amended and Restated Bylaws.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by
reference to
Exhibit&nbsp;3.1 to the
University&#146;s
Current Report on
Form&nbsp;8-K filed with
the SEC on August
2, 2010.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Specimen of Stock Certificate.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by
reference to
Exhibit&nbsp;4.1 to
Amendment No.&nbsp;2 to
the University&#146;s
Registration
Statement on Form
S-1 filed with the
SEC on September
29, 2008.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amended and Restated Investor Rights Agreement,
dated September&nbsp;17, 2008, by and among Grand
Canyon Education, Inc. and the other parties
named therein.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by
reference to
Exhibit&nbsp;4.2 to
Amendment No.&nbsp;2 to
the University&#146;s
Registration
Statement on Form
S-1 filed with the
SEC on September
29, 2008.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amended and Restated Loan Agreement, dated
April&nbsp;8, 2011 by and between the University and
Bank of America, N.A.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Exhibit&nbsp;10.1 to the University&#146;s Quarterly Report on Form
10-Q filed with the SEC on May 9, 2011.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">31.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Certification of Chief Executive Officer
pursuant to Rules&nbsp;13a-14(a) and 15d-14(a), as
adopted pursuant to Section&nbsp;302 of the
Sarbanes-Oxley Act of 2002.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed herewith.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">31.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Certification of Chief Financial Officer
pursuant to Rules&nbsp;13a-14(a) and 15d-14(a), as
adopted pursuant to Section&nbsp;302 of the
Sarbanes-Oxley Act of 2002.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed herewith.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">32.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Certification of Chief Executive Officer
pursuant to 18 U.S.C. Section&nbsp;1350, as adopted
pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act
of 2002. &#134;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed herewith.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">32.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Certification of Chief Financial Officer
pursuant to 18 U.S.C. Section&nbsp;1350, as adopted
pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act
of 2002. &#134;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed herewith.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 0pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">&#134;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">This certification is being furnished solely to accompany this report pursuant to 18 U.S.C.
Section&nbsp;1350, and is not being filed for purposes of Section&nbsp;18 of the Exchange Act, and is
not to be incorporated by reference into any filings of the University, whether made before or
after the date hereof, regardless of any general incorporation language in such filing.</DIV></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>c24175exv31w1.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 31.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">






<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;31.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATION PURSUANT TO RULES 13a-14(a) and 15d-14(a),<BR>
AS ADOPTED PURSUANT TO SECTION 302 0F THE SARBANES-OXLEY ACT OF 2002</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">I, Brian E. Mueller, certify that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;I have reviewed this Quarterly Report on Form 10-Q for the quarter ending March&nbsp;31, 2011 of
Grand Canyon Education, Inc.;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;Based on my knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in this report;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.&nbsp;The registrant&#146;s other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">b) Designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">c) Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such evaluation; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">d) Disclosed in this report any change in the registrant&#146;s internal control over financial
reporting that occurred during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth
fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant&#146;s internal control over financial reporting; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.&nbsp;The registrant&#146;s other certifying officer(s) and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the audit
committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">a) All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s
ability to record, process, summarize and report financial information; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">b) Any fraud, whether or not material, that involves management or other employees who have a
significant role in the registrant&#146;s internal control over financial reporting.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: November 14, 2011&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Brian E. Mueller
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Brian E. Mueller&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Chief Executive Officer<BR>
(Principal Executive Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>c24175exv31w2.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 31.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;31.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATION PURSUANT TO RULES 13a-14(a) and 15d-14(a),<BR>
AS ADOPTED PURSUANT TO SECTION 302 0F THE SARBANES-OXLEY ACT OF 2002</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">I, Daniel E. Bachus, certify that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;I have reviewed this Quarterly Report on Form 10-Q for the quarter ending March&nbsp;31, 2011 of
Grand Canyon Education, Inc.;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;Based on my knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in this report;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.&nbsp;The registrant&#146;s other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">b) Designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">c) Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such evaluation; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">d) Disclosed in this report any change in the registrant&#146;s internal control over financial
reporting that occurred during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth
fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant&#146;s internal control over financial reporting; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.&nbsp;The registrant&#146;s other certifying officer(s) and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the audit
committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">a) All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s
ability to record, process, summarize and report financial information; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">b) Any fraud, whether or not material, that involves management or other employees who have a
significant role in the registrant&#146;s internal control over financial reporting.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: November 14, 2011&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Daniel E. Bachus
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Daniel E. Bachus&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Chief Financial Officer<BR>

(Principal Financial Officer and Principal Accounting Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>c24175exv32w1.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 32.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;32.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATION PURSUANT TO18 U.S.C. SECTION 1350,<BR>
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In connection with the Quarterly Report on Form 10-Q of Grand Canyon Education, Inc. (the
&#147;University&#148;) for the quarter ended March&nbsp;31, 2011 as filed with the Securities and Exchange
Commission on the date hereof (the &#147;Report&#148;), I, Brian E. Mueller, Chief Executive Officer, of the
University, certify, pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the
Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: left">The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934, as amended; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: left">The information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the University.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Date:
November 14, 2011
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="51%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Brian E. Mueller
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Brian E. Mueller
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chief Executive Officer (Principal Executive Officer)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>5
<FILENAME>c24175exv32w2.htm
<DESCRIPTION>EXHIBIT 32.2
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 32.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;32.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATION PURSUANT TO18 U.S.C. SECTION 1350,<BR>
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In connection with the Quarterly Report on Form&nbsp;10Q of Grand Canyon Education, Inc. (the
&#147;University&#148;) for the quarter ended March&nbsp;31, 2011 as filed with the Securities and Exchange
Commission on the date hereof (the &#147;Report&#148;), I, Daniel E. Bachus, Chief Financial Officer, of the
University, certify, pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the
Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: left">The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934, as amended; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: left">The information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the University.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Date:
November 14, 2011
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="65%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Daniel E. Bachus
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Daniel E. Bachus
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chief Financial Officer (Principal Financial and Principal Accounting Officer)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.INS
<SEQUENCE>6
<FILENAME>lope-20110331.xml
<DESCRIPTION>EX-101 INSTANCE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!-- XBRL Generated with XBRLMark Copyright (C) by RR Donnelley -->
<!-- Based on XBRL 2.1 -->
<xbrl xmlns="http://www.xbrl.org/2003/instance" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:lope="http://gcu.edu/20110331" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:us-gaap="http://xbrl.us/us-gaap/2009-01-31" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:dei="http://xbrl.us/dei/2009-01-31">
  <link:schemaRef xlink:type="simple" xlink:href="lope-20110331.xsd" />
  <!-- Context Section -->
  <context id="ThreeMonthsEnded_31Mar2011_Treasury_Stock_Member">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001434588</identifier>
      <segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2011-01-01</startDate>
      <endDate>2011-03-31</endDate>
    </period>
  </context>
  <context id="ThreeMonthsEnded_31Mar2011_Common_Stock_Member">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001434588</identifier>
      <segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2011-01-01</startDate>
      <endDate>2011-03-31</endDate>
    </period>
  </context>
  <context id="BalanceAsOf_31Mar2011_Retained_Earnings_Member">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001434588</identifier>
      <segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2011-03-31</instant>
    </period>
  </context>
  <context id="BalanceAsOf_31Mar2011_Additional_Paid_In_Capital_Member">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001434588</identifier>
      <segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2011-03-31</instant>
    </period>
  </context>
  <context id="BalanceAsOf_31Mar2011_Accumulated_Other_Comprehensive_Income_Member">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001434588</identifier>
      <segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2011-03-31</instant>
    </period>
  </context>
  <context id="BalanceAsOf_31Dec2010_Retained_Earnings_Member">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001434588</identifier>
      <segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2010-12-31</instant>
    </period>
  </context>
  <context id="BalanceAsOf_31Dec2010_Additional_Paid_In_Capital_Member">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001434588</identifier>
      <segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2010-12-31</instant>
    </period>
  </context>
  <context id="BalanceAsOf_31Dec2010_Accumulated_Other_Comprehensive_Income_Member">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001434588</identifier>
      <segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2010-12-31</instant>
    </period>
  </context>
  <context id="BalanceAsOf_31Mar2011_Treasury_Stock_Member">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001434588</identifier>
      <segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2011-03-31</instant>
    </period>
  </context>
  <context id="BalanceAsOf_31Mar2011_Common_Stock_Member">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001434588</identifier>
      <segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2011-03-31</instant>
    </period>
  </context>
  <context id="BalanceAsOf_31Dec2010_Treasury_Stock_Member">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001434588</identifier>
      <segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2010-12-31</instant>
    </period>
  </context>
  <context id="BalanceAsOf_31Dec2010_Common_Stock_Member">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001434588</identifier>
      <segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2010-12-31</instant>
    </period>
  </context>
  <context id="ThreeMonthsEnded_31Mar2011_Accumulated_Other_Comprehensive_Income_Member">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001434588</identifier>
      <segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2011-01-01</startDate>
      <endDate>2011-03-31</endDate>
    </period>
  </context>
  <context id="ThreeMonthsEnded_31Mar2011_Retained_Earnings_Member">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001434588</identifier>
      <segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2011-01-01</startDate>
      <endDate>2011-03-31</endDate>
    </period>
  </context>
  <context id="TwelveMonthsEnded_31Dec2010">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001434588</identifier>
    </entity>
    <period>
      <startDate>2010-01-01</startDate>
      <endDate>2010-12-31</endDate>
    </period>
  </context>
  <context id="BalanceAsOf_31Mar2010">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001434588</identifier>
    </entity>
    <period>
      <instant>2010-03-31</instant>
    </period>
  </context>
  <context id="BalanceAsOf_31Dec2009">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001434588</identifier>
    </entity>
    <period>
      <instant>2009-12-31</instant>
    </period>
  </context>
  <context id="ThreeMonthsEnded_31Mar2011_Additional_Paid_In_Capital_Member">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001434588</identifier>
      <segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <startDate>2011-01-01</startDate>
      <endDate>2011-03-31</endDate>
    </period>
  </context>
  <context id="BalanceAsOf_31Mar2011">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001434588</identifier>
    </entity>
    <period>
      <instant>2011-03-31</instant>
    </period>
  </context>
  <context id="BalanceAsOf_31Dec2010">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001434588</identifier>
    </entity>
    <period>
      <instant>2010-12-31</instant>
    </period>
  </context>
  <context id="ThreeMonthsEnded_31Mar2010">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001434588</identifier>
    </entity>
    <period>
      <startDate>2010-01-01</startDate>
      <endDate>2010-03-31</endDate>
    </period>
  </context>
  <context id="BalanceAsOf_01Nov2011">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001434588</identifier>
    </entity>
    <period>
      <instant>2011-11-01</instant>
    </period>
  </context>
  <context id="Jan-01-2011_Mar-31-2011">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001434588</identifier>
    </entity>
    <period>
      <startDate>2011-01-01</startDate>
      <endDate>2011-03-31</endDate>
    </period>
  </context>
  <!--Unit Section-->
  <unit id="USDEPS">
    <divide>
      <unitNumerator>
        <measure>iso4217:USD</measure>
      </unitNumerator>
      <unitDenominator>
        <measure>xbrli:shares</measure>
      </unitDenominator>
    </divide>
  </unit>
  <unit id="Shares">
    <measure>xbrli:shares</measure>
  </unit>
  <unit id="USD">
    <measure>iso4217:USD</measure>
  </unit>
  <!-- Element Section -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="Jan-01-2011_Mar-31-2011">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 1 - us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock--&gt;
   &lt;!-- xbrl,ns --&gt;
   &lt;!-- xbrl,nx --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;&lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;1. Nature of Business&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Grand Canyon Education, Inc. (the &amp;#8220;University&amp;#8221;) is a regionally accredited provider of
   postsecondary education services focused on offering graduate and undergraduate degree programs in
   its core disciplines of education, business, healthcare, and liberal arts. The University offers
   courses online, at its approximately 100 acre traditional ground campus in Phoenix, Arizona and
   onsite at the facilities of employers. The University is accredited by The Higher Learning
   Commission of the North Central Association of Colleges and Schools.
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <lope:RestatementOfFinancialStatementsTextBlock contextRef="Jan-01-2011_Mar-31-2011">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 2 - lope:RestatementOfFinancialStatementsTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;2.&amp;#160;Restatement of Financial Statements
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;On November&amp;#160;3, 2011, the University determined that there was an error in the methodology it
   used to estimate its allowance for doubtful accounts and that its financial statements for the
   three months ended March&amp;#160;31, 2011 needed to be restated.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;In recent periods, the University experienced a significant change in the composition of its
   receivable balances since its transition to the borrower-based financial aid model in the second
   quarter of 2010 in which the receivables due from former students had grown as a percentage of the
   total amount outstanding. However, the University&amp;#8217;s historical process for estimating the
   allowance for doubtful accounts did not consider the disaggregation of receivable balances by
   student based on enrollment status. As a result, the growth in the inactive student receivables was
   not evident when making the allowance estimate in prior periods. As the University&amp;#8217;s collection
   experience indicates that receivables from former students carry a higher risk, this disaggregated
   information should have been considered in determining the probability of loss within the
   University&amp;#8217;s receivables. If such information had been evaluated, management would have increased
   the allowance for doubtful accounts to reflect the increased risk profile of the receivables in
   prior periods. Accordingly, the Audit Committee of the Board of Directors together with
   management, determined that, because management should have taken the additional steps
   necessary to develop the disaggregated information for use in the analysis of reserve requirements
   and resulting allowance for doubtful accounts, the financial statements for the fiscal year ended
   December&amp;#160;31, 2010 and for the quarters ended June 30, 2010,
   September 30, 2010, March 31, 2011 and June 30, 2011 should be restated to correct the allowance
   for doubtful accounts.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The following
   table summarizes the unaudited quarterly results of operations as originally
   reported and as restated for the three months ended March 31, 2011.
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="44%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;td nowrap="nowrap" align="center"  style="border-bottom: 1px solid #000000" colspan="6"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;First Quarter&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;First Quarter&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;As Reported&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;As Restated&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Net revenue&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;101,709&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;101,709&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="padding-top: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Costs and expenses:&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff; padding-top: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Instructional costs and
   services
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;45,830&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;48,875&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="padding-top: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Selling and promotional
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;29,832&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;29,832&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff; padding-top: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;General and administrative
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;6,832&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;6,832&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Total costs and expenses&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;82,494&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;85,539&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Operating income&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;19,215&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;16,170&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="padding-top: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Net interest expense
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(75&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(75&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Income before income taxes&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;19,140&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;16,095&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="padding-top: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Income tax expense
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;7,842&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;6,614&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Net income&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;11,298&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;9,481&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Earnings per share:&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff; padding-top: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Basic income per
   share(1)&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;0.25&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;0.21&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Diluted income per share(1)&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;0.25&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;0.21&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Basic weighted average
   shares outstanding&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;45,590&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;45,590&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Diluted weighted average
   shares outstanding&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;46,089&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;46,089&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
   &lt;tr style="font-size: 6pt"&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="96%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;(1)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;The sum of quarterly income per share may not equal annual income
   per share due to rounding.&lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The
   following is a summary of the changes on the University&amp;#8217;s
   balance sheet.
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;As of March 31, 2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;As Reported&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;As Restated&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Accounts
   receivable, net of allowance for doubtful accounts of $13,169 (As
   Reported) and $31,366 (As Restated)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;32,369&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;13,972&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Deferred income taxes
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;9,143&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;16,563&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total current assets
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;128,286&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;117,309&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total assets
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;286,464&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;275,487&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Accumulated earnings
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;71,278&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;60,302&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total stockholders&amp;#8217; equity
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;135,313&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;124,336&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total liabilities and
   stockholders&amp;#8217; equity
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;286,464&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;275,487&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The
   following is a summary of the changes on the University&amp;#8217;s statement of cash flows.
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6"&gt;&lt;b&gt;Three Months Ended&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;March 31, 2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;As Reported&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;As Restated&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Net income
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;11,298&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;9,481&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Provision for bad debts
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;6,988&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;10,034&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Deferred income taxes
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,004&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(224&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Net cash provided by
   operating activities
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;23,413&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;23,413&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;/div&gt;
</lope:RestatementOfFinancialStatementsTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="Jan-01-2011_Mar-31-2011">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 3 - us-gaap:SignificantAccountingPoliciesTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;3. Summary of Significant Accounting Policies&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;&lt;i&gt;Unaudited Interim Financial Information&lt;/i&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The accompanying unaudited interim financial statements of the University have been prepared
   in accordance with U.S. generally accepted accounting principles, consistent in all material
   respects with those applied in its financial statements included in
   its Annual Report on Form 10-K/A
   for the fiscal year ended December&amp;#160;31, 2010. Accordingly, they do not include all of the
   information and footnotes required by U.S. generally accepted accounting principles for complete
   financial statements. Such interim financial information is unaudited but reflects all adjustments
   that in the opinion of management are necessary for the fair presentation of the interim periods
   presented. Interim results are not necessarily indicative of results for a full year. This
   Quarterly Report on Form 10-Q/A should be read in conjunction with the University&amp;#8217;s audited financial
   statements and footnotes included in its Annual Report on Form 10-K/A for the fiscal year ended
   December&amp;#160;31, 2010 from which the December&amp;#160;31, 2010 balance sheet information was derived.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;&lt;i&gt;Restricted Cash and Cash Equivalents&lt;/i&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;A significant portion of the University&amp;#8217;s revenue is received from students who participate in
   government financial aid and assistance programs. Restricted cash and cash equivalents primarily
   represents amounts received from the federal and state governments under various student aid grant
   and loan programs, such as Title IV. These funds are received subsequent to the completion of the
   authorization and disbursement process for the benefit of the student. The U.S. Department of
   Education requires Title IV funds collected in advance of student billings to be segregated in a
   separate cash or cash equivalent account until the students are billed for their portion. The
   University also classifies the $5,200 that it agreed to pay to settle the &lt;i&gt;qui tam &lt;/i&gt;matter as
   restricted cash, subject to the distribution of the settlement amount from escrow in accordance
   with the terms of the settlement agreement. The University records all of these amounts as a
   current asset in restricted cash and cash equivalents. Restricted cash and cash equivalents is
   excluded from cash and cash equivalents until the cash is no longer restricted. The majority of
   these funds remain as restricted cash and cash equivalents for an average of 60 to 90&amp;#160;days from the
   date of receipt.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;In the fourth quarter of 2010, the counterparty to the University&amp;#8217;s interest rate swap made a
   collateral call and the University posted $760 of pledged collateral as noncurrent restricted cash.
   The pledged collateral was reduced to $445 as of March&amp;#160;31, 2011.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;&lt;i&gt;Derivatives and Hedging&lt;/i&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Derivative financial instruments are recorded on the balance sheet as assets or liabilities
   and re-measured at fair value at each reporting date. For derivatives designated as cash flow
   hedges, the effective portion of the gain or loss on the derivative is reported as a component of
   other comprehensive income and reclassified into earnings in the same period or periods during
   which the hedged transaction affects earnings. Gains and losses on the derivative representing
   either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are
   recognized in current earnings.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Derivative financial instruments enable the University to manage its exposure to interest rate
   risk. The University does not engage in any derivative instrument trading activity. Credit risk
   associated with the University&amp;#8217;s derivatives is limited to the risk that a derivative counterparty
   will not perform in accordance with the terms of the contract. Exposure to counterparty credit
   risk is considered low because these agreements have been entered into with institutions with
   strong credit ratings, and they are expected to perform fully under the terms of the agreements.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;On June&amp;#160;30, 2009, the University entered into an interest rate corridor instrument and an
   interest rate swap to manage its 30 Day LIBOR interest exposure related to its variable rate debt,
   which commenced in April&amp;#160;2009 and matures in April&amp;#160;2014. The fair value of the interest rate
   corridor instrument as of March&amp;#160;31, 2011 and December&amp;#160;31, 2010 was $25 and $27, respectively, which
   is included in other assets. The fair value of the interest rate swap is a liability of $583 and
   $686 as of March&amp;#160;31, 2011 and December&amp;#160;31, 2010, respectively, which is included in other
   noncurrent liabilities. The fair values of each derivative instrument were determined using a
   hypothetical derivative transaction and Level 2 of the hierarchy of valuation inputs. These
   derivative instruments were designated as cash flow hedges of variable rate debt obligations. The
   adjustment of $74 and $245 in the first three months of 2011 and 2010, respectively, for the
   effective portion of the loss on the derivatives is included as a component of other comprehensive
   income, net of taxes.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The interest rate corridor instrument hedges variable interest rate risk starting July&amp;#160;1, 2009
   through April&amp;#160;30, 2014 with a notional amount of $11,268 as of March&amp;#160;31, 2011. The corridor
   instrument permits the University to hedge its interest rate risk at several thresholds; the
   University will pay variable interest rates based on the 30 Day LIBOR rates monthly until that
   index reaches 4%. If 30 Day LIBOR is equal to 4% through 6%, the University will pay 4%. If 30
   Day LIBOR exceeds 6%, the University will pay actual 30 Day LIBOR less 2%. This reduces the
   University&amp;#8217;s exposure to potential increases in interest rates.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The interest rate swap commenced on May&amp;#160;1, 2010 and continues each month thereafter until
   April&amp;#160;30, 2014 and has a notional amount of $11,268 as of March&amp;#160;31, 2011. The University will
   receive 30 Day LIBOR and pay 3.245% fixed interest on the amortizing notional amount. Therefore,
   the University has hedged its exposure to future variable rate cash flows through April&amp;#160;30, 2014.
   The interest rate swap is not subject to a master netting arrangement and collateral has been
   called by the counterparty and reflected in a restricted cash account as of March&amp;#160;31, 2011 and
   December&amp;#160;31, 2010 in the amount of $445 and $760, respectively.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;As of March&amp;#160;31, 2011 no derivative ineffectiveness was identified. Any ineffectiveness in the
   University&amp;#8217;s derivative instruments designated as hedges would be reported in interest expense in
   the income statement. For the three months ended March&amp;#160;31, 2011 $8 of credit risk was recorded in
   interest expense on the derivatives. At March&amp;#160;31, 2011, the University is not expected to
   reclassify gains or losses on derivative instruments from accumulated other comprehensive (loss)
   income into earnings during the next 12&amp;#160;months.
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;&lt;i&gt;Fair Value of Financial Instruments&lt;/i&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;As of March&amp;#160;31, 2011, the carrying value of cash and cash equivalents, accounts receivable,
   account payable and accrued expenses approximate their fair value based on the liquidity or the
   short-term maturities of these instruments. The carrying value of debt approximates fair value as
   it is based on variable rate index. The carrying value of capital lease obligations approximate
   fair value based upon market interest rates available to the University for debt of similar risk
   and maturities. Derivative financial instruments are carried at fair value, determined using Level
   2 of the hierarchy of valuation inputs, with the use of inputs other than quoted prices that are
   observable for the asset or liability.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;&lt;i&gt;Revenue Recognition&lt;/i&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Net revenues consist primarily of tuition and fees derived from courses taught by the
   University online, at its 100 acre traditional campus in Phoenix, Arizona, and onsite at the
   facilities of employers, as well as from related educational resources such as access to online
   materials. Tuition revenue and most fees and related educational resources are recognized pro-rata
   over the applicable period of instruction, net of scholarships provided by the University. For the
   three months ended March&amp;#160;31, 2011 and 2010, the University&amp;#8217;s revenue was reduced by approximately
   $19,769 and $13,771, respectively, as a result of scholarships that the University offered to
   students. The University maintains an institutional tuition refund policy, which provides for all
   or a portion of tuition to be refunded if a student withdraws during stated refund periods.
   Certain states in which students reside impose separate, mandatory refund policies, which override
   the University&amp;#8217;s policy to the extent in conflict. If a student withdraws at a time when only a
   portion, or none of the tuition is refundable, then in accordance with its revenue recognition
   policy, the University continues to recognize the tuition that was not refunded as pro-rata over
   the applicable period of instruction. Since the University recognizes revenue pro-rata over the
   term of the course and because, under its institutional refund policy, the amount subject to refund
   is never greater than the amount of the revenue that has been deferred, under the University&amp;#8217;s
   accounting policies revenue is not recognized with respect to amounts that could potentially be
   refunded. The University&amp;#8217;s change in April&amp;#160;2010 to a non-term borrower-based institution from a
   term based institution for federal student financial aid funding purposes does not have any impact
   on the timing and recognition of revenues.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;&lt;i&gt;Instructional Costs and Services&lt;/i&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Instructional costs and services consist primarily of costs related to the administration and
   delivery of the University&amp;#8217;s educational programs. This expense category includes salaries,
   benefits and share-based compensation for full-time and adjunct faculty and administrative
   personnel, information technology costs, bad debt expense, curriculum and new program development
   costs (which are expensed as incurred) and costs associated with other support groups that provide
   services directly to the students. This category also includes an allocation of depreciation,
   amortization, royalty to former owner, rent, and occupancy costs attributable to the provision of educational services,
   primarily at the University&amp;#8217;s Phoenix, Arizona campus.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;&lt;i&gt;Selling and Promotional&lt;/i&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Selling and promotional expenses include salaries, benefits and share-based compensation of
   personnel engaged in the marketing, recruitment, and retention of students, as well as advertising
   costs associated with purchasing leads, hosting events and seminars, and producing marketing
   materials. This category also includes an allocation of depreciation, amortization, rent, and
   occupancy costs attributable to selling and promotional activities at the Company&amp;#8217;s facilities in
   Arizona. Selling and promotional costs are expensed as incurred.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Through December&amp;#160;2010, the University was a party to a revenue sharing arrangement (the
   Collaboration Agreement) with Mind Streams, L.L.C. (Mind Streams), a related party pursuant to
   which it paid a percentage of the net revenue that it actually received from applicants recruited
   by those entities that matriculated at Grand Canyon University. Mind Streams bore all costs
   associated with the recruitment of these applicants.
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;As a result of new rules adopted by the U.S. Department of Education and effective July&amp;#160;1,
   2011, the University determined that revenue sharing arrangements like the Collaboration Agreement,
   and the manner in which it pays amounts under the Collaboration Agreement, will most likely no
   longer be permitted. Accordingly, the University and Mind Streams entered into an agreement, dated
   December&amp;#160;30, 2010, pursuant to which the University agreed to pay Mind Streams an amount equal to
   (a) $8,500, plus (b)&amp;#160;Mind Streams&amp;#8217; applicable share of any net revenue actually received by the
   University on or before February&amp;#160;28, 2011 with respect to any such
   Mind Streams identified students commencing University courses prior to November&amp;#160;1, 2010. In
   return, Mind Streams agreed to (i)&amp;#160;accept such amounts in full and complete satisfaction of all
   amounts owed by the University to Mind Streams under the Collaboration Agreement, and (ii)&amp;#160;transfer
   to the University a proprietary database of potential student leads. A payment of $8,500 was made
   in January&amp;#160;2011 in conjunction with this agreement. Additionally in 2010, Gail Richardson, the
   father of Brent D. Richardson, the University&amp;#8217;s Executive Chairman, and Christopher C. Richardson,
   the University&amp;#8217;s General Counsel and a director, formed a new entity, Lifetime Learning, which
   plans to generate and sell leads to the University and other entities in the education sector. For
   the three months ended March&amp;#160;31, 2011 and 2010, the University expensed approximately $401 and
   $2,347, respectively, pursuant to these arrangements, exclusive of the settlement arrangement
   discussed above. As of March&amp;#160;31, 2011 and December&amp;#160;31, 2010 $564, and $9,367, respectively, were
   due to these related parties.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;&lt;i&gt;General and Administrative&lt;/i&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;General and administrative expenses include salaries, benefits and share-based compensation of
   employees engaged in corporate management, finance, human resources, compliance, and other
   corporate functions. General and administrative expenses also include an allocation of
   depreciation, amortization, rent, and occupancy costs attributable to the departments providing
   general and administrative functions.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;&lt;i&gt;Exit Costs&lt;/i&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;In November&amp;#160;2009, the University finalized a plan to centralize its student services
   operations in Arizona and, as a result, closed its student services facility in Utah. The exit
   costs incurred in connection with this decision have been expensed and are presented separately on
   the income statement. The costs incurred included severance payments; relocation expenses; future
   lease payments, net of estimated sublease rentals; and the write off of leasehold improvements
   associated with this leased space. The following is a summary of the University&amp;#8217;s exit activities:
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="44%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Accrued Exit Costs&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;at&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Accrued Exit&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Costs at&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Exit Costs&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Payments in 2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;March 31, 2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Accrued exit costs
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;64&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;(24&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;40&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;&lt;i&gt;Use of Estimates&lt;/i&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The preparation of financial statements in conformity with U.S. generally accepted accounting
   principles requires management to make estimates and assumptions that affect the reported amounts
   in the financial statements and accompanying notes. Actual results could differ from those
   estimates.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;&lt;i&gt;Segment Information&lt;/i&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The University operates as a single educational delivery operation using a core infrastructure
   that serves the curriculum and educational delivery needs of both its ground and online students
   regardless of geography. The University&amp;#8217;s Chief Executive Officer manages the University&amp;#8217;s
   operations as a whole and no expense or operating income information is generated or evaluated on
   any component level.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;&lt;i&gt;Reclassifications&lt;/i&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Certain reclassifications have been made to the prior period balances to conform to the
   current period.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;&lt;i&gt;Recent Accounting Pronouncements&lt;/i&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The University has reviewed and evaluated all recent accounting pronouncements and believes
   there are none that could potentially have a material impact on the University&amp;#8217;s financial
   condition, results of operations, or disclosures.
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:SignificantAccountingPoliciesTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:EarningsPerShareTextBlock contextRef="Jan-01-2011_Mar-31-2011">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 4 - us-gaap:EarningsPerShareTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;4. Net Income Per Common Share&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Basic net income per common share is calculated by dividing net income available to common
   stockholders by the weighted average number of common shares outstanding for the period. Diluted
   earnings per common share reflects the assumed conversion of all potentially dilutive securities,
   consisting of stock options, for which the estimated fair value exceeds the exercise price, less
   shares which could have been purchased with the related proceeds, unless anti-dilutive. For
   employee equity awards, repurchased shares are also included for any unearned compensation adjusted
   for tax.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The table below reflects the calculation of the weighted average number of common shares
   outstanding, on an as if converted basis, used in computing basic and diluted earnings per common
   share.
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Three Months Ended March 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Denominator:
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Basic weighted average shares outstanding
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;45,590,195&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;45,673,917&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Effect of dilutive stock options and restricted stock
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;498,720&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;650,856&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Diluted weighted average shares outstanding
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;46,088,915&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;46,324,773&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Diluted weighted average shares outstanding exclude the incremental effect of shares that
   would be issued upon the assumed exercise of stock options. For the three months ended March&amp;#160;31,
   2011 and 2010, approximately 2,244,541 and 506,868, respectively, of the University&amp;#8217;s stock options
   outstanding were excluded from the calculation of diluted earnings per share as their inclusion
   would have been anti-dilutive. These options could be dilutive in the future.
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:EarningsPerShareTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock contextRef="Jan-01-2011_Mar-31-2011">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 5 - us-gaap:ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;5. Valuation and Qualifying Accounts&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="44%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Balance at&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Balance at&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Beginning of&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Charged to&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;End of&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Period&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Expense&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Deductions&lt;/b&gt;&lt;sup style="font-size: 85%; vertical-align: text-top"&gt;&lt;b&gt;(1)&lt;/b&gt;&lt;/sup&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Period&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Allowance for doubtful accounts receivable:
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Three months
   ended March&amp;#160;31, 2011 (Restated)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;30,112&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;10,034&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(8,780&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;31,366&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Three months ended March&amp;#160;31, 2010
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;7,553&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;4,774&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(4,479&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;7,848&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="left"&gt;
   &lt;div style="font-size: 3pt; margin-top: 0pt; width: 18%; border-top: 0px solid #000000"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;/div&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
   &lt;tr style="font-size: 6pt"&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="96%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;(1)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;
   &lt;div style="text-align: justify"&gt;Deductions represent accounts written off, net of recoveries.
   &lt;/div&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;/div&gt;
</us-gaap:ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="Jan-01-2011_Mar-31-2011">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 6 - us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;6. Property and Equipment&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Property and equipment consist of the following:
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;As of&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;As of March&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;31, 2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Land
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;8,282&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;8,282&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Land improvements
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,597&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,597&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Buildings
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;49,939&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;48,323&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Equipment under capital leases
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;4,502&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;4,502&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Leasehold improvements
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;11,835&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;11,407&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Computer equipment
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;38,796&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;36,742&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Furniture, fixtures and equipment
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;11,896&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;11,401&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Internally developed software
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;4,390&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;3,825&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Other
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,098&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;998&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Construction in progress
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;36,390&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;21,349&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;168,725&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;148,426&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Less accumulated depreciation and amortization
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(28,070&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(24,427&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Property and equipment, net
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;140,655&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;123,999&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="Jan-01-2011_Mar-31-2011">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 7 - us-gaap:CommitmentsAndContingenciesDisclosureTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;7. Commitments and Contingencies&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;&lt;i&gt;Leases&lt;/i&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The University leases certain land, buildings and equipment under non-cancelable operating
   leases expiring at various dates through 2023. Future minimum lease payments under operating leases
   due each year are as follows at March&amp;#160;31, 2011:
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="86%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;2011
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;3,745&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;2012
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;6,243&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;2013
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;7,020&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;2014
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;6,640&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;2015
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;5,764&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Thereafter
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;24,188&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total minimum payments
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;53,600&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Total rent expense and related taxes and operating expenses under operating leases for the
   three months ended March&amp;#160;31, 2011 and 2010 were $1,593 and $1,084, respectively.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;&lt;i&gt;Legal Matters&lt;/i&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;From time to time, the University is a party to various lawsuits, claims, and other legal
   proceedings that arise in the ordinary course of business, some of which are covered by insurance.
   When the University is aware of a claim or potential claim, it assesses the likelihood of any loss
   or exposure. If it is probable that a loss will result and the amount of the loss can be reasonably
   estimated, the University records a liability for the loss. If the loss is not probable or the
   amount of the loss cannot be reasonably estimated, the University discloses the nature of the
   specific claim if the likelihood of a potential loss is reasonably possible and the amount involved
   is material. With respect to the majority of pending litigation matters, the University&amp;#8217;s ultimate
   legal and financial responsibility, if any, cannot be estimated with certainty and, in most cases,
   any potential losses related to those matters are not considered probable.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;In connection with the &lt;i&gt;qui tam &lt;/i&gt;lawsuit that had been filed against the University in August
   2007 in the United States District Court for the District of Arizona (the &amp;#8220;Court&amp;#8221;) by a
   then-current employee on behalf of the federal government, and in connection with the related
   settlement agreement approved by the Court in August&amp;#160;2010, the University continues to maintain a
   $5,200 accrued litigation loss and a commensurate amount of restricted cash of $5,200 in an
   interest-bearing segregated account controlled by the University, for payment to the United States
   and the relator in accordance with the terms of the settlement agreement on the earlier of
   September&amp;#160;1, 2011 or the issuance by the Department of Education to the University of a full
   three-year Title IV program participation agreement.
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Upon resolution of any pending legal matters, the University may incur charges in excess of
   presently established reserves. Management does not believe that any such charges would,
   individually or in the aggregate, have a material adverse effect on the University&amp;#8217;s financial
   condition, results of operations or cash flows.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;&lt;i&gt;Tax Reserves, Non-Income Tax Related&lt;/i&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;From time to time the University has exposure to various non-income tax related matters that
   arise in the ordinary course of business. At March&amp;#160;31, 2011 and December&amp;#160;31, 2010, the University
   had reserved approximately $83 and $92, respectively, for tax matters where its ultimate exposure
   is considered probable and the potential loss can be reasonably estimated.
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:IncomeTaxDisclosureTextBlock contextRef="Jan-01-2011_Mar-31-2011">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 8 - us-gaap:IncomeTaxDisclosureTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;8. Income Taxes&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The University&amp;#8217;s uncertain tax positions are related to tax years that remain subject to
   examination by tax authorities. As of March&amp;#160;31, 2011, the earliest tax year still subject to
   examination for federal and state purposes is 2007 and 2005, respectively.
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:IncomeTaxDisclosureTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="Jan-01-2011_Mar-31-2011">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 9 - us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;9. Share-Based Compensation&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;On September&amp;#160;27, 2008 the University&amp;#8217;s shareholders approved the adoption of the 2008 Equity
   Incentive Plan (&amp;#8220;Incentive Plan&amp;#8221;) and the 2008 Employee Stock Purchase (&amp;#8220;ESPP&amp;#8221;). A total of
   4,199,937 shares of the University&amp;#8217;s common stock were originally authorized for issuance under the
   Incentive Plan. On January&amp;#160;1, of each subsequent year in accordance with the terms of the
   Incentive Plan, the number of shares authorized for issuance under the Incentive Plan automatically
   increased by 2.5% of the number of shares of common stock issued and outstanding on the previous
   December&amp;#160;31, raising the total number of shares of common stock authorized for issuance under the
   Incentive Plan to 7,622,034 shares. Although the ESPP has not yet been implemented, a total of
   1,049,984 shares of the University&amp;#8217;s common stock have been authorized for sale under the ESPP.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;A summary of the activity related to stock options granted under the University&amp;#8217;s Incentive
   Plan since December&amp;#160;31, 2010 is as follows:
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="44%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="14" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Summary of Stock Options Outstanding&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Weighted&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Weighted&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Average&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Average&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Exercise&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Remaining&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Aggregate&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Price per&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Contractual&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Intrinsic&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Shares&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Share&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Term (Years)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Value ($)(1)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Outstanding as of December&amp;#160;31, 2010&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;4,026,172&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;14.24&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Granted
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,226,250&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;15.34&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Exercised
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(1,154&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;12.00&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Forfeited, canceled or expired
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(29,208&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;18.22&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Outstanding as of March&amp;#160;31, 2011&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;5,222,060&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;14.47&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;8.42&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;157&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Exercisable as of March&amp;#160;31, 2011&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,671,032&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;12.95&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;7.77&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;2,590&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Available for issuance as of March&amp;#160;31, 2011&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,978,459&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="left"&gt;
   &lt;div style="font-size: 3pt; margin-top: 0pt; width: 18%; border-top: 0px solid #000000"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;/div&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
   &lt;tr style="font-size: 6pt"&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="96%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;(1)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;
   &lt;div style="text-align: justify"&gt;Aggregate intrinsic value represents the value of the University&amp;#8217;s
   closing stock price on March&amp;#160;31, 2011 ($14.50) in excess of the
   exercise price multiplied by the number of options outstanding or
   exercisable.
   &lt;/div&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;&lt;i&gt;Share-based Compensation Expense&lt;/i&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The table below outlines share-based compensation expense for the quarter ended March&amp;#160;31, 2011
   and 2010 related to restricted stock and stock options granted:
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Instructional costs and services
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;620&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;379&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Selling and promotional
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;64&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;37&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;General and administrative
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;746&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;621&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;&lt;b&gt;Share-based compensation expense included in operating expenses&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,430&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,037&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Tax effect of share-based compensation
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(572&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(415&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;&lt;b&gt;Share-based compensation expense, net of tax&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;858&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;622&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <lope:RegulatoryTextBlock contextRef="Jan-01-2011_Mar-31-2011">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 10 - lope:RegulatoryTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;10. Regulatory&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The University is subject to extensive regulation by federal and state governmental agencies
   and accrediting bodies. In particular, the Higher Education Act of 1965, as amended (the &amp;#8220;Higher
   Education Act&amp;#8221;), and the regulations promulgated thereunder by the Department of Education, subject
   the University to significant regulatory scrutiny on the basis of numerous standards that schools
   must satisfy in order to participate in the various federal student financial assistance programs
   under Title IV of the Higher Education Act.
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;To participate in the Title IV programs, an institution must be authorized to offer its
   programs of instruction by the relevant agency of the state in which it is located, accredited by
   an accrediting agency recognized by the Department of Education and certified as eligible by the
   Department of Education. The Department of Education will certify an institution to participate in
   the Title IV programs only after the institution has demonstrated compliance with the Higher
   Education Act and the Department of Education&amp;#8217;s extensive regulations regarding institutional
   eligibility. An institution must also demonstrate its compliance to the Department of Education on
   an ongoing basis. The University submitted its application for recertification in March&amp;#160;2008 in
   anticipation of the expiration of its provisional certification on June&amp;#160;30, 2008. The Department of
   Education did not make a decision on the University&amp;#8217;s recertification application by June&amp;#160;30, 2008,
   and therefore the University&amp;#8217;s participation in the Title IV programs had been automatically
   extended thereafter on a month-to-month basis pending the Department of Education&amp;#8217;s decision.
   While this decision remained pending, on January&amp;#160;12, 2011, the University disclosed the termination
   of certain voting agreements that had the effect of triggering a change in control under Department of Education regulations because it caused the University&amp;#8217;s largest
   stockholder group to own and control less than 25% of the outstanding voting stock. On April&amp;#160;8,
   2011, following the completion of the Department of Education&amp;#8217;s review of the information that the
   University provided in connection with the termination of the voting agreements, the Department of
   Education notified the University that it approved its application for a change of ownership and
   issued to the University a new, provisional program participation agreement to participate in the Title IV
   programs. While this certification is provisional, it does remove the University from
   month-to-month status, provides for the University&amp;#8217;s continued participation in Title IV programs
   through December&amp;#160;31, 2013, and does not impose any conditions (such as any letter of credit requirement) or other restrictions on the University
   during the provisional period other than the standard restrictions applicable to a provisional
   certification. In accordance with the terms of the provisional certification, the University may
   apply for recertification on a full basis by submitting a complete application by no later than
   September&amp;#160;30, 2013.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Because the University operates in a highly regulated industry, it, like other industry
   participants, may be subject from time to time to investigations, claims of non-compliance, or
   lawsuits by governmental agencies or third parties, which allege statutory violations, regulatory
   infractions, or common law causes of action. While there can be no assurance that regulatory
   agencies or third parties will not undertake investigations or make claims against the University,
   or that such claims, if made, will not have a material adverse effect on the University&amp;#8217;s business,
   results of operations or financial condition, management believes the University is in compliance
   with applicable regulations in all material respects.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;In connection with its administration of the Title IV federal student financial aid programs,
   the Department of Education periodically conducts program reviews at selected schools that receive
   Title IV funds. In July&amp;#160;2010, the Department of Education initiated a program review of Grand
   Canyon University covering the 2008-2009 and 2009-2010 award years. As part of this program
   review, a Department of Education program review team conducted a site visit on the University&amp;#8217;s
   campus and reviewed, and in some cases requested further information regarding, the University&amp;#8217;s
   records, practices and policies relating to, among other things, financial aid, enrollment,
   enrollment counselor compensation, program eligibility and other Title IV compliance matters. Upon
   the conclusion of the site visit, the University was informed by the program review team that it
   would (i)&amp;#160;conduct further review of the University&amp;#8217;s documents and records offsite, (ii)&amp;#160;upon
   completion of such review, schedule a formal exit interview to be followed by a preliminary program
   review report in which any preliminary findings of non-compliance would be presented, and (iii)
   conclude the review by issuance of a final determination letter. The program review team has not
   yet scheduled a formal exit interview with the University. Accordingly, at this point, the program
   review remains open and the University intends to continue to cooperate with the review team until
   the program review is completed.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;While the University has not yet received notification of the timing of its exit interview or
   the Department of Education&amp;#8217;s preliminary program review report or final determination letter,
   following the conclusion of the site visit the University became aware that the program review team
   had two preliminary findings of concern. The first issue is whether a compensation policy in use
   during part of the period under review improperly rewarded some enrollment counselors based on
   success in enrolling students in violation of applicable law. As the University has previously
   disclosed, while it believes that the University&amp;#8217;s compensation policies and practices at issue in
   the program review were not based on success in enrolling students in violation of applicable law,
   the Department of Education&amp;#8217;s regulations and interpretations of the incentive compensation law do
   not establish clear criteria for compliance in all circumstances and some of the University&amp;#8217;s
   practices in prior years were not within the scope of any of the specific &amp;#8220;safe harbors&amp;#8221; provided
   in the compensation regulations and applicable during that period.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The second issue is whether, during the award years under review, certain programs offered
   within the University&amp;#8217;s College of Liberal Arts provided students with training to prepare them for
   gainful employment in a recognized occupation. This &amp;#8220;gainful employment&amp;#8221; standard has been a
   requirement for Title IV eligibility for programs offered at proprietary institutions of higher
   education such as Grand Canyon University although, pursuant to legislation passed in 2008 and
   effective as of July&amp;#160;1, 2010, this requirement no longer applies to designated liberal arts
   programs offered by the University and certain other institutions that have held accreditation by a
   regional accrediting agency since a date on or before October&amp;#160;1, 2007 (the University has held a
   regional accreditation since 1968). Subsequent to the site visit, the program review team
   submitted a written request to the University in which the program review team stated the view
   that, prior to July&amp;#160;1, 2010, traditional liberal arts programs were not considered as being
   eligible under Title IV but then requested additional information from the University that would
   help the Department of Education determine whether the programs offered within the University&amp;#8217;s
   College of Liberal Arts were eligible under Title IV because they did provide training to prepare
   students for gainful employment in a recognized occupation. While the University was not informed
   as to which specific programs offered within the University&amp;#8217;s College of Liberal Arts the program
   review team believes may be ineligible, in August&amp;#160;2010 the University provided the Department of
   Education with the requested information which the University believes will demonstrate that the
   programs offered within the University&amp;#8217;s College of Liberal Arts met this requirement. The
   University has received no further communications from the Department of Education regarding the
   program review.
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The University&amp;#8217;s policies and procedures are planned and implemented to comply with the
   applicable standards and regulations under Title IV. If and to the extent the Department of
   Education&amp;#8217;s final determination letter identifies any compliance issues, the University is
   committed to resolving such issues and ensuring that Grand Canyon University operates in compliance
   with all Department of Education requirements. Program reviews may remain unresolved for months or
   years with little or no communication from the Department of Education, and may involve multiple
   exchanges of information following the site visit. The University cannot presently predict whether
   or if further information requests will be made, when the exit interview will take place, when the
   preliminary program review report or final determination letter will be issued, or when the program
   review will be closed. If the Department of Education were to make significant findings of
   non-compliance in the final program review determination letter, including any finding related to
   the two issues discussed above, then, after exhausting any administrative appeals available to the
   University, the University could be required to pay a fine, return Title IV monies previously
   received, or be subjected to other administrative sanctions. While the University cannot currently
   predict the outcome of the Department of Education review, any adverse finding could damage the
   University&amp;#8217;s reputation in the industry and have a material adverse effect on the University&amp;#8217;s
   business, results of operations, cash flows and financial position.
   &lt;/div&gt;
   &lt;/div&gt;
</lope:RegulatoryTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:ScheduleOfTreasuryStockByClassTextBlock contextRef="Jan-01-2011_Mar-31-2011">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 11 - us-gaap:ScheduleOfTreasuryStockByClassTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;11. Treasury Stock&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;On August&amp;#160;16, 2010, the University announced that its Board of Directors had authorized the
   University to repurchase up to $25,000 of common stock, from time to time, depending on market
   conditions and other considerations. The expiration date on the repurchase authorizations is
   September&amp;#160;30, 2011 and repurchases occur at the University&amp;#8217;s discretion. Repurchases may be made
   in the open market or in privately negotiated transactions, pursuant to the applicable Securities
   and Exchange Commission rules. The amount and timing of future share repurchases, if any, will be
   made as market and business conditions warrant. Since the approval of the share repurchase plan,
   the University has purchased 995,200 shares of common stock shares at an aggregate cost of $14,993
   which includes 945,200 shares of common stock at an aggregate cost of $14,211 during the three
   months ended March&amp;#160;31, 2011, which are recorded at cost in the accompanying balance sheets and
   statement of stockholders&amp;#8217; equity.
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:ScheduleOfTreasuryStockByClassTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:ScheduleOfSubsequentEventsTextBlock contextRef="Jan-01-2011_Mar-31-2011">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 12 - us-gaap:ScheduleOfSubsequentEventsTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;12. Subsequent Events&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;On April&amp;#160;8, 2011, the University entered into an amended and restated loan agreement with Bank
   of America, N.A. (the &amp;#8220;Amended Agreement&amp;#8221;). Under the Amended Agreement, the bank (a)&amp;#160;extended the
   maturity date of the University&amp;#8217;s existing loan from April&amp;#160;30, 2014 to March&amp;#160;31, 2016 and decreased
   the interest rate on the outstanding balance from the BBA Libor Rate plus 225 basis points to the
   BBA Libor Rate plus 200 basis points (all other terms of the existing loan remain the same), and
   (b)&amp;#160;provided to the University a revolving line of credit in the amount of $50,000 through March
   31, 2016 to be utilized for working capital, capital expenditures, share repurchases and other
   general corporate purposes. The Amended Agreement contains standard covenants that are
   substantially consistent with those included in the prior agreement, including covenants that,
   among other things, restrict the University&amp;#8217;s ability to incur additional debt or make certain
   investments, require the University to maintain compliance with certain applicable regulatory
   standards, and require the University to maintain a certain financial condition. Indebtedness under
   the Amended Agreement is secured by all of the University&amp;#8217;s assets.
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:ScheduleOfSubsequentEventsTextBlock>
  <!-- End Block Tagged Note -->
  <!--Document address: -->
  <dei:AmendmentFlag contextRef="Jan-01-2011_Mar-31-2011">true</dei:AmendmentFlag>
  <!--Document address: Excel - DCI!$C$10-->
  <dei:AmendmentDescription contextRef="Jan-01-2011_Mar-31-2011">Amendment No.1 to Form 10-Q</dei:AmendmentDescription>
  <dei:CurrentFiscalYearEndDate contextRef="Jan-01-2011_Mar-31-2011">--12-31</dei:CurrentFiscalYearEndDate>
  <!--Document address: -->
  <dei:DocumentFiscalPeriodFocus contextRef="Jan-01-2011_Mar-31-2011">Q1</dei:DocumentFiscalPeriodFocus>
  <!--Document address: Excel - DCI!$C$7-->
  <dei:DocumentFiscalYearFocus contextRef="Jan-01-2011_Mar-31-2011">2011</dei:DocumentFiscalYearFocus>
  <!--Document address: Excel - DCI!$C$5-->
  <dei:DocumentPeriodEndDate contextRef="Jan-01-2011_Mar-31-2011">2011-03-31</dei:DocumentPeriodEndDate>
  <!--Document address: -->
  <dei:DocumentType contextRef="Jan-01-2011_Mar-31-2011">10-Q</dei:DocumentType>
  <!--Document address: Excel - DCI!$C$3-->
  <dei:EntityCentralIndexKey contextRef="Jan-01-2011_Mar-31-2011">0001434588</dei:EntityCentralIndexKey>
  <!--Document address: Excel - DCI!$C$16-->
  <dei:EntityCommonStockSharesOutstanding contextRef="BalanceAsOf_01Nov2011" unitRef="Shares" decimals="INF">44331047</dei:EntityCommonStockSharesOutstanding>
  <!--Document address: -->
  <dei:EntityCurrentReportingStatus contextRef="Jan-01-2011_Mar-31-2011">Yes</dei:EntityCurrentReportingStatus>
  <!--Document address: -->
  <dei:EntityFilerCategory contextRef="Jan-01-2011_Mar-31-2011">Large Accelerated Filer</dei:EntityFilerCategory>
  <!--Document address: Excel - DCI!$C$2-->
  <dei:EntityRegistrantName contextRef="Jan-01-2011_Mar-31-2011">Grand Canyon Education, Inc.</dei:EntityRegistrantName>
  <!--Document address: -->
  <dei:EntityVoluntaryFilers contextRef="Jan-01-2011_Mar-31-2011">No</dei:EntityVoluntaryFilers>
  <!--Document address: -->
  <dei:EntityWellKnownSeasonedIssuer contextRef="Jan-01-2011_Mar-31-2011">No</dei:EntityWellKnownSeasonedIssuer>
  <!--Document address: Excel - Cash Flow!$C$21-->
  <lope:DueToFromRelatedParties contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">1400000</lope:DueToFromRelatedParties>
  <!--Document address: Excel - Cash Flow!$B$21-->
  <lope:DueToFromRelatedParties contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">-8388000</lope:DueToFromRelatedParties>
  <!--Document address: Excel - Cash Flow!$C$25-->
  <lope:IncreaseDecreaseInStudentDepositsOutstanding contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">1911000</lope:IncreaseDecreaseInStudentDepositsOutstanding>
  <!--Document address: Excel - Cash Flow!$B$25-->
  <lope:IncreaseDecreaseInStudentDepositsOutstanding contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">-2746000</lope:IncreaseDecreaseInStudentDepositsOutstanding>
  <!--Document address: Excel - Income statement!$C$11-->
  <lope:InstructionalCostsAndServices contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">36660000</lope:InstructionalCostsAndServices>
  <!--Document address: Excel - Income statement!$B$11-->
  <lope:InstructionalCostsAndServices contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">48875000</lope:InstructionalCostsAndServices>
  <!--Document address: Excel - Balance Sheet!$C$19-->
  <lope:PrepaidRoyaltiesNoncurrent contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">6579000</lope:PrepaidRoyaltiesNoncurrent>
  <!--Document address: Excel - Balance Sheet!$B$19-->
  <lope:PrepaidRoyaltiesNoncurrent contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">6396000</lope:PrepaidRoyaltiesNoncurrent>
  <!--Document address: Excel - Cash Flow!$C$36-->
  <lope:PrincipalPaymentsOnNotesPayableAndCapitalLeaseObligations contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">727000</lope:PrincipalPaymentsOnNotesPayableAndCapitalLeaseObligations>
  <!--Document address: Excel - Cash Flow!$B$36-->
  <lope:PrincipalPaymentsOnNotesPayableAndCapitalLeaseObligations contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">694000</lope:PrincipalPaymentsOnNotesPayableAndCapitalLeaseObligations>
  <!--Document address: Excel - Cash Flow!$C$53-->
  <lope:TaxBenefitOfWarrantIntangible contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">259000</lope:TaxBenefitOfWarrantIntangible>
  <!--Document address: Excel - Cash Flow!$B$53-->
  <lope:TaxBenefitOfWarrantIntangible contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">70000</lope:TaxBenefitOfWarrantIntangible>
  <!--Document address: Excel - Balance Sheet!$C$28-->
  <us-gaap:AccountsPayableCurrent contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">15693000</us-gaap:AccountsPayableCurrent>
  <!--Document address: Excel - Balance Sheet!$B$28-->
  <us-gaap:AccountsPayableCurrent contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">27072000</us-gaap:AccountsPayableCurrent>
  <!--Document address: Excel - Balance Sheet!$C$11-->
  <us-gaap:AccountsReceivableNetCurrent contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">17983000</us-gaap:AccountsReceivableNetCurrent>
  <!--Document address: Excel - Balance Sheet!$B$11-->
  <us-gaap:AccountsReceivableNetCurrent contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">13972000</us-gaap:AccountsReceivableNetCurrent>
  <!--Document address: Excel - Balance Sheet!$C$33-->
  <us-gaap:AccruedIncomeTaxesCurrent contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">829000</us-gaap:AccruedIncomeTaxesCurrent>
  <!--Document address: Excel - Balance Sheet!$B$33-->
  <us-gaap:AccruedIncomeTaxesCurrent contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">1223000</us-gaap:AccruedIncomeTaxesCurrent>
  <!--Document address: Excel - Balance Sheet!$C$30-->
  <us-gaap:AccruedLiabilitiesCurrent contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">9477000</us-gaap:AccruedLiabilitiesCurrent>
  <!--Document address: Excel - Balance Sheet!$B$30-->
  <us-gaap:AccruedLiabilitiesCurrent contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">7453000</us-gaap:AccruedLiabilitiesCurrent>
  <!--Document address: Excel - Balance Sheet!$C$52-->
  <us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">-445000</us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax>
  <!--Document address: Excel - Balance Sheet!$B$52-->
  <us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">-392000</us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax>
  <!--Document address: Excel - Balance Sheet!$C$51-->
  <us-gaap:AdditionalPaidInCapital contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">77449000</us-gaap:AdditionalPaidInCapital>
  <!--Document address: Excel - Balance Sheet!$B$51-->
  <us-gaap:AdditionalPaidInCapital contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">78961000</us-gaap:AdditionalPaidInCapital>
  <!--Document address: Excel - Cash Flow!$C$17-->
  <us-gaap:AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">-39000</us-gaap:AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther>
  <!--Document address: Excel - SSE!$I$14-->
  <us-gaap:AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">69000</us-gaap:AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation>
  <!--Document address: Excel - SSE!$F$14-->
  <us-gaap:AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation contextRef="ThreeMonthsEnded_31Mar2011_Additional_Paid_In_Capital_Member" unitRef="USD" decimals="-3">69000</us-gaap:AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation>
  <!--Document address: Excel - Balance Sheet!$C$64-->
  <us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">30112000</us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent>
  <!--Document address: Excel - Balance Sheet!$B$64-->
  <us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">31366000</us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent>
  <!--Document address: Excel - Cash Flow!$C$12-->
  <us-gaap:AmortizationOfFinancingCosts contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">16000</us-gaap:AmortizationOfFinancingCosts>
  <!--Document address: Excel - Cash Flow!$B$12-->
  <us-gaap:AmortizationOfFinancingCosts contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">15000</us-gaap:AmortizationOfFinancingCosts>
  <!--Document address: Excel - Balance Sheet!$C$24-->
  <us-gaap:Assets contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">275096000</us-gaap:Assets>
  <!--Document address: Excel - Balance Sheet!$B$24-->
  <us-gaap:Assets contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">275487000</us-gaap:Assets>
  <!--Document address: Excel - Balance Sheet!$C$16-->
  <us-gaap:AssetsCurrent contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">133125000</us-gaap:AssetsCurrent>
  <!--Document address: Excel - Balance Sheet!$B$16-->
  <us-gaap:AssetsCurrent contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">117309000</us-gaap:AssetsCurrent>
  <!--Document address: Excel - Income statement!$C$14-->
  <us-gaap:BusinessExitCosts contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">89000</us-gaap:BusinessExitCosts>
  <!--Document address: Excel - Cash Flow!$C$52-->
  <us-gaap:CapitalExpendituresIncurredButNotYetPaid contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">-1357000</us-gaap:CapitalExpendituresIncurredButNotYetPaid>
  <!--Document address: Excel - Cash Flow!$B$52-->
  <us-gaap:CapitalExpendituresIncurredButNotYetPaid contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">5631000</us-gaap:CapitalExpendituresIncurredButNotYetPaid>
  <!--Document address: Excel - Balance Sheet!$C$37-->
  <us-gaap:CapitalLeaseObligationsCurrent contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">1673000</us-gaap:CapitalLeaseObligationsCurrent>
  <!--Document address: Excel - Balance Sheet!$B$37-->
  <us-gaap:CapitalLeaseObligationsCurrent contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">1638000</us-gaap:CapitalLeaseObligationsCurrent>
  <!--Document address: Excel - Balance Sheet!$C$41-->
  <us-gaap:CapitalLeaseObligationsNoncurrent contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">151000</us-gaap:CapitalLeaseObligationsNoncurrent>
  <!--Document address: Excel - Balance Sheet!$B$41-->
  <us-gaap:CapitalLeaseObligationsNoncurrent contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">10000</us-gaap:CapitalLeaseObligationsNoncurrent>
  <!--Document address: Excel - Cash Flow!$C$43-->
  <us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="BalanceAsOf_31Dec2009" unitRef="USD" decimals="-3">62571000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <!--Document address: Excel - Cash Flow!$C$45-->
  <us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="BalanceAsOf_31Mar2010" unitRef="USD" decimals="-3">97883000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <!--Document address: Excel - Cash Flow!$B$43, Excel - Balance Sheet!$C$9-->
  <us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">33637000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <!--Document address: Excel - Cash Flow!$B$45, Excel - Balance Sheet!$B$9-->
  <us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">30243000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <!--Document address: Excel - Cash Flow!$C$42-->
  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">35312000</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
  <!--Document address: Excel - Cash Flow!$B$42-->
  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">-3394000</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
  <!--Document address: Excel - Balance Sheet!$C$46-->
  <us-gaap:CommitmentsAndContingencies2009 xsi:nil="true" contextRef="TwelveMonthsEnded_31Dec2010" />
  <!--Document address: Excel - Balance Sheet!$B$46-->
  <us-gaap:CommitmentsAndContingencies2009 xsi:nil="true" contextRef="Jan-01-2011_Mar-31-2011" />
  <!--Document address: Excel - Balance Sheet!$C$70-->
  <us-gaap:CommonStockParOrStatedValuePerShare contextRef="BalanceAsOf_31Dec2010" unitRef="USDEPS" decimals="INF">0.01</us-gaap:CommonStockParOrStatedValuePerShare>
  <!--Document address: Excel - Balance Sheet!$B$70-->
  <us-gaap:CommonStockParOrStatedValuePerShare contextRef="BalanceAsOf_31Mar2011" unitRef="USDEPS" decimals="INF">0.01</us-gaap:CommonStockParOrStatedValuePerShare>
  <!--Document address: Excel - Balance Sheet!$C$71-->
  <us-gaap:CommonStockSharesAuthorized contextRef="BalanceAsOf_31Dec2010" unitRef="Shares" decimals="-3">100000000</us-gaap:CommonStockSharesAuthorized>
  <!--Document address: Excel - Balance Sheet!$B$71-->
  <us-gaap:CommonStockSharesAuthorized contextRef="BalanceAsOf_31Mar2011" unitRef="Shares" decimals="-3">100000000</us-gaap:CommonStockSharesAuthorized>
  <!--Document address: Excel - Balance Sheet!$C$72-->
  <us-gaap:CommonStockSharesIssued contextRef="BalanceAsOf_31Dec2010" unitRef="Shares" decimals="-3">45811000</us-gaap:CommonStockSharesIssued>
  <!--Document address: Excel - Balance Sheet!$B$72-->
  <us-gaap:CommonStockSharesIssued contextRef="BalanceAsOf_31Mar2011" unitRef="Shares" decimals="-3">45812000</us-gaap:CommonStockSharesIssued>
  <!--Document address: Excel - Balance Sheet!$C$73-->
  <us-gaap:CommonStockSharesOutstanding contextRef="BalanceAsOf_31Dec2010" unitRef="Shares" decimals="-3">45761000</us-gaap:CommonStockSharesOutstanding>
  <!--Document address: Excel - Balance Sheet!$B$73-->
  <us-gaap:CommonStockSharesOutstanding contextRef="BalanceAsOf_31Mar2011" unitRef="Shares" decimals="-3">44817000</us-gaap:CommonStockSharesOutstanding>
  <!--Document address: Excel - Balance Sheet!$C$49-->
  <us-gaap:CommonStockValue contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">458000</us-gaap:CommonStockValue>
  <!--Document address: Excel - Balance Sheet!$B$49-->
  <us-gaap:CommonStockValue contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">458000</us-gaap:CommonStockValue>
  <!--Document address: Excel - Comprehensive Income!$D$10-->
  <us-gaap:ComprehensiveIncomeNetOfTax contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">11310000</us-gaap:ComprehensiveIncomeNetOfTax>
  <!--Document address: Excel - Comprehensive Income!$C$10-->
  <us-gaap:ComprehensiveIncomeNetOfTax contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">9534000</us-gaap:ComprehensiveIncomeNetOfTax>
  <!--Document address: Excel - Income statement!$C$16-->
  <us-gaap:CostsAndExpenses contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">69729000</us-gaap:CostsAndExpenses>
  <!--Document address: Excel - Income statement!$B$16-->
  <us-gaap:CostsAndExpenses contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">85539000</us-gaap:CostsAndExpenses>
  <!--Document address: Excel - Balance Sheet!$C$34-->
  <us-gaap:CustomerDepositsCurrent contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">48873000</us-gaap:CustomerDepositsCurrent>
  <!--Document address: Excel - Balance Sheet!$B$34-->
  <us-gaap:CustomerDepositsCurrent contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">46127000</us-gaap:CustomerDepositsCurrent>
  <!--Document address: Excel - Cash Flow!$C$16-->
  <us-gaap:DeferredIncomeTaxExpenseBenefit contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">-27000</us-gaap:DeferredIncomeTaxExpenseBenefit>
  <!--Document address: Excel - Cash Flow!$B$16-->
  <us-gaap:DeferredIncomeTaxExpenseBenefit contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">-224000</us-gaap:DeferredIncomeTaxExpenseBenefit>
  <!--Document address: Excel - Balance Sheet!$C$35-->
  <us-gaap:DeferredRevenueCurrent contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">15034000</us-gaap:DeferredRevenueCurrent>
  <!--Document address: Excel - Balance Sheet!$B$35-->
  <us-gaap:DeferredRevenueCurrent contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">19218000</us-gaap:DeferredRevenueCurrent>
  <!--Document address: Excel - Balance Sheet!$C$13-->
  <us-gaap:DeferredTaxAssetsNetCurrent contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">16078000</us-gaap:DeferredTaxAssetsNetCurrent>
  <!--Document address: Excel - Balance Sheet!$B$13-->
  <us-gaap:DeferredTaxAssetsNetCurrent contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">16563000</us-gaap:DeferredTaxAssetsNetCurrent>
  <!--Document address: Excel - Balance Sheet!$C$21-->
  <us-gaap:DeferredTaxAssetsNetNoncurrent contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">2800000</us-gaap:DeferredTaxAssetsNetNoncurrent>
  <!--Document address: Excel - Balance Sheet!$B$21-->
  <us-gaap:DeferredTaxAssetsNetNoncurrent contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">2487000</us-gaap:DeferredTaxAssetsNetNoncurrent>
  <!--Document address: Excel - Cash Flow!$C$14-->
  <us-gaap:DepreciationAndAmortization contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">2661000</us-gaap:DepreciationAndAmortization>
  <!--Document address: Excel - Cash Flow!$B$14-->
  <us-gaap:DepreciationAndAmortization contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">3826000</us-gaap:DepreciationAndAmortization>
  <!--Document address: Excel - Balance Sheet!$C$36-->
  <us-gaap:DueToRelatedPartiesCurrent contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">10346000</us-gaap:DueToRelatedPartiesCurrent>
  <!--Document address: Excel - Balance Sheet!$B$36-->
  <us-gaap:DueToRelatedPartiesCurrent contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">1958000</us-gaap:DueToRelatedPartiesCurrent>
  <!--Document address: Excel - Income statement!$C$28-->
  <us-gaap:EarningsPerShareBasic contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USDEPS" decimals="2">0.25</us-gaap:EarningsPerShareBasic>
  <!--Document address: Excel - Income statement!$B$28-->
  <us-gaap:EarningsPerShareBasic contextRef="Jan-01-2011_Mar-31-2011" unitRef="USDEPS" decimals="2">0.21</us-gaap:EarningsPerShareBasic>
  <!--Document address: Excel - Income statement!$C$30-->
  <us-gaap:EarningsPerShareDiluted contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USDEPS" decimals="2">0.25</us-gaap:EarningsPerShareDiluted>
  <!--Document address: Excel - Income statement!$B$30-->
  <us-gaap:EarningsPerShareDiluted contextRef="Jan-01-2011_Mar-31-2011" unitRef="USDEPS" decimals="2">0.21</us-gaap:EarningsPerShareDiluted>
  <!--Document address: Excel - Balance Sheet!$C$29-->
  <us-gaap:EmployeeRelatedLiabilitiesCurrent contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">13633000</us-gaap:EmployeeRelatedLiabilitiesCurrent>
  <!--Document address: Excel - Balance Sheet!$B$29-->
  <us-gaap:EmployeeRelatedLiabilitiesCurrent contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">15144000</us-gaap:EmployeeRelatedLiabilitiesCurrent>
  <!--Document address: Excel - Cash Flow!$C$38-->
  <us-gaap:ExcessTaxBenefitFromShareBasedCompensationFinancingActivities contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">492000</us-gaap:ExcessTaxBenefitFromShareBasedCompensationFinancingActivities>
  <!--Document address: Excel - Cash Flow!$C$11-->
  <us-gaap:ExcessTaxBenefitFromShareBasedCompensationOperatingActivities contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">492000</us-gaap:ExcessTaxBenefitFromShareBasedCompensationOperatingActivities>
  <!--Document address: Excel - Income statement!$C$13-->
  <us-gaap:GeneralAndAdministrativeExpense contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">6104000</us-gaap:GeneralAndAdministrativeExpense>
  <!--Document address: Excel - Income statement!$B$13-->
  <us-gaap:GeneralAndAdministrativeExpense contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">6832000</us-gaap:GeneralAndAdministrativeExpense>
  <!--Document address: Excel - Balance Sheet!$C$20-->
  <us-gaap:Goodwill contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">2941000</us-gaap:Goodwill>
  <!--Document address: Excel - Balance Sheet!$B$20-->
  <us-gaap:Goodwill contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">2941000</us-gaap:Goodwill>
  <!--Document address: Excel - Income statement!$C$22-->
  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">19314000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments>
  <!--Document address: Excel - Income statement!$B$22-->
  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">16095000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments>
  <!--Document address: Excel - Cash Flow!$C$49-->
  <us-gaap:IncomeTaxesPaid contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">1598000</us-gaap:IncomeTaxesPaid>
  <!--Document address: Excel - Cash Flow!$B$49-->
  <us-gaap:IncomeTaxesPaid contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">219000</us-gaap:IncomeTaxesPaid>
  <!--Document address: Excel - Balance Sheet!$C$12-->
  <us-gaap:IncomeTaxesReceivable contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">8415000</us-gaap:IncomeTaxesReceivable>
  <!--Document address: Excel - Balance Sheet!$B$12-->
  <us-gaap:IncomeTaxesReceivable contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">2213000</us-gaap:IncomeTaxesReceivable>
  <!--Document address: Excel - Income statement!$C$23-->
  <us-gaap:IncomeTaxExpenseBenefit contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">7834000</us-gaap:IncomeTaxExpenseBenefit>
  <!--Document address: Excel - Income statement!$B$23-->
  <us-gaap:IncomeTaxExpenseBenefit contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">6614000</us-gaap:IncomeTaxExpenseBenefit>
  <!--Document address: Excel - Cash Flow!$C$22-->
  <us-gaap:IncreaseDecreaseInAccountsPayableTrade contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">1912000</us-gaap:IncreaseDecreaseInAccountsPayableTrade>
  <!--Document address: Excel - Cash Flow!$B$22-->
  <us-gaap:IncreaseDecreaseInAccountsPayableTrade contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">5748000</us-gaap:IncreaseDecreaseInAccountsPayableTrade>
  <!--Document address: Excel - Cash Flow!$C$19-->
  <us-gaap:IncreaseDecreaseInAccountsReceivable contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">4862000</us-gaap:IncreaseDecreaseInAccountsReceivable>
  <!--Document address: Excel - Cash Flow!$B$19-->
  <us-gaap:IncreaseDecreaseInAccountsReceivable contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">6023000</us-gaap:IncreaseDecreaseInAccountsReceivable>
  <!--Document address: Excel - Cash Flow!$C$24-->
  <us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">6251000</us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable>
  <!--Document address: Excel - Cash Flow!$B$24-->
  <us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">6665000</us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable>
  <!--Document address: Excel - Cash Flow!$C$23-->
  <us-gaap:IncreaseDecreaseInAccruedLiabilities contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">5024000</us-gaap:IncreaseDecreaseInAccruedLiabilities>
  <!--Document address: Excel - Cash Flow!$B$23-->
  <us-gaap:IncreaseDecreaseInAccruedLiabilities contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">-513000</us-gaap:IncreaseDecreaseInAccruedLiabilities>
  <!--Document address: Excel - Cash Flow!$C$26-->
  <us-gaap:IncreaseDecreaseInDeferredRevenue contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">20168000</us-gaap:IncreaseDecreaseInDeferredRevenue>
  <!--Document address: Excel - Cash Flow!$B$26-->
  <us-gaap:IncreaseDecreaseInDeferredRevenue contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">4184000</us-gaap:IncreaseDecreaseInDeferredRevenue>
  <!--Document address: Excel - Cash Flow!$C$20-->
  <us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">1655000</us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>
  <!--Document address: Excel - Cash Flow!$B$20-->
  <us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">52000</us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>
  <!--Document address: Excel - Cash Flow!$C$30-->
  <us-gaap:IncreaseDecreaseInRestrictedCash contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">2931000</us-gaap:IncreaseDecreaseInRestrictedCash>
  <!--Document address: Excel - Cash Flow!$B$30-->
  <us-gaap:IncreaseDecreaseInRestrictedCash contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">-2753000</us-gaap:IncreaseDecreaseInRestrictedCash>
  <!--Document address: Excel - Income statement!$C$19-->
  <us-gaap:InterestExpense contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">344000</us-gaap:InterestExpense>
  <!--Document address: Excel - Income statement!$B$19-->
  <us-gaap:InterestExpense contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">107000</us-gaap:InterestExpense>
  <!--Document address: Excel - Cash Flow!$C$48-->
  <us-gaap:InterestPaid contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">195000</us-gaap:InterestPaid>
  <!--Document address: Excel - Cash Flow!$B$48-->
  <us-gaap:InterestPaid contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">107000</us-gaap:InterestPaid>
  <!--Document address: Excel - Income statement!$C$20-->
  <us-gaap:InvestmentIncomeInterest contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">61000</us-gaap:InvestmentIncomeInterest>
  <!--Document address: Excel - Income statement!$B$20-->
  <us-gaap:InvestmentIncomeInterest contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">32000</us-gaap:InvestmentIncomeInterest>
  <!--Document address: Excel - Balance Sheet!$C$44-->
  <us-gaap:Liabilities contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">147595000</us-gaap:Liabilities>
  <!--Document address: Excel - Balance Sheet!$B$44-->
  <us-gaap:Liabilities contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">151151000</us-gaap:Liabilities>
  <!--Document address: Excel - Balance Sheet!$C$57-->
  <us-gaap:LiabilitiesAndStockholdersEquity contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">275096000</us-gaap:LiabilitiesAndStockholdersEquity>
  <!--Document address: Excel - Balance Sheet!$B$57-->
  <us-gaap:LiabilitiesAndStockholdersEquity contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">275487000</us-gaap:LiabilitiesAndStockholdersEquity>
  <!--Document address: Excel - Balance Sheet!$C$40-->
  <us-gaap:LiabilitiesCurrent contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">122848000</us-gaap:LiabilitiesCurrent>
  <!--Document address: Excel - Balance Sheet!$B$40-->
  <us-gaap:LiabilitiesCurrent contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">127030000</us-gaap:LiabilitiesCurrent>
  <!--Document address: Excel - Balance Sheet!$C$31-->
  <us-gaap:LitigationReserveCurrent contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">5200000</us-gaap:LitigationReserveCurrent>
  <!--Document address: Excel - Balance Sheet!$B$31-->
  <us-gaap:LitigationReserveCurrent contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">5200000</us-gaap:LitigationReserveCurrent>
  <!--Document address: Excel - Balance Sheet!$C$43-->
  <us-gaap:LongTermNotesPayable contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">21881000</us-gaap:LongTermNotesPayable>
  <!--Document address: Excel - Balance Sheet!$B$43-->
  <us-gaap:LongTermNotesPayable contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">21432000</us-gaap:LongTermNotesPayable>
  <!--Document address: Excel - Cash Flow!$C$40-->
  <us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">267000</us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations>
  <!--Document address: Excel - Cash Flow!$B$40-->
  <us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">-14892000</us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations>
  <!--Document address: Excel - Cash Flow!$C$33-->
  <us-gaap:NetCashProvidedByUsedInInvestingActivities contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">-14035000</us-gaap:NetCashProvidedByUsedInInvestingActivities>
  <!--Document address: Excel - Cash Flow!$B$33-->
  <us-gaap:NetCashProvidedByUsedInInvestingActivities contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">-11915000</us-gaap:NetCashProvidedByUsedInInvestingActivities>
  <!--Document address: Excel - Cash Flow!$C$27-->
  <us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">49080000</us-gaap:NetCashProvidedByUsedInOperatingActivities>
  <!--Document address: Excel - Cash Flow!$B$27-->
  <us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">23413000</us-gaap:NetCashProvidedByUsedInOperatingActivities>
  <!--Document address: Excel - Comprehensive Income!$D$5, Excel - Cash Flow!$C$8, Excel - Income statement!$C$25-->
  <us-gaap:NetIncomeLoss contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">11480000</us-gaap:NetIncomeLoss>
  <!--Document address: Excel - Comprehensive Income!$C$5, Excel - Cash Flow!$B$8, Excel - Income statement!$B$25, Excel - SSE!$I$10-->
  <us-gaap:NetIncomeLoss contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">9481000</us-gaap:NetIncomeLoss>
  <!--Document address: Excel - SSE!$H$10-->
  <us-gaap:NetIncomeLoss contextRef="ThreeMonthsEnded_31Mar2011_Retained_Earnings_Member" unitRef="USD" decimals="-3">9481000</us-gaap:NetIncomeLoss>
  <!--Document address: Excel - Balance Sheet!$C$38-->
  <us-gaap:NotesPayableCurrent contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">2026000</us-gaap:NotesPayableCurrent>
  <!--Document address: Excel - Balance Sheet!$B$38-->
  <us-gaap:NotesPayableCurrent contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">1957000</us-gaap:NotesPayableCurrent>
  <!--Document address: Excel - Income statement!$C$18-->
  <us-gaap:OperatingIncomeLoss contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">19597000</us-gaap:OperatingIncomeLoss>
  <!--Document address: Excel - Income statement!$B$18-->
  <us-gaap:OperatingIncomeLoss contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">16170000</us-gaap:OperatingIncomeLoss>
  <!--Document address: Excel - Balance Sheet!$C$14-->
  <us-gaap:OtherAssetsCurrent contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">4834000</us-gaap:OtherAssetsCurrent>
  <!--Document address: Excel - Balance Sheet!$B$14-->
  <us-gaap:OtherAssetsCurrent contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">4578000</us-gaap:OtherAssetsCurrent>
  <!--Document address: Excel - Balance Sheet!$C$22-->
  <us-gaap:OtherAssetsNoncurrent contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">4892000</us-gaap:OtherAssetsNoncurrent>
  <!--Document address: Excel - Balance Sheet!$B$22-->
  <us-gaap:OtherAssetsNoncurrent contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">5254000</us-gaap:OtherAssetsNoncurrent>
  <!--Document address: Excel - Comprehensive Income!$D$9-->
  <us-gaap:OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">19000</us-gaap:OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax>
  <!--Document address: Excel - Comprehensive Income!$D$7-->
  <us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">-147000</us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax>
  <!--Document address: Excel - SSE!$I$11, Excel - Comprehensive Income!$C$7-->
  <us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">53000</us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax>
  <!--Document address: Excel - SSE!$G$11-->
  <us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax contextRef="ThreeMonthsEnded_31Mar2011_Accumulated_Other_Comprehensive_Income_Member" unitRef="USD" decimals="-3">53000</us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax>
  <!--Document address: Excel - SSE!$G$25-->
  <us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax contextRef="ThreeMonthsEnded_31Mar2011_Accumulated_Other_Comprehensive_Income_Member" unitRef="USD" decimals="-3">21000</us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax>
  <!--Document address: Excel - Comprehensive Income!$D$8-->
  <us-gaap:OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">-4000</us-gaap:OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax>
  <!--Document address: Excel - Cash Flow!$C$15-->
  <us-gaap:OtherIncreaseDecreaseInProvisionForRestructuring contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">-479000</us-gaap:OtherIncreaseDecreaseInProvisionForRestructuring>
  <!--Document address: Excel - Cash Flow!$B$15-->
  <us-gaap:OtherIncreaseDecreaseInProvisionForRestructuring contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">-24000</us-gaap:OtherIncreaseDecreaseInProvisionForRestructuring>
  <!--Document address: Excel - Balance Sheet!$C$42-->
  <us-gaap:OtherLiabilitiesNoncurrent contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">2715000</us-gaap:OtherLiabilitiesNoncurrent>
  <!--Document address: Excel - Balance Sheet!$B$42-->
  <us-gaap:OtherLiabilitiesNoncurrent contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">2679000</us-gaap:OtherLiabilitiesNoncurrent>
  <!--Document address: Excel - Cash Flow!$B$37-->
  <us-gaap:PaymentsForRepurchaseOfCommonStock contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">14211000</us-gaap:PaymentsForRepurchaseOfCommonStock>
  <!--Document address: Excel - Cash Flow!$C$29-->
  <us-gaap:PaymentsToAcquireProductiveAssets contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">11591000</us-gaap:PaymentsToAcquireProductiveAssets>
  <!--Document address: Excel - Cash Flow!$B$29-->
  <us-gaap:PaymentsToAcquireProductiveAssets contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">14668000</us-gaap:PaymentsToAcquireProductiveAssets>
  <!--Document address: Excel - Balance Sheet!$C$66-->
  <us-gaap:PreferredStockParOrStatedValuePerShare contextRef="BalanceAsOf_31Dec2010" unitRef="USDEPS" decimals="INF">0.01</us-gaap:PreferredStockParOrStatedValuePerShare>
  <!--Document address: Excel - Balance Sheet!$B$66-->
  <us-gaap:PreferredStockParOrStatedValuePerShare contextRef="BalanceAsOf_31Mar2011" unitRef="USDEPS" decimals="INF">0.01</us-gaap:PreferredStockParOrStatedValuePerShare>
  <!--Document address: Excel - Balance Sheet!$C$67-->
  <us-gaap:PreferredStockSharesAuthorized contextRef="BalanceAsOf_31Dec2010" unitRef="Shares" decimals="-3">10000000</us-gaap:PreferredStockSharesAuthorized>
  <!--Document address: Excel - Balance Sheet!$B$67-->
  <us-gaap:PreferredStockSharesAuthorized contextRef="BalanceAsOf_31Mar2011" unitRef="Shares" decimals="-3">10000000</us-gaap:PreferredStockSharesAuthorized>
  <!--Document address: Excel - Balance Sheet!$C$68-->
  <us-gaap:PreferredStockSharesIssued contextRef="BalanceAsOf_31Dec2010" unitRef="Shares" decimals="-3">0</us-gaap:PreferredStockSharesIssued>
  <!--Document address: Excel - Balance Sheet!$B$68-->
  <us-gaap:PreferredStockSharesIssued contextRef="BalanceAsOf_31Mar2011" unitRef="Shares" decimals="-3">0</us-gaap:PreferredStockSharesIssued>
  <!--Document address: Excel - Balance Sheet!$C$69-->
  <us-gaap:PreferredStockSharesOutstanding contextRef="BalanceAsOf_31Dec2010" unitRef="Shares" decimals="-3">0</us-gaap:PreferredStockSharesOutstanding>
  <!--Document address: Excel - Balance Sheet!$B$69-->
  <us-gaap:PreferredStockSharesOutstanding contextRef="BalanceAsOf_31Mar2011" unitRef="Shares" decimals="-3">0</us-gaap:PreferredStockSharesOutstanding>
  <!--Document address: Excel - Balance Sheet!$C$48-->
  <us-gaap:PreferredStockValue xsi:nil="true" contextRef="BalanceAsOf_31Dec2010" unitRef="USD" />
  <!--Document address: Excel - Balance Sheet!$B$48-->
  <us-gaap:PreferredStockValue xsi:nil="true" contextRef="BalanceAsOf_31Mar2011" unitRef="USD" />
  <!--Document address: Excel - Cash Flow!$C$31-->
  <us-gaap:ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">487000</us-gaap:ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities>
  <!--Document address: Excel - Cash Flow!$C$39-->
  <us-gaap:ProceedsFromStockOptionsExercised contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">502000</us-gaap:ProceedsFromStockOptionsExercised>
  <!--Document address: Excel - Cash Flow!$B$39-->
  <us-gaap:ProceedsFromStockOptionsExercised contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">13000</us-gaap:ProceedsFromStockOptionsExercised>
  <!--Document address: Excel - Balance Sheet!$C$17-->
  <us-gaap:PropertyPlantAndEquipmentNet contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">123999000</us-gaap:PropertyPlantAndEquipmentNet>
  <!--Document address: Excel - Balance Sheet!$B$17-->
  <us-gaap:PropertyPlantAndEquipmentNet contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">140655000</us-gaap:PropertyPlantAndEquipmentNet>
  <!--Document address: Excel - Cash Flow!$C$13-->
  <us-gaap:ProvisionForDoubtfulAccounts contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">4774000</us-gaap:ProvisionForDoubtfulAccounts>
  <!--Document address: Excel - Cash Flow!$B$13-->
  <us-gaap:ProvisionForDoubtfulAccounts contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">10034000</us-gaap:ProvisionForDoubtfulAccounts>
  <!--Document address: Excel - Income statement!$C$43-->
  <us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">2347000</us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty>
  <!--Document address: Excel - Income statement!$B$43-->
  <us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">401000</us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty>
  <!--Document address: Excel - Balance Sheet!$C$10-->
  <us-gaap:RestrictedCashAndCashEquivalentsAtCarryingValue contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">52178000</us-gaap:RestrictedCashAndCashEquivalentsAtCarryingValue>
  <!--Document address: Excel - Balance Sheet!$B$10-->
  <us-gaap:RestrictedCashAndCashEquivalentsAtCarryingValue contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">49740000</us-gaap:RestrictedCashAndCashEquivalentsAtCarryingValue>
  <!--Document address: Excel - Balance Sheet!$C$18-->
  <us-gaap:RestrictedCashAndCashEquivalentsNoncurrent contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">760000</us-gaap:RestrictedCashAndCashEquivalentsNoncurrent>
  <!--Document address: Excel - Balance Sheet!$B$18-->
  <us-gaap:RestrictedCashAndCashEquivalentsNoncurrent contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">445000</us-gaap:RestrictedCashAndCashEquivalentsNoncurrent>
  <!--Document address: Excel - Balance Sheet!$C$32-->
  <us-gaap:RestructuringReserveCurrent contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">64000</us-gaap:RestructuringReserveCurrent>
  <!--Document address: Excel - Balance Sheet!$B$32-->
  <us-gaap:RestructuringReserveCurrent contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">40000</us-gaap:RestructuringReserveCurrent>
  <!--Document address: Excel - Balance Sheet!$C$53-->
  <us-gaap:RetainedEarningsAccumulatedDeficit contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">50821000</us-gaap:RetainedEarningsAccumulatedDeficit>
  <!--Document address: Excel - Balance Sheet!$B$53-->
  <us-gaap:RetainedEarningsAccumulatedDeficit contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">60302000</us-gaap:RetainedEarningsAccumulatedDeficit>
  <!--Document address: Excel - Income statement!$C$9-->
  <us-gaap:Revenues contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">89326000</us-gaap:Revenues>
  <!--Document address: Excel - Income statement!$B$9-->
  <us-gaap:Revenues contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">101709000</us-gaap:Revenues>
  <!--Document address: Excel - Income statement!$C$12-->
  <us-gaap:SellingAndMarketingExpense contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">26876000</us-gaap:SellingAndMarketingExpense>
  <!--Document address: Excel - Income statement!$B$12-->
  <us-gaap:SellingAndMarketingExpense contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">29832000</us-gaap:SellingAndMarketingExpense>
  <!--Document address: Excel - Cash Flow!$C$10-->
  <us-gaap:ShareBasedCompensation contextRef="ThreeMonthsEnded_31Mar2010" unitRef="USD" decimals="-3">1037000</us-gaap:ShareBasedCompensation>
  <!--Document address: Excel - Cash Flow!$B$10-->
  <us-gaap:ShareBasedCompensation contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">1430000</us-gaap:ShareBasedCompensation>
  <!--Document address: Excel - SSE!$B$9-->
  <us-gaap:SharesIssued contextRef="BalanceAsOf_31Dec2010_Common_Stock_Member" unitRef="Shares" decimals="-3">45811000</us-gaap:SharesIssued>
  <!--Document address: Excel - SSE!$D$9-->
  <us-gaap:SharesIssued contextRef="BalanceAsOf_31Dec2010_Treasury_Stock_Member" unitRef="Shares" decimals="-3">50000</us-gaap:SharesIssued>
  <!--Document address: Excel - SSE!$B$18-->
  <us-gaap:SharesIssued contextRef="BalanceAsOf_31Mar2011_Common_Stock_Member" unitRef="Shares" decimals="-3">45812000</us-gaap:SharesIssued>
  <!--Document address: Excel - SSE!$D$18-->
  <us-gaap:SharesIssued contextRef="BalanceAsOf_31Mar2011_Treasury_Stock_Member" unitRef="Shares" decimals="-3">995000</us-gaap:SharesIssued>
  <!--Document address: Excel - SSE!$I$9, Excel - Balance Sheet!$C$55-->
  <us-gaap:StockholdersEquity contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">127501000</us-gaap:StockholdersEquity>
  <!--Document address: Excel - SSE!$G$9-->
  <us-gaap:StockholdersEquity contextRef="BalanceAsOf_31Dec2010_Accumulated_Other_Comprehensive_Income_Member" unitRef="USD" decimals="-3">-445000</us-gaap:StockholdersEquity>
  <!--Document address: Excel - SSE!$F$9-->
  <us-gaap:StockholdersEquity contextRef="BalanceAsOf_31Dec2010_Additional_Paid_In_Capital_Member" unitRef="USD" decimals="-3">77449000</us-gaap:StockholdersEquity>
  <!--Document address: Excel - SSE!$C$9-->
  <us-gaap:StockholdersEquity contextRef="BalanceAsOf_31Dec2010_Common_Stock_Member" unitRef="USD" decimals="-3">458000</us-gaap:StockholdersEquity>
  <!--Document address: Excel - SSE!$H$9-->
  <us-gaap:StockholdersEquity contextRef="BalanceAsOf_31Dec2010_Retained_Earnings_Member" unitRef="USD" decimals="-3">50821000</us-gaap:StockholdersEquity>
  <!--Document address: Excel - SSE!$E$9-->
  <us-gaap:StockholdersEquity contextRef="BalanceAsOf_31Dec2010_Treasury_Stock_Member" unitRef="USD" decimals="-3">-782000</us-gaap:StockholdersEquity>
  <!--Document address: Excel - Balance Sheet!$B$55, Excel - SSE!$I$18-->
  <us-gaap:StockholdersEquity contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">124336000</us-gaap:StockholdersEquity>
  <!--Document address: Excel - SSE!$G$18-->
  <us-gaap:StockholdersEquity contextRef="BalanceAsOf_31Mar2011_Accumulated_Other_Comprehensive_Income_Member" unitRef="USD" decimals="-3">-392000</us-gaap:StockholdersEquity>
  <!--Document address: Excel - SSE!$F$18-->
  <us-gaap:StockholdersEquity contextRef="BalanceAsOf_31Mar2011_Additional_Paid_In_Capital_Member" unitRef="USD" decimals="-3">78961000</us-gaap:StockholdersEquity>
  <!--Document address: Excel - SSE!$C$18-->
  <us-gaap:StockholdersEquity contextRef="BalanceAsOf_31Mar2011_Common_Stock_Member" unitRef="USD" decimals="-3">458000</us-gaap:StockholdersEquity>
  <!--Document address: Excel - SSE!$H$18-->
  <us-gaap:StockholdersEquity contextRef="BalanceAsOf_31Mar2011_Retained_Earnings_Member" unitRef="USD" decimals="-3">60302000</us-gaap:StockholdersEquity>
  <!--Document address: Excel - SSE!$E$18-->
  <us-gaap:StockholdersEquity contextRef="BalanceAsOf_31Mar2011_Treasury_Stock_Member" unitRef="USD" decimals="-3">-14993000</us-gaap:StockholdersEquity>
  <!--Document address: Excel - SSE!$B$13-->
  <us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised contextRef="ThreeMonthsEnded_31Mar2011_Common_Stock_Member" unitRef="Shares" decimals="-3">1000</us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised>
  <!--Document address: Excel - SSE!$I$15-->
  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">1430000</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>
  <!--Document address: Excel - SSE!$F$15-->
  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="ThreeMonthsEnded_31Mar2011_Additional_Paid_In_Capital_Member" unitRef="USD" decimals="-3">1430000</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>
  <!--Document address: Excel - SSE!$I$13-->
  <us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">13000</us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised>
  <!--Document address: Excel - SSE!$F$13-->
  <us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised contextRef="ThreeMonthsEnded_31Mar2011_Additional_Paid_In_Capital_Member" unitRef="USD" decimals="-3">13000</us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised>
  <!--Document address: Excel - Balance Sheet!$C$74-->
  <us-gaap:TreasuryStockShares contextRef="BalanceAsOf_31Dec2010" unitRef="Shares" decimals="-3">50000</us-gaap:TreasuryStockShares>
  <!--Document address: Excel - Balance Sheet!$B$74-->
  <us-gaap:TreasuryStockShares contextRef="BalanceAsOf_31Mar2011" unitRef="Shares" decimals="-3">995000</us-gaap:TreasuryStockShares>
  <!--Document address: Excel - SSE!$D$12-->
  <us-gaap:TreasuryStockSharesAcquired contextRef="ThreeMonthsEnded_31Mar2011_Treasury_Stock_Member" unitRef="Shares" decimals="-3">945000</us-gaap:TreasuryStockSharesAcquired>
  <!--Document address: Excel - Balance Sheet!$C$50-->
  <us-gaap:TreasuryStockValue contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">782000</us-gaap:TreasuryStockValue>
  <!--Document address: Excel - Balance Sheet!$B$50-->
  <us-gaap:TreasuryStockValue contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">14993000</us-gaap:TreasuryStockValue>
  <!--Document address: Excel - SSE!$I$12-->
  <us-gaap:TreasuryStockValueAcquiredCostMethod contextRef="Jan-01-2011_Mar-31-2011" unitRef="USD" decimals="-3">14211000</us-gaap:TreasuryStockValueAcquiredCostMethod>
  <!--Document address: Excel - SSE!$E$12-->
  <us-gaap:TreasuryStockValueAcquiredCostMethod contextRef="ThreeMonthsEnded_31Mar2011_Treasury_Stock_Member" unitRef="USD" decimals="-3">14211000</us-gaap:TreasuryStockValueAcquiredCostMethod>
  <!--Document address: Excel - Income statement!$C$35-->
  <us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="ThreeMonthsEnded_31Mar2010" unitRef="Shares" decimals="-3">46325000</us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>
  <!--Document address: Excel - Income statement!$B$35-->
  <us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="Jan-01-2011_Mar-31-2011" unitRef="Shares" decimals="-3">46089000</us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>
  <!--Document address: Excel - Income statement!$C$33-->
  <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="ThreeMonthsEnded_31Mar2010" unitRef="Shares" decimals="-3">45674000</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
  <!--Document address: Excel - Income statement!$B$33-->
  <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="Jan-01-2011_Mar-31-2011" unitRef="Shares" decimals="-3">45590000</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
</xbrl>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>7
<FILENAME>lope-20110331.xsd
<DESCRIPTION>EX-101 SCHEMA DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!-- XBRL Generated with XBRLMark Copyright (C) by Bowne Inc. -->
<!-- Based on XBRL 2.1 -->
<schema xmlns="http://www.w3.org/2001/XMLSchema" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" targetNamespace="http://gcu.edu/20110331" xmlns:lope="http://gcu.edu/20110331" elementFormDefault="qualified" attributeFormDefault="unqualified" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:us-types="http://xbrl.us/us-types/2009-01-31">
  <annotation>
    <appinfo>
      <link:roleType roleURI="http://gcu.edu/role/RestatementOfFinancialStatements" id="RestatementOfFinancialStatements">
        <link:definition>0202 - Disclosure - Restatement of Financial Statements</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://gcu.edu/role/SubsequentEvents" id="SubsequentEvents">
        <link:definition>0212 - Disclosure - Subsequent Events</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://gcu.edu/role/TreasuryStock" id="TreasuryStock">
        <link:definition>0211 - Disclosure - Treasury Stock</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://gcu.edu/role/StatementsOfComprehensiveIncome" id="StatementsOfComprehensiveIncome">
        <link:definition>0120 - Statement - Statements of Comprehensive Income (Unaudited)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://gcu.edu/role/StatementOfStockholdersEquityParenthetical" id="StatementOfStockholdersEquityParenthetical">
        <link:definition>0141 - Statement - Statement of Stockholders' Equity (Unaudited) (Parenthetical)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://gcu.edu/role/StatementOfStockholdersEquity" id="StatementOfStockholdersEquity">
        <link:definition>0140 - Statement - Statement of Stockholders' Equity (Unaudited)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://gcu.edu/role/DocumentAndEntityInformation" id="DocumentAndEntityInformation">
        <link:definition>00 - Document - Document and Entity Information</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://gcu.edu/role/StatementsOfIncome" id="StatementsOfIncome">
        <link:definition>0110 - Statement - Income Statements (Unaudited)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://gcu.edu/role/StatementsOfIncomeParenthetical" id="StatementsOfIncomeParenthetical">
        <link:definition>0111 - Statement - Income Statements (Unaudited) (Parenthetical)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://gcu.edu/role/BalanceSheets" id="BalanceSheets">
        <link:definition>0130 - Statement - Balance Sheets</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://gcu.edu/role/BalanceSheetsParenthetical" id="BalanceSheetsParenthetical">
        <link:definition>0131 - Statement - Balance Sheets (Parenthetical)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://gcu.edu/role/StatementsOfCashFlows" id="StatementsOfCashFlows">
        <link:definition>0150 - Statement - Statements of Cash Flows (Unaudited)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://gcu.edu/role/NatureOfBusiness" id="NatureOfBusiness">
        <link:definition>0201 - Disclosure - Nature of Business</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://gcu.edu/role/SummaryOfSignificantAccountingPolicies" id="SummaryOfSignificantAccountingPolicies">
        <link:definition>0203 - Disclosure - Summary of Significant Accounting Policies</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://gcu.edu/role/NetIncomePerCommonShare" id="NetIncomePerCommonShare">
        <link:definition>0204 - Disclosure - Net Income Per Common Share</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://gcu.edu/role/ValuationAndQualifyingAccounts" id="ValuationAndQualifyingAccounts">
        <link:definition>0205 - Disclosure - Valuation and Qualifying Accounts</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://gcu.edu/role/PropertyAndEquipment" id="PropertyAndEquipment">
        <link:definition>0206 - Disclosure - Property and Equipment</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://gcu.edu/role/CommitmentsAndContingencies" id="CommitmentsAndContingencies">
        <link:definition>0207 - Disclosure - Commitments and Contingencies</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://gcu.edu/role/IncomeTaxes" id="IncomeTaxes">
        <link:definition>0208 - Disclosure - Income Taxes</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://gcu.edu/role/ShareBasedCompensation" id="ShareBasedCompensation">
        <link:definition>0209 - Disclosure - Share-Based Compensation</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://gcu.edu/role/Regulatory" id="Regulatory">
        <link:definition>0210 - Disclosure - Regulatory</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:linkbaseRef xlink:type="simple" xlink:href="lope-20110331_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Presentation Links, all" />
      <link:linkbaseRef xlink:type="simple" xlink:href="lope-20110331_cal.xml" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Calculation Links, all" />
      <link:linkbaseRef xlink:type="simple" xlink:href="lope-20110331_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Label Links, all" />
      <link:linkbaseRef xlink:type="simple" xlink:href="lope-20110331_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Definition Links, all" />
    </appinfo>
  </annotation>
  <import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
  <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
  <import namespace="http://xbrl.us/dei/2009-01-31" schemaLocation="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd" />
  <import namespace="http://xbrl.us/us-gaap/2009-01-31" schemaLocation="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd" />
  <import namespace="http://xbrl.us/us-types/2009-01-31" schemaLocation="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-types-2009-01-31.xsd" />
  <element name="DocumentAndEntityInformationAbstract" id="lope_DocumentAndEntityInformationAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" abstract="true" nillable="true" />
  <!-- elements -->
  <element name="DueToFromRelatedParties" id="lope_DueToFromRelatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" />
  <element name="PrincipalPaymentsOnNotesPayableAndCapitalLeaseObligations" id="lope_PrincipalPaymentsOnNotesPayableAndCapitalLeaseObligations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" />
  <element name="TaxBenefitOfWarrantIntangible" id="lope_TaxBenefitOfWarrantIntangible" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" />
  <element id="lope_RegulatoryTextBlock" name="RegulatoryTextBlock" type="us-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" />
  <element id="lope_SummaryOfSignificantAccountingPoliciesAbstract" name="SummaryOfSignificantAccountingPoliciesAbstract" abstract="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" />
  <element id="lope_ValuationAndQualifyingAccountsAbstract" name="ValuationAndQualifyingAccountsAbstract" abstract="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" />
  <element id="lope_CommitmentsAndContingenciesAbstract" name="CommitmentsAndContingenciesAbstract" abstract="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" />
  <element id="lope_RegulatoryAbstract" name="RegulatoryAbstract" abstract="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" />
  <element id="lope_InstructionalCostsAndServices" name="InstructionalCostsAndServices" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" />
  <element id="lope_PrepaidRoyaltiesNoncurrent" name="PrepaidRoyaltiesNoncurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" />
  <element id="lope_SubsequentEventsAbstract" name="SubsequentEventsAbstract" abstract="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" />
  <element id="lope_IncreaseDecreaseInStudentDepositsOutstanding" name="IncreaseDecreaseInStudentDepositsOutstanding" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" />
  <element id="lope_RestatementOfFinancialStatementsAbstract" name="RestatementOfFinancialStatementsAbstract" abstract="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" />
  <element id="lope_RestatementOfFinancialStatementsTextBlock" name="RestatementOfFinancialStatementsTextBlock" type="us-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" />
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>8
<FILENAME>lope-20110331_cal.xml
<DESCRIPTION>EX-101 CALCULATION LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!-- XBRL Generated with XBRLMark Copyright (C) by Bowne Inc. -->
<!-- Based on XBRL 2.1 -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#DocumentAndEntityInformation" roleURI="http://gcu.edu/role/DocumentAndEntityInformation" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#StatementOfStockholdersEquity" roleURI="http://gcu.edu/role/StatementOfStockholdersEquity" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#StatementOfStockholdersEquityParenthetical" roleURI="http://gcu.edu/role/StatementOfStockholdersEquityParenthetical" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#StatementsOfComprehensiveIncome" roleURI="http://gcu.edu/role/StatementsOfComprehensiveIncome" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#TreasuryStock" roleURI="http://gcu.edu/role/TreasuryStock" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#SubsequentEvents" roleURI="http://gcu.edu/role/SubsequentEvents" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#RestatementOfFinancialStatements" roleURI="http://gcu.edu/role/RestatementOfFinancialStatements" />
  <calculationLink xlink:type="extended" xlink:role="http://gcu.edu/role/DocumentAndEntityInformation" xlink:title="00 - Document - Document and Entity Information" />
  <roleRef roleURI="http://gcu.edu/role/StatementsOfIncome" xlink:href="lope-20110331.xsd#StatementsOfIncome" xlink:type="simple" />
  <roleRef roleURI="http://gcu.edu/role/StatementsOfIncomeParenthetical" xlink:href="lope-20110331.xsd#StatementsOfIncomeParenthetical" xlink:type="simple" />
  <roleRef roleURI="http://gcu.edu/role/BalanceSheets" xlink:href="lope-20110331.xsd#BalanceSheets" xlink:type="simple" />
  <roleRef roleURI="http://gcu.edu/role/BalanceSheetsParenthetical" xlink:href="lope-20110331.xsd#BalanceSheetsParenthetical" xlink:type="simple" />
  <roleRef roleURI="http://gcu.edu/role/StatementsOfCashFlows" xlink:href="lope-20110331.xsd#StatementsOfCashFlows" xlink:type="simple" />
  <calculationLink xlink:role="http://gcu.edu/role/StatementsOfIncome" xlink:title="0110 - Statement - Income Statements (Unaudited)" xlink:type="extended">
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="loc_OperatingIncomeLoss" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CostsAndExpenses" xlink:label="loc_CostsAndExpenses" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SellingAndMarketingExpense" xlink:label="loc_SellingAndMarketingExpense" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_CostsAndExpenses" xlink:to="loc_SellingAndMarketingExpense" order="40" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="loc_GeneralAndAdministrativeExpense" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_CostsAndExpenses" xlink:to="loc_GeneralAndAdministrativeExpense" order="60" use="optional" weight="1" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_OperatingIncomeLoss" xlink:to="loc_CostsAndExpenses" order="40" use="optional" weight="-1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:label="loc_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:to="loc_OperatingIncomeLoss" order="20" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_InterestExpense" xlink:label="loc_InterestExpense" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:to="loc_InterestExpense" order="40" use="optional" weight="-1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_InvestmentIncomeInterest" xlink:label="loc_InvestmentIncomeInterest" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:to="loc_InvestmentIncomeInterest" order="60" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_NetIncomeLoss" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_NetIncomeLoss" xlink:to="loc_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" order="20" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="loc_IncomeTaxExpenseBenefit" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_NetIncomeLoss" xlink:to="loc_IncomeTaxExpenseBenefit" order="40" use="optional" weight="-1" />
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_InstructionalCostsAndServices" xlink:label="lope_InstructionalCostsAndServices" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_CostsAndExpenses" xlink:to="lope_InstructionalCostsAndServices" order="20" use="optional" weight="1" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Revenues" xlink:label="loc_Revenues" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_OperatingIncomeLoss" xlink:to="loc_Revenues" order="20" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_BusinessExitCosts" xlink:label="loc_BusinessExitCosts" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_CostsAndExpenses" xlink:to="loc_BusinessExitCosts" order="80" use="optional" weight="1" />
  </calculationLink>
  <calculationLink xlink:role="http://gcu.edu/role/BalanceSheets" xlink:title="0130 - Statement - Balance Sheets" xlink:type="extended">
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="loc_AssetsCurrent" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_CashAndCashEquivalentsAtCarryingValue" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_AssetsCurrent" xlink:to="loc_CashAndCashEquivalentsAtCarryingValue" order="20" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="loc_AccountsReceivableNetCurrent" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_AssetsCurrent" xlink:to="loc_AccountsReceivableNetCurrent" order="60" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DeferredTaxAssetsNetCurrent" xlink:label="loc_DeferredTaxAssetsNetCurrent" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_AssetsCurrent" xlink:to="loc_DeferredTaxAssetsNetCurrent" order="100" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherAssetsCurrent" xlink:label="loc_OtherAssetsCurrent" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_AssetsCurrent" xlink:to="loc_OtherAssetsCurrent" order="120" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Assets" xlink:label="loc_Assets" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_Assets" xlink:to="loc_AssetsCurrent" order="20" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_PropertyPlantAndEquipmentNet" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_Assets" xlink:to="loc_PropertyPlantAndEquipmentNet" order="40" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Goodwill" xlink:label="loc_Goodwill" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_Assets" xlink:to="loc_Goodwill" order="100" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DeferredTaxAssetsNetNoncurrent" xlink:label="loc_DeferredTaxAssetsNetNoncurrent" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_Assets" xlink:to="loc_DeferredTaxAssetsNetNoncurrent" order="120" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="loc_OtherAssetsNoncurrent" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_Assets" xlink:to="loc_OtherAssetsNoncurrent" order="140" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="loc_LiabilitiesCurrent" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="loc_AccountsPayableCurrent" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_LiabilitiesCurrent" xlink:to="loc_AccountsPayableCurrent" order="20" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="loc_AccruedLiabilitiesCurrent" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_LiabilitiesCurrent" xlink:to="loc_AccruedLiabilitiesCurrent" order="40" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LitigationReserveCurrent" xlink:label="loc_LitigationReserveCurrent" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_LiabilitiesCurrent" xlink:to="loc_LitigationReserveCurrent" order="80" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RestructuringReserveCurrent" xlink:label="loc_RestructuringReserveCurrent" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_LiabilitiesCurrent" xlink:to="loc_RestructuringReserveCurrent" order="100" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccruedIncomeTaxesCurrent" xlink:label="loc_AccruedIncomeTaxesCurrent" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_LiabilitiesCurrent" xlink:to="loc_AccruedIncomeTaxesCurrent" order="120" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DueToRelatedPartiesCurrent" xlink:label="loc_DueToRelatedPartiesCurrent" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_LiabilitiesCurrent" xlink:to="loc_DueToRelatedPartiesCurrent" order="180" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CapitalLeaseObligationsCurrent" xlink:label="loc_CapitalLeaseObligationsCurrent" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_LiabilitiesCurrent" xlink:to="loc_CapitalLeaseObligationsCurrent" order="200" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NotesPayableCurrent" xlink:label="loc_NotesPayableCurrent" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_LiabilitiesCurrent" xlink:to="loc_NotesPayableCurrent" order="220" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_Liabilities" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_Liabilities" xlink:to="loc_LiabilitiesCurrent" order="20" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CapitalLeaseObligationsNoncurrent" xlink:label="loc_CapitalLeaseObligationsNoncurrent" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_Liabilities" xlink:to="loc_CapitalLeaseObligationsNoncurrent" order="40" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_LiabilitiesAndStockholdersEquity" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_LiabilitiesAndStockholdersEquity" xlink:to="loc_Liabilities" order="20" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_StockholdersEquity" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="loc_PreferredStockValue" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_StockholdersEquity" xlink:to="loc_PreferredStockValue" order="20" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_CommonStockValue" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_StockholdersEquity" xlink:to="loc_CommonStockValue" order="40" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="loc_AccumulatedOtherComprehensiveIncomeLossNetOfTax" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_StockholdersEquity" xlink:to="loc_AccumulatedOtherComprehensiveIncomeLossNetOfTax" order="100" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_RetainedEarningsAccumulatedDeficit" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_StockholdersEquity" xlink:to="loc_RetainedEarningsAccumulatedDeficit" order="120" use="optional" weight="1" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_LiabilitiesAndStockholdersEquity" xlink:to="loc_StockholdersEquity" order="40" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_PrepaidRoyaltiesNoncurrent" xlink:label="lope_PrepaidRoyaltiesNoncurrent" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_Assets" xlink:to="lope_PrepaidRoyaltiesNoncurrent" order="80" use="optional" weight="1" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="loc_AdditionalPaidInCapital" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_StockholdersEquity" xlink:to="loc_AdditionalPaidInCapital" order="80" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:label="loc_RestrictedCashAndCashEquivalentsAtCarryingValue" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_AssetsCurrent" xlink:to="loc_RestrictedCashAndCashEquivalentsAtCarryingValue" order="40" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockValue" xlink:label="loc_TreasuryStockValue" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_StockholdersEquity" xlink:to="loc_TreasuryStockValue" order="60" use="optional" weight="-1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LongTermNotesPayable" xlink:label="loc_LongTermNotesPayable" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_Liabilities" xlink:to="loc_LongTermNotesPayable" order="60" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="loc_OtherLiabilitiesNoncurrent" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_Liabilities" xlink:to="loc_OtherLiabilitiesNoncurrent" order="80" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EmployeeRelatedLiabilitiesCurrent" xlink:label="loc_EmployeeRelatedLiabilitiesCurrent" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_LiabilitiesCurrent" xlink:to="loc_EmployeeRelatedLiabilitiesCurrent" order="60" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CustomerDepositsCurrent" xlink:label="loc_CustomerDepositsCurrent" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_LiabilitiesCurrent" xlink:to="loc_CustomerDepositsCurrent" order="140" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DeferredRevenueCurrent" xlink:label="loc_DeferredRevenueCurrent" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_LiabilitiesCurrent" xlink:to="loc_DeferredRevenueCurrent" order="160" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeTaxesReceivable" xlink:label="loc_IncomeTaxesReceivable" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_AssetsCurrent" xlink:to="loc_IncomeTaxesReceivable" order="80" use="optional" weight="1" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsNoncurrent" xlink:label="loc_RestrictedCashAndCashEquivalentsNoncurrent" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_Assets" xlink:to="loc_RestrictedCashAndCashEquivalentsNoncurrent" order="60" use="optional" weight="1" priority="1" />
  </calculationLink>
  <calculationLink xlink:role="http://gcu.edu/role/StatementsOfCashFlows" xlink:title="0150 - Statement - Statements of Cash Flows (Unaudited)" xlink:type="extended">
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="loc_NetCashProvidedByUsedInOperatingActivities" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_NetIncomeLoss" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_NetCashProvidedByUsedInOperatingActivities" xlink:to="loc_NetIncomeLoss" order="20" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="loc_ShareBasedCompensation" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_NetCashProvidedByUsedInOperatingActivities" xlink:to="loc_ShareBasedCompensation" order="40" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities" xlink:label="loc_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_NetCashProvidedByUsedInOperatingActivities" xlink:to="loc_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities" order="60" use="optional" weight="-1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="loc_AmortizationOfFinancingCosts" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_NetCashProvidedByUsedInOperatingActivities" xlink:to="loc_AmortizationOfFinancingCosts" order="80" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts" xlink:label="loc_ProvisionForDoubtfulAccounts" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_NetCashProvidedByUsedInOperatingActivities" xlink:to="loc_ProvisionForDoubtfulAccounts" order="100" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="loc_DepreciationAndAmortization" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_NetCashProvidedByUsedInOperatingActivities" xlink:to="loc_DepreciationAndAmortization" order="120" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:label="loc_DeferredIncomeTaxExpenseBenefit" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_NetCashProvidedByUsedInOperatingActivities" xlink:to="loc_DeferredIncomeTaxExpenseBenefit" order="160" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther" xlink:label="loc_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_NetCashProvidedByUsedInOperatingActivities" xlink:to="loc_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther" order="180" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="loc_IncreaseDecreaseInAccountsReceivable" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_NetCashProvidedByUsedInOperatingActivities" xlink:to="loc_IncreaseDecreaseInAccountsReceivable" order="200" use="optional" weight="-1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="loc_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_NetCashProvidedByUsedInOperatingActivities" xlink:to="loc_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" order="220" use="optional" weight="-1" />
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_DueToFromRelatedParties" xlink:label="lope_DueToFromRelatedParties" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_NetCashProvidedByUsedInOperatingActivities" xlink:to="lope_DueToFromRelatedParties" order="240" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableTrade" xlink:label="loc_IncreaseDecreaseInAccountsPayableTrade" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_NetCashProvidedByUsedInOperatingActivities" xlink:to="loc_IncreaseDecreaseInAccountsPayableTrade" order="260" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedLiabilities" xlink:label="loc_IncreaseDecreaseInAccruedLiabilities" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_NetCashProvidedByUsedInOperatingActivities" xlink:to="loc_IncreaseDecreaseInAccruedLiabilities" order="280" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xlink:label="loc_IncreaseDecreaseInAccruedIncomeTaxesPayable" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_NetCashProvidedByUsedInOperatingActivities" xlink:to="loc_IncreaseDecreaseInAccruedIncomeTaxesPayable" order="300" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="loc_CashAndCashEquivalentsPeriodIncreaseDecrease" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="loc_NetCashProvidedByUsedInOperatingActivities" order="20" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="loc_NetCashProvidedByUsedInInvestingActivities" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsToAcquireProductiveAssets" xlink:label="loc_PaymentsToAcquireProductiveAssets" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_NetCashProvidedByUsedInInvestingActivities" xlink:to="loc_PaymentsToAcquireProductiveAssets" order="40" use="optional" weight="-1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities" xlink:label="loc_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_NetCashProvidedByUsedInInvestingActivities" xlink:to="loc_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities" order="60" use="optional" weight="1" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="loc_NetCashProvidedByUsedInInvestingActivities" order="40" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="loc_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" />
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_PrincipalPaymentsOnNotesPayableAndCapitalLeaseObligations" xlink:label="lope_PrincipalPaymentsOnNotesPayableAndCapitalLeaseObligations" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="lope_PrincipalPaymentsOnNotesPayableAndCapitalLeaseObligations" order="20" use="optional" weight="-1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities" xlink:label="loc_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="loc_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities" order="60" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProceedsFromStockOptionsExercised" xlink:label="loc_ProceedsFromStockOptionsExercised" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="loc_ProceedsFromStockOptionsExercised" order="80" use="optional" weight="1" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="loc_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" order="60" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInRestrictedCash" xlink:label="loc_IncreaseDecreaseInRestrictedCash" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_NetCashProvidedByUsedInInvestingActivities" xlink:to="loc_IncreaseDecreaseInRestrictedCash" order="20" use="optional" weight="-1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherIncreaseDecreaseInProvisionForRestructuring" xlink:label="loc_OtherIncreaseDecreaseInProvisionForRestructuring" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_NetCashProvidedByUsedInOperatingActivities" xlink:to="loc_OtherIncreaseDecreaseInProvisionForRestructuring" order="140" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="loc_IncreaseDecreaseInDeferredRevenue" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_NetCashProvidedByUsedInOperatingActivities" xlink:to="loc_IncreaseDecreaseInDeferredRevenue" order="340" use="optional" weight="1" priority="1" />
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_IncreaseDecreaseInStudentDepositsOutstanding" xlink:label="lope_IncreaseDecreaseInStudentDepositsOutstanding" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_NetCashProvidedByUsedInOperatingActivities" xlink:to="lope_IncreaseDecreaseInStudentDepositsOutstanding" order="320" use="optional" weight="1" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="loc_PaymentsForRepurchaseOfCommonStock" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="loc_PaymentsForRepurchaseOfCommonStock" order="40" use="optional" weight="-1" />
  </calculationLink>
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#NatureOfBusiness" roleURI="http://gcu.edu/role/NatureOfBusiness" />
  <calculationLink xlink:type="extended" xlink:role="http://gcu.edu/role/NatureOfBusiness" xlink:title="0201 - Disclosure - Nature of Business" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#SummaryOfSignificantAccountingPolicies" roleURI="http://gcu.edu/role/SummaryOfSignificantAccountingPolicies" />
  <calculationLink xlink:type="extended" xlink:role="http://gcu.edu/role/SummaryOfSignificantAccountingPolicies" xlink:title="0203 - Disclosure - Summary of Significant Accounting Policies" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#NetIncomePerCommonShare" roleURI="http://gcu.edu/role/NetIncomePerCommonShare" />
  <calculationLink xlink:type="extended" xlink:role="http://gcu.edu/role/NetIncomePerCommonShare" xlink:title="0204 - Disclosure - Net Income Per Common Share" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#ValuationAndQualifyingAccounts" roleURI="http://gcu.edu/role/ValuationAndQualifyingAccounts" />
  <calculationLink xlink:type="extended" xlink:role="http://gcu.edu/role/ValuationAndQualifyingAccounts" xlink:title="0205 - Disclosure - Valuation and Qualifying Accounts" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#PropertyAndEquipment" roleURI="http://gcu.edu/role/PropertyAndEquipment" />
  <calculationLink xlink:type="extended" xlink:role="http://gcu.edu/role/PropertyAndEquipment" xlink:title="0206 - Disclosure - Property and Equipment" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#CommitmentsAndContingencies" roleURI="http://gcu.edu/role/CommitmentsAndContingencies" />
  <calculationLink xlink:type="extended" xlink:role="http://gcu.edu/role/CommitmentsAndContingencies" xlink:title="0207 - Disclosure - Commitments and Contingencies" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#IncomeTaxes" roleURI="http://gcu.edu/role/IncomeTaxes" />
  <calculationLink xlink:type="extended" xlink:role="http://gcu.edu/role/IncomeTaxes" xlink:title="0208 - Disclosure - Income Taxes" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#ShareBasedCompensation" roleURI="http://gcu.edu/role/ShareBasedCompensation" />
  <calculationLink xlink:type="extended" xlink:role="http://gcu.edu/role/ShareBasedCompensation" xlink:title="0209 - Disclosure - Share-Based Compensation" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#Regulatory" roleURI="http://gcu.edu/role/Regulatory" />
  <calculationLink xlink:type="extended" xlink:role="http://gcu.edu/role/Regulatory" xlink:title="0210 - Disclosure - Regulatory" />
  <calculationLink xlink:type="extended" xlink:role="http://gcu.edu/role/StatementOfStockholdersEquity" xlink:title="0140 - Statement - Statement of Stockholders' Equity (Unaudited)">
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:label="loc_StockIssuedDuringPeriodValueShareBasedCompensation" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation" xlink:label="loc_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:label="loc_StockIssuedDuringPeriodValueStockOptionsExercised" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:label="loc_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:label="loc_TreasuryStockValueAcquiredCostMethod" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_NetIncomeLoss" />
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://gcu.edu/role/StatementOfStockholdersEquityParenthetical" xlink:title="0141 - Statement - Statement of Stockholders' Equity (Unaudited) (Parenthetical)" />
  <calculationLink xlink:type="extended" xlink:role="http://gcu.edu/role/StatementsOfComprehensiveIncome" xlink:title="0120 - Statement - Statements of Comprehensive Income (Unaudited)">
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="loc_ComprehensiveIncomeNetOfTax" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:label="loc_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ComprehensiveIncomeNetOfTax" xlink:to="loc_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" order="60" use="optional" weight="1" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:label="loc_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ComprehensiveIncomeNetOfTax" xlink:to="loc_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" order="40" use="optional" weight="1" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_NetIncomeLoss" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ComprehensiveIncomeNetOfTax" xlink:to="loc_NetIncomeLoss" order="20" use="optional" weight="1" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax" xlink:label="loc_OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ComprehensiveIncomeNetOfTax" xlink:to="loc_OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax" order="80" use="optional" weight="-1" />
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://gcu.edu/role/TreasuryStock" xlink:title="0211 - Disclosure - Treasury Stock" />
  <calculationLink xlink:type="extended" xlink:role="http://gcu.edu/role/SubsequentEvents" xlink:title="0212 - Disclosure - Subsequent Events" />
  <calculationLink xlink:type="extended" xlink:role="http://gcu.edu/role/RestatementOfFinancialStatements" xlink:title="0202 - Disclosure - Restatement of Financial Statements" />
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>9
<FILENAME>lope-20110331_lab.xml
<DESCRIPTION>EX-101 LABELS LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!-- XBRL Generated with XBRLMark Copyright (C) by Bowne Inc. -->
<!-- Based on XBRL 2.1 -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase&#xD;&#xA;    http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2008-03-31.xsd#negatedTotal" roleURI="http://xbrl.us/us-gaap/role/label/negatedTotal" />
  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2008-03-31.xsd#negated" roleURI="http://xbrl.us/us-gaap/role/label/negated" />
  <labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <loc xlink:type="locator" xlink:label="lope_DocumentAndEntityInformationAbstract" xlink:href="lope-20110331.xsd#lope_DocumentAndEntityInformationAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="lope_DocumentAndEntityInformationAbstract_lbl" />
    <label xlink:type="resource" xlink:label="lope_DocumentAndEntityInformationAbstract_lbl" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Document and Entity Information [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CostsAndExpensesAbstract" xlink:label="us-gaap_CostsAndExpensesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostsAndExpensesAbstract" xlink:to="us-gaap_CostsAndExpensesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CostsAndExpensesAbstract_lbl" xml:lang="en-US">Costs and expenses:</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostsAndExpensesAbstract_lbl" xml:lang="en-US">Costs and Expenses [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SellingAndMarketingExpense" xlink:label="us-gaap_SellingAndMarketingExpense" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SellingAndMarketingExpense" xlink:to="us-gaap_SellingAndMarketingExpense_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SellingAndMarketingExpense_lbl" xml:lang="en-US">Selling and Marketing Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_SellingAndMarketingExpense_lbl" xml:lang="en-US">Selling and promotional, including $401 and $2,347 to related parties for March 31, 2011 and 2010, respectively</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:label="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:to="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty_lbl" xml:lang="en-US">Selling and promotional expenses to related parties</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty_lbl" xml:lang="en-US">Selling and promotional expenses to related parties</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="us-gaap_GeneralAndAdministrativeExpense" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GeneralAndAdministrativeExpense" xlink:to="us-gaap_GeneralAndAdministrativeExpense_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xml:lang="en-US">General and administrative</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xml:lang="en-US">General and Administrative Expense</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CostsAndExpenses" xlink:label="us-gaap_CostsAndExpenses" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostsAndExpenses" xlink:to="us-gaap_CostsAndExpenses_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CostsAndExpenses_lbl" xml:lang="en-US">Total costs and expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostsAndExpenses_lbl" xml:lang="en-US">Costs and Expenses, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CostsAndExpenses_lbl" xml:lang="en-US">Total costs and expenses</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="us-gaap_OperatingIncomeLoss" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xml:lang="en-US">Operating Income (Loss)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xml:lang="en-US">Operating income</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_InterestExpense" xlink:label="us-gaap_InterestExpense" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpense" xlink:to="us-gaap_InterestExpense_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InterestExpense_lbl" xml:lang="en-US">Interest expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpense_lbl" xml:lang="en-US">Interest Expense</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_InterestExpense_lbl" xml:lang="en-US">Interest expense</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_InvestmentIncomeInterest" xlink:label="us-gaap_InvestmentIncomeInterest" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentIncomeInterest" xlink:to="us-gaap_InvestmentIncomeInterest_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentIncomeInterest_lbl" xml:lang="en-US">Investment Income, Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InvestmentIncomeInterest_lbl" xml:lang="en-US">Interest income</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:to="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_lbl" xml:lang="en-US">Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Cumulative Effects of Changes in Accounting Principles, Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_lbl" xml:lang="en-US">Income before income taxes</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="us-gaap_IncomeTaxExpenseBenefit" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxExpenseBenefit" xlink:to="us-gaap_IncomeTaxExpenseBenefit_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxExpenseBenefit_lbl" xml:lang="en-US">Income Tax Expense (Benefit)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncomeTaxExpenseBenefit_lbl" xml:lang="en-US">Income tax expense</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net Income (Loss) Attributable to Parent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net income</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="us-gaap_EarningsPerShareAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareAbstract" xlink:to="us-gaap_EarningsPerShareAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareAbstract_lbl" xml:lang="en-US">Net Income Per Common Share [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_EarningsPerShareAbstract_lbl" xml:lang="en-US">Earnings per share:</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="us-gaap_EarningsPerShareBasic" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasic" xlink:to="us-gaap_EarningsPerShareBasic_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xml:lang="en-US">Earnings Per Share, Basic</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xml:lang="en-US">Basic income per share</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="us-gaap_EarningsPerShareDiluted" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareDiluted" xlink:to="us-gaap_EarningsPerShareDiluted_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareDiluted_lbl" xml:lang="en-US">Earnings Per Share, Diluted</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_EarningsPerShareDiluted_lbl" xml:lang="en-US">Diluted income per share</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xml:lang="en-US">Weighted Average Number of Shares Outstanding, Basic</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xml:lang="en-US">Basic weighted average shares outstanding</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xml:lang="en-US">Weighted Average Number of Shares Outstanding, Diluted</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xml:lang="en-US">Diluted weighted average shares outstanding</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="us-gaap_AssetsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US">ASSETS:</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US">Assets [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="us-gaap_AssetsCurrentAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrentAbstract" xlink:to="us-gaap_AssetsCurrentAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AssetsCurrentAbstract_lbl" xml:lang="en-US">Current assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsCurrentAbstract_lbl" xml:lang="en-US">Assets, Current [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and Cash Equivalents, at Carrying Value</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="us-gaap_AccountsReceivableNetCurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="us-gaap_AccountsReceivableNetCurrent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AccountsReceivableNetCurrent_lbl" xml:lang="en-US">Accounts receivable, net of allowance for doubtful accounts of $31,366 (Restated) and $30,112 at March 31, 2011 and December 31, 2010, respectively</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsReceivableNetCurrent_lbl" xml:lang="en-US">Accounts Receivable, Net, Current</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:to="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_lbl" xml:lang="en-US">Net of allowance for doubtful accounts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_lbl" xml:lang="en-US">Net of allowance for doubtful accounts</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DeferredTaxAssetsNetCurrent" xlink:label="us-gaap_DeferredTaxAssetsNetCurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsNetCurrent" xlink:to="us-gaap_DeferredTaxAssetsNetCurrent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DeferredTaxAssetsNetCurrent_lbl" xml:lang="en-US">Deferred income taxes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsNetCurrent_lbl" xml:lang="en-US">Deferred Tax Assets, Net, Current</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherAssetsCurrent" xlink:label="us-gaap_OtherAssetsCurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsCurrent" xlink:to="us-gaap_OtherAssetsCurrent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsCurrent_lbl" xml:lang="en-US">Other Assets, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OtherAssetsCurrent_lbl" xml:lang="en-US">Other current assets</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="us-gaap_AssetsCurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AssetsCurrent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsCurrent_lbl" xml:lang="en-US">Assets, Current, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AssetsCurrent_lbl" xml:lang="en-US">Total current assets</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="us-gaap_PropertyPlantAndEquipmentNet" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US">Property and equipment, net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US">Property, Plant and Equipment, Net</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Goodwill" xlink:label="us-gaap_Goodwill" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Goodwill" xlink:to="us-gaap_Goodwill_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_Goodwill_lbl" xml:lang="en-US">Goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Goodwill_lbl" xml:lang="en-US">Goodwill</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DeferredTaxAssetsNetNoncurrent" xlink:label="us-gaap_DeferredTaxAssetsNetNoncurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsNetNoncurrent" xlink:to="us-gaap_DeferredTaxAssetsNetNoncurrent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DeferredTaxAssetsNetNoncurrent_lbl" xml:lang="en-US">Deferred income taxes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsNetNoncurrent_lbl" xml:lang="en-US">Deferred Tax Assets, Net, Noncurrent</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="us-gaap_OtherAssetsNoncurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsNoncurrent" xlink:to="us-gaap_OtherAssetsNoncurrent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsNoncurrent_lbl" xml:lang="en-US">Other Assets, Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OtherAssetsNoncurrent_lbl" xml:lang="en-US">Other assets</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Total assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Assets, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Total assets</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US">LIABILITIES AND STOCKHOLDERS' EQUITY:</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US">Liabilities and Stockholders' Equity [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="us-gaap_LiabilitiesCurrentAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrentAbstract" xlink:to="us-gaap_LiabilitiesCurrentAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LiabilitiesCurrentAbstract_lbl" xml:lang="en-US">Current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrentAbstract_lbl" xml:lang="en-US">Liabilities, Current [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="us-gaap_AccountsPayableCurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrent" xlink:to="us-gaap_AccountsPayableCurrent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AccountsPayableCurrent_lbl" xml:lang="en-US">Accounts payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableCurrent_lbl" xml:lang="en-US">Accounts Payable, Current</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="us-gaap_AccruedLiabilitiesCurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedLiabilitiesCurrent" xlink:to="us-gaap_AccruedLiabilitiesCurrent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedLiabilitiesCurrent_lbl" xml:lang="en-US">Accrued Liabilities, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AccruedLiabilitiesCurrent_lbl" xml:lang="en-US">Accrued Liabilities, Current, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AccruedLiabilitiesCurrent_lbl" xml:lang="en-US">Accrued liabilities</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LitigationReserveCurrent" xlink:label="us-gaap_LitigationReserveCurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LitigationReserveCurrent" xlink:to="us-gaap_LitigationReserveCurrent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LitigationReserveCurrent_lbl" xml:lang="en-US">Litigation Reserve, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LitigationReserveCurrent_lbl" xml:lang="en-US">Accrued litigation loss</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RestructuringReserveCurrent" xlink:label="us-gaap_RestructuringReserveCurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestructuringReserveCurrent" xlink:to="us-gaap_RestructuringReserveCurrent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_RestructuringReserveCurrent_lbl" xml:lang="en-US">Accrued exit costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RestructuringReserveCurrent_lbl" xml:lang="en-US">Restructuring Reserve, Current</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccruedIncomeTaxesCurrent" xlink:label="us-gaap_AccruedIncomeTaxesCurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedIncomeTaxesCurrent" xlink:to="us-gaap_AccruedIncomeTaxesCurrent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AccruedIncomeTaxesCurrent_lbl" xml:lang="en-US">Income taxes payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedIncomeTaxesCurrent_lbl" xml:lang="en-US">Accrued Income Taxes, Current</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DueToRelatedPartiesCurrent" xlink:label="us-gaap_DueToRelatedPartiesCurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DueToRelatedPartiesCurrent" xlink:to="us-gaap_DueToRelatedPartiesCurrent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DueToRelatedPartiesCurrent_lbl" xml:lang="en-US">Due to related parties</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DueToRelatedPartiesCurrent_lbl" xml:lang="en-US">Due to Related Parties, Current</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CapitalLeaseObligationsCurrent" xlink:label="us-gaap_CapitalLeaseObligationsCurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeaseObligationsCurrent" xlink:to="us-gaap_CapitalLeaseObligationsCurrent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CapitalLeaseObligationsCurrent_lbl" xml:lang="en-US">Current portion of capital lease obligations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalLeaseObligationsCurrent_lbl" xml:lang="en-US">Capital Lease Obligations, Current</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NotesPayableCurrent" xlink:label="us-gaap_NotesPayableCurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesPayableCurrent" xlink:to="us-gaap_NotesPayableCurrent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NotesPayableCurrent_lbl" xml:lang="en-US">Notes Payable, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_NotesPayableCurrent_lbl" xml:lang="en-US">Current portion of notes payable</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="us-gaap_LiabilitiesCurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrent_lbl" xml:lang="en-US">Liabilities, Current, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesCurrent_lbl" xml:lang="en-US">Total current liabilities</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CapitalLeaseObligationsNoncurrent" xlink:label="us-gaap_CapitalLeaseObligationsNoncurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeaseObligationsNoncurrent" xlink:to="us-gaap_CapitalLeaseObligationsNoncurrent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CapitalLeaseObligationsNoncurrent_lbl" xml:lang="en-US">Capital lease obligations, less current portion</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalLeaseObligationsNoncurrent_lbl" xml:lang="en-US">Capital Lease Obligations, Noncurrent</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US">Total liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US">Liabilities, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US">Total liabilities</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommitmentsAndContingencies2009" xlink:label="us-gaap_CommitmentsAndContingencies2009" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingencies2009" xlink:to="us-gaap_CommitmentsAndContingencies2009_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CommitmentsAndContingencies2009_lbl" xml:lang="en-US">Commitments and contingencies</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingencies2009_lbl" xml:lang="en-US">Commitments and Contingencies</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="us-gaap_StockholdersEquityAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US">Stockholders' equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US">Stockholders' Equity Attributable to Parent [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="us-gaap_PreferredStockValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockValue" xlink:to="us-gaap_PreferredStockValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockValue_lbl" xml:lang="en-US">Preferred Stock, Value, Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PreferredStockValue_lbl" xml:lang="en-US">Preferred stock, $0.01 par value, 10,000 shares authorized; 0 shares issued and outstanding at March 31, 2011 and December 31, 2010</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockParOrStatedValuePerShare" xlink:to="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Preferred stock, par value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Preferred stock, par value</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="us-gaap_PreferredStockSharesAuthorized" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesAuthorized" xlink:to="us-gaap_PreferredStockSharesAuthorized_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PreferredStockSharesAuthorized_lbl" xml:lang="en-US">Preferred stock, shares authorized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesAuthorized_lbl" xml:lang="en-US">Preferred stock, shares authorized</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="us-gaap_PreferredStockSharesIssued" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesIssued" xlink:to="us-gaap_PreferredStockSharesIssued_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PreferredStockSharesIssued_lbl" xml:lang="en-US">Preferred stock, shares issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesIssued_lbl" xml:lang="en-US">Preferred stock, shares issued</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="us-gaap_PreferredStockSharesOutstanding" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesOutstanding" xlink:to="us-gaap_PreferredStockSharesOutstanding_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xml:lang="en-US">Preferred stock, shares outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xml:lang="en-US">Preferred stock, shares outstanding</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_CommonStockValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Common Stock, Value, Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Common stock, $0.01 par value, 100,000 shares authorized; 45,812 and 45,811 shares issued and 44,817 and 45,761 shares outstanding at March 31, 2011 and December 31, 2010, respectively</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="us-gaap_CommonStockParOrStatedValuePerShare_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Common stock, par value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Common stock, par value</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="us-gaap_CommonStockSharesAuthorized" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US">Common stock, shares authorized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US">Common stock, shares authorized</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Common stock, shares issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Common stock, shares issued</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common stock, shares outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common stock, shares outstanding</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xml:lang="en-US">Accumulated other comprehensive loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Net of Tax</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Retained Earnings (Accumulated Deficit)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Accumulated earnings</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Stockholders' Equity Attributable to Parent, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Total stockholders' equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Total stockholders' equity</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Total liabilities and stockholders' equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Liabilities and Stockholders' Equity, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Total liabilities and stockholders' equity</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows provided by operating activities:</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments to reconcile net income to net cash provided by operating activities:</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="us-gaap_ShareBasedCompensation" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensation" xlink:to="us-gaap_ShareBasedCompensation_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ShareBasedCompensation_lbl" xml:lang="en-US">Share-based compensation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensation_lbl" xml:lang="en-US">Share-based Compensation</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities" xlink:label="us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities" xlink:to="us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities_lbl" xml:lang="en-US">Excess tax benefits from share-based compensation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities_lbl" xml:lang="en-US">Excess Tax Benefit from Share-based Compensation, Operating Activities</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities_lbl" xml:lang="en-US">Excess tax benefits from share-based compensation</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="us-gaap_AmortizationOfFinancingCosts" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfFinancingCosts" xlink:to="us-gaap_AmortizationOfFinancingCosts_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AmortizationOfFinancingCosts_lbl" xml:lang="en-US">Amortization of debt issuance costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AmortizationOfFinancingCosts_lbl" xml:lang="en-US">Amortization of Financing Costs</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts" xlink:label="us-gaap_ProvisionForDoubtfulAccounts" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProvisionForDoubtfulAccounts" xlink:to="us-gaap_ProvisionForDoubtfulAccounts_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ProvisionForDoubtfulAccounts_lbl" xml:lang="en-US">Provision for bad debts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProvisionForDoubtfulAccounts_lbl" xml:lang="en-US">Provision for Doubtful Accounts</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="us-gaap_DepreciationAndAmortization" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationAndAmortization" xlink:to="us-gaap_DepreciationAndAmortization_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xml:lang="en-US">Depreciation and amortization</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xml:lang="en-US">Depreciation, Depletion and Amortization, Nonproduction</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:label="us-gaap_DeferredIncomeTaxExpenseBenefit" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:to="us-gaap_DeferredIncomeTaxExpenseBenefit_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DeferredIncomeTaxExpenseBenefit_lbl" xml:lang="en-US">Deferred income taxes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredIncomeTaxExpenseBenefit_lbl" xml:lang="en-US">Deferred Income Tax Expense (Benefit)</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther" xlink:label="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther" xlink:to="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther_lbl" xml:lang="en-US">Other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther_lbl" xml:lang="en-US">Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities, Other</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xml:lang="en-US">Changes in assets and liabilities:</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xml:lang="en-US">Increase (Decrease) in Operating Capital [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US">Accounts receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US">Increase (Decrease) in Accounts Receivable</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US">Accounts receivable</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xml:lang="en-US">Prepaid expenses and other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xml:lang="en-US">Increase (Decrease) in Prepaid, Deferred Expense and Other Assets</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xml:lang="en-US">Prepaid expenses and other</label>
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_DueToFromRelatedParties" xlink:label="lope_DueToFromRelatedParties" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="lope_DueToFromRelatedParties" xlink:to="lope_DueToFromRelatedParties_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lope_DueToFromRelatedParties_lbl" xml:lang="en-US">Due to from Related Parties</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lope_DueToFromRelatedParties_lbl" xml:lang="en-US">Due to/from related parties</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lope_DueToFromRelatedParties_lbl" xml:lang="en-US">Due to/from related parties</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableTrade" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableTrade" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayableTrade" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableTrade_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableTrade_lbl" xml:lang="en-US">Accounts payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableTrade_lbl" xml:lang="en-US">Increase (Decrease) in Accounts Payable, Trade</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedLiabilities" xlink:label="us-gaap_IncreaseDecreaseInAccruedLiabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccruedLiabilities" xlink:to="us-gaap_IncreaseDecreaseInAccruedLiabilities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncreaseDecreaseInAccruedLiabilities_lbl" xml:lang="en-US">Accrued liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccruedLiabilities_lbl" xml:lang="en-US">Increase (Decrease) in Accrued Liabilities</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xlink:label="us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xlink:to="us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable_lbl" xml:lang="en-US">Increase (Decrease) in Accrued Income Taxes Payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable_lbl" xml:lang="en-US">Income taxes receivable/payable</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net cash provided by operating activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net cash provided by operating activities</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows used in investing activities:</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsToAcquireProductiveAssets" xlink:label="us-gaap_PaymentsToAcquireProductiveAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireProductiveAssets" xlink:to="us-gaap_PaymentsToAcquireProductiveAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PaymentsToAcquireProductiveAssets_lbl" xml:lang="en-US">Capital expenditures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireProductiveAssets_lbl" xml:lang="en-US">Payments to Acquire Productive Assets</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_PaymentsToAcquireProductiveAssets_lbl" xml:lang="en-US">Capital expenditures</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities" xlink:label="us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities" xlink:to="us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities_lbl" xml:lang="en-US">Proceeds from Sale and Maturity of Available-for-sale Securities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities_lbl" xml:lang="en-US">Proceeds from sale or maturity of investments</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net cash used in investing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net cash used in investing activities</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows (used in) provided by financing activities:</label>
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_PrincipalPaymentsOnNotesPayableAndCapitalLeaseObligations" xlink:label="lope_PrincipalPaymentsOnNotesPayableAndCapitalLeaseObligations" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="lope_PrincipalPaymentsOnNotesPayableAndCapitalLeaseObligations" xlink:to="lope_PrincipalPaymentsOnNotesPayableAndCapitalLeaseObligations_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lope_PrincipalPaymentsOnNotesPayableAndCapitalLeaseObligations_lbl" xml:lang="en-US">Principal Payments on Notes Payable and Capital Lease Obligations</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="lope_PrincipalPaymentsOnNotesPayableAndCapitalLeaseObligations_lbl" xml:lang="en-US">Principal payments on notes payable and capital lease obligations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lope_PrincipalPaymentsOnNotesPayableAndCapitalLeaseObligations_lbl" xml:lang="en-US">Principal payments on notes payable and capital lease obligations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lope_PrincipalPaymentsOnNotesPayableAndCapitalLeaseObligations_lbl" xml:lang="en-US">Principal payments on notes payable and capital lease obligations</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities" xlink:label="us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities" xlink:to="us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities_lbl" xml:lang="en-US">Excess tax benefits from share-based compensation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities_lbl" xml:lang="en-US">Excess Tax Benefit from Share-based Compensation, Financing Activities</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProceedsFromStockOptionsExercised" xlink:label="us-gaap_ProceedsFromStockOptionsExercised" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromStockOptionsExercised" xlink:to="us-gaap_ProceedsFromStockOptionsExercised_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromStockOptionsExercised_lbl" xml:lang="en-US">Proceeds from Stock Options Exercised</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ProceedsFromStockOptionsExercised_lbl" xml:lang="en-US">Net proceeds from exercise of stock options</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities, Continuing Operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_lbl" xml:lang="en-US">Net cash (used in) provided by financing activities</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US">Cash and Cash Equivalents, Period Increase (Decrease)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US">Net (decrease) increase in cash and cash equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents, beginning of period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents, beginning of period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents, end of period</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="us-gaap_SupplementalCashFlowInformationAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xml:lang="en-US">Supplemental disclosure of cash flow information</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xml:lang="en-US">Supplemental Cash Flow Information [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_InterestPaid" xlink:label="us-gaap_InterestPaid" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPaid" xlink:to="us-gaap_InterestPaid_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InterestPaid_lbl" xml:lang="en-US">Cash paid for interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestPaid_lbl" xml:lang="en-US">Interest Paid</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeTaxesPaid" xlink:label="us-gaap_IncomeTaxesPaid" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxesPaid" xlink:to="us-gaap_IncomeTaxesPaid_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncomeTaxesPaid_lbl" xml:lang="en-US">Cash paid for income taxes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxesPaid_lbl" xml:lang="en-US">Income Taxes Paid</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:label="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:to="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_lbl" xml:lang="en-US">Supplemental disclosure of non-cash investing and financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_lbl" xml:lang="en-US">Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]</label>
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_TaxBenefitOfWarrantIntangible" xlink:label="lope_TaxBenefitOfWarrantIntangible" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="lope_TaxBenefitOfWarrantIntangible" xlink:to="lope_TaxBenefitOfWarrantIntangible_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lope_TaxBenefitOfWarrantIntangible_lbl" xml:lang="en-US">Tax Benefit of Warrant Intangible</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lope_TaxBenefitOfWarrantIntangible_lbl" xml:lang="en-US">Tax benefit of Spirit warrant intangible</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lope_TaxBenefitOfWarrantIntangible_lbl" xml:lang="en-US">Tax benefit of Spirit warrant intangible</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl" xml:lang="en-US">Nature of Business</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US">Summary of Significant Accounting Policies</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US">Significant Accounting Policies [Text Block]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareTextBlock" xlink:label="us-gaap_EarningsPerShareTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareTextBlock" xlink:to="us-gaap_EarningsPerShareTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_EarningsPerShareTextBlock_lbl" xml:lang="en-US">Net Income Per Common Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareTextBlock_lbl" xml:lang="en-US">Earnings Per Share [Text Block]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" xlink:label="us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" xlink:to="us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock_lbl" xml:lang="en-US">Valuation and Qualifying Accounts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock_lbl" xml:lang="en-US">Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:to="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl" xml:lang="en-US">Property and Equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl" xml:lang="en-US">Property, Plant and Equipment Disclosure [Text Block]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US">Commitments and Contingencies</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US">Commitments and Contingencies Disclosure [Text Block]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeTaxDisclosureTextBlock" xlink:label="us-gaap_IncomeTaxDisclosureTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxDisclosureTextBlock" xlink:to="us-gaap_IncomeTaxDisclosureTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncomeTaxDisclosureTextBlock_lbl" xml:lang="en-US">Income Taxes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxDisclosureTextBlock_lbl" xml:lang="en-US">Income Tax Disclosure [Text Block]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:label="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:to="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl" xml:lang="en-US">Share-Based Compensation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl" xml:lang="en-US">Disclosure of Compensation Related Costs, Share-based Payments [Text Block]</label>
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_RegulatoryTextBlock" xlink:label="lope_RegulatoryTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="lope_RegulatoryTextBlock" xlink:to="lope_RegulatoryTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lope_RegulatoryTextBlock_lbl" xml:lang="en-US">Regulatory [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lope_RegulatoryTextBlock_lbl" xml:lang="en-US">Regulatory</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lope_RegulatoryTextBlock_lbl" xml:lang="en-US">Regulatory.</label>
    <loc xlink:type="locator" xlink:label="dei_AmendmentFlag" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_AmendmentFlag" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" />
    <label xlink:type="resource" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Amendment Flag</label>
    <loc xlink:type="locator" xlink:label="dei_CurrentFiscalYearEndDate" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_CurrentFiscalYearEndDate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" />
    <label xlink:type="resource" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Current Fiscal Year End Date</label>
    <loc xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentPeriodEndDate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" />
    <label xlink:type="resource" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Document Period End Date</label>
    <loc xlink:type="locator" xlink:label="dei_DocumentType" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentType" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" />
    <label xlink:type="resource" xlink:label="dei_DocumentType_lbl" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Document Type</label>
    <loc xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityCentralIndexKey" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" />
    <label xlink:type="resource" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity Central Index Key</label>
    <loc xlink:type="locator" xlink:label="dei_EntityCommonStockSharesOutstanding" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityCommonStockSharesOutstanding" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" />
    <label xlink:type="resource" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity Common Stock, Shares Outstanding</label>
    <loc xlink:type="locator" xlink:label="dei_EntityCurrentReportingStatus" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityCurrentReportingStatus" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" />
    <label xlink:type="resource" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity Current Reporting Status</label>
    <loc xlink:type="locator" xlink:label="dei_EntityFilerCategory" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityFilerCategory" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" />
    <label xlink:type="resource" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity Filer Category</label>
    <loc xlink:type="locator" xlink:label="dei_EntityRegistrantName" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityRegistrantName" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" />
    <label xlink:type="resource" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity Registrant Name</label>
    <loc xlink:type="locator" xlink:label="dei_EntityVoluntaryFilers" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityVoluntaryFilers" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" />
    <label xlink:type="resource" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity Voluntary Filers</label>
    <loc xlink:type="locator" xlink:label="dei_EntityWellKnownSeasonedIssuer" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" />
    <label xlink:type="resource" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Entity Well-known Seasoned Issuer</label>
    <loc xlink:type="locator" xlink:label="dei_DocumentFiscalPeriodFocus" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentFiscalPeriodFocus" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" />
    <label xlink:type="resource" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Document Fiscal Period Focus</label>
    <loc xlink:type="locator" xlink:label="dei_DocumentFiscalYearFocus" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentFiscalYearFocus" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" />
    <label xlink:type="resource" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US" xlink:role="http://www.xbrl.org/2003/role/label">Document Fiscal Year Focus</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="us-gaap_StatementOfFinancialPositionAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfFinancialPositionAbstract" xlink:to="us-gaap_StatementOfFinancialPositionAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US">Balance Sheets [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="us-gaap_IncomeStatementAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementAbstract" xlink:to="us-gaap_IncomeStatementAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementAbstract_lbl" xml:lang="en-US">Income Statements [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="us-gaap_StatementOfCashFlowsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Statements of Cash Flows [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="us-gaap_StatementOfStockholdersEquityAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xml:lang="en-US">Statement of Stockholders' Equity [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SharesIssued" xlink:label="us-gaap_SharesIssued" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssued" xlink:to="lab_SharesIssued" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_SharesIssued" xml:lang="en-US">Shares, Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_SharesIssued" xml:lang="en-US">Ending Balance, shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_SharesIssued" xml:lang="en-US">Beginning Balance, shares</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:label="us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:to="lab_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xml:lang="en-US">Other Comprehensive Income, Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xml:lang="en-US">Unrealized gains (losses) on hedging derivatives</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xml:lang="en-US">Unrealized gain on hedging derivatives, net of taxes of $21</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:label="us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:to="lab_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xml:lang="en-US">Other Comprehensive Income, Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xml:lang="en-US">Unrealized losses on available for sale securities</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomeNetOfTax" xlink:to="lab_ComprehensiveIncomeNetOfTax" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ComprehensiveIncomeNetOfTax" xml:lang="en-US">Comprehensive Income, Net of Tax, Attributable to Parent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ComprehensiveIncomeNetOfTax" xml:lang="en-US">Comprehensive income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ComprehensiveIncomeNetOfTax" xml:lang="en-US">Comprehensive income</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:to="lab_StockIssuedDuringPeriodSharesStockOptionsExercised" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_StockIssuedDuringPeriodSharesStockOptionsExercised" xml:lang="en-US">Stock Issued During Period, Shares, Stock Options Exercised</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_StockIssuedDuringPeriodSharesStockOptionsExercised" xml:lang="en-US">Exercise of stock options, shares</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:label="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:to="lab_StockIssuedDuringPeriodValueStockOptionsExercised" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_StockIssuedDuringPeriodValueStockOptionsExercised" xml:lang="en-US">Stock Issued During Period, Value, Stock Options Exercised</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_StockIssuedDuringPeriodValueStockOptionsExercised" xml:lang="en-US">Exercise of stock options</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation" xlink:to="lab_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation" xml:lang="en-US">Adjustments to Additional Paid in Capital, Tax Effect from Share-based Compensation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation" xml:lang="en-US">Excess tax benefits from share-based compensation</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:to="lab_StockIssuedDuringPeriodValueShareBasedCompensation" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_StockIssuedDuringPeriodValueShareBasedCompensation" xml:lang="en-US">Stock Issued During Period, Value, Share-based Compensation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_StockIssuedDuringPeriodValueShareBasedCompensation" xml:lang="en-US">Share-based compensation</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax" xlink:label="us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax" xlink:to="lab_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax" xml:lang="en-US">Other Comprehensive Income, Unrealized Gain (Loss) on Derivatives Arising During Period, Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax" xml:lang="en-US">Tax effect on unrealized loss on hedging derivatives</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockMember" xlink:label="us-gaap_CommonStockMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockMember" xlink:to="lab_CommonStockMember" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_CommonStockMember" xml:lang="en-US">Common Stock</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="us-gaap_AdditionalPaidInCapitalMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapitalMember" xlink:to="lab_AdditionalPaidInCapitalMember" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_AdditionalPaidInCapitalMember" xml:lang="en-US">Additional Paid-in Capital</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:to="lab_AccumulatedOtherComprehensiveIncomeMember" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_AccumulatedOtherComprehensiveIncomeMember" xml:lang="en-US">Accumulated Other Comprehensive Loss</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="us-gaap_RetainedEarningsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsMember" xlink:to="lab_RetainedEarningsMember" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_RetainedEarningsMember" xml:lang="en-US">Accumulated Earnings</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_GeneralPoliciesAbstract" xlink:label="us-gaap_GeneralPoliciesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GeneralPoliciesAbstract" xlink:to="lab_GeneralPoliciesAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_GeneralPoliciesAbstract" xml:lang="en-US">Nature of Business [Abstract]</label>
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_SummaryOfSignificantAccountingPoliciesAbstract" xlink:label="lope_SummaryOfSignificantAccountingPoliciesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="lope_SummaryOfSignificantAccountingPoliciesAbstract" xlink:to="lope_SummaryOfSignificantAccountingPoliciesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lope_SummaryOfSignificantAccountingPoliciesAbstract_lbl" xml:lang="en-US">Summary of Significant Accounting Policies [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lope_SummaryOfSignificantAccountingPoliciesAbstract_lbl" xml:lang="en-US">Summary of Significant Accounting Policies.</label>
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_ValuationAndQualifyingAccountsAbstract" xlink:label="lope_ValuationAndQualifyingAccountsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="lope_ValuationAndQualifyingAccountsAbstract" xlink:to="lope_ValuationAndQualifyingAccountsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lope_ValuationAndQualifyingAccountsAbstract_lbl" xml:lang="en-US">Valuation and Qualifying Accounts [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lope_ValuationAndQualifyingAccountsAbstract_lbl" xml:lang="en-US">Valuation and Qualifying Accounts.</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAbstract" xlink:label="us-gaap_PropertyPlantAndEquipmentAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentAbstract" xlink:to="lab_PropertyPlantAndEquipmentAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_PropertyPlantAndEquipmentAbstract" xml:lang="en-US">Property and Equipment [Abstract]</label>
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_CommitmentsAndContingenciesAbstract" xlink:label="lope_CommitmentsAndContingenciesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="lope_CommitmentsAndContingenciesAbstract" xlink:to="lope_CommitmentsAndContingenciesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lope_CommitmentsAndContingenciesAbstract_lbl" xml:lang="en-US">Commitments and Contingencies [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lope_CommitmentsAndContingenciesAbstract_lbl" xml:lang="en-US">Commitments and Contingencies.</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeTaxExpenseBenefitAbstract" xlink:label="us-gaap_IncomeTaxExpenseBenefitAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxExpenseBenefitAbstract" xlink:to="lab_IncomeTaxExpenseBenefitAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_IncomeTaxExpenseBenefitAbstract" xml:lang="en-US">Income Taxes [Abstract]</label>
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_RegulatoryAbstract" xlink:label="lope_RegulatoryAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="lope_RegulatoryAbstract" xlink:to="lope_RegulatoryAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lope_RegulatoryAbstract_lbl" xml:lang="en-US">Regulatory [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lope_RegulatoryAbstract_lbl" xml:lang="en-US">Regulatory.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lope_COMPANYTRANSACTIONANDLOANAGREEMENTAbstract_lbl" xml:lang="en-US">SPIRIT TRANSACTION AND LOAN AGREEMENT [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="lab_StatementTable" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_StatementTable" xml:lang="en-US">Statement [Table]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="us-gaap_StatementEquityComponentsAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="lab_StatementEquityComponentsAxis" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_StatementEquityComponentsAxis" xml:lang="en-US">Statement, Equity Components [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="us-gaap_EquityComponentDomain" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityComponentDomain" xlink:to="lab_EquityComponentDomain" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_EquityComponentDomain" xml:lang="en-US">Equity Component [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="lab_StatementLineItems" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_StatementLineItems" xml:lang="en-US">Statement [Line Items]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ShareBasedCompensationAbstract" xlink:label="us-gaap_ShareBasedCompensationAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationAbstract" xlink:to="lab_ShareBasedCompensationAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ShareBasedCompensationAbstract" xml:lang="en-US">Share-based Compensation [Abstract]</label>
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_InstructionalCostsAndServices" xlink:label="lope_InstructionalCostsAndServices" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="lope_InstructionalCostsAndServices" xlink:to="lope_InstructionalCostsAndServices_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lope_InstructionalCostsAndServices_lbl" xml:lang="en-US">Instructional Costs and Services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lope_InstructionalCostsAndServices_lbl" xml:lang="en-US">Instructional costs and services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lope_InstructionalCostsAndServices_lbl" xml:lang="en-US">Costs directly attributable to educational services, including salaries and benefits for full-time faculty, administrators and academic advisors, and costs associated with adjunct faculty. Also includes costs for educational supplies such as books, costs associated with academic records and graduation, and other university services such as evaluating transcripts.</label>
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_PrepaidRoyaltiesNoncurrent" xlink:label="lope_PrepaidRoyaltiesNoncurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="lope_PrepaidRoyaltiesNoncurrent" xlink:to="lope_PrepaidRoyaltiesNoncurrent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lope_PrepaidRoyaltiesNoncurrent_lbl" xml:lang="en-US">Prepaid Royalties Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lope_PrepaidRoyaltiesNoncurrent_lbl" xml:lang="en-US">Prepaid royalties</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lope_PrepaidRoyaltiesNoncurrent_lbl" xml:lang="en-US">Prepaid Royalties Noncurrent.</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="us-gaap_AdditionalPaidInCapital" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapital" xlink:to="lab_AdditionalPaidInCapital" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_AdditionalPaidInCapital" xml:lang="en-US">Additional Paid in Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_AdditionalPaidInCapital" xml:lang="en-US">Additional Paid in Capital, Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_AdditionalPaidInCapital" xml:lang="en-US">Additional Paid in Capital, Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_AdditionalPaidInCapital" xml:lang="en-US">Additional Paid in Capital, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_AdditionalPaidInCapital" xml:lang="en-US">Additional paid-in capital</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Revenues" xlink:label="us-gaap_Revenues" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Revenues" xlink:to="lab_Revenues" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_Revenues" xml:lang="en-US">Revenues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_Revenues" xml:lang="en-US">Revenues, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_Revenues" xml:lang="en-US">Net revenue</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_BusinessExitCosts" xlink:label="us-gaap_BusinessExitCosts" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessExitCosts" xlink:to="lab_BusinessExitCosts" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_BusinessExitCosts" xml:lang="en-US">Business Exit Costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_BusinessExitCosts" xml:lang="en-US">Exit costs</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInRestrictedCash" xlink:label="us-gaap_IncreaseDecreaseInRestrictedCash" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInRestrictedCash" xlink:to="lab_IncreaseDecreaseInRestrictedCash" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_IncreaseDecreaseInRestrictedCash" xml:lang="en-US">Increase (Decrease) in Restricted Cash</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="lab_IncreaseDecreaseInRestrictedCash" xml:lang="en-US">Change in restricted cash and cash equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_IncreaseDecreaseInRestrictedCash" xml:lang="en-US">Increase (Decrease) in Restricted Cash, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_IncreaseDecreaseInRestrictedCash" xml:lang="en-US">Change in restricted cash and cash equivalents</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CapitalExpendituresIncurredButNotYetPaid" xlink:label="us-gaap_CapitalExpendituresIncurredButNotYetPaid" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalExpendituresIncurredButNotYetPaid" xlink:to="lab_CapitalExpendituresIncurredButNotYetPaid" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_CapitalExpendituresIncurredButNotYetPaid" xml:lang="en-US">Purchases of property and equipment included in accounts payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_CapitalExpendituresIncurredButNotYetPaid" xml:lang="en-US">Purchases of property and equipment included in accounts payable</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:to="lab_RestrictedCashAndCashEquivalentsAtCarryingValue" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_RestrictedCashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Restricted Cash and Cash Equivalents, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_RestrictedCashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Restricted cash and cash equivalents</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockValue" xlink:label="us-gaap_TreasuryStockValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockValue" xlink:to="lab_TreasuryStockValue" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_TreasuryStockValue" xml:lang="en-US">Treasury Stock, Value</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="lab_TreasuryStockValue" xml:lang="en-US">Treasury stock, at cost, 995 and 50 shares of common stock at March 31, 2011 and December 31, 2010, respectively</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_TreasuryStockValue" xml:lang="en-US">Treasury Stock, Value, Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_TreasuryStockValue" xml:lang="en-US">Treasury Stock, Value, Beginning Balance</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockShares" xlink:label="us-gaap_TreasuryStockShares" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockShares" xlink:to="lab_TreasuryStockShares" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_TreasuryStockShares" xml:lang="en-US">Treasury stock, shares outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_TreasuryStockShares" xml:lang="en-US">Treasury Stock, Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_TreasuryStockShares" xml:lang="en-US">Treasury Stock, Shares, Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_TreasuryStockShares" xml:lang="en-US">Treasury Stock, Shares, Beginning Balance</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:label="us-gaap_TreasuryStockValueAcquiredCostMethod" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:to="lab_TreasuryStockValueAcquiredCostMethod" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_TreasuryStockValueAcquiredCostMethod" xml:lang="en-US">Treasury Stock, Value, Acquired, Cost Method</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="lab_TreasuryStockValueAcquiredCostMethod" xml:lang="en-US">Common stock purchased for treasury</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherIncreaseDecreaseInProvisionForRestructuring" xlink:label="us-gaap_OtherIncreaseDecreaseInProvisionForRestructuring" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherIncreaseDecreaseInProvisionForRestructuring" xlink:to="lab_OtherIncreaseDecreaseInProvisionForRestructuring" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_OtherIncreaseDecreaseInProvisionForRestructuring" xml:lang="en-US">Other Increase (Decrease) in Provision for Restructuring</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_OtherIncreaseDecreaseInProvisionForRestructuring" xml:lang="en-US">Exit costs</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LongTermNotesPayable" xlink:label="us-gaap_LongTermNotesPayable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermNotesPayable" xlink:to="lab_LongTermNotesPayable" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_LongTermNotesPayable" xml:lang="en-US">Notes Payable, Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_LongTermNotesPayable" xml:lang="en-US">Notes payable, less current portion</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="us-gaap_OtherLiabilitiesNoncurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLiabilitiesNoncurrent" xlink:to="lab_OtherLiabilitiesNoncurrent" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_OtherLiabilitiesNoncurrent" xml:lang="en-US">Other Liabilities, Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_OtherLiabilitiesNoncurrent" xml:lang="en-US">Other Liabilities, Noncurrent, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_OtherLiabilitiesNoncurrent" xml:lang="en-US">Other noncurrent liabilities</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EmployeeRelatedLiabilitiesCurrent" xlink:label="us-gaap_EmployeeRelatedLiabilitiesCurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EmployeeRelatedLiabilitiesCurrent" xlink:to="lab_EmployeeRelatedLiabilitiesCurrent" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_EmployeeRelatedLiabilitiesCurrent" xml:lang="en-US">Employee-related Liabilities, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_EmployeeRelatedLiabilitiesCurrent" xml:lang="en-US">Employee-related Liabilities, Current, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_EmployeeRelatedLiabilitiesCurrent" xml:lang="en-US">Accrued compensation and benefits</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CustomerDepositsCurrent" xlink:label="us-gaap_CustomerDepositsCurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CustomerDepositsCurrent" xlink:to="lab_CustomerDepositsCurrent" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_CustomerDepositsCurrent" xml:lang="en-US">Customer Deposits, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_CustomerDepositsCurrent" xml:lang="en-US">Student deposits</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DeferredRevenueCurrent" xlink:label="us-gaap_DeferredRevenueCurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenueCurrent" xlink:to="lab_DeferredRevenueCurrent" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_DeferredRevenueCurrent" xml:lang="en-US">Deferred Revenue, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_DeferredRevenueCurrent" xml:lang="en-US">Deferred Revenue, Current, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_DeferredRevenueCurrent" xml:lang="en-US">Deferred revenue</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeTaxesReceivable" xlink:label="us-gaap_IncomeTaxesReceivable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxesReceivable" xlink:to="us-gaap_IncomeTaxesReceivable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxesReceivable_lbl" xml:lang="en-US">Income Taxes Receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncomeTaxesReceivable_lbl" xml:lang="en-US">Income taxes receivable</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsNoncurrent" xlink:label="us-gaap_RestrictedCashAndCashEquivalentsNoncurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedCashAndCashEquivalentsNoncurrent" xlink:to="us-gaap_RestrictedCashAndCashEquivalentsNoncurrent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RestrictedCashAndCashEquivalentsNoncurrent_lbl" xml:lang="en-US">Restricted Cash And Cash Equivalents Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_RestrictedCashAndCashEquivalentsNoncurrent_lbl" xml:lang="en-US">Restricted cash</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="us-gaap_TreasuryStockMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockMember" xlink:to="lab_TreasuryStockMember" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_TreasuryStockMember" xml:lang="en-US">Treasury Stock</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:label="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:to="lab_StatementOfIncomeAndComprehensiveIncomeAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_StatementOfIncomeAndComprehensiveIncomeAbstract" xml:lang="en-US">Statements of Comprehensive Income [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:to="lab_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xml:lang="en-US">Other Comprehensive Income (Loss), Net of Tax [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xml:lang="en-US">Other comprehensive income, net of tax:</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockSharesAcquired" xlink:label="us-gaap_TreasuryStockSharesAcquired" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockSharesAcquired" xlink:to="lab_TreasuryStockSharesAcquired" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_TreasuryStockSharesAcquired" xml:lang="en-US">Treasury Stock, Shares, Acquired</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_TreasuryStockSharesAcquired" xml:lang="en-US">Common stock purchased for treasury, Shares</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockNoteDisclosureAbstract" xlink:label="us-gaap_TreasuryStockNoteDisclosureAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockNoteDisclosureAbstract" xlink:to="lab_TreasuryStockNoteDisclosureAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_TreasuryStockNoteDisclosureAbstract" xml:lang="en-US">Treasury Stock [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ScheduleOfTreasuryStockByClassTextBlock" xlink:label="us-gaap_ScheduleOfTreasuryStockByClassTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfTreasuryStockByClassTextBlock" xlink:to="lab_ScheduleOfTreasuryStockByClassTextBlock" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ScheduleOfTreasuryStockByClassTextBlock" xml:lang="en-US">Schedule of Treasury Stock by Class [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ScheduleOfTreasuryStockByClassTextBlock" xml:lang="en-US">Treasury Stock</label>
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_SubsequentEventsAbstract" xlink:label="lope_SubsequentEventsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="lope_SubsequentEventsAbstract" xlink:to="lope_SubsequentEventsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lope_SubsequentEventsAbstract_lbl" xml:lang="en-US">Subsequent Events [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lope_SubsequentEventsAbstract_lbl" xml:lang="en-US">Subsequent events.</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ScheduleOfSubsequentEventsTextBlock" xlink:label="us-gaap_ScheduleOfSubsequentEventsTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfSubsequentEventsTextBlock" xlink:to="lab_ScheduleOfSubsequentEventsTextBlock" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ScheduleOfSubsequentEventsTextBlock" xml:lang="en-US">Schedule of Subsequent Events [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ScheduleOfSubsequentEventsTextBlock" xml:lang="en-US">Subsequent Events</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax" xlink:label="us-gaap_OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax" xlink:to="lab_OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax" xml:lang="en-US">Other Comprehensive Income, Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="lab_OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax" xml:lang="en-US">Realized gains on available for sale securities</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="us-gaap_IncreaseDecreaseInDeferredRevenue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:to="lab_IncreaseDecreaseInDeferredRevenue" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_IncreaseDecreaseInDeferredRevenue" xml:lang="en-US">Increase (Decrease) in Deferred Revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_IncreaseDecreaseInDeferredRevenue" xml:lang="en-US">Deferred revenue</label>
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_IncreaseDecreaseInStudentDepositsOutstanding" xlink:label="lope_IncreaseDecreaseInStudentDepositsOutstanding" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="lope_IncreaseDecreaseInStudentDepositsOutstanding" xlink:to="lope_IncreaseDecreaseInStudentDepositsOutstanding_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lope_IncreaseDecreaseInStudentDepositsOutstanding_lbl" xml:lang="en-US">Increase Decrease in Student Deposits Outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lope_IncreaseDecreaseInStudentDepositsOutstanding_lbl" xml:lang="en-US">Student deposits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lope_IncreaseDecreaseInStudentDepositsOutstanding_lbl" xml:lang="en-US">Increase decrease in student deposits outstanding.</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:to="lab_PaymentsForRepurchaseOfCommonStock" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_PaymentsForRepurchaseOfCommonStock" xml:lang="en-US">Payments for Repurchase of Common Stock</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="lab_PaymentsForRepurchaseOfCommonStock" xml:lang="en-US">Purchase of treasury stock</label>
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_RestatementOfFinancialStatementsAbstract" xlink:label="lope_RestatementOfFinancialStatementsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="lope_RestatementOfFinancialStatementsAbstract" xlink:to="lope_RestatementOfFinancialStatementsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lope_RestatementOfFinancialStatementsAbstract_lbl" xml:lang="en-US">Restatement of Financial Statements [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lope_RestatementOfFinancialStatementsAbstract_lbl" xml:lang="en-US">Restatement of financial statements .</label>
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_RestatementOfFinancialStatementsTextBlock" xlink:label="lope_RestatementOfFinancialStatementsTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="lope_RestatementOfFinancialStatementsTextBlock" xlink:to="lope_RestatementOfFinancialStatementsTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lope_RestatementOfFinancialStatementsTextBlock_lbl" xml:lang="en-US">Restatement of Financial Statements [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lope_RestatementOfFinancialStatementsTextBlock_lbl" xml:lang="en-US">Restatement of Financial Statements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lope_RestatementOfFinancialStatementsTextBlock_lbl" xml:lang="en-US">Restatement of financial statements</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_AmendmentDescription" xlink:label="dei_AmendmentDescription" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentDescription" xlink:to="lab_AmendmentDescription" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_AmendmentDescription" xml:lang="en-US">Amendment Description</label>
  </labelLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>10
<FILENAME>lope-20110331_pre.xml
<DESCRIPTION>EX-101 PRESENTATION LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!-- XBRL Generated with XBRLMark Copyright (C) by Bowne Inc. -->
<!-- Based on XBRL 2.1 -->
<linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink">
  <roleRef roleURI="http://gcu.edu/role/DocumentAndEntityInformation" xlink:type="simple" xlink:href="lope-20110331.xsd#DocumentAndEntityInformation" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#NatureOfBusiness" roleURI="http://gcu.edu/role/NatureOfBusiness" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#SummaryOfSignificantAccountingPolicies" roleURI="http://gcu.edu/role/SummaryOfSignificantAccountingPolicies" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#NetIncomePerCommonShare" roleURI="http://gcu.edu/role/NetIncomePerCommonShare" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#ValuationAndQualifyingAccounts" roleURI="http://gcu.edu/role/ValuationAndQualifyingAccounts" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#PropertyAndEquipment" roleURI="http://gcu.edu/role/PropertyAndEquipment" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#CommitmentsAndContingencies" roleURI="http://gcu.edu/role/CommitmentsAndContingencies" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#IncomeTaxes" roleURI="http://gcu.edu/role/IncomeTaxes" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#ShareBasedCompensation" roleURI="http://gcu.edu/role/ShareBasedCompensation" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#Regulatory" roleURI="http://gcu.edu/role/Regulatory" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#StatementOfStockholdersEquity" roleURI="http://gcu.edu/role/StatementOfStockholdersEquity" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#StatementOfStockholdersEquityParenthetical" roleURI="http://gcu.edu/role/StatementOfStockholdersEquityParenthetical" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#StatementsOfComprehensiveIncome" roleURI="http://gcu.edu/role/StatementsOfComprehensiveIncome" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#TreasuryStock" roleURI="http://gcu.edu/role/TreasuryStock" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#SubsequentEvents" roleURI="http://gcu.edu/role/SubsequentEvents" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#RestatementOfFinancialStatements" roleURI="http://gcu.edu/role/RestatementOfFinancialStatements" />
  <presentationLink xlink:role="http://gcu.edu/role/DocumentAndEntityInformation" xlink:title="00 - Document - Document and Entity Information" xlink:type="extended">
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_DocumentAndEntityInformationAbstract" xlink:label="lope_DocumentAndEntityInformationAbstract" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_DocumentType" order="60" use="optional" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_AmendmentFlag" order="100" use="optional" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_DocumentPeriodEndDate" order="80" use="optional" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityRegistrantName" order="20" use="optional" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityCentralIndexKey" order="40" use="optional" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_CurrentFiscalYearEndDate" order="160" use="optional" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityWellKnownSeasonedIssuer" order="180" use="optional" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityVoluntaryFilers" order="200" use="optional" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityCurrentReportingStatus" order="220" use="optional" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityFilerCategory" order="240" use="optional" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityCommonStockSharesOutstanding" order="260" use="optional" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_DocumentFiscalPeriodFocus" order="140" use="optional" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_DocumentFiscalYearFocus" order="120" use="optional" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_AmendmentDescription" xlink:label="loc_AmendmentDescription" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="loc_AmendmentDescription" order="110" use="optional" />
  </presentationLink>
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#StatementsOfIncome" roleURI="http://gcu.edu/role/StatementsOfIncome" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#StatementsOfIncomeParenthetical" roleURI="http://gcu.edu/role/StatementsOfIncomeParenthetical" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#BalanceSheets" roleURI="http://gcu.edu/role/BalanceSheets" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#BalanceSheetsParenthetical" roleURI="http://gcu.edu/role/BalanceSheetsParenthetical" />
  <roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#StatementsOfCashFlows" roleURI="http://gcu.edu/role/StatementsOfCashFlows" />
  <presentationLink xlink:type="extended" xlink:role="http://gcu.edu/role/StatementsOfIncome" xlink:title="0110 - Statement - Income Statements (Unaudited)">
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="loc_IncomeStatementAbstract" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="loc_EarningsPerShareAbstract" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_IncomeStatementAbstract" xlink:to="loc_EarningsPerShareAbstract" order="180" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="loc_EarningsPerShareBasic" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_EarningsPerShareAbstract" xlink:to="loc_EarningsPerShareBasic" order="20" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="loc_EarningsPerShareDiluted" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_EarningsPerShareAbstract" xlink:to="loc_EarningsPerShareDiluted" order="40" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="loc_OperatingIncomeLoss" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_IncomeStatementAbstract" xlink:to="loc_OperatingIncomeLoss" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_InterestExpense" xlink:label="loc_InterestExpense" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_IncomeStatementAbstract" xlink:to="loc_InterestExpense" order="80" use="optional" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_InvestmentIncomeInterest" xlink:label="loc_InvestmentIncomeInterest" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_IncomeStatementAbstract" xlink:to="loc_InvestmentIncomeInterest" order="100" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:label="loc_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_IncomeStatementAbstract" xlink:to="loc_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" order="120" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="loc_IncomeTaxExpenseBenefit" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_IncomeStatementAbstract" xlink:to="loc_IncomeTaxExpenseBenefit" order="140" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_NetIncomeLoss" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_IncomeStatementAbstract" xlink:to="loc_NetIncomeLoss" order="160" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CostsAndExpensesAbstract" xlink:label="loc_CostsAndExpensesAbstract" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_IncomeStatementAbstract" xlink:to="loc_CostsAndExpensesAbstract" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SellingAndMarketingExpense" xlink:label="loc_SellingAndMarketingExpense" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_CostsAndExpensesAbstract" xlink:to="loc_SellingAndMarketingExpense" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="loc_GeneralAndAdministrativeExpense" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_CostsAndExpensesAbstract" xlink:to="loc_GeneralAndAdministrativeExpense" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CostsAndExpenses" xlink:label="loc_CostsAndExpenses" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_CostsAndExpensesAbstract" xlink:to="loc_CostsAndExpenses" order="100" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_InstructionalCostsAndServices" xlink:label="lope_InstructionalCostsAndServices" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_CostsAndExpensesAbstract" xlink:to="lope_InstructionalCostsAndServices" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Revenues" xlink:label="loc_Revenues" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_IncomeStatementAbstract" xlink:to="loc_Revenues" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_BusinessExitCosts" xlink:label="loc_BusinessExitCosts" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_CostsAndExpensesAbstract" xlink:to="loc_BusinessExitCosts" order="80" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="loc_WeightedAverageNumberOfSharesOutstandingBasic" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_EarningsPerShareAbstract" xlink:to="loc_WeightedAverageNumberOfSharesOutstandingBasic" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="loc_WeightedAverageNumberOfDilutedSharesOutstanding" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_EarningsPerShareAbstract" xlink:to="loc_WeightedAverageNumberOfDilutedSharesOutstanding" order="80" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://gcu.edu/role/StatementsOfIncomeParenthetical" xlink:title="0111 - Statement - Income Statements (Unaudited) (Parenthetical)">
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="loc_IncomeStatementAbstract" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CostsAndExpensesAbstract" xlink:label="loc_CostsAndExpensesAbstract" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_IncomeStatementAbstract" xlink:to="loc_CostsAndExpensesAbstract" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:label="loc_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_CostsAndExpensesAbstract" xlink:to="loc_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" order="20" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://gcu.edu/role/BalanceSheets" xlink:title="0130 - Statement - Balance Sheets">
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="loc_StatementOfFinancialPositionAbstract" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="loc_AssetsAbstract" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementOfFinancialPositionAbstract" xlink:to="loc_AssetsAbstract" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="loc_AssetsCurrentAbstract" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_AssetsAbstract" xlink:to="loc_AssetsCurrentAbstract" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_CashAndCashEquivalentsAtCarryingValue" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_AssetsCurrentAbstract" xlink:to="loc_CashAndCashEquivalentsAtCarryingValue" order="20" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="loc_AccountsReceivableNetCurrent" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_AssetsCurrentAbstract" xlink:to="loc_AccountsReceivableNetCurrent" order="60" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DeferredTaxAssetsNetCurrent" xlink:label="loc_DeferredTaxAssetsNetCurrent" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_AssetsCurrentAbstract" xlink:to="loc_DeferredTaxAssetsNetCurrent" order="100" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherAssetsCurrent" xlink:label="loc_OtherAssetsCurrent" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_AssetsCurrentAbstract" xlink:to="loc_OtherAssetsCurrent" order="120" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="loc_AssetsCurrent" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_AssetsCurrentAbstract" xlink:to="loc_AssetsCurrent" order="140" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_PropertyPlantAndEquipmentNet" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_AssetsAbstract" xlink:to="loc_PropertyPlantAndEquipmentNet" order="40" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Goodwill" xlink:label="loc_Goodwill" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_AssetsAbstract" xlink:to="loc_Goodwill" order="100" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DeferredTaxAssetsNetNoncurrent" xlink:label="loc_DeferredTaxAssetsNetNoncurrent" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_AssetsAbstract" xlink:to="loc_DeferredTaxAssetsNetNoncurrent" order="120" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="loc_OtherAssetsNoncurrent" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_AssetsAbstract" xlink:to="loc_OtherAssetsNoncurrent" order="140" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Assets" xlink:label="loc_Assets" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_AssetsAbstract" xlink:to="loc_Assets" order="160" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="loc_LiabilitiesAndStockholdersEquityAbstract" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementOfFinancialPositionAbstract" xlink:to="loc_LiabilitiesAndStockholdersEquityAbstract" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="loc_LiabilitiesCurrentAbstract" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_LiabilitiesAndStockholdersEquityAbstract" xlink:to="loc_LiabilitiesCurrentAbstract" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="loc_AccountsPayableCurrent" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_LiabilitiesCurrentAbstract" xlink:to="loc_AccountsPayableCurrent" order="20" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="loc_AccruedLiabilitiesCurrent" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_LiabilitiesCurrentAbstract" xlink:to="loc_AccruedLiabilitiesCurrent" order="60" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LitigationReserveCurrent" xlink:label="loc_LitigationReserveCurrent" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_LiabilitiesCurrentAbstract" xlink:to="loc_LitigationReserveCurrent" order="80" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RestructuringReserveCurrent" xlink:label="loc_RestructuringReserveCurrent" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_LiabilitiesCurrentAbstract" xlink:to="loc_RestructuringReserveCurrent" order="100" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccruedIncomeTaxesCurrent" xlink:label="loc_AccruedIncomeTaxesCurrent" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_LiabilitiesCurrentAbstract" xlink:to="loc_AccruedIncomeTaxesCurrent" order="120" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DueToRelatedPartiesCurrent" xlink:label="loc_DueToRelatedPartiesCurrent" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_LiabilitiesCurrentAbstract" xlink:to="loc_DueToRelatedPartiesCurrent" order="180" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CapitalLeaseObligationsCurrent" xlink:label="loc_CapitalLeaseObligationsCurrent" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_LiabilitiesCurrentAbstract" xlink:to="loc_CapitalLeaseObligationsCurrent" order="200" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NotesPayableCurrent" xlink:label="loc_NotesPayableCurrent" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_LiabilitiesCurrentAbstract" xlink:to="loc_NotesPayableCurrent" order="220" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="loc_LiabilitiesCurrent" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_LiabilitiesCurrentAbstract" xlink:to="loc_LiabilitiesCurrent" order="240" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CapitalLeaseObligationsNoncurrent" xlink:label="loc_CapitalLeaseObligationsNoncurrent" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_LiabilitiesAndStockholdersEquityAbstract" xlink:to="loc_CapitalLeaseObligationsNoncurrent" order="40" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_Liabilities" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_LiabilitiesAndStockholdersEquityAbstract" xlink:to="loc_Liabilities" order="100" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommitmentsAndContingencies2009" xlink:label="loc_CommitmentsAndContingencies2009" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_LiabilitiesAndStockholdersEquityAbstract" xlink:to="loc_CommitmentsAndContingencies2009" order="120" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="loc_StockholdersEquityAbstract" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_LiabilitiesAndStockholdersEquityAbstract" xlink:to="loc_StockholdersEquityAbstract" order="140" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="loc_PreferredStockValue" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StockholdersEquityAbstract" xlink:to="loc_PreferredStockValue" order="20" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_CommonStockValue" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StockholdersEquityAbstract" xlink:to="loc_CommonStockValue" order="40" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="loc_AccumulatedOtherComprehensiveIncomeLossNetOfTax" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StockholdersEquityAbstract" xlink:to="loc_AccumulatedOtherComprehensiveIncomeLossNetOfTax" order="100" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_RetainedEarningsAccumulatedDeficit" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StockholdersEquityAbstract" xlink:to="loc_RetainedEarningsAccumulatedDeficit" order="120" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_StockholdersEquity" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StockholdersEquityAbstract" xlink:to="loc_StockholdersEquity" order="140" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_LiabilitiesAndStockholdersEquity" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_LiabilitiesAndStockholdersEquityAbstract" xlink:to="loc_LiabilitiesAndStockholdersEquity" order="160" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_PrepaidRoyaltiesNoncurrent" xlink:label="lope_PrepaidRoyaltiesNoncurrent" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_AssetsAbstract" xlink:to="lope_PrepaidRoyaltiesNoncurrent" order="80" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="loc_AdditionalPaidInCapital" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StockholdersEquityAbstract" xlink:to="loc_AdditionalPaidInCapital" order="80" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:label="loc_RestrictedCashAndCashEquivalentsAtCarryingValue" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_AssetsCurrentAbstract" xlink:to="loc_RestrictedCashAndCashEquivalentsAtCarryingValue" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockValue" xlink:label="loc_TreasuryStockValue" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StockholdersEquityAbstract" xlink:to="loc_TreasuryStockValue" order="60" use="optional" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LongTermNotesPayable" xlink:label="loc_LongTermNotesPayable" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_LiabilitiesAndStockholdersEquityAbstract" xlink:to="loc_LongTermNotesPayable" order="80" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DeferredRevenueCurrent" xlink:label="loc_DeferredRevenueCurrent" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_LiabilitiesCurrentAbstract" xlink:to="loc_DeferredRevenueCurrent" order="160" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EmployeeRelatedLiabilitiesCurrent" xlink:label="loc_EmployeeRelatedLiabilitiesCurrent" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_LiabilitiesCurrentAbstract" xlink:to="loc_EmployeeRelatedLiabilitiesCurrent" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CustomerDepositsCurrent" xlink:label="loc_CustomerDepositsCurrent" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_LiabilitiesCurrentAbstract" xlink:to="loc_CustomerDepositsCurrent" order="140" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="loc_OtherLiabilitiesNoncurrent" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_LiabilitiesAndStockholdersEquityAbstract" xlink:to="loc_OtherLiabilitiesNoncurrent" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeTaxesReceivable" xlink:label="loc_IncomeTaxesReceivable" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_AssetsCurrentAbstract" xlink:to="loc_IncomeTaxesReceivable" order="80" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsNoncurrent" xlink:label="loc_RestrictedCashAndCashEquivalentsNoncurrent" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_AssetsAbstract" xlink:to="loc_RestrictedCashAndCashEquivalentsNoncurrent" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://gcu.edu/role/BalanceSheetsParenthetical" xlink:title="0131 - Statement - Balance Sheets (Parenthetical)">
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="loc_StatementOfFinancialPositionAbstract" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="loc_AssetsAbstract" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementOfFinancialPositionAbstract" xlink:to="loc_AssetsAbstract" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="loc_AssetsCurrentAbstract" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_AssetsAbstract" xlink:to="loc_AssetsCurrentAbstract" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:label="loc_AllowanceForDoubtfulAccountsReceivableCurrent" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_AssetsCurrentAbstract" xlink:to="loc_AllowanceForDoubtfulAccountsReceivableCurrent" order="20" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="loc_LiabilitiesAndStockholdersEquityAbstract" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementOfFinancialPositionAbstract" xlink:to="loc_LiabilitiesAndStockholdersEquityAbstract" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="loc_StockholdersEquityAbstract" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_LiabilitiesAndStockholdersEquityAbstract" xlink:to="loc_StockholdersEquityAbstract" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="loc_PreferredStockParOrStatedValuePerShare" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StockholdersEquityAbstract" xlink:to="loc_PreferredStockParOrStatedValuePerShare" order="20" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="loc_PreferredStockSharesAuthorized" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StockholdersEquityAbstract" xlink:to="loc_PreferredStockSharesAuthorized" order="40" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="loc_PreferredStockSharesIssued" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StockholdersEquityAbstract" xlink:to="loc_PreferredStockSharesIssued" order="60" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="loc_PreferredStockSharesOutstanding" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StockholdersEquityAbstract" xlink:to="loc_PreferredStockSharesOutstanding" order="80" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="loc_CommonStockParOrStatedValuePerShare" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StockholdersEquityAbstract" xlink:to="loc_CommonStockParOrStatedValuePerShare" order="100" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="loc_CommonStockSharesAuthorized" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StockholdersEquityAbstract" xlink:to="loc_CommonStockSharesAuthorized" order="120" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_CommonStockSharesIssued" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StockholdersEquityAbstract" xlink:to="loc_CommonStockSharesIssued" order="140" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_CommonStockSharesOutstanding" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StockholdersEquityAbstract" xlink:to="loc_CommonStockSharesOutstanding" order="160" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockShares" xlink:label="loc_TreasuryStockShares" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StockholdersEquityAbstract" xlink:to="loc_TreasuryStockShares" order="180" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://gcu.edu/role/StatementsOfCashFlows" xlink:title="0150 - Statement - Statements of Cash Flows (Unaudited)">
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="loc_StatementOfCashFlowsAbstract" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_NetCashProvidedByUsedInOperatingActivitiesAbstract" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementOfCashFlowsAbstract" xlink:to="loc_NetCashProvidedByUsedInOperatingActivitiesAbstract" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_NetIncomeLoss" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_NetIncomeLoss" order="20" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="loc_ShareBasedCompensation" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_ShareBasedCompensation" order="20" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities" xlink:label="loc_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities" order="40" use="optional" priority="1" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="loc_AmortizationOfFinancingCosts" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_AmortizationOfFinancingCosts" order="60" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts" xlink:label="loc_ProvisionForDoubtfulAccounts" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_ProvisionForDoubtfulAccounts" order="80" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="loc_DepreciationAndAmortization" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_DepreciationAndAmortization" order="100" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:label="loc_DeferredIncomeTaxExpenseBenefit" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_DeferredIncomeTaxExpenseBenefit" order="140" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther" xlink:label="loc_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther" order="160" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="loc_IncreaseDecreaseInOperatingCapitalAbstract" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_IncreaseDecreaseInOperatingCapitalAbstract" order="180" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="loc_IncreaseDecreaseInAccountsReceivable" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="loc_IncreaseDecreaseInAccountsReceivable" order="20" use="optional" priority="1" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="loc_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="loc_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" order="40" use="optional" priority="1" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" />
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_DueToFromRelatedParties" xlink:label="lope_DueToFromRelatedParties" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="lope_DueToFromRelatedParties" order="60" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableTrade" xlink:label="loc_IncreaseDecreaseInAccountsPayableTrade" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="loc_IncreaseDecreaseInAccountsPayableTrade" order="80" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedLiabilities" xlink:label="loc_IncreaseDecreaseInAccruedLiabilities" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="loc_IncreaseDecreaseInAccruedLiabilities" order="100" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xlink:label="loc_IncreaseDecreaseInAccruedIncomeTaxesPayable" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="loc_IncreaseDecreaseInAccruedIncomeTaxesPayable" order="120" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="loc_NetCashProvidedByUsedInOperatingActivities" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_NetCashProvidedByUsedInOperatingActivities" order="60" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="loc_NetCashProvidedByUsedInInvestingActivitiesAbstract" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementOfCashFlowsAbstract" xlink:to="loc_NetCashProvidedByUsedInInvestingActivitiesAbstract" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsToAcquireProductiveAssets" xlink:label="loc_PaymentsToAcquireProductiveAssets" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="loc_PaymentsToAcquireProductiveAssets" order="20" use="optional" priority="1" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities" xlink:label="loc_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="loc_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities" order="60" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="loc_NetCashProvidedByUsedInInvestingActivities" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="loc_NetCashProvidedByUsedInInvestingActivities" order="80" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="loc_NetCashProvidedByUsedInFinancingActivitiesAbstract" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementOfCashFlowsAbstract" xlink:to="loc_NetCashProvidedByUsedInFinancingActivitiesAbstract" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_PrincipalPaymentsOnNotesPayableAndCapitalLeaseObligations" xlink:label="lope_PrincipalPaymentsOnNotesPayableAndCapitalLeaseObligations" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="lope_PrincipalPaymentsOnNotesPayableAndCapitalLeaseObligations" order="20" use="optional" priority="1" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities" xlink:label="loc_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="loc_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities" order="60" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProceedsFromStockOptionsExercised" xlink:label="loc_ProceedsFromStockOptionsExercised" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="loc_ProceedsFromStockOptionsExercised" order="80" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="loc_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="loc_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" order="100" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="loc_CashAndCashEquivalentsPeriodIncreaseDecrease" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementOfCashFlowsAbstract" xlink:to="loc_CashAndCashEquivalentsPeriodIncreaseDecrease" order="80" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_CashAndCashEquivalentsAtCarryingValue" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementOfCashFlowsAbstract" xlink:to="loc_CashAndCashEquivalentsAtCarryingValue" order="100" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_CashAndCashEquivalentsAtCarryingValue_1" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementOfCashFlowsAbstract" xlink:to="loc_CashAndCashEquivalentsAtCarryingValue_1" order="120" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="loc_SupplementalCashFlowInformationAbstract" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementOfCashFlowsAbstract" xlink:to="loc_SupplementalCashFlowInformationAbstract" order="140" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_InterestPaid" xlink:label="loc_InterestPaid" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_SupplementalCashFlowInformationAbstract" xlink:to="loc_InterestPaid" order="20" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeTaxesPaid" xlink:label="loc_IncomeTaxesPaid" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_SupplementalCashFlowInformationAbstract" xlink:to="loc_IncomeTaxesPaid" order="40" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:label="loc_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementOfCashFlowsAbstract" xlink:to="loc_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" order="160" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_TaxBenefitOfWarrantIntangible" xlink:label="lope_TaxBenefitOfWarrantIntangible" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:to="lope_TaxBenefitOfWarrantIntangible" order="40" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInRestrictedCash" xlink:label="loc_IncreaseDecreaseInRestrictedCash" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="loc_IncreaseDecreaseInRestrictedCash" order="40" use="optional" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CapitalExpendituresIncurredButNotYetPaid" xlink:label="loc_CapitalExpendituresIncurredButNotYetPaid" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:to="loc_CapitalExpendituresIncurredButNotYetPaid" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherIncreaseDecreaseInProvisionForRestructuring" xlink:label="loc_OtherIncreaseDecreaseInProvisionForRestructuring" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_OtherIncreaseDecreaseInProvisionForRestructuring" order="120" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="loc_IncreaseDecreaseInDeferredRevenue" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="loc_IncreaseDecreaseInDeferredRevenue" order="160" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_IncreaseDecreaseInStudentDepositsOutstanding" xlink:label="lope_IncreaseDecreaseInStudentDepositsOutstanding" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="lope_IncreaseDecreaseInStudentDepositsOutstanding" order="140" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="loc_PaymentsForRepurchaseOfCommonStock" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="loc_PaymentsForRepurchaseOfCommonStock" order="40" use="optional" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" priority="1" />
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://gcu.edu/role/NatureOfBusiness" xlink:title="0201 - Disclosure - Nature of Business">
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:label="loc_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_GeneralPoliciesAbstract" xlink:label="loc_GeneralPoliciesAbstract" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_GeneralPoliciesAbstract" xlink:to="loc_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://gcu.edu/role/SummaryOfSignificantAccountingPolicies" xlink:title="0203 - Disclosure - Summary of Significant Accounting Policies">
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="loc_SignificantAccountingPoliciesTextBlock" />
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_SummaryOfSignificantAccountingPoliciesAbstract" xlink:label="lope_SummaryOfSignificantAccountingPoliciesAbstract" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_SummaryOfSignificantAccountingPoliciesAbstract" xlink:to="loc_SignificantAccountingPoliciesTextBlock" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://gcu.edu/role/NetIncomePerCommonShare" xlink:title="0204 - Disclosure - Net Income Per Common Share">
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareTextBlock" xlink:label="loc_EarningsPerShareTextBlock" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="loc_EarningsPerShareAbstract" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_EarningsPerShareAbstract" xlink:to="loc_EarningsPerShareTextBlock" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://gcu.edu/role/ValuationAndQualifyingAccounts" xlink:title="0205 - Disclosure - Valuation and Qualifying Accounts">
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" xlink:label="loc_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" />
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_ValuationAndQualifyingAccountsAbstract" xlink:label="lope_ValuationAndQualifyingAccountsAbstract" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_ValuationAndQualifyingAccountsAbstract" xlink:to="loc_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://gcu.edu/role/PropertyAndEquipment" xlink:title="0206 - Disclosure - Property and Equipment">
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:label="loc_PropertyPlantAndEquipmentDisclosureTextBlock" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAbstract" xlink:label="loc_PropertyPlantAndEquipmentAbstract" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_PropertyPlantAndEquipmentAbstract" xlink:to="loc_PropertyPlantAndEquipmentDisclosureTextBlock" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://gcu.edu/role/CommitmentsAndContingencies" xlink:title="0207 - Disclosure - Commitments and Contingencies">
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="loc_CommitmentsAndContingenciesDisclosureTextBlock" />
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_CommitmentsAndContingenciesAbstract" xlink:label="lope_CommitmentsAndContingenciesAbstract" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_CommitmentsAndContingenciesAbstract" xlink:to="loc_CommitmentsAndContingenciesDisclosureTextBlock" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://gcu.edu/role/IncomeTaxes" xlink:title="0208 - Disclosure - Income Taxes">
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeTaxDisclosureTextBlock" xlink:label="loc_IncomeTaxDisclosureTextBlock" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeTaxExpenseBenefitAbstract" xlink:label="loc_IncomeTaxExpenseBenefitAbstract" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_IncomeTaxExpenseBenefitAbstract" xlink:to="loc_IncomeTaxDisclosureTextBlock" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://gcu.edu/role/ShareBasedCompensation" xlink:title="0209 - Disclosure - Share-Based Compensation">
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:label="loc_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ShareBasedCompensationAbstract" xlink:label="loc_ShareBasedCompensationAbstract" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ShareBasedCompensationAbstract" xlink:to="loc_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://gcu.edu/role/Regulatory" xlink:title="0210 - Disclosure - Regulatory">
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_RegulatoryTextBlock" xlink:label="lope_RegulatoryTextBlock" />
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_RegulatoryAbstract" xlink:label="lope_RegulatoryAbstract" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_RegulatoryAbstract" xlink:to="lope_RegulatoryTextBlock" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://gcu.edu/role/StatementOfStockholdersEquity" xlink:title="0140 - Statement - Statement of Stockholders' Equity (Unaudited)">
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="loc_StatementOfStockholdersEquityAbstract" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_StatementTable" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementOfStockholdersEquityAbstract" xlink:to="loc_StatementTable" order="20" use="optional" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_StatementEquityComponentsAxis" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementTable" xlink:to="loc_StatementEquityComponentsAxis" order="20" use="optional" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_EquityComponentDomain" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementEquityComponentsAxis" xlink:to="loc_EquityComponentDomain" order="20" use="optional" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_CommonStockMember" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_EquityComponentDomain" xlink:to="loc_CommonStockMember" order="20" use="optional" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="loc_AdditionalPaidInCapitalMember" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_EquityComponentDomain" xlink:to="loc_AdditionalPaidInCapitalMember" order="60" use="optional" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:label="loc_AccumulatedOtherComprehensiveIncomeMember" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_EquityComponentDomain" xlink:to="loc_AccumulatedOtherComprehensiveIncomeMember" order="80" use="optional" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_StatementLineItems" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementTable" xlink:to="loc_StatementLineItems" order="40" use="optional" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SharesIssued" xlink:label="loc_SharesIssued" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementLineItems" xlink:to="loc_SharesIssued" order="220" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_StockholdersEquity" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementLineItems" xlink:to="loc_StockholdersEquity" order="240" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:label="loc_StockIssuedDuringPeriodSharesStockOptionsExercised" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementLineItems" xlink:to="loc_StockIssuedDuringPeriodSharesStockOptionsExercised" order="160" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity_3" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementLineItems" xlink:to="us-gaap_StockholdersEquity_3" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SharesIssued" xlink:label="loc_SharesIssued_1" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementLineItems" xlink:to="loc_SharesIssued_1" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="loc_RetainedEarningsMember" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_EquityComponentDomain" xlink:to="loc_RetainedEarningsMember" order="100" use="optional" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:label="loc_StockIssuedDuringPeriodValueShareBasedCompensation" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementLineItems" xlink:to="loc_StockIssuedDuringPeriodValueShareBasedCompensation" order="200" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation" xlink:label="loc_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementLineItems" xlink:to="loc_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation" order="180" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:label="loc_StockIssuedDuringPeriodValueStockOptionsExercised" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementLineItems" xlink:to="loc_StockIssuedDuringPeriodValueStockOptionsExercised" order="140" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:label="loc_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementLineItems" xlink:to="loc_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" order="80" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="loc_TreasuryStockMember" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_EquityComponentDomain" xlink:to="loc_TreasuryStockMember" order="40" use="optional" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockSharesAcquired" xlink:label="loc_TreasuryStockSharesAcquired" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementLineItems" xlink:to="loc_TreasuryStockSharesAcquired" order="120" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:label="loc_TreasuryStockValueAcquiredCostMethod" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementLineItems" xlink:to="loc_TreasuryStockValueAcquiredCostMethod" order="100" use="optional" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_NetIncomeLoss" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementLineItems" xlink:to="loc_NetIncomeLoss" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" priority="1" />
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://gcu.edu/role/StatementOfStockholdersEquityParenthetical" xlink:title="0141 - Statement - Statement of Stockholders' Equity (Unaudited) (Parenthetical)">
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="loc_StatementOfStockholdersEquityAbstract" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_StatementTable" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementOfStockholdersEquityAbstract" xlink:to="loc_StatementTable" order="20" use="optional" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_StatementEquityComponentsAxis" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementTable" xlink:to="loc_StatementEquityComponentsAxis" order="20" use="optional" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_EquityComponentDomain" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementEquityComponentsAxis" xlink:to="loc_EquityComponentDomain" order="20" use="optional" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:label="loc_AccumulatedOtherComprehensiveIncomeMember" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_EquityComponentDomain" xlink:to="loc_AccumulatedOtherComprehensiveIncomeMember" order="20" use="optional" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_StatementLineItems" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementTable" xlink:to="loc_StatementLineItems" order="40" use="optional" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax" xlink:label="loc_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementLineItems" xlink:to="loc_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://gcu.edu/role/StatementsOfComprehensiveIncome" xlink:title="0120 - Statement - Statements of Comprehensive Income (Unaudited)">
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:label="loc_StatementOfIncomeAndComprehensiveIncomeAbstract" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:label="loc_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:to="loc_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="loc_ComprehensiveIncomeNetOfTax" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:to="loc_ComprehensiveIncomeNetOfTax" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:label="loc_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:to="loc_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:label="loc_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:to="loc_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_NetIncomeLoss" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:to="loc_NetIncomeLoss" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax" xlink:label="loc_OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:to="loc_OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax" order="60" use="optional" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" />
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://gcu.edu/role/TreasuryStock" xlink:title="0211 - Disclosure - Treasury Stock">
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockNoteDisclosureAbstract" xlink:label="loc_TreasuryStockNoteDisclosureAbstract" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ScheduleOfTreasuryStockByClassTextBlock" xlink:label="loc_ScheduleOfTreasuryStockByClassTextBlock" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_TreasuryStockNoteDisclosureAbstract" xlink:to="loc_ScheduleOfTreasuryStockByClassTextBlock" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://gcu.edu/role/SubsequentEvents" xlink:title="0212 - Disclosure - Subsequent Events">
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_SubsequentEventsAbstract" xlink:label="lope_SubsequentEventsAbstract" />
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ScheduleOfSubsequentEventsTextBlock" xlink:label="loc_ScheduleOfSubsequentEventsTextBlock" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_SubsequentEventsAbstract" xlink:to="loc_ScheduleOfSubsequentEventsTextBlock" order="20" use="optional" priority="1" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://gcu.edu/role/RestatementOfFinancialStatements" xlink:title="0202 - Disclosure - Restatement of Financial Statements">
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_RestatementOfFinancialStatementsAbstract" xlink:label="lope_RestatementOfFinancialStatementsAbstract" />
    <loc xlink:type="locator" xlink:href="lope-20110331.xsd#lope_RestatementOfFinancialStatementsTextBlock" xlink:label="lope_RestatementOfFinancialStatementsTextBlock" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_RestatementOfFinancialStatementsAbstract" xlink:to="lope_RestatementOfFinancialStatementsTextBlock" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="1" />
  </presentationLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>11
<FILENAME>lope-20110331_def.xml
<DESCRIPTION>EX-101 DEFINITION LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--XBRL document created by RR Donnelley Tagger version 10.0.0.167; Copyright (C) RR Donnelley-->
<!--Based on XBRL 2.1-->
<link:linkbase xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns="http://www.xbrl.org/2003/linkbase" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#StatementOfStockholdersEquity" roleURI="http://gcu.edu/role/StatementOfStockholdersEquity" />
  <link:roleRef xlink:type="simple" xlink:href="lope-20110331.xsd#StatementOfStockholdersEquityParenthetical" roleURI="http://gcu.edu/role/StatementOfStockholdersEquityParenthetical" />
  <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#hypercube-dimension" arcroleURI="http://xbrl.org/int/dim/arcrole/hypercube-dimension" />
  <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-domain" arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-domain" />
  <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-default" arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-default" />
  <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#domain-member" arcroleURI="http://xbrl.org/int/dim/arcrole/domain-member" />
  <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#all" arcroleURI="http://xbrl.org/int/dim/arcrole/all" />
  <!-- Hypercube Definition (Line Items to Hypercube)-->
  <link:definitionLink xlink:type="extended" xlink:role="http://gcu.edu/role/StatementOfStockholdersEquity" xlink:title="0140 - Statement - Statement of Stockholders' Equity (Unaudited)">
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" />
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="us-gaap_StatementEquityComponentsAxis" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementEquityComponentsAxis" order="1" />
  </link:definitionLink>
  <!-- Domain Members -->
  <link:definitionLink xlink:type="extended" xlink:role="http://gcu.edu/role/StatementOfStockholdersEquity" xlink:title="0140 - Statement - Statement of Stockholders' Equity (Unaudited)">
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="us-gaap_StatementEquityComponentsAxis" />
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="us-gaap_EquityComponentDomain" />
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockMember" xlink:label="us-gaap_CommonStockMember" />
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="us-gaap_TreasuryStockMember" />
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="us-gaap_AdditionalPaidInCapitalMember" />
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeMember" />
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="us-gaap_RetainedEarningsMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="us-gaap_EquityComponentDomain" order="1" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_EquityComponentDomain" xlink:to="us-gaap_CommonStockMember" order="1" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_EquityComponentDomain" xlink:to="us-gaap_TreasuryStockMember" order="2" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_EquityComponentDomain" xlink:to="us-gaap_AdditionalPaidInCapitalMember" order="3" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_EquityComponentDomain" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeMember" order="4" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_EquityComponentDomain" xlink:to="us-gaap_RetainedEarningsMember" order="5" />
  </link:definitionLink>
  <!-- Hypercube Definition (All)-->
  <link:definitionLink xlink:type="extended" xlink:role="http://gcu.edu/role/StatementOfStockholdersEquity" xlink:title="0140 - Statement - Statement of Stockholders' Equity (Unaudited)">
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" />
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementTable" order="2" xbrldt:closed="true" xbrldt:contextElement="segment" />
  </link:definitionLink>
  <!-- Inheritance for Line Items:  us-gaap:StatementLineItems-->
  <link:definitionLink xlink:type="extended" xlink:role="http://gcu.edu/role/StatementOfStockholdersEquity" xlink:title="0140 - Statement - Statement of Stockholders' Equity (Unaudited)">
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity" />
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SharesIssued" xlink:label="us-gaap_SharesIssued" />
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss" />
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:label="us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" />
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:label="us-gaap_TreasuryStockValueAcquiredCostMethod" />
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockSharesAcquired" xlink:label="us-gaap_TreasuryStockSharesAcquired" />
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:label="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" />
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" />
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation" />
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StockholdersEquity" order="1" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_SharesIssued" order="2" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_NetIncomeLoss" order="3" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" order="4" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_TreasuryStockValueAcquiredCostMethod" order="5" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_TreasuryStockSharesAcquired" order="6" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" order="7" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" order="8" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation" order="9" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" order="10" />
  </link:definitionLink>
  <!-- Dimension Defaults -->
  <link:definitionLink xlink:type="extended" xlink:role="http://gcu.edu/role/StatementOfStockholdersEquity" xlink:title="0140 - Statement - Statement of Stockholders' Equity (Unaudited)">
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="us-gaap_StatementEquityComponentsAxis" />
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="us-gaap_EquityComponentDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="us-gaap_EquityComponentDomain" order="1" />
  </link:definitionLink>
  <!-- Hypercube Definition (Line Items to Hypercube)-->
  <link:definitionLink xlink:type="extended" xlink:role="http://gcu.edu/role/StatementOfStockholdersEquityParenthetical" xlink:title="0141 - Statement - Statement of Stockholders' Equity (Unaudited) (Parenthetical)">
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" />
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="us-gaap_StatementEquityComponentsAxis" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementEquityComponentsAxis" order="1" />
  </link:definitionLink>
  <!-- Domain Members -->
  <link:definitionLink xlink:type="extended" xlink:role="http://gcu.edu/role/StatementOfStockholdersEquityParenthetical" xlink:title="0141 - Statement - Statement of Stockholders' Equity (Unaudited) (Parenthetical)">
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="us-gaap_StatementEquityComponentsAxis" />
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="us-gaap_EquityComponentDomain" />
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="us-gaap_EquityComponentDomain" order="1" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_EquityComponentDomain" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeMember" order="1" />
  </link:definitionLink>
  <!-- Hypercube Definition (All)-->
  <link:definitionLink xlink:type="extended" xlink:role="http://gcu.edu/role/StatementOfStockholdersEquityParenthetical" xlink:title="0141 - Statement - Statement of Stockholders' Equity (Unaudited) (Parenthetical)">
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" />
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementTable" order="2" xbrldt:closed="true" xbrldt:contextElement="segment" />
  </link:definitionLink>
  <!-- Inheritance for Line Items:  us-gaap:StatementLineItems-->
  <link:definitionLink xlink:type="extended" xlink:role="http://gcu.edu/role/StatementOfStockholdersEquityParenthetical" xlink:title="0141 - Statement - Statement of Stockholders' Equity (Unaudited) (Parenthetical)">
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax" xlink:label="us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax" order="1" />
  </link:definitionLink>
  <!-- Dimension Defaults -->
  <link:definitionLink xlink:type="extended" xlink:role="http://gcu.edu/role/StatementOfStockholdersEquityParenthetical" xlink:title="0141 - Statement - Statement of Stockholders' Equity (Unaudited) (Parenthetical)">
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="us-gaap_StatementEquityComponentsAxis" />
    <link:loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="us-gaap_EquityComponentDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="us-gaap_EquityComponentDomain" order="1" />
  </link:definitionLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>12
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0EFFAC"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income Statements (Unaudited) (Parenthetical) (USD $)<br />In Thousands</strong></div></th><th class="th" colspan="2">3 Months Ended</th></tr><tr><th class="th"><div>Mar. 31, 2011</div></th><th class="th"><div>Mar. 31, 2010</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpensesAbstract', window );"><strong>Costs and expenses:</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty', window );">Selling and promotional expenses to related parties</a></td><td class="nump">$ 401<span /></td><td class="nump">$ 2,347<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsAndExpensesAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CostsAndExpensesAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expenses recognized during the period resulting from transactions (excluding transactions that are eliminated in consolidated or combined financial statements) with related party during the period.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 57<br /><br /> -Paragraph 2<br /><br /> -Subparagraph c<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>13
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0EEPAC"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Statements of Comprehensive Income (Unaudited) (USD $)<br />In Thousands</strong></div></th><th class="th" colspan="2">3 Months Ended</th></tr><tr><th class="th"><div>Mar. 31, 2011</div></th><th class="th"><div>Mar. 31, 2010</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract', window );"><strong>Statements of Comprehensive Income [Abstract]</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td><td class="nump">$ 9,481<span /></td><td class="nump">$ 11,480<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract', window );"><strong>Other comprehensive income, net of tax:</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax', window );">Unrealized gains (losses) on hedging derivatives</a></td><td class="nump">53<span /></td><td class="num">(147)<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax', window );">Unrealized losses on available for sale securities</a></td><td class="text">&#xA0;<span /></td><td class="num">(4)<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax', window );">Realized gains on available for sale securities</a></td><td class="text">&#xA0;<span /></td><td class="num">(19)<span /></td></tr><tr class="reu"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Comprehensive income</a></td><td class="nump">$ 9,534<span /></td><td class="nump">$ 11,310<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomeNetOfTax"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph A5<br /><br /> -Appendix A<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph 30<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph 38<br /><br /> -Subparagraph c(3)<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph 8, 9, 10, 11, 12, 13, 14<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_ComprehensiveIncomeNetOfTax</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 03<br /><br /> -Paragraph 19<br /><br /> -Article 5<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph 38<br /><br /> -Subparagraph d<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph A7<br /><br /> -Appendix A<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph 38<br /><br /> -Subparagraph a<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Paragraph 20<br /><br /> -Article 9<br /><br /><br /><br />Reference 6: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 130<br /><br /> -Paragraph 10, 15<br /><br /><br /><br />Reference 7: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Emerging Issues Task Force (EITF)<br /><br /> -Number 87-21<br /><br /><br /><br />Reference 8: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28, 29, 30<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_NetIncomeLoss</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Reclassification adjustment for unrealized gains or losses realized upon the sale of securities, after tax.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph 38<br /><br /> -Subparagraph c(3)<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 130<br /><br /> -Paragraph 24<br /><br /> -Subparagraph b<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 130<br /><br /> -Paragraph 18, 19<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Change in accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges, net of tax effect. The after tax effect change includes an entity's share of an equity investee's increase (decrease) in deferred hedging gains or losses.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 130<br /><br /> -Paragraph 17, 20<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 130<br /><br /> -Paragraph 121<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph 38<br /><br /> -Subparagraph c(3)<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 130<br /><br /> -Paragraph 24<br /><br /> -Subparagraph b<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 133<br /><br /> -Paragraph 46<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Appreciation or loss in value (before reclassification adjustment) of the total of unsold securities during the period being reported on, net of tax. Reclassification adjustments include: (1) the unrealized holding gain or loss, net of tax, at the date of the transfer for a debt security from the held-to-maturity category transferred into the available-for-sale category. Also includes the unrealized gain or loss at the date of transfer for a debt security from the available-for-sale category transferred into the held-to-maturity category; (2) the unrealized gains or losses realized upon the sale of securities, after tax; and (3) the unrealized gains or losses realized upon the write-down of securities, after tax.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 130<br /><br /> -Paragraph 17, 22<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 115<br /><br /> -Paragraph 13<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph 38<br /><br /> -Subparagraph c(3)<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 130<br /><br /> -Paragraph 24<br /><br /> -Subparagraph b<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>14
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0E4MAE"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document and Entity Information<br /></strong></div></th><th class="th" colspan="1">3 Months Ended</th><th class="th" colspan="1" /></tr><tr><th class="th"><div>Mar. 31, 2011</div></th><th class="th"><div>Nov. 01, 2011</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_lope_DocumentAndEntityInformationAbstract', window );"><strong>Document and Entity Information [Abstract]</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td><td class="text">Grand Canyon Education, Inc.<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td><td class="text">0001434588<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td><td class="text">10-Q<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td><td class="text">Mar. 31,
         2011<span /></td><td class="text"><span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td><td class="text">true<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentDescription', window );">Amendment Description</a></td><td class="text">Amendment No.1 to Form 10-Q<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td><td class="text">2011<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td><td class="text">Q1<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td><td class="text">--12-31<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td><td class="text">No<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td><td class="text">No<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td><td class="text">Yes<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td><td class="text">Large Accelerated Filer<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td><td class="text">&#xA0;<span /></td><td class="nump">44,331,047<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentDescription"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of changes contained within amended document.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_AmendmentDescription</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>If the value is true, then the document as an amendment to previously-filed/accepted document.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_AmendmentFlag</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:booleanItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_CurrentFiscalYearEndDate</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:gMonthDayItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_DocumentFiscalPeriodFocus</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>us-types:fiscalPeriodItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_DocumentFiscalYearFocus</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:gYearItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report.  For all other reports and registration statements this will be the filing date. The format of the date is CCYY-MM-DD.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_DocumentPeriodEndDate</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:dateItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type should be limited to the same value as the supporting SEC submission type. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, NCSR, N-Q, and Other.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_DocumentType</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>us-types:SECReportItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation 12B<br /><br /> -Number 240<br /><br /> -Section 12b<br /><br /> -Subsection 1<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_EntityCentralIndexKey</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>us-types:centralIndexKeyItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_EntityCommonStockSharesOutstanding</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:sharesItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_EntityCurrentReportingStatus</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>us-types:yesNoItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_EntityFilerCategory</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>us-types:filerCategoryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation 12B<br /><br /> -Number 240<br /><br /> -Section 12b<br /><br /> -Subsection 1<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_EntityRegistrantName</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:normalizedStringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_EntityVoluntaryFilers</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>us-types:yesNoItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_EntityWellKnownSeasonedIssuer</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>us-types:yesNoItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_lope_DocumentAndEntityInformationAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>lope_DocumentAndEntityInformationAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>lope</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>15
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/**
 * Rivet Software Inc.
 *
 * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved.
 * Version 2.1.0.1
 *
 */

var moreDialog = null;
var Show = {
    Default:'raw',

    more:function( obj ){
        var bClosed = false;
        if( moreDialog != null )
        {
			try
			{
				bClosed = moreDialog.closed;
			}
			catch(e)
			{
				//Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control
				// that somtimes causes it to throw when checking the closed property on a child window that has been
				//closed.  So if the exception occurs we assume the window is closed and move on from there.
				bClosed = true;
			}

			if( !bClosed ){
				moreDialog.close();
			}
        }

        obj = obj.parentNode.getElementsByTagName( 'pre' )[0];
		var hasHtmlTag = false;
		var objHtml = '';
		var raw = '';

		//Check for raw HTML
		var nodes = obj.getElementsByTagName( '*' );
		if( nodes.length ){
			objHtml = obj.innerHTML;
		}else{
			if( obj.innerText ){
				raw = obj.innerText;
			}else{
				raw = obj.textContent;
			}

			var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g );
			if( matches && matches.length ){
				objHtml = raw;

				//If there is an html node it will be 1st or 2nd,
				//   but we can check a little further.
				var n = Math.min( 5, matches.length );
				for( var i = 0; i < n; i++ ){
					var el = matches[ i ].toString().toLowerCase();
					if( el.indexOf( '<html' ) >= 0 ){
						hasHtmlTag = true;
						break;
					}
				}
			}
		}

        if( objHtml.length ){
			var html = '';

			if( hasHtmlTag ){
				html = objHtml;
			}else{
				html = '<html>'+
					"\n"+'<head>'+
					"\n"+'    <title>Report Preview Details</title>'+
					"\n"+'    <style type="text/css">'+
					"\n"+'    body {'+
					"\n"+'    }'+
					"\n"+'    table {'+
					"\n"+'    }'+
					"\n"+'    </style>'+
					"\n"+'</head>'+
					"\n"+'<body>'+
						objHtml +
					"\n"+'</body>'+
					"\n"+'</html>';
			}

			moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes");
			moreDialog.document.write( html );
			moreDialog.document.close();

			if( !hasHtmlTag ){
				moreDialog.document.body.style.margin = '0.5em';
			}
        }
        else
        {
			//default view logic
			var lines = raw.split( "\n" );
			var longest = 0;

			if( lines.length > 0 ){
				for( var p = 0; p < lines.length; p++ ){
					longest = Math.max( longest, lines[p].length );
				}
			}

			//Decide on the default view
			this.Default = longest < 120 ? 'raw' : 'formatted';

			//Build formatted view
			var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ;
			var formatted = '';

			if( text.length > 0 ){
				if( text.length == 1 ){
					text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ;
					formatted = "<p>"+ text.join( "<br /><br />\n" ) +"</p>";
				}else{
					for( var p = 0; p < text.length; p++ ){
						formatted += "<p>" + text[p] + "</p>\n";
					}
				}
			}else{
				formatted = '<p>' + raw + '</p>';
			}

			html = '<html>'+
				"\n"+'<head>'+
				"\n"+'    <title>Report Preview Details</title>'+
				"\n"+'    <style type="text/css">'+
				"\n"+'    body {'+
				"\n"+'       background-color: #f0f9ee;'+
				"\n"+'       font-family: Arial, san-serif; font-size: 0.8em;'+
				"\n"+'    }'+
				"\n"+'    table {'+
				"\n"+'       font-size: 1em;'+
				"\n"+'    }'+
				"\n"+'    </style>'+
				"\n"+'</head>'+
				"\n"+'<body>'+
				"\n"+'    <table border="0" width="100%">'+
				"\n"+'    <tr>'+
				"\n"+'        <td>'+
				"\n"+'            formatted: <a href="javascript:void(0);" onclick="opener.Show.toggle( window, this );">'+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +'</a>'+
				"\n"+'        </td>'+
				"\n"+'    </tr>'+
				"\n"+'    <tr>'+
				"\n"+'        <td>'+
				"\n"+'            <div id="formatted" style="display: none;">'+formatted+'</div>'+
				"\n"+'        </td>'+
				"\n"+'    </tr>'+
				"\n"+'    <tr>'+
				"\n"+'        <td>'+
				"\n"+'            <pre id="raw" style="display: none; font-size: 1.2em;">'+raw+'</pre>'+
				"\n"+'        </td>'+
				"\n"+'    </tr>'+
				"\n"+'    </table>'+
				"\n"+'</body>'+
				"\n"+'</html>';

			moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes");
			moreDialog.document.write(html);
			moreDialog.document.close();

			this.toggle( moreDialog );
        }

		moreDialog.document.title = 'Report Preview Details';
    },

    toggle:function( win, domLink ){
        var domId = this.Default;

        var doc = win.document;
        var domEl = doc.getElementById( domId );
        domEl.style.display = 'block';

        this.Default = domId == 'raw' ? 'formatted' : 'raw';

        if( domLink ){
            domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed';
        }

        var domElOpposite = doc.getElementById( this.Default );
        domElOpposite.style.display = 'none';
    },

	LastAR : null,
	showAR : function ( link, id, win ){
		if( Show.LastAR ){
			Show.hideAR();
		}

		var ref = link;
		do {
			ref = ref.nextSibling;
		} while (ref && ref.nodeName != 'TABLE');

		if (!ref || ref.nodeName != 'TABLE') {
			var tmp = win ?
				win.document.getElementById(id) :
				document.getElementById(id);

			if( tmp ){
				ref = tmp.cloneNode(true);
				ref.id = '';
				link.parentNode.appendChild(ref);
			}
		}

		if( ref ){
			ref.style.display = 'block';
			Show.LastAR = ref;
		}
	},

	toggleNext : function( link ){
		var ref = link;

		do{
			ref = ref.nextSibling;
		}while( ref.nodeName != 'DIV' );

		if( ref.style &&
			ref.style.display &&
			ref.style.display == 'none' ){
			ref.style.display = 'block';

			if( link.textContent ){
				link.textContent = link.textContent.replace( '+', '-' );
			}else{
				link.innerText = link.innerText.replace( '+', '-' );
			}
		}else{
			ref.style.display = 'none';

			if( link.textContent ){
				link.textContent = link.textContent.replace( '-', '+' );
			}else{
				link.innerText = link.innerText.replace( '-', '+' );
			}
		}
	},

	hideAR : function(){
		Show.LastAR.style.display = 'none';
	}
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>16
<FILENAME>R12.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0E2H"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Summary of Significant Accounting Policies<br /></strong></div></th><th class="th" colspan="1">3 Months Ended</th></tr><tr><th class="th"><div>Mar. 31, 2011</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_lope_SummaryOfSignificantAccountingPoliciesAbstract', window );"><strong>Summary of Significant Accounting Policies [Abstract]</strong></a></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAccountingPoliciesTextBlock', window );">Summary of Significant Accounting Policies</a></td><td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
   <!-- Begin Block Tagged Note 3 - us-gaap:SignificantAccountingPoliciesTextBlock-->
   <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
   <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>3. Summary of Significant Accounting Policies</b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Unaudited Interim Financial Information</i></b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The accompanying unaudited interim financial statements of the University have been prepared
   in accordance with U.S. generally accepted accounting principles, consistent in all material
   respects with those applied in its financial statements included in
   its Annual Report on Form 10-K/A
   for the fiscal year ended December&#160;31, 2010. Accordingly, they do not include all of the
   information and footnotes required by U.S. generally accepted accounting principles for complete
   financial statements. Such interim financial information is unaudited but reflects all adjustments
   that in the opinion of management are necessary for the fair presentation of the interim periods
   presented. Interim results are not necessarily indicative of results for a full year. This
   Quarterly Report on Form 10-Q/A should be read in conjunction with the University&#8217;s audited financial
   statements and footnotes included in its Annual Report on Form 10-K/A for the fiscal year ended
   December&#160;31, 2010 from which the December&#160;31, 2010 balance sheet information was derived.
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Restricted Cash and Cash Equivalents</i></b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A significant portion of the University&#8217;s revenue is received from students who participate in
   government financial aid and assistance programs. Restricted cash and cash equivalents primarily
   represents amounts received from the federal and state governments under various student aid grant
   and loan programs, such as Title IV. These funds are received subsequent to the completion of the
   authorization and disbursement process for the benefit of the student. The U.S. Department of
   Education requires Title IV funds collected in advance of student billings to be segregated in a
   separate cash or cash equivalent account until the students are billed for their portion. The
   University also classifies the $5,200 that it agreed to pay to settle the <i>qui tam </i>matter as
   restricted cash, subject to the distribution of the settlement amount from escrow in accordance
   with the terms of the settlement agreement. The University records all of these amounts as a
   current asset in restricted cash and cash equivalents. Restricted cash and cash equivalents is
   excluded from cash and cash equivalents until the cash is no longer restricted. The majority of
   these funds remain as restricted cash and cash equivalents for an average of 60 to 90&#160;days from the
   date of receipt.
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In the fourth quarter of 2010, the counterparty to the University&#8217;s interest rate swap made a
   collateral call and the University posted $760 of pledged collateral as noncurrent restricted cash.
   The pledged collateral was reduced to $445 as of March&#160;31, 2011.
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Derivatives and Hedging</i></b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Derivative financial instruments are recorded on the balance sheet as assets or liabilities
   and re-measured at fair value at each reporting date. For derivatives designated as cash flow
   hedges, the effective portion of the gain or loss on the derivative is reported as a component of
   other comprehensive income and reclassified into earnings in the same period or periods during
   which the hedged transaction affects earnings. Gains and losses on the derivative representing
   either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are
   recognized in current earnings.
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Derivative financial instruments enable the University to manage its exposure to interest rate
   risk. The University does not engage in any derivative instrument trading activity. Credit risk
   associated with the University&#8217;s derivatives is limited to the risk that a derivative counterparty
   will not perform in accordance with the terms of the contract. Exposure to counterparty credit
   risk is considered low because these agreements have been entered into with institutions with
   strong credit ratings, and they are expected to perform fully under the terms of the agreements.
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On June&#160;30, 2009, the University entered into an interest rate corridor instrument and an
   interest rate swap to manage its 30 Day LIBOR interest exposure related to its variable rate debt,
   which commenced in April&#160;2009 and matures in April&#160;2014. The fair value of the interest rate
   corridor instrument as of March&#160;31, 2011 and December&#160;31, 2010 was $25 and $27, respectively, which
   is included in other assets. The fair value of the interest rate swap is a liability of $583 and
   $686 as of March&#160;31, 2011 and December&#160;31, 2010, respectively, which is included in other
   noncurrent liabilities. The fair values of each derivative instrument were determined using a
   hypothetical derivative transaction and Level 2 of the hierarchy of valuation inputs. These
   derivative instruments were designated as cash flow hedges of variable rate debt obligations. The
   adjustment of $74 and $245 in the first three months of 2011 and 2010, respectively, for the
   effective portion of the loss on the derivatives is included as a component of other comprehensive
   income, net of taxes.
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The interest rate corridor instrument hedges variable interest rate risk starting July&#160;1, 2009
   through April&#160;30, 2014 with a notional amount of $11,268 as of March&#160;31, 2011. The corridor
   instrument permits the University to hedge its interest rate risk at several thresholds; the
   University will pay variable interest rates based on the 30 Day LIBOR rates monthly until that
   index reaches 4%. If 30 Day LIBOR is equal to 4% through 6%, the University will pay 4%. If 30
   Day LIBOR exceeds 6%, the University will pay actual 30 Day LIBOR less 2%. This reduces the
   University&#8217;s exposure to potential increases in interest rates.
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The interest rate swap commenced on May&#160;1, 2010 and continues each month thereafter until
   April&#160;30, 2014 and has a notional amount of $11,268 as of March&#160;31, 2011. The University will
   receive 30 Day LIBOR and pay 3.245% fixed interest on the amortizing notional amount. Therefore,
   the University has hedged its exposure to future variable rate cash flows through April&#160;30, 2014.
   The interest rate swap is not subject to a master netting arrangement and collateral has been
   called by the counterparty and reflected in a restricted cash account as of March&#160;31, 2011 and
   December&#160;31, 2010 in the amount of $445 and $760, respectively.
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of March&#160;31, 2011 no derivative ineffectiveness was identified. Any ineffectiveness in the
   University&#8217;s derivative instruments designated as hedges would be reported in interest expense in
   the income statement. For the three months ended March&#160;31, 2011 $8 of credit risk was recorded in
   interest expense on the derivatives. At March&#160;31, 2011, the University is not expected to
   reclassify gains or losses on derivative instruments from accumulated other comprehensive (loss)
   income into earnings during the next 12&#160;months.
   </div>
   <!-- Folio -->
   <!-- /Folio -->
   </div>
   <!-- PAGEBREAK -->
   <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
   <div align="center" style="font-size: 10pt; margin-top: 0pt">
   <b>
   </b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Fair Value of Financial Instruments</i></b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of March&#160;31, 2011, the carrying value of cash and cash equivalents, accounts receivable,
   account payable and accrued expenses approximate their fair value based on the liquidity or the
   short-term maturities of these instruments. The carrying value of debt approximates fair value as
   it is based on variable rate index. The carrying value of capital lease obligations approximate
   fair value based upon market interest rates available to the University for debt of similar risk
   and maturities. Derivative financial instruments are carried at fair value, determined using Level
   2 of the hierarchy of valuation inputs, with the use of inputs other than quoted prices that are
   observable for the asset or liability.
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Revenue Recognition</i></b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Net revenues consist primarily of tuition and fees derived from courses taught by the
   University online, at its 100 acre traditional campus in Phoenix, Arizona, and onsite at the
   facilities of employers, as well as from related educational resources such as access to online
   materials. Tuition revenue and most fees and related educational resources are recognized pro-rata
   over the applicable period of instruction, net of scholarships provided by the University. For the
   three months ended March&#160;31, 2011 and 2010, the University&#8217;s revenue was reduced by approximately
   $19,769 and $13,771, respectively, as a result of scholarships that the University offered to
   students. The University maintains an institutional tuition refund policy, which provides for all
   or a portion of tuition to be refunded if a student withdraws during stated refund periods.
   Certain states in which students reside impose separate, mandatory refund policies, which override
   the University&#8217;s policy to the extent in conflict. If a student withdraws at a time when only a
   portion, or none of the tuition is refundable, then in accordance with its revenue recognition
   policy, the University continues to recognize the tuition that was not refunded as pro-rata over
   the applicable period of instruction. Since the University recognizes revenue pro-rata over the
   term of the course and because, under its institutional refund policy, the amount subject to refund
   is never greater than the amount of the revenue that has been deferred, under the University&#8217;s
   accounting policies revenue is not recognized with respect to amounts that could potentially be
   refunded. The University&#8217;s change in April&#160;2010 to a non-term borrower-based institution from a
   term based institution for federal student financial aid funding purposes does not have any impact
   on the timing and recognition of revenues.
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Instructional Costs and Services</i></b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Instructional costs and services consist primarily of costs related to the administration and
   delivery of the University&#8217;s educational programs. This expense category includes salaries,
   benefits and share-based compensation for full-time and adjunct faculty and administrative
   personnel, information technology costs, bad debt expense, curriculum and new program development
   costs (which are expensed as incurred) and costs associated with other support groups that provide
   services directly to the students. This category also includes an allocation of depreciation,
   amortization, royalty to former owner, rent, and occupancy costs attributable to the provision of educational services,
   primarily at the University&#8217;s Phoenix, Arizona campus.
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Selling and Promotional</i></b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Selling and promotional expenses include salaries, benefits and share-based compensation of
   personnel engaged in the marketing, recruitment, and retention of students, as well as advertising
   costs associated with purchasing leads, hosting events and seminars, and producing marketing
   materials. This category also includes an allocation of depreciation, amortization, rent, and
   occupancy costs attributable to selling and promotional activities at the Company&#8217;s facilities in
   Arizona. Selling and promotional costs are expensed as incurred.
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Through December&#160;2010, the University was a party to a revenue sharing arrangement (the
   Collaboration Agreement) with Mind Streams, L.L.C. (Mind Streams), a related party pursuant to
   which it paid a percentage of the net revenue that it actually received from applicants recruited
   by those entities that matriculated at Grand Canyon University. Mind Streams bore all costs
   associated with the recruitment of these applicants.
   </div>
   <!-- Folio -->
   <!-- /Folio -->
   </div>
   <!-- PAGEBREAK -->
   <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
   <div align="center" style="font-size: 10pt; margin-top: 0pt">
   <b>
   </b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As a result of new rules adopted by the U.S. Department of Education and effective July&#160;1,
   2011, the University determined that revenue sharing arrangements like the Collaboration Agreement,
   and the manner in which it pays amounts under the Collaboration Agreement, will most likely no
   longer be permitted. Accordingly, the University and Mind Streams entered into an agreement, dated
   December&#160;30, 2010, pursuant to which the University agreed to pay Mind Streams an amount equal to
   (a) $8,500, plus (b)&#160;Mind Streams&#8217; applicable share of any net revenue actually received by the
   University on or before February&#160;28, 2011 with respect to any such
   Mind Streams identified students commencing University courses prior to November&#160;1, 2010. In
   return, Mind Streams agreed to (i)&#160;accept such amounts in full and complete satisfaction of all
   amounts owed by the University to Mind Streams under the Collaboration Agreement, and (ii)&#160;transfer
   to the University a proprietary database of potential student leads. A payment of $8,500 was made
   in January&#160;2011 in conjunction with this agreement. Additionally in 2010, Gail Richardson, the
   father of Brent D. Richardson, the University&#8217;s Executive Chairman, and Christopher C. Richardson,
   the University&#8217;s General Counsel and a director, formed a new entity, Lifetime Learning, which
   plans to generate and sell leads to the University and other entities in the education sector. For
   the three months ended March&#160;31, 2011 and 2010, the University expensed approximately $401 and
   $2,347, respectively, pursuant to these arrangements, exclusive of the settlement arrangement
   discussed above. As of March&#160;31, 2011 and December&#160;31, 2010 $564, and $9,367, respectively, were
   due to these related parties.
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>General and Administrative</i></b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">General and administrative expenses include salaries, benefits and share-based compensation of
   employees engaged in corporate management, finance, human resources, compliance, and other
   corporate functions. General and administrative expenses also include an allocation of
   depreciation, amortization, rent, and occupancy costs attributable to the departments providing
   general and administrative functions.
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Exit Costs</i></b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In November&#160;2009, the University finalized a plan to centralize its student services
   operations in Arizona and, as a result, closed its student services facility in Utah. The exit
   costs incurred in connection with this decision have been expensed and are presented separately on
   the income statement. The costs incurred included severance payments; relocation expenses; future
   lease payments, net of estimated sublease rentals; and the write off of leasehold improvements
   associated with this leased space. The following is a summary of the University&#8217;s exit activities:
   </div>
   <div align="center">
   <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
   <!-- Begin Table Head -->
   <tr valign="bottom">
       <td width="44%">&#160;</td>
       <td width="3%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="9%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="3%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="9%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="3%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="9%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="3%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="9%">&#160;</td>
       <td width="1%">&#160;</td>
   </tr>
   <tr style="font-size: 10pt" valign="bottom">
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2"><b>Accrued Exit Costs</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2">&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 10pt" valign="bottom">
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2"><b>at</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2"><b>Accrued Exit</b></td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 10pt" valign="bottom">
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2"><b>December 31,</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2"><b>Costs at</b></td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 10pt" valign="bottom">
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Exit Costs</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Payments in 2011</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>March 31, 2011</b></td>
       <td>&#160;</td>
   </tr>
   <!-- End Table Head -->
   <!-- Begin Table Body -->
   <tr valign="bottom"><!-- Blank Space -->
       <td>
   <div style="margin-left:15px; text-indent:-15px">&#160;
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Accrued exit costs
   </div></td>
       <td>&#160;</td>
       <td align="left">$</td>
       <td align="right">64</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="left">$</td>
       <td align="right">&#8212;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="left">$</td>
       <td align="right">(24</td>
       <td nowrap="nowrap">)</td>
       <td>&#160;</td>
       <td align="left">$</td>
       <td align="right">40</td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 1px">
       <td>
   <div style="margin-left:15px; text-indent:-15px">&#160;
   </div></td>
       <td>&#160;</td>
           <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
           <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
           <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
           <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
   </tr>
   <!-- End Table Body -->
   </table>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Use of Estimates</i></b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The preparation of financial statements in conformity with U.S. generally accepted accounting
   principles requires management to make estimates and assumptions that affect the reported amounts
   in the financial statements and accompanying notes. Actual results could differ from those
   estimates.
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Segment Information</i></b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The University operates as a single educational delivery operation using a core infrastructure
   that serves the curriculum and educational delivery needs of both its ground and online students
   regardless of geography. The University&#8217;s Chief Executive Officer manages the University&#8217;s
   operations as a whole and no expense or operating income information is generated or evaluated on
   any component level.
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Reclassifications</i></b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Certain reclassifications have been made to the prior period balances to conform to the
   current period.
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Recent Accounting Pronouncements</i></b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The University has reviewed and evaluated all recent accounting pronouncements and believes
   there are none that could potentially have a material impact on the University&#8217;s financial
   condition, results of operations, or disclosures.
   </div>
   </div>
<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_lope_SummaryOfSignificantAccountingPoliciesAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Summary of Significant Accounting Policies.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>lope_SummaryOfSignificantAccountingPoliciesAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>lope</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SignificantAccountingPoliciesTextBlock"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element may be used to describe all significant accounting policies of the reporting entity.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Principles Board Opinion (APB)<br /><br /> -Number 22<br /><br /> -Paragraph 8<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_SignificantAccountingPoliciesTextBlock</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>us-types:textBlockItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>17
<FILENAME>R17.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0E2H"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income Taxes<br /></strong></div></th><th class="th" colspan="1">3 Months Ended</th></tr><tr><th class="th"><div>Mar. 31, 2011</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefitAbstract', window );"><strong>Income Taxes [Abstract]</strong></a></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureTextBlock', window );">Income Taxes</a></td><td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
   <!-- Begin Block Tagged Note 8 - us-gaap:IncomeTaxDisclosureTextBlock-->
   <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
   <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>8. Income Taxes</b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The University&#8217;s uncertain tax positions are related to tax years that remain subject to
   examination by tax authorities. As of March&#160;31, 2011, the earliest tax year still subject to
   examination for federal and state purposes is 2007 and 2005, respectively.
   </div>
   </div>
<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxDisclosureTextBlock"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description containing the entire income tax disclosure. Examples include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 08<br /><br /> -Paragraph h<br /><br /> -Article 4<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 109<br /><br /> -Paragraph 136, 172<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 109<br /><br /> -Paragraph 43, 44, 45, 46, 47, 48, 49<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_IncomeTaxDisclosureTextBlock</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>us-types:textBlockItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefitAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_IncomeTaxExpenseBenefitAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>18
<FILENAME>R8.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0EEAAC"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Statement of Stockholders' Equity (Unaudited) (Parenthetical) (Accumulated Other Comprehensive Loss, USD $)<br />In Thousands</strong></div></th><th class="th" colspan="1">3 Months Ended</th></tr><tr><th class="th"><div>Mar. 31, 2011</div></th></tr><tr class="rh"><td class="pl" style="border-bottom: 0px;" valign="top"><div class="a">Accumulated Other Comprehensive Loss</div></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax', window );">Tax effect on unrealized loss on hedging derivatives</a></td><td class="nump">$ 21<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tax effect on the change in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Includes an entity's share of an equity investee's increase (decrease) in deferred hedging gains or losses.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph 38<br /><br /> -Subparagraph c(3)<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 130<br /><br /> -Paragraph 25<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>19
<FILENAME>R14.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0E2H"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Valuation and Qualifying Accounts<br /></strong></div></th><th class="th" colspan="1">3 Months Ended</th></tr><tr><th class="th"><div>Mar. 31, 2011</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_lope_ValuationAndQualifyingAccountsAbstract', window );"><strong>Valuation and Qualifying Accounts [Abstract]</strong></a></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock', window );">Valuation and Qualifying Accounts</a></td><td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
   <!-- Begin Block Tagged Note 5 - us-gaap:ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock-->
   <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
   <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>5. Valuation and Qualifying Accounts</b>
   </div>
   <div align="center">
   <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
   <!-- Begin Table Head -->
   <tr valign="bottom">
       <td width="44%">&#160;</td>
       <td width="3%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="9%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="3%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="9%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="3%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="9%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="3%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="9%">&#160;</td>
       <td width="1%">&#160;</td>
   </tr>
   <tr style="font-size: 10pt" valign="bottom">
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2"><b>Balance at</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2"><b>Balance at</b></td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 10pt" valign="bottom">
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2"><b>Beginning of</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2"><b>Charged to</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2"><b>End of</b></td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 10pt" valign="bottom">
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Period</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Expense</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Deductions</b><sup style="font-size: 85%; vertical-align: text-top"><b>(1)</b></sup></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Period</b></td>
       <td>&#160;</td>
   </tr>
   <!-- End Table Head -->
   <!-- Begin Table Body -->
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Allowance for doubtful accounts receivable:
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Three months
   ended March&#160;31, 2011 (Restated)
   </div></td>
       <td>&#160;</td>
       <td align="left">$</td>
       <td align="right">30,112</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">10,034</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="left">&#160;</td>
       <td align="right">(8,780</td>
       <td nowrap="nowrap">)</td>
       <td>&#160;</td>
       <td align="left">$</td>
       <td align="right">31,366</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Three months ended March&#160;31, 2010
   </div></td>
       <td>&#160;</td>
       <td align="left">$</td>
       <td align="right">7,553</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">4,774</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="left">&#160;</td>
       <td align="right">(4,479</td>
       <td nowrap="nowrap">)</td>
       <td>&#160;</td>
       <td align="left">$</td>
       <td align="right">7,848</td>
       <td>&#160;</td>
   </tr>
   <!-- End Table Body -->
   </table>
   </div>
   <div align="left">
   <div style="font-size: 3pt; margin-top: 0pt; width: 18%; border-top: 0px solid #000000">&#160;
   </div>
   </div>
   <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
   <tr style="font-size: 6pt">
       <td width="3%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="96%">&#160;</td>
   </tr>
   <tr valign="top">
       <td nowrap="nowrap" align="left">(1)</td>
       <td>&#160;</td>
       <td>
   <div style="text-align: justify">Deductions represent accounts written off, net of recoveries.
   </div></td>
   </tr>
   </table>
   </div>
<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_lope_ValuationAndQualifyingAccountsAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Valuation and Qualifying Accounts.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>lope_ValuationAndQualifyingAccountsAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>lope</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>An element designated to encapsulate the entire schedule of any allowance and reserve accounts (their beginning and ending balances, as well as a reconciliation by type of activity during the period). Alternatively, disclosure of the required information may be within the footnotes to the financial statements or a supplemental schedule to the financial statements.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 09<br /><br /> -Article 12<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>us-types:textBlockItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>20
<FILENAME>R19.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0E2H"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Regulatory<br /></strong></div></th><th class="th" colspan="1">3 Months Ended</th></tr><tr><th class="th"><div>Mar. 31, 2011</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_lope_RegulatoryAbstract', window );"><strong>Regulatory [Abstract]</strong></a></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_lope_RegulatoryTextBlock', window );">Regulatory</a></td><td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
   <!-- Begin Block Tagged Note 10 - lope:RegulatoryTextBlock-->
   <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
   <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>10. Regulatory</b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The University is subject to extensive regulation by federal and state governmental agencies
   and accrediting bodies. In particular, the Higher Education Act of 1965, as amended (the &#8220;Higher
   Education Act&#8221;), and the regulations promulgated thereunder by the Department of Education, subject
   the University to significant regulatory scrutiny on the basis of numerous standards that schools
   must satisfy in order to participate in the various federal student financial assistance programs
   under Title IV of the Higher Education Act.
   </div>
   <!-- Folio -->
   <!-- /Folio -->
   </div>
   <!-- PAGEBREAK -->
   <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
   <div align="center" style="font-size: 10pt; margin-top: 0pt">
   <b>
   </b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">To participate in the Title IV programs, an institution must be authorized to offer its
   programs of instruction by the relevant agency of the state in which it is located, accredited by
   an accrediting agency recognized by the Department of Education and certified as eligible by the
   Department of Education. The Department of Education will certify an institution to participate in
   the Title IV programs only after the institution has demonstrated compliance with the Higher
   Education Act and the Department of Education&#8217;s extensive regulations regarding institutional
   eligibility. An institution must also demonstrate its compliance to the Department of Education on
   an ongoing basis. The University submitted its application for recertification in March&#160;2008 in
   anticipation of the expiration of its provisional certification on June&#160;30, 2008. The Department of
   Education did not make a decision on the University&#8217;s recertification application by June&#160;30, 2008,
   and therefore the University&#8217;s participation in the Title IV programs had been automatically
   extended thereafter on a month-to-month basis pending the Department of Education&#8217;s decision.
   While this decision remained pending, on January&#160;12, 2011, the University disclosed the termination
   of certain voting agreements that had the effect of triggering a change in control under Department of Education regulations because it caused the University&#8217;s largest
   stockholder group to own and control less than 25% of the outstanding voting stock. On April&#160;8,
   2011, following the completion of the Department of Education&#8217;s review of the information that the
   University provided in connection with the termination of the voting agreements, the Department of
   Education notified the University that it approved its application for a change of ownership and
   issued to the University a new, provisional program participation agreement to participate in the Title IV
   programs. While this certification is provisional, it does remove the University from
   month-to-month status, provides for the University&#8217;s continued participation in Title IV programs
   through December&#160;31, 2013, and does not impose any conditions (such as any letter of credit requirement) or other restrictions on the University
   during the provisional period other than the standard restrictions applicable to a provisional
   certification. In accordance with the terms of the provisional certification, the University may
   apply for recertification on a full basis by submitting a complete application by no later than
   September&#160;30, 2013.
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Because the University operates in a highly regulated industry, it, like other industry
   participants, may be subject from time to time to investigations, claims of non-compliance, or
   lawsuits by governmental agencies or third parties, which allege statutory violations, regulatory
   infractions, or common law causes of action. While there can be no assurance that regulatory
   agencies or third parties will not undertake investigations or make claims against the University,
   or that such claims, if made, will not have a material adverse effect on the University&#8217;s business,
   results of operations or financial condition, management believes the University is in compliance
   with applicable regulations in all material respects.
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In connection with its administration of the Title IV federal student financial aid programs,
   the Department of Education periodically conducts program reviews at selected schools that receive
   Title IV funds. In July&#160;2010, the Department of Education initiated a program review of Grand
   Canyon University covering the 2008-2009 and 2009-2010 award years. As part of this program
   review, a Department of Education program review team conducted a site visit on the University&#8217;s
   campus and reviewed, and in some cases requested further information regarding, the University&#8217;s
   records, practices and policies relating to, among other things, financial aid, enrollment,
   enrollment counselor compensation, program eligibility and other Title IV compliance matters. Upon
   the conclusion of the site visit, the University was informed by the program review team that it
   would (i)&#160;conduct further review of the University&#8217;s documents and records offsite, (ii)&#160;upon
   completion of such review, schedule a formal exit interview to be followed by a preliminary program
   review report in which any preliminary findings of non-compliance would be presented, and (iii)
   conclude the review by issuance of a final determination letter. The program review team has not
   yet scheduled a formal exit interview with the University. Accordingly, at this point, the program
   review remains open and the University intends to continue to cooperate with the review team until
   the program review is completed.
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">While the University has not yet received notification of the timing of its exit interview or
   the Department of Education&#8217;s preliminary program review report or final determination letter,
   following the conclusion of the site visit the University became aware that the program review team
   had two preliminary findings of concern. The first issue is whether a compensation policy in use
   during part of the period under review improperly rewarded some enrollment counselors based on
   success in enrolling students in violation of applicable law. As the University has previously
   disclosed, while it believes that the University&#8217;s compensation policies and practices at issue in
   the program review were not based on success in enrolling students in violation of applicable law,
   the Department of Education&#8217;s regulations and interpretations of the incentive compensation law do
   not establish clear criteria for compliance in all circumstances and some of the University&#8217;s
   practices in prior years were not within the scope of any of the specific &#8220;safe harbors&#8221; provided
   in the compensation regulations and applicable during that period.
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The second issue is whether, during the award years under review, certain programs offered
   within the University&#8217;s College of Liberal Arts provided students with training to prepare them for
   gainful employment in a recognized occupation. This &#8220;gainful employment&#8221; standard has been a
   requirement for Title IV eligibility for programs offered at proprietary institutions of higher
   education such as Grand Canyon University although, pursuant to legislation passed in 2008 and
   effective as of July&#160;1, 2010, this requirement no longer applies to designated liberal arts
   programs offered by the University and certain other institutions that have held accreditation by a
   regional accrediting agency since a date on or before October&#160;1, 2007 (the University has held a
   regional accreditation since 1968). Subsequent to the site visit, the program review team
   submitted a written request to the University in which the program review team stated the view
   that, prior to July&#160;1, 2010, traditional liberal arts programs were not considered as being
   eligible under Title IV but then requested additional information from the University that would
   help the Department of Education determine whether the programs offered within the University&#8217;s
   College of Liberal Arts were eligible under Title IV because they did provide training to prepare
   students for gainful employment in a recognized occupation. While the University was not informed
   as to which specific programs offered within the University&#8217;s College of Liberal Arts the program
   review team believes may be ineligible, in August&#160;2010 the University provided the Department of
   Education with the requested information which the University believes will demonstrate that the
   programs offered within the University&#8217;s College of Liberal Arts met this requirement. The
   University has received no further communications from the Department of Education regarding the
   program review.
   </div>
   <!-- Folio -->
   <!-- /Folio -->
   </div>
   <!-- PAGEBREAK -->
   <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
   <div align="center" style="font-size: 10pt; margin-top: 0pt">
   <b>
   </b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The University&#8217;s policies and procedures are planned and implemented to comply with the
   applicable standards and regulations under Title IV. If and to the extent the Department of
   Education&#8217;s final determination letter identifies any compliance issues, the University is
   committed to resolving such issues and ensuring that Grand Canyon University operates in compliance
   with all Department of Education requirements. Program reviews may remain unresolved for months or
   years with little or no communication from the Department of Education, and may involve multiple
   exchanges of information following the site visit. The University cannot presently predict whether
   or if further information requests will be made, when the exit interview will take place, when the
   preliminary program review report or final determination letter will be issued, or when the program
   review will be closed. If the Department of Education were to make significant findings of
   non-compliance in the final program review determination letter, including any finding related to
   the two issues discussed above, then, after exhausting any administrative appeals available to the
   University, the University could be required to pay a fine, return Title IV monies previously
   received, or be subjected to other administrative sanctions. While the University cannot currently
   predict the outcome of the Department of Education review, any adverse finding could damage the
   University&#8217;s reputation in the industry and have a material adverse effect on the University&#8217;s
   business, results of operations, cash flows and financial position.
   </div>
   </div>
<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_lope_RegulatoryAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Regulatory.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>lope_RegulatoryAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>lope</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_lope_RegulatoryTextBlock"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Regulatory.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>lope_RegulatoryTextBlock</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>lope</td></tr><tr><td><strong> Data Type:</strong></td><td>us-types:textBlockItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>21
<FILENAME>R15.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0E2H"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Property and Equipment<br /></strong></div></th><th class="th" colspan="1">3 Months Ended</th></tr><tr><th class="th"><div>Mar. 31, 2011</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAbstract', window );"><strong>Property and Equipment [Abstract]</strong></a></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock', window );">Property and Equipment</a></td><td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
   <!-- Begin Block Tagged Note 6 - us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock-->
   <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
   <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>6. Property and Equipment</b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Property and equipment consist of the following:
   </div>
   <div align="center">
   <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
   <!-- Begin Table Head -->
   <tr valign="bottom">
       <td width="72%">&#160;</td>
       <td width="3%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="9%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="3%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="9%">&#160;</td>
       <td width="1%">&#160;</td>
   </tr>
   <tr style="font-size: 10pt" valign="bottom">
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2"><b>As of</b></td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 10pt" valign="bottom">
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2"><b>As of March</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2"><b>December 31,</b></td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 10pt" valign="bottom">
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>31, 2011</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
       <td>&#160;</td>
   </tr>
   <!-- End Table Head -->
   <!-- Begin Table Body -->
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Land
   </div></td>
       <td>&#160;</td>
       <td align="left">$</td>
       <td align="right">8,282</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="left">$</td>
       <td align="right">8,282</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Land improvements
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">1,597</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">1,597</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Buildings
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">49,939</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">48,323</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Equipment under capital leases
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">4,502</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">4,502</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Leasehold improvements
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">11,835</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">11,407</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Computer equipment
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">38,796</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">36,742</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Furniture, fixtures and equipment
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">11,896</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">11,401</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Internally developed software
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">4,390</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">3,825</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Other
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">1,098</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">998</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Construction in progress
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">36,390</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">21,349</td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 1px">
       <td>
   <div style="margin-left:15px; text-indent:-15px">&#160;
   </div></td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000">&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000">&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px">&#160;
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">168,725</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">148,426</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Less accumulated depreciation and amortization
   </div></td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="left">&#160;</td>
       <td align="right">(28,070</td>
       <td nowrap="nowrap">)</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="left">&#160;</td>
       <td align="right">(24,427</td>
       <td nowrap="nowrap">)</td>
   </tr>
   <tr style="font-size: 1px">
       <td>
   <div style="margin-left:15px; text-indent:-15px">&#160;
   </div></td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000">&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000">&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Property and equipment, net
   </div></td>
       <td>&#160;</td>
       <td align="left">$</td>
       <td align="right">140,655</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="left">$</td>
       <td align="right">123,999</td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 1px">
       <td>
   <div style="margin-left:15px; text-indent:-15px">&#160;
   </div></td>
       <td>&#160;</td>
           <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
           <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
   </tr>
   <!-- End Table Body -->
   </table>
   </div>
   </div>
<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_PropertyPlantAndEquipmentAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, building and production equipment. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures. This element may be used as a single block of text to include the entire PPE disclosure, including data and tables.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Principles Board Opinion (APB)<br /><br /> -Number 12<br /><br /> -Paragraph 5<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>us-types:textBlockItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>22
<FILENAME>R13.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0E2H"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Net Income Per Common Share<br /></strong></div></th><th class="th" colspan="1">3 Months Ended</th></tr><tr><th class="th"><div>Mar. 31, 2011</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Net Income Per Common Share [Abstract]</strong></a></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareTextBlock', window );">Net Income Per Common Share</a></td><td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
   <!-- Begin Block Tagged Note 4 - us-gaap:EarningsPerShareTextBlock-->
   <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
   <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>4. Net Income Per Common Share</b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Basic net income per common share is calculated by dividing net income available to common
   stockholders by the weighted average number of common shares outstanding for the period. Diluted
   earnings per common share reflects the assumed conversion of all potentially dilutive securities,
   consisting of stock options, for which the estimated fair value exceeds the exercise price, less
   shares which could have been purchased with the related proceeds, unless anti-dilutive. For
   employee equity awards, repurchased shares are also included for any unearned compensation adjusted
   for tax.
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The table below reflects the calculation of the weighted average number of common shares
   outstanding, on an as if converted basis, used in computing basic and diluted earnings per common
   share.
   </div>
   <div align="center">
   <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
   <!-- Begin Table Head -->
   <tr valign="bottom">
       <td width="72%">&#160;</td>
       <td width="3%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="9%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="3%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="9%">&#160;</td>
       <td width="1%">&#160;</td>
   </tr>
   <tr style="font-size: 10pt" valign="bottom">
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Three Months Ended March 31,</b></td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 10pt" valign="bottom">
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
       <td>&#160;</td>
   </tr>
   <!-- End Table Head -->
   <!-- Begin Table Body -->
   <tr valign="bottom"><!-- Blank Space -->
       <td>
   <div style="margin-left:15px; text-indent:-15px">&#160;
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Denominator:
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom">
       <td>
   <div style="margin-left:30px; text-indent:-15px">Basic weighted average shares outstanding
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">45,590,195</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">45,673,917</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:30px; text-indent:-15px">Effect of dilutive stock options and restricted stock
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">498,720</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">650,856</td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 1px">
       <td>
   <div style="margin-left:15px; text-indent:-15px">&#160;
   </div></td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000">&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000">&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom">
       <td>
   <div style="margin-left:30px; text-indent:-15px">Diluted weighted average shares outstanding
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">46,088,915</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">46,324,773</td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 1px">
       <td>
   <div style="margin-left:15px; text-indent:-15px">&#160;
   </div></td>
       <td>&#160;</td>
           <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
           <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
   </tr>
   <!-- End Table Body -->
   </table>
   </div>
   <!-- Folio -->
   <!-- /Folio -->
   </div>
   <!-- PAGEBREAK -->
   <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
   <div align="center" style="font-size: 10pt; margin-top: 0pt">
   <b>
   </b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Diluted weighted average shares outstanding exclude the incremental effect of shares that
   would be issued upon the assumed exercise of stock options. For the three months ended March&#160;31,
   2011 and 2010, approximately 2,244,541 and 506,868, respectively, of the University&#8217;s stock options
   outstanding were excluded from the calculation of diluted earnings per share as their inclusion
   would have been anti-dilutive. These options could be dilutive in the future.
   </div>
   </div>
<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_EarningsPerShareAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareTextBlock"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element may be used to capture the complete disclosure pertaining to an entity's earnings per share.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 128<br /><br /> -Paragraph 40<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_EarningsPerShareTextBlock</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>us-types:textBlockItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>23
<FILENAME>R6.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0E6IAE"><tr><th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Balance Sheets (Parenthetical) (USD $)<br />In Thousands, except Per Share data</strong></div></th><th class="th"><div>Mar. 31, 2011</div></th><th class="th"><div>Dec. 31, 2010</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current assets</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent', window );">Net of allowance for doubtful accounts</a></td><td class="nump">$ 31,366<span /></td><td class="nump">$ 30,112<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Stockholders' equity</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred stock, par value</a></td><td class="nump">$ 0.01<span /></td><td class="nump">$ 0.01<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred stock, shares authorized</a></td><td class="nump">10,000<span /></td><td class="nump">10,000<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Preferred stock, shares issued</a></td><td class="nump">0<span /></td><td class="nump">0<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Preferred stock, shares outstanding</a></td><td class="nump">0<span /></td><td class="nump">0<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock, par value</a></td><td class="nump">$ 0.01<span /></td><td class="nump">$ 0.01<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock, shares authorized</a></td><td class="nump">100,000<span /></td><td class="nump">100,000<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, shares issued</a></td><td class="nump">45,812<span /></td><td class="nump">45,811<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, shares outstanding</a></td><td class="nump">44,817<span /></td><td class="nump">45,761<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockShares', window );">Treasury stock, shares outstanding</a></td><td class="nump">995<span /></td><td class="nump">50<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 4<br /><br /> -Article 5<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_AssetsCurrentAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value of common stock per share; generally not indicative of the fair market value per share.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 129<br /><br /> -Paragraph 4<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 30<br /><br /> -Article 5<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CommonStockParOrStatedValuePerShare</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>us-types:perShareItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 30<br /><br /> -Article 5<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CommonStockSharesAuthorized</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:sharesItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 30<br /><br /> -Article 5<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CommonStockSharesIssued</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:sharesItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Excludes common shares repurchased by the entity and held as Treasury shares. Shares outstanding equals shares issued minus shares held in treasury. Does not include common shares that have been repurchased.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Principles Board Opinion (APB)<br /><br /> -Number 12<br /><br /> -Paragraph 10<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Article 3<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 30<br /><br /> -Article 5<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CommonStockSharesOutstanding</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:sharesItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockParOrStatedValuePerShare"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Principles Board Opinion (APB)<br /><br /> -Number 12<br /><br /> -Paragraph 10<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 29<br /><br /> -Article 5<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 129<br /><br /> -Paragraph 2, 3, 4, 5, 6, 7, 8<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_PreferredStockParOrStatedValuePerShare</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>us-types:perShareItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesAuthorized"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 29<br /><br /> -Article 5<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 129<br /><br /> -Paragraph 2, 3, 4, 5, 6, 7, 8<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_PreferredStockSharesAuthorized</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:sharesItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesIssued"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 29<br /><br /> -Article 5<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_PreferredStockSharesIssued</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:sharesItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesOutstanding"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 29<br /><br /> -Article 5<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_PreferredStockSharesOutstanding</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:sharesItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_StockholdersEquityAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockShares"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 29, 30<br /><br /> -Article 5<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_TreasuryStockShares</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:sharesItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>24
<FILENAME>R9.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0EBDBG"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Statements of Cash Flows (Unaudited) (USD $)<br />In Thousands</strong></div></th><th class="th" colspan="2">3 Months Ended</th></tr><tr><th class="th"><div>Mar. 31, 2011</div></th><th class="th"><div>Mar. 31, 2010</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows provided by operating activities:</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td><td class="nump">$ 9,481<span /></td><td class="nump">$ 11,480<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net income to net cash provided by operating activities:</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td><td class="nump">1,430<span /></td><td class="nump">1,037<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities', window );">Excess tax benefits from share-based compensation</a></td><td class="text">&#xA0;<span /></td><td class="num">(492)<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfFinancingCosts', window );">Amortization of debt issuance costs</a></td><td class="nump">15<span /></td><td class="nump">16<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProvisionForDoubtfulAccounts', window );">Provision for bad debts</a></td><td class="nump">10,034<span /></td><td class="nump">4,774<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation and amortization</a></td><td class="nump">3,826<span /></td><td class="nump">2,661<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherIncreaseDecreaseInProvisionForRestructuring', window );">Exit costs</a></td><td class="num">(24)<span /></td><td class="num">(479)<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredIncomeTaxExpenseBenefit', window );">Deferred income taxes</a></td><td class="num">(224)<span /></td><td class="num">(27)<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther', window );">Other</a></td><td class="text">&#xA0;<span /></td><td class="num">(39)<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Changes in assets and liabilities:</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Accounts receivable</a></td><td class="num">(6,023)<span /></td><td class="num">(4,862)<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Prepaid expenses and other</a></td><td class="num">(52)<span /></td><td class="num">(1,655)<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_lope_DueToFromRelatedParties', window );">Due to/from related parties</a></td><td class="num">(8,388)<span /></td><td class="nump">1,400<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableTrade', window );">Accounts payable</a></td><td class="nump">5,748<span /></td><td class="nump">1,912<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccruedLiabilities', window );">Accrued liabilities</a></td><td class="num">(513)<span /></td><td class="nump">5,024<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable', window );">Income taxes receivable/payable</a></td><td class="nump">6,665<span /></td><td class="nump">6,251<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_lope_IncreaseDecreaseInStudentDepositsOutstanding', window );">Student deposits</a></td><td class="num">(2,746)<span /></td><td class="nump">1,911<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDeferredRevenue', window );">Deferred revenue</a></td><td class="nump">4,184<span /></td><td class="nump">20,168<span /></td></tr><tr class="reu"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash provided by operating activities</a></td><td class="nump">23,413<span /></td><td class="nump">49,080<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows used in investing activities:</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireProductiveAssets', window );">Capital expenditures</a></td><td class="num">(14,668)<span /></td><td class="num">(11,591)<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInRestrictedCash', window );">Change in restricted cash and cash equivalents</a></td><td class="nump">2,753<span /></td><td class="num">(2,931)<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities', window );">Proceeds from sale or maturity of investments</a></td><td class="text">&#xA0;<span /></td><td class="nump">487<span /></td></tr><tr class="rou"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash used in investing activities</a></td><td class="num">(11,915)<span /></td><td class="num">(14,035)<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows (used in) provided by financing activities:</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_lope_PrincipalPaymentsOnNotesPayableAndCapitalLeaseObligations', window );">Principal payments on notes payable and capital lease obligations</a></td><td class="num">(694)<span /></td><td class="num">(727)<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfCommonStock', window );">Purchase of treasury stock</a></td><td class="num">(14,211)<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities', window );">Excess tax benefits from share-based compensation</a></td><td class="text">&#xA0;<span /></td><td class="nump">492<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromStockOptionsExercised', window );">Net proceeds from exercise of stock options</a></td><td class="nump">13<span /></td><td class="nump">502<span /></td></tr><tr class="rou"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations', window );">Net cash (used in) provided by financing activities</a></td><td class="num">(14,892)<span /></td><td class="nump">267<span /></td></tr><tr class="reu"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net (decrease) increase in cash and cash equivalents</a></td><td class="num">(3,394)<span /></td><td class="nump">35,312<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents, beginning of period</a></td><td class="nump">33,637<span /></td><td class="nump">62,571<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents, end of period</a></td><td class="nump">30,243<span /></td><td class="nump">97,883<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowInformationAbstract', window );"><strong>Supplemental disclosure of cash flow information</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPaid', window );">Cash paid for interest</a></td><td class="nump">107<span /></td><td class="nump">195<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxesPaid', window );">Cash paid for income taxes</a></td><td class="nump">219<span /></td><td class="nump">1,598<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract', window );"><strong>Supplemental disclosure of non-cash investing and financing activities</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CapitalExpendituresIncurredButNotYetPaid', window );">Purchases of property and equipment included in accounts payable</a></td><td class="nump">5,631<span /></td><td class="num">(1,357)<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_lope_TaxBenefitOfWarrantIntangible', window );">Tax benefit of Spirit warrant intangible</a></td><td class="nump">$ 70<span /></td><td class="nump">$ 259<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_lope_DueToFromRelatedParties"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Due to/from related parties</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>lope_DueToFromRelatedParties</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>lope</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_lope_IncreaseDecreaseInStudentDepositsOutstanding"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Increase decrease in student deposits outstanding.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>lope_IncreaseDecreaseInStudentDepositsOutstanding</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>lope</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_lope_PrincipalPaymentsOnNotesPayableAndCapitalLeaseObligations"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Principal payments on notes payable and capital lease obligations</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>lope_PrincipalPaymentsOnNotesPayableAndCapitalLeaseObligations</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>lope</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_lope_TaxBenefitOfWarrantIntangible"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tax benefit of Spirit warrant intangible</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>lope_TaxBenefitOfWarrantIntangible</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>lope</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Transactions that do not result in cash inflows or outflows in the period in which they occur, but affect net income and thus are removed when calculating net cash flow from operating activities using the indirect cash flow method. This element is used when there is not a more specific and appropriate element.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfFinancingCosts"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The component of interest expense comprised of the periodic charge against earnings over the life of the financing arrangement to which such costs relate.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 03<br /><br /> -Paragraph 8<br /><br /> -Article 5<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Paragraph 8<br /><br /> -Article 9<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_AmortizationOfFinancingCosts</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalExpendituresIncurredButNotYetPaid"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Future cash outflow to pay for purchases of fixed assets that have occurred.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CapitalExpendituresIncurredButNotYetPaid</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 7, 26<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 8, 9<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 7<br /><br /> -Footnote 1<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 1<br /><br /> -Article 5<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net change between the beginning and ending balance of cash and cash equivalents.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 26<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Designated to encapsulate the entire footnote disclosure that gives information on the supplemental cash flow activities for noncash (or part noncash) transactions for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredIncomeTaxExpenseBenefit"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The component of income tax expense for the period representing the net change in the entity's deferred tax assets and liabilities pertaining to continuing operations.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Staff Accounting Bulletin (SAB)<br /><br /> -Number Topic 6<br /><br /> -Section I<br /><br /> -Subsection 7<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 109<br /><br /> -Paragraph 45<br /><br /> -Subparagraph b<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 109<br /><br /> -Paragraph 289<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 08<br /><br /> -Paragraph h<br /><br /> -Article 4<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_DeferredIncomeTaxExpenseBenefit</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationAndAmortization"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Principles Board Opinion (APB)<br /><br /> -Number 12<br /><br /> -Paragraph 5<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_DepreciationAndAmortization</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from share-based compensation recognized in financial statements. This element represents the cash inflow reported in the enterprise's financing activities.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 123R<br /><br /> -Paragraph A240<br /><br /> -Subparagraph i<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Emerging Issues Task Force (EITF)<br /><br /> -Number 00-15<br /><br /> -Paragraph 3<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from share-based compensation recognized in financial statements. This element reduces net cash provided by operating activities.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 123R<br /><br /> -Paragraph A96<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxesPaid"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 29<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 27<br /><br /> -Subparagraph f<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_IncomeTaxesPaid</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableTrade"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Change in recurring obligations of a business that arise from the acquisition of merchandise, materials, supplies and services used in the production and sale of goods and services.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_IncreaseDecreaseInAccountsPayableTrade</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net change during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_IncreaseDecreaseInAccountsReceivable</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net change during the period in the amount of cash payments due to taxing authorities for taxes that are based on the reporting entity's earnings.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccruedLiabilities"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net change during the reporting period in the aggregate amount of expenses incurred but not yet paid.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_IncreaseDecreaseInAccruedLiabilities</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDeferredRevenue"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net change during the reporting period, excluding the portion taken into income, in the liability reflecting services yet to be performed by the reporting entity for which cash or other forms of consideration was received or recorded as a receivable.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_IncreaseDecreaseInDeferredRevenue</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net change during the reporting period in the value of this group of assets within the working capital section.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInRestrictedCash"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net cash inflow (outflow) for the net change associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 15, 16, 17<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_IncreaseDecreaseInRestrictedCash</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPaid"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash paid during the current period for interest owed on money borrowed; includes amount of interest capitalized</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 29<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_InterestPaid</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net cash from (used in) the entity's financing activities specifically EXCLUDING the cash flows derived by the entity from its discontinued operations, if any. This element is only to be used when the entity reports its cash flows attributable to discontinued operations separately from the cash flow provided by or used in financing activities. Such reporting would necessitate the entity to use the Net Cash Provided by (Used in) Discontinued Operations, Total element provided in the taxonomy.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivities"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net cash inflow (outflow) from investing activity.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 26<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivities</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 26<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivities</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities include all transactions and events that are not defined as investing or financing activities. Operating activities generally involve producing and delivering goods and providing services. Cash flows from operating activities are generally the cash effects of transactions and other events that enter into the determination of net income.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 03<br /><br /> -Paragraph 19<br /><br /> -Article 5<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph 38<br /><br /> -Subparagraph d<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph A7<br /><br /> -Appendix A<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph 38<br /><br /> -Subparagraph a<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Paragraph 20<br /><br /> -Article 9<br /><br /><br /><br />Reference 6: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 130<br /><br /> -Paragraph 10, 15<br /><br /><br /><br />Reference 7: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Emerging Issues Task Force (EITF)<br /><br /> -Number 87-21<br /><br /><br /><br />Reference 8: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28, 29, 30<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_NetIncomeLoss</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherIncreaseDecreaseInProvisionForRestructuring"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Other change from the prior period in the balance of the restructuring provision that is not otherwise defined in the taxonomy.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_OtherIncreaseDecreaseInProvisionForRestructuring</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForRepurchaseOfCommonStock"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to reacquire common stock during the period.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 18<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 20<br /><br /> -Subparagraph a<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_PaymentsForRepurchaseOfCommonStock</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireProductiveAssets"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 15<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 17<br /><br /> -Subparagraph c<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_PaymentsToAcquireProductiveAssets</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the sale or maturity (principal being due) of securities not classified as either held-to-maturity securities or trading securities which are classified as available-for-sale securities.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 16<br /><br /> -Subparagraph a<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 115<br /><br /> -Paragraph 18<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 15<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 16<br /><br /> -Subparagraph b<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromStockOptionsExercised"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the amount received from holders exercising their stock options.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 18<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 123R<br /><br /> -Paragraph A240<br /><br /> -Subparagraph i<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 19<br /><br /> -Subparagraph a<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_ProceedsFromStockOptionsExercised</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProvisionForDoubtfulAccounts"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected).</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 03<br /><br /> -Paragraph 5<br /><br /> -Article 5<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_ProvisionForDoubtfulAccounts</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock options, amortization of restricted stock, and adjustment for officers compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_ShareBasedCompensation</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SupplementalCashFlowInformationAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_SupplementalCashFlowInformationAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>25
<FILENAME>R10.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0E2H"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Nature of Business<br /></strong></div></th><th class="th" colspan="1">3 Months Ended</th></tr><tr><th class="th"><div>Mar. 31, 2011</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralPoliciesAbstract', window );"><strong>Nature of Business [Abstract]</strong></a></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock', window );">Nature of Business</a></td><td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
   <!-- Begin Block Tagged Note 1 - us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-->
   <!-- xbrl,ns -->
   <!-- xbrl,nx -->
   <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
   <div align="center" style="font-size: 10pt; margin-top: 0pt"><b>
   </b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>1. Nature of Business</b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Grand Canyon Education, Inc. (the &#8220;University&#8221;) is a regionally accredited provider of
   postsecondary education services focused on offering graduate and undergraduate degree programs in
   its core disciplines of education, business, healthcare, and liberal arts. The University offers
   courses online, at its approximately 100 acre traditional ground campus in Phoenix, Arizona and
   onsite at the facilities of employers. The University is accredited by The Higher Learning
   Commission of the North Central Association of Colleges and Schools.
   </div>
   </div>
<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralPoliciesAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_GeneralPoliciesAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description containing the entire organization, consolidation and basis of presentation of financial statements disclosure. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows.  Describes procedure if disclosures are provided in more than one note to the financial statements.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name FASB Staff Position (FSP)<br /><br /> -Number FAS140-4 and FIN46(R)-8<br /><br /> -Paragraph 8, C1, C7<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph 2-6<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Statement of Position (SOP)<br /><br /> -Number 94-6<br /><br /> -Paragraph 10<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name FASB Interpretation (FIN)<br /><br /> -Number 46R<br /><br /> -Paragraph 4, 14, 15<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>us-types:textBlockItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>26
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	word-wrap: break-word;
}

..report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
}

..report td.pl div.a {
	width: 200px;
}

..report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
	background-color: white;
}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
..report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
..report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

..report .nump {
	padding-left: 2em;
}

..report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
..report .text {
	text-align: left;
	white-space: normal;
}

..report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

..report .text .more {
	display: none;
}

..report .text .note {
	font-style: italic;
	font-weight: bold;
}

..report .text .small {
	width: 10em;
}

..report sup {
	font-style: italic;
}

..report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>27
<FILENAME>0000950123-11-098334-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0000950123-11-098334-xbrl.zip
M4$L#!!0````(`,-S;C_?&/6J'UT``#@7`P`1`!P`;&]P92TR,#$Q,#,S,2YX
M;6Q55`D``SYLP4X^;,%.=7@+``$$)0X```0Y`0``[#UI<^,VLM]?U?L/6&62
MS53I("5;/B=;'MM)G)TKMK.;]VD*(B$)&8I4"-"R\NM?=P.\=%EC6[;D*%\R
M)L%&WP<$H(__=3L(V(V(E8S"-Q6W[E28"+W(EV'O3251-:X\*2O_^N%__^?X
M'[4:^_WMY3OVDPA%S+7PV4CJ/CU[S^,O[#0:CF/9ZVOV_>EKUAFSRTMV%H6A
M"`(Q9K5:"N0M5_!M%!IHS;IKW]UVXH`!/J%Z4^EK/3QL-$:C41T?UZ.XUV@Z
M3JLA0Z5YZ(F*&7D8R/#+@N'XN@/SI<-OI\:/6C3:/3@X:-#;#'(T%-G(GI?4
MA9\`4-=U6BTW'215M--T]Q8A;$:D'P!/>YP/LP]H<*(:]CE^<U!SW%H^!8Z0
M7\$1?.O+\@1V<+MA7F9#E9S%"QCI-GY__^[*ZXL!KTU.X`LYA3X\*Z(.XF3L
M&+EYJ`C(I>@RXNZA'B-;E1P,`X1(S_JQZ+ZI(,-K*8/KM\JOL(8!A%IS&H5:
MW&IV)3P-RFIT!MYY]KGTWU2N`9!X#P_ZZCSTA?^YY8)F(LC/U['@*HG'GZ]T
MY'WY_%X,.B(V>`(0$6JIQ_8O^%OZ^*0K1<P(?U%BDQ)>O1?=-$XO_EWYP0%F
M[;1V=O?WCQOY9SDH)7H#>)H]@$=&"(?B=AA(3VJ#"_,EC#-V:)7A\$J#F>'7
MYW\F@-]I-!A&(?RI3FZEJOR0#DMI(](,M./&S$ERM!IEO(X;)18<#T4L([]`
MA>:Q/@-L?D!NHI0=%V!D3[.!(O0+PUJ@#`C:+PPZ;A2`'S>L_+Y*F,"(012^
M1%$:REZ6(-_R`-W'B?K8+<CP4F@N0Q#K.8]#"#?J90DR)2^E;C72-*Y9EX24
M/GL,(9WXOD1ORX//G[CT/U^$GT_Y4&KX^T5)*Z<3R;P(+9$;*C3/2P9)@!G:
MYX^Z+V+TE\-8])$Y-P*$Z$4#\<($F--,))<H-@1OEC#/A`<@G:V;?&0A.36W
M^>A"VKK)313:UDT^BYM\5&%NR[NUCF+;@FUM19.ZP:WEK*5C2\6SM9PU$,V"
MI:AM%O&$6<1ZK4)N2[,-%>E(!#<3,K7N=N6B^RIV.,NQ(W-NC[<\^_R,*#GO
MQTY[G(,UHL\Y6%UPVJY+O`B/-;.H6B,57DEELD[TK2I_?'XB[Q=P'DV;'?=#
M=+-^VNP:-MQ/VK_P$/E('AC$#)RJK06%3^2X_E&K_1;*;*-&ND\CP6?(GM^N
MSLX_767<\.4-4))/CN,^)`/<813E3AI>#*B6%S_8#36'`.>XD3[,G?GL[PGL
MF0BC@0SG`::--H>JSV.AYD&>!G'<*%!@!DT0?$40,X+OGFXF%"!W"L1<5A0A
MX.:9\X"BZ-3F&=J.)7HR9&\#J,/9->_UA,\^1%ID8](@^S'N\5#^Q1'`:12J
M*)`^_7$2^I^`!H!/?W[L_@@,"CW)@RQ\JS.IO"!"_*Y!4<QD5FLN<>_/7)OY
M+M!'@.79Q]/K__MTSOIZ$+!/O[U]=W'**K5&X[^MTT;C[/J,_?[S]?MWS*T[
M[#KFD$68=*#1./]083.V.%U?-FX1EHL?VW_6=.'+NJ_]"O#@NYX^(JY;1.:R
MRV4UMBI6S4`#M:<:JED8FE>WDZ]`39G2XP#<2Q<X7^OR@0S&A^R?UY!W*?9!
MC-AE-.#A/ZOTH*K`PKM';,!C(+@6B*X^9(X,CUAE"BP/9`^R-@_0AYRR-(N2
M?XE#YCI#G8'2T1`@#37!01"=$L#&Q)\PP;P)_T@4>,#Q<C.Z4U.Z=?:!:V`T
MB[KL;:*@VE5JU2@<,53ZF@S1?1^RG6\)IY]`]7QVRL,Q6.>YGWBD'U5V$7IU
M]KWN"_8='PR/OMEO-ITC<*^T95./LX?NT6LF%>,L!O5$_0W&C'M>+"`Q!@T=
MQA'ZJ!@()2*&D=(06*+0Y_&8B70^!C*_D1YH0S?R$KM+,^IV01/"'NO%W$]`
M2QFBF@#^<?;$%SW(<'`:>#103(8TC=0*K!SXZX-.2\B^@<'(:Y$3V+%LK[*^
MX('N>^`.JS1#("%+YP&#\*3J[!I8D--MD%(TB1<EL4*X(<*';S7-RX>`S:T<
M`'K`"]=Q@!^`"=AX6BL`01&0P3Q@8H(XLT_]2(3RMLI.8OD7#$$\:(X(_8)`
MT"B*+O=D`$`L,8-A$(T!FRDD42"Y##IC>O^S[/5!$.^$658A\+@4*A66/@@0
MI_@0Q;K/3D%%D`4G2D7@)+0=<!H%@>C![,BF*Z\?18&JS]?6_,%Q8U4>JA!J
M`*?YP629@(/[0`\OA4KGFXG#2PTC30@C7\>`)W?S#_2ZS;KQ6F[;.2H0B8J=
MD<ER.I\D+LQVRA]#D,D-K1;D*+>J#%6J2F9:,'9?0.P;X((IO#&.`MS-B*.5
M,A''48P>!C\:"-V/_"B(>N`B-.%/OE9'#-A!'LMXL""(1E@I@3>.F1\E'=U-
M`G0IX+:TL7Z:"@=W,]9E'%7T'<Q(4VBL0=F`BE`FL`IE8"%>OT"9:TACH1"^
MP:<C(*`00'^!@WE\SE^$,"^F$\S4&6J*W>(6WPC@C@]13\'D4`IY4*PQK\_#
MGDB9[>&2D;%&U#!I%0JARQO>"03KF')4`1#D-3(SMV!D`H+I1"#!D8AK'3J\
MD'.;2Q^8ZHL@G="$59KDSP1B%P5=Y*N#(T9]Z?5I7(Z!8GX",HZC`0IL@&6@
M3GP28)_[&*5&(4,]0F8@4WA/V#AA)!MI1&2`6L&B1&/-B@<XZNQG0!D8-LF\
M-&MP]XY@"JF@F`'6!1B^@0]&;:PF8MQ/Y[E+'WU@11AI=,B*D@V<%2(_>#?(
M2K+H-8OUG3'-8.EFG?2$B`ACB'7D'E`+$XBQ)R;+44F@#5W('XB5EOT@&"AQ
M;D0&J\AGL$::![$4-U1`@T1$"%KYQ5):H#(WQA!8(X%FJXR$Q`*6>AB?J="B
MV7)5!4@^<%H+90RWB-M,^4,V!/D9!R%1TA!+]06)EJK(5V&T38;XM<WC^E$2
M^*`^P(B.``)3F0!;@9K45Z4T@^`[O(,Y#696$']`"?!LC^$I09]#:H&".KOH
M,I5X_1(FJ,&$@;CA`>:*?A6X'8(*DU1'.9Y@??ASO:6F+(K9"@>V&8LNLMJ*
MW@(@/B%171FDEE+BM4U/)X4*<&,TG&!L-.LD@<S-)&=:BPS2VXC'/OYQ)@$H
M&`]BTA/H\(EK!#NGL3H9&B#I%1X'EU]D1%%BFG\11IMYMK`-.B&&5GL%6BDF
M[L``'PP<\H5)6R,YYU)`_N&$UDA@VF"LI#+FB$D_\N?/!.C)8RZ&%V-GJ"9W
MR,(P;%$0@I<*G<P8$E\3?VB6,R!F(L":,.00`NG'UI6FD>N7)!2LY9B!54:0
MKL10FQ\2\A<4X5@6V!!B\5,W97LASB%300_B5*MRPFF6F=0_:6S$(J(;(58H
M%V,LY$U5,@`(`,\XIR3DB:D\+/.@##+R)+E#CAF3<BB,+1`!8&HL&VUX'$(!
M@J$5.,95SIQ4'O.RB8S7R['$KAB47EMBYO"(.$)?'S),5BO,$T&@AE"2X9%%
MIX*A&AP=_1-?#=&&[*N1]'7_306*P6\K<S+R:YK]9P%N:R*QUC&[L6AW(JVC
M00Z"I4/\=(H=*ZQ<K8D5VE_P3>OK/W&__I.#)YEE<VDQ?\>3HI^MCY4E5&)9
M#.]&2V-^-8KQ]*CY?V5RY2U%T]A`S2`%J`YO&97X[!N'_JM@C@)&`Y^V)ZHS
ML-V\VGH(MFO(1+8T(S/V-,OL^5'&2K-?C4-].)\V%O&7)."EC:;$4"@!+FV4
M7',]>`!])NJO1EW2Q<+Y$7<R*K^-_+$=PQ:$Y8Q>[GTQ2[R'[!O/$Z+;G:=Y
MLU;/BBMB[N[PMIR-U?!1F6,?!%9T-R),Q(+UJD<0O267TA]\_^KNL70O`PUV
M';>ZYQP\H:8^)[IS_-0<C;&YHLW`K7Q7I2ZG^!L,)=BX0!`JH0Y7JC;;<?=7
MC!FNY(@]EK:TG/G:<A$J'2>>70/P,I4QRV7VU[IG5)9I@]W9K>ZWG'41\T),
M]ZO[>[N;Y5D6Z<H55+NT5!/2#[Z#R&C-6FE'\P"TH[D)VO$P3#?$O9BKG`*S
MS./CBC"X&X[KYVNE->U-49H'(3I'9V;45"O*3#+,5I&T3M8KQ0*EQ,>)<B55
M_UFURG/(?"WI6,[=K#*;O:8?(;VIG'8M4MII0]UO5G<.=C;!I>SO5G=;CUW_
M;'W*UJ>L/(59J;_Y:'Z^@G17TH'3-?4S[D&UZ=Z[QGA23-M5=^_>==OS5$.+
M-`57XR2NA0JETVCT%#YH<K7K?M+X?E%A.CDG#GG]@DG9!K%M$'N10<S<E<`Z
MHHN;Y$T@8YK?KFW:#.',W=F(Q3T(9\[!ABWN+=*9BTPY5AC,[L_NO>K^SH:L
MT+3=>]=]VT"T#40O,A"99'GE==0#?PIVJ\V#_:=W'O?#]J"ZL^]N'<VC&V@+
M#!0WX`9BPSW-R@A9SM6LTIVD5T;AWGI&)]RW6QO^EEL;EM*6MUQ)+ZU^4&,(
M*JG-]^[K-0Y(3KWYA$M[#\9U&XTVR(F_&$*>/QJ=R2`Q!Z(R#[-U+EOGLG4N
MFT_(@U.=)TAL1@+Y@F?I;D2,1[?S]$85CVNO188\<S_G[L%&+/D^#-.M']KZ
MH1>0Y&RZMVE7G?TG/)SR7)B^4&^S]H;ZHHB9I43E4W6%$W.%+_#53,O/59&^
M+AZ77W2L?O($_M)G]^]6__90SU+_)SYFWK[GH?'4_X,:S*3BK@TW:87Z8$7'
M.R-4,L!['_++(";K83;@8W,U#HS!,P$A_L^,(ICY2+RP"&]?P5P:;QI:AA\S
M]&XUEV,0^/R&#+H6T=R-,4ZO<#%W1.&=@8ON\2%`]HXB(%P(_3>_U6*O^7>Z
M">(ET;)\OK'NY_7;]S_/#L9?OJ0F3X)7G\>M.U^W]R!LXCT(Z[/J=9+>RD9`
M\MO6JBP4=+GG7;>YP9!7;JOJM@_8]R<63*I9K^E,T2NPVU:[3:]3F;Q>J_*U
MU00$-Z)\!4X?[*WX>.L*M.Q,=$4<YS_FT&;9M5(!W"';V@@-:%=WV_?&=#D-
M>&(?9`\A)J`AH69<*:'72SG<YGZUN=_>"/5P]ZJM55^\LC(=6$/9@]RK.^V-
M.'/:W-NM[NSOO2C?4&A:R>S=^^NE'WMNM;GWA-M;[X]IVP'/L'FY@_$,"AO.
M]J,`2@!56.W!12^IQVNE$6YKM]IR-R.9:.Y46ZU[![:U]!A&7P)I;L:6HGCS
MTN8HT=\[[#S.SR&%M5VS.KM&B]2E!AH>5WW6!9A+7DF]7:E^$:N[+XF6.:%@
M`U=4)VY6IB:@S'0!9=0&E.;8+C\_:%E_NZ"_7=#?+NBO(OW-SX2N53[[U*=`
M[X_I*DZ`KKY*_H2M(E7:-*8#RNN+SIHMI;6K!_L;H0*N4W5:CWW=P/.ZA?7_
M!<:M.LX3UKNKNC:IV5Q`Q$/N35J]#\'00:6H[3M+S4\)8)1=VT9MVFA99:V4
MI]FJ[FS&DMO#,+T[<;GO8DFQW>S7=3)]S":R::/;*YEUAK0[%$#Y/D%VZ('F
MO=0FLJU"+_+E&+!I361;=7:5KY85:&0YD2RE,D_SEUH4>R!J^`^)__@M:\!V
M@:6+'!3ZVU[DS?D('9GYO17B.7\U$C?A#*"J&B/;\L9QTN(]LZ^?7:4L]&3-
MVTT.8S'D<=:8DN#'/FW^P0Z)[+?Z59WUS.7CIE,Y-N_ST\U`B,4PA@1##@/0
M+M.]4FE<Y$1@0<"P+V<L[>7VL5!#X6G3LQ*0BI3`]M^!--TNY[;'A0F"Q#>#
M#*;P\,1L>S8E,*Z]_@B"`O;5_MTXL8NV<_H9+NAE.-U<<LS\B#9;6R2(JD)3
MUV+W1M,(,=(P7*BT42/%U*_B(V&.<@Z$-I/,X@H:%O7PG!1]$2.I"EK2273:
MAY.:%C/NHVKFG21-DV*SBAT-96@;P1:Z7^*>\KRM9<9A+F-4I:P;>:IS*7*V
M=2=-8L<)OYZ96]KMD*`#J],9)&U^ITZLV"G6-,&DD3@S9]TD,'+%CN[2@/\U
MVS8_K1F_-DY*C20Y:10H[1])2*T[4L6<NXB?LC+C-LU94-6R"A05]RZ=O7__
M3>I(FS<L7C"RM$>^I"C8_]H'8=RLK('T'.>+24<L/63J*6:BR$#ZQSE8#V3`
MR-7G]KPGI;[5*+N"CL]MN$L-IM`"S1Y+U!H45-8S>-2/&#A?#:%O:+H7$PF]
M","%9&WE[M6FQ2?Z5Y(AI.R]F`_`#Q18Z*4LI'^(G(7H7@9D4=836S-4MA_U
M)):DB,+/FDZ0BA=P0[^"K:-O`&:4J*R+,R(*:(6F73I^&40\S)"MFL;#H&S7
M4D/N>O$?-%W`!&PY](T'R!!124<!"0C6=O>V3C'GOIDE@5`2R[]R)^Q+U4EB
M97Q6L5LVM0@'-]R5.I6?Q9SP,'[Z#&.BMC_5T0SG?N(9Z-:IY_A;Q&TK:6/J
MW+\A$<$,6:=L23U?E&W6KD2A_2_CQHO@M,AEDAV&@+(,TV#!,&`$1=P-WW"*
MO/,K>F2CJ$09S5!(`7B@(N8%J$]=:1O1OMJM-ATG;57/.*!HVNP..;4P5D(C
MS3@T,U_`CFD^8+F)@D/!7NH\[=]>TDV4?^</:MD;I:V0X3U$IH)%F7E,O#'-
MTDDEA?+B:%3.4FB.S&EC]V8U"PI2,LB%G+,!=`T@J4)0QY3$6@2V<J<)2AL5
M$8%X"8M;TBYMV!*W-E(0J?.'Y[*G5^!=P@A,+.QAU_%L/D/G@/\!9D&MPFUX
MSPTM%@,NP[1E\)U84KP-L[/*P*JV@R(\</(HX_.QRIP'3>BC-J>=Y(=+'LIZ
M))]]8=*8;I3$H!WV,!TB8QI.&V^28`*"QCY.]7&.-\\N*"<#52,^!#0P&33Z
M`<:/>2[N::6\*O0G4^YAI)##K_:`;X`$>#$?J\#"EQQ%&::J-B$5PSH4ZHPO
M1R1%<%'&6E_M[.Q2JVA[BF8J#UBRY_-C1?@S3"LH@S/IT<]`0'JP_1F#>HY6
M*7?&-FZ#S*<:_P!\M7L[R@D4.@C:OXK>NK#_*(M]L:@-!%<)5@'@5"E/!I."
MM`#^$APBH6G@C?D_&DL=$T*3AUF&^0)3#PH4,%NV;81FZ*,FV([NHML5'A$S
MD9[TT,P1O4AE.U3R"4QZDO80Q[TM&&*CL!#[(OC"E".QZ`NH[VZR&[`-B5D4
MH3HTRC9MII6$XN;P*E0`B(BM!9B?0,'3,PX\RUW[1KEI486;E)P392H#6V<_
M`4G*YA;`_EED9?E-.H601`;!!\0R=H68&43IBXQX->&0J<$\SJ72'3QE"*`K
M-MQY$62*?YFXGAISAOI:Z;<(:?EPPE&!`$V]1P6+N`7'!>J+CTL^T%`KU9>I
MD.I'0IG3R6&/P&!*-B[I7(8$"MHO+#*/Z^P4;`62#P1MS$BI"%"G*S/N*,Z*
M=@-Z'<@!U6K6LR-$D]OP(C+%(&"S"?#@B#\H*M9'LY9%II(-7):,@8@Z.R]P
MK!1@/"(LXQMB2,LE@(M`31Y!7NCQ1(DT"TF3%E58KZ'?UE-#(U20F5)3_F36
M56Q%&D-.8.=D9B4?/(4-3&/R;7@]N6<9E-**%?78IO931.88/:DB?PS9+TDH
M"F',P3#F'%0G=;?$'4A7RE$;1!A+'VR]H']44X5V(6<JQ)=MH>6P,TB$WUV\
M_7A9ZEABY!T+LV<=+05&8V%$]D7@\*?9:L'7@:.!^3WC)DZ@-@MR\I`T0@PR
MZ22F583I(>Z.,;Q"2"FNN93,=";AB_(#FGW!,@(F'*^:N^:L7W.OFB[L@2!P
MU8Q(-#PM+X&84&)"YE+H&S'0GLLTO-(Z\JO=_1;.3I.\:N^W'T3/3/QGXD[S
M%;*T0LR?I(?PH1`_V_.-!%[/(-#`(!SY+%'D!TU@'P]Q.BUQ':CP>2DL`DGO
M!"#,FBGK^A+206``L0B1L&N`X3"Q_+;-"&9BI%*49B8<-MDPD"<UFT4=L'B:
M3>759KZZ2"+;V['Z`MFIS0RZU.M>TWZ[@=EO9Q)T([%9LK'5K8GI\W*>V;F.
M*HET*MF9E>A8QX#)3G8\EGY'?U('>#UE%K,LV@HHDT[Y"PHY2G.3:_Z2!./<
M#ESC3FV-&$=)KS_I<(S+=7=,S.$8'TVG8UN@TYE@M]IL[]]1>9"5I.A;]F8D
M#-$8M)J1DMB\34]68D06A'0E;J@40EU2N-]?'65J4H!$L1U7,V9S24%^K_)D
MO^3PS7O24HJ0I@SGVM+@BUM<4/;`QD!L=7;1G8@7RM[6`L3L?)NQN?WM5!#+
M<,S`F/7?#!1DID)``KWH6W`2.%D)A0`3U>:W9JW<%HQJ!I=*.54Q`02GA!FU
MN6L&B%4F-I59^,R600$CCZX@R?=\4M4A@M$B1_3_[7UI<]O(T?!?05).E5T%
M*[R/[/.\5;(L;Y1XUX[E9"N?7!`YE/`L"'!Q2-;^^K>/F<'@(D$0I"@MJU(;
MF00QW3-]=T\WN@<HJ4E,T]'B=@!F"XP5T!D3\%7,@&^Y(T&R&S_D3E!Y$A@%
MS1XA38R&?_7/0(K^!>3G=Y7\PPV09`L@`)?_CGR>`XM6"VF(D:TB0MF\8*0\
ML+SQOTC0%LG)_O06PR:YD<8ORO4[VMM&9-"!\X_P#$#F<A%*&.(="VVS&=$/
M!!IM8S9U'(J!WCP6`SSLK"Z,*&TQ]"4#K!N-B4T9&5>?A"(&BLGX'`#*ZK2#
M,LSY6LS\(&L:9'U<M/I<?!OY^F?6N?]8>(817R=0*FR/K-DA==E#FJJ3(0I3
MW,CQ2BIOPL8CQ25T/H[C*>3(F$8&9X&K=N'5A&[HI'ZH#+#)2)";<Q<4&$5[
M`[8HKEJE(+HE$QA.F1(#'%YYI$A.I$(Y'/6HV$P*63C&/=JR&,YK?,T;P\+)
M16\X/D-@^D!)5K>78L'[N(9RL>CE0^"Y05DUS%]+ORE]Q^?S'R_??;D\_V?^
MZ?T7OJ@Z]CH,US&[W^D(:(K:X6M:/J`C\A_E6)GU+)I,GCH`NU86R0@]R'TJ
M==$N8F6*PDX;U!@];=@1D6(=-"?I+G+Z9[,P$>GX:ZQ#"8/O+M:KR/29X9MF
MS$+/A57GY(FFO@@8G6'\%KTY=MOY'JI.*1G<*4W@`F;D2!E01)EP<23K7E!.
M:&BRVIB,T*JWSYR52[=DT6PS_35S2:XUR:.=@(N$1_JK.:B5S6'GWG$]CB+F
MTR?</(B<PX45N<"=3FA$]51X0_K.M8+QB)6;CZ3;12>:W&):IIYK;*=!/0R_
MP1/\N12;8.7[UF])@((4K!LVFIU8QWR#&Q`N1&XZQ<R)0B,IL"\M7UE4P<4'
M7S@<?0S5:UAJ+&LB(E4GEA8ET#DE;EI%)82N1Y$IT0`3^K#U#IB9L;3P\OY=
MX'M`![9%">P(H`%+?Q8*#C-+4W@&LB8A2^7S72!\][MMG8?N[_`=QT<1M)@2
M-&J!A3-3%\LQIK-<><$C+&BCI?(@/$K=$8PJ!"A4N0`L!]P"D"/1J,H'+/Z*
MJ!"`P:4U5)T<B@>Y#ZJ"A'@E@-VB36$S=MTZ*F\E\Q#`W6^!6SFRA/4;3*%8
M=C<CHE6IF85D.(HOZ7!'-`-WV@FC.W<59<K$L^RN+2T51:AK;:6!GAK%-&:F
M$T`P1)>L:WG5G=KC$8=/L4G9>-S-1Y#(7^,ZL@)^Q-<Y.1:`@1NF!IDJN2AX
M;IA/CV5FRHS*H\^O3Q23[^!'P];K.*/<4YECE]X?E;>942WY!JX>X?>@+;K`
MV^BRQ`2%V#QT'K3IQG?G]*J<=V-!="%"A)4?(69@8'1!"6P0`&6YRQ46::K2
M%!OCX7,G#L+'##(NIB'Y#4AA(?RTQ+_,'"EO@M(;(#!DT2B(A@5\$U/LHPPY
M2N#$8-3!@L)''GJ485.Y7S;NGA_X.J2L-H^B'@@TM[N+\><ER1TW3@DN3`6H
M7(*/+D<C:2@!F^TJWLLL3J3UX+"5KP_0B31_TL[I7=O$GV?6M8L0YP#1:Z<H
M9-Z?<BA:*CIYA:*5>$:FH&R9`N*`FTG*.1(VO%S#?>>'5`;`Q]B<=1L*%'&L
M3;/.,67G)+2T3<JE!PW`=YAL(R553D^FH4?5M)(LS3H\WGDM&.FPI6R@H(,L
M^R$09N1ZZH@7T-B-RO#RT>7Y/T/<W!&B/''3X0`'$"B;BS=!&`8/>"V6K"UC
MNZ4?EYY7R1-`ZJI,3[%*MFIPP9V?K542(BM':7Z6LHJ8F@4F=V8<R)0F+K`7
M15TXOZ\X@$MY6(4?UIZY2@D?T+H`9<B*\!H,+S3(GMJXR<(WT_!%$KYR@X>?
M,_*&Q!9SV'HLBM/5C#)EXR&EZ9XC5>%:PR)("T0IX*OB%/"]N$4!+E,A8)@X
MH`!1A--*LCQ2(H!=Q"5E8O@`WN"DA)=XWEN2Q.11S:F*&JTE4*V/\K,4F7O=
MFSP*?%]X=J;^.!:S.S_P@MM'WA9;WVA5@-M43N'"RY,EO=P''U_B"`^"<@]6
MZ"O(E"=N[6M622K9[4<L<5W.W\EFI?*T<F4&;/I'R8HJM?&ZIC(/I+Z6)9OR
M?.<N\$GL:7UF6@F8Z%=[3F67>N,=NB,1S'3-_!S+5A`,5&,LTCB8RY]88?#H
M>)P1P:W#@K8'7X1HXOBQ-%]GLV0%_/^H$(NYOM+TTE;ZZC#:LP;)*'QX[918
M"U91ANCR=K0TL0\K(JX%%=C2'GP&N2DCWT\M&4RP5BE8:=Q!72O13%B3`65U
MEF8G66XS5[%G=MAA:22.60A6R%+32"A(K?'Y*U+-N#/.'`XZ=B-5/E7.)*!3
M0-.1S^T)9PZON(/G\)^H);0,!!G@A++Z!/8`Z`T?T0`6_)_&')/G%H4PJ[8-
MC!%5G%1Z_U6QP05?P<KP@.$CR@"Q9`8PU"I>+,&H$$X'SJ-Q]J:8TBASS<B,
M=2Q=-^MH(PNI-9^N>:U,S@O,V8"UPV=WKHJ)WC`M_>2B/H_!2L1;`A_//IY=
MG%FOS4_?V+02:TM>'`@P2ARZ'V`4U[@8ZL,+$\@=&,:5)<L<RHZSMB86NE.R
MU'O,78&0)KB,*"('R:LXY/RB6X1,%+LJ'@0D3.J)DQBQ]6/(=UG\1T#7])1-
MI-#\XSME1`Z5)6\&#QN%ZAK"4RC^"$+QE6%N,]Z`5DN8X"T_9Q[0'4`52RE<
M/3&NG2`EI>4N^?(-CG66996,V"C1Z!I&Q8+)7X44<*6<:NO0+2L84#MA&CH@
MKGM,[Q.E'EO5Z[A<@4);N+2'0VUH"7F?X4;(BA"ZT9"_F)FYS0(P9;@J7PGH
MI(MBG75E`K>C*L(,R6*4)YM+9F['9!;']=BY524?M-QKYXWU:F(/._AZ+P'S
M].9-NK3Y!K-3I1$(X)$^V*$?G#93D!4%6%5X%$,C-U0`8'T0-V'BA`8A]28R
M)E?PC&$]C%[2^S*HIOG@-'0DJR^0O#(A$H[?@E&)@<+`^CFXS^V^OH-[Y4M7
M.TY"T./9S=7[_MHUMH]OU,H8JZ1`($VZ(<I6/E^GM=!\BA:RB(ZG'2A#FZ<;
M/)2%-W&]#!@UJ!N7?>V:0%+]WD)%>0H9$P?-`]@?$>/E6J!3Y\;A?$1:>:.<
M?+*W@"F0^G2)'1$7:6>\G")3N]8_'#]WSGC&Y1=?W<B\+'4^5U%SNH@K6>-'
MQ_6L+\`23CB/T,Y*X^3D-`$D[Z@Z\OU9_K$J#^+RNY@E)-HN[AP7?$*?M^_B
M+@3O,5CA:R\R;]L47OR1[UK#Z21@63$-.-)-"T*;W2?\".4QZ7&0*A_=A2!_
M]J/,@INUK"L/#@]/C:]QQT):MY['AU%VH+Y*O6M+05KGVNF"%R!`%#[7.+40
M/C=L2C-(;KT:=-(*EE<]NS\HE.^:HD_:&8:6L/EF1"0O9,>YFW;IDQRV<*-9
M$A$8-\#O0%*[U!V_&HX&3!BOIG9_5"P\%C(E)\>>,?2FR>@>.G*EZ!"!/L]$
M0Y[:,S4AR\9I6G-.9:H,*^Q2YQ2T^"H@_DG["M@R:"G`@TS@XS2;9;/D=OE+
MS5#2*55O6D@QAI>#:J!E^I0%EU*&VVJXE;5B+7-MT:GTF7)Y;ZLA3?$Y*+%>
M?@<CCJ*K3TV<5WZ)?5!ZYP,)QZ-XOD,BFN[="+R-@Y]2!D/I3!7=XG``-[C"
M"@@,T\O(%9Q%)D,(Y.<%D:R'S+]'.?VD&_\=.W><$Q#?73,(J1QZJ7%]D5>X
M<R`T"L89UWRT\$;:"$7:-$.GXC"$O*[PC>NL<P#(VG>NEJ8F`FP]1#^@E%0\
MH/CD!UGUR38Y%8ZHYW5Z6,!Q+TF\1C@XU2%Y"QZW![]6GL)#Z-(]X`7^@)[!
M"FU,.X1XQKK]2-'OQ5M<@L0+-JX6\H[%VF;<E77,[.C+4,[?:A'SB^VZ/1C\
MD3I5GW`YX7+JAEZ_77/&.#B7A9(YV^#`S:9/SQWV]'=>^L7R@Q.?Z/_Y/=>&
M]-O]W%\L4ZB8#<YW.+''\WNNZ;G+2JP3:[0P[@(CG$_!.WM'[&DMQ[VC]UF&
M1&2"I(71-D>(Y"&F]^QK'(N"DW[M.?ZOUC4&D\P?9L'.A(*V[*B?HER(,!V?
MV#\]]T=^KD+E/OGT7WDOTXV-DJAV^:@P^>/5YF>-H3:'G%FR$Z0Z`MX[`EW4
M#(77.P]7.?2F#SK[MX$ELSP/W;6&-$R[)+.1.2N%LH5],%'F`6:9LC;*007K
M"9D3,GNS>5L8>]S:3!0N/+N4Z=TG+PCX2M=6./<M*_<J1H70#=(`RT8?Z\XP
M(;B-^1NZR;LQ^8)Z0?XJ=,([4OWXD^6*RPBX*0`5Z<J2;=57ETL+:17=^:X$
M=MF7(AWP0D,DL/*5FGFIV1=\-7'NXKUDU9TVD)W]-'2'OGQS2YMT9--RS-)7
M*O<0W-3=PBLKGLA<?4HOV*G"$-62$>N,L,)B$3I\RT^51-"!8S&([)^?NY]6
M^G:?6K<!]8)YS5>-V:B6K0>P'X"NI*5%<$Q`.*?>;?"K6X'WW59WCVNOGU[<
MN6)A%%5^6BS<&1`+DW.^OY[Y4UK2*(VAW7JX"V37%#](VQV%QHPXW4`H,WE&
M%4I2VV?!73>H<0FM@D7%:?]%#R_P';I)ANI<S<?TY#).7<H/\X`9E4'4=5Y?
MXW-U/VW5F3SBOL-T$/(Y@EAU+.6G#[[1(C?P*PQ\^'LFCJ(144Y4W%&3B7M7
M/,@"K)1T\9Y.R-AD)C>9V,A[])X+%*W&*F%C51YNY(NJ^^5\'5M?A).WLM6-
M[`I.S\XA@G/G@FU;*POL:ZK9F3HC8$FN1WW]UBD)<SC@=A/J]C$<\%(V)?LL
MPFNL.7VI\P`'QCS`2IR?VPC`P9F%S7^N6$=\QE+^8+D$NB:TGH;EWSF1.Z,:
M1JFZ5MP?#\'B:S9T!]53U_EN'H%ON';7_%6F_Q7_G(".8C@G+'($EE6721X$
MNAPH1.00%3^AE"DU`D@7!I9-8ASQ1&NIAE)2;%OO72]1UY=TI[X"['K(F^Q%
ME2RI0-LG":*OO62DSQQ?C+9"!$8#=^6RE4S!S@4(#%T61I(-5E*<('CI[:BT
M%M3H(::ZU7*7%Q'.W$AP&RV;.M+R?C'FJC<ZBD9C1B'?,L[>AI0E_3C:2>#%
MX\0G$PE$D_M6X9)>JE"%Z-0P#B]F/.`U$I22Z<LE#`Y=QTSKP^=R]@WV_,4=
MSY>Z<Y=K>21T7,[W@_?`Y:)44#K!0_;P%0D;S;'KTB&;@BDMVA;=0Z0[R@M)
M3<0:P$IX`)$J<5ZN$B*7&^(Q'L=%5%M&L>GQU]NT%UN2.^[]D<HE7Q(N]<.V
MQUZZ,&J8'?Y*]]5^XOMJE^E]M7;*@5[._NY0&O(RRPK:J7G9'%@]%1.<GFLD
M9)XV&?Y>^`$VSXF#L'AAZ5AV[J4\5X\"&IYROU-]RNR+%LSRHC?XA"10DN8>
MVL-IQ^Y.A\=R@!N@'8W[]K0[?G8"8AWI7'*V"?M@:?_=]-!EMR\]Y8*^/"XR
MFD[L<:]QR<0A01T-._9D.-J_&?NLJCLJ+,6M4NX55N(Q%,(?!1Y/IIIDN/'Y
M*:>1W9E,0-P_#^4TLON]@3T>]T^R)?-<6WQYJD]J2D3MU">=6A!F4#MXMFL+
M,:[F7JNN(B$EM;%AK38UY8_T\$,]I<N-HD3-BS$S3SKMDT\@;3F>BU;+=;W*
M=K?JV;W!P!X.^(EA9V1/1I-\EZCUC4(R`-**YN[0B-3B:/!<FJ4TW\&I.2>2
MTX4HO12IN0(/N9Q7+H_UE1I9*:-^IC9<&_VJJHS:M6R9U:_,,^\CD7\]NQ/S
MQ!.?%O]10WC._?F_$J#W!9:\R;J"Z+TN4GBIJ?ZAD>K?85>>6S'`\,S2.!*3
MIEBJ`J%H2R'Y8E."IRX])UQ.N)Q2M34NXK_CZL]6KN*?GGORJ-,3G/K+90U4
MR3[7KST%<S3NK0'&^"UUNCZQ='N[BJY,&W3PDMBE8=\+*DD]<HYJVK&$[KB\
M2-S>X[6D]+J+1B]*5B74.QG^Y0>+1@'-'$^Y3.0^@7^7??'K[IO<AL$K7]CF
MM47S9=)C7Q5+AV[@@,UYR2JA`=!!<A,O$J]L./>II.7TW'$_5Z'DV\F[KF.B
MKV8XG%ZT?@K$ZR^"A_V^V0-/[=8.H]^QN]W>L9SH.DB[';O3/V1OETV-4IJA
M\7IBCR=K"FJ.LFD*4')_U'9IS=,JPJ]UA[ATCHYGQ_9PV+@6X9`LBT43+X!C
M!_9@/'UF'#NV)X/)_NS?%EJA:+S*N-CP<?HE^?L?.*0,#L$$'""S_**SH<:K
M&K3"!YRD,O-)Z_).^115[>167BP6?S@R"Q:,0S]LO'_4,'JOQ+SR2+=E6N6X
M[BQ"RNC,/`V5.L5G4S<<+Z'R=)?42<*)*;'`6H*%GK2"@]C!$R^=8%5GI]9R
MCW')OWDN>A\%`Y]#;%\0/W[VL.N`/[_\+7%IS/?+KQ`8&14"VVS#<RL)&)U9
M"CVJ"-"X$8D>O%@J`XM0L*A[\*IZ2`\A^H-/$CI=6WZNN%1HT^/)8!S[<XUG
M2D2G#-3&_9&^\LZ[=#BPVYV!\9).MUFNI;UF\T>(W/.[^'[@Z-E'-:-XG9O3
MX&!WBGE,[-[D@*'L)P1V@ZN]O\P'GGMQ,FB[1+#M_ALI`GLX;7R#^-D`6N_P
M#RP0WB6NA_[-<1'$8&I/^VM"M\=#$8.)W>^U?<%P__)`!P,L(##L&N:L7+R.
M1&.!CXP6[&'G620Z=P+T*(7#Q^JATL="'=VN/>D_B^O(`.F@LV?EL0<:N*#&
M@R`B=,SNJ,Z_/[''T\89[H-".K+'@Y<E'SXDH>_BW4C;6KC?\8\H&]X]*E)!
M4?$\2(5$1??9B8HK].)][GN+?>>#%?;&"1;Q@R-;^Q\+*0SL_O19-,?IVY->
M8^UVE#+C$[9M/RIBZ-J=:>.2BT,".FT.YA.:#SY/]Z#A%3ZVEKX-57_J8Z$`
M4,W/1![TNG9_T-@QKJ""Y][/1F[64?:8>BEX'*4NV2L][:!01MA\[WDXI8.)
M/>CMN4)X#R?_D:82S&;)4DZ2F&.UU\Q-&V`XRR",W=_I@T-(FY9J5GL3NS-^
M@C+S?:$S`/):$_2HA<Y);9W4UDM26^6E<%21N@\"VRG=V1UT[-'P@+IL1W![
M?7LZ/1G(V>?:XM)3P\>F1-3.+8RRPO)M2ICW44F.0\?<F!)#L#JX^SBD2/@X
MN^[EUY*/C5KR[3;BN563C\\L`T'27!D4B3SW6%2>A0;_<-D/P'PUK78\DRXY
MB6[-Y-Q18,RY;=VH0HM<`3SGW_W`?SO#Z_T\]DZ/@"6@Y?O$]Y4;TNC<&`R8
MT`V2R)K3\-WX#HR6VSNKU^GUSZP/U*[26KJ^NTR6_&MKY3SRR?%ZZ8Q9(^,_
MQ[ERSNS.>A1.:,FVFER1'^&B%=>D_^"E^I.-%ZR*OWE9Y>TOI#82:?GH[.^^
M/1[L.0&TGZWL'55(;F3W!GNNTCH\M?:/:HO'=J?YP)&GI-3!46WCR!X-]KR-
MAZ?4X5%M\=`>CQJW-W@R2OV*X\Z=17QDV?/>P.Y.VLY+/_>`B]RL4TBT-G$'
M6'VL7!;EK!R=-3;LVZ-.V]+YN1-[6P3_#`-R>P@E$".$&!D0W"Y3#IOC-&?L
M?)<UEJD'+Y^K<NW5L'L"NM9`D.PP$![.\0JOOO3I0_BS,QEDQW_L:31[9=3G
M%C;I)R<&9?CDP9\/-*W$70HK#NC_[=P<%,N%$P.9AAD?>$2%;CSG(4K<.+*M
MF>>X2_A_.E8LCX.3`P0)YE48@-#EP!&.AK'@UY&>3`+<X_I.^(BS2T*>!'.3
M1*XO(GA=%"SIDX<[=W9'X1SJ=(*SY0$F/TI"##CQR?UR)_PRL+%R$]_A,)"P
MH+4*8D#?A0.@CVS+C7$DC<#_T2L\]U?AN7=!,*=?^H^6%\B"+_@Y4"M%0L^L
MJP7^%%8!'&^(#1E!>MQZ<#WD@RCQ8MH8FGRSQ!XIJE<$/39S?!S9`I91%/CP
MDD=:1\#)XNR:>>$LL-U+.,<#\5SGQO7P,\D@]$("2[\=@/.#.`70X*1R6/#I
M##AK0)ES5%CNFN]0U([?1RL@=[D+=R:WWEV4[:YQ'`IB8W'8ZLA%P',[Z/KW
M@7<O^"HH_`0!#.$=9]8O;GRG.)L(&GZT=/XO"!%B6!!$#4WL@8US;[G:8LE\
MF,>/18H<_P.G2+L@XYG(O@C2`JC7G[DD\:(5M@+A([$16Z`<V]A3O9%`&@"C
MC*YR%M5&AE@&40S/PX;R2".DO.SNB"@5I(@:;+Z"GO@#5Z*&)'-B$W7L>Q)N
MY>+DRD<0?,$5DX0J[JN6?;\E+FB!I96*/2E(F'ONG#F/.EJX'DZDNH4]BN("
M:_O6>7(+`!,BO4YGK"0*/(3;<QU38/F]RS-.K0N0+[%F%/TQ$,1YZ/X.U&:]
M)BCEF?<Z/]`O]+^[/[Q!J>-()23\M[,D9"VW7'G!(RBE`!GYSO$6NA>,@&.`
MD[M%J>5SBIRNL9;OD#Q99AT1QQ[=5H(=`(W'?ZWH#A.)/_P!XZ2W(E6!/`(K
MMV4SRG8DR*T!'"50'L;V&:%70QOV$.N10IS49?`&\225(\$+E@`&2MW8E&3&
M&%F@W3O\2+X.7\^E2RZ&SN&YMS?"H0Q`)`"K6R)DV=R*X`L#STOQ2X&WZ>2D
M5:VX.G/2DF'FZ4X&(0$P0W%)?8?U1@,LRT@=4NE.RT%E`*SGHD6RH-=?BU5,
MK1S2G5:VAJ0KG'1&:TD,W@O4FOS*A74Y3V:\JRD&ZG1(%"X2STNMG+>4Q?CJ
M`GC6U7^X\-A9DAYV9^Y*5HHIF-?P^&G,7@:U@QM8_\;!=T#^`4YEXTEP)-J5
M)B)M4J&$X'.4=B!LK!D-?HB0JL7W&=8/2KJ4;>)85X.\=Z,[0>.=17@OP"#X
MR?&=6R;L>2#8(K@!'2SNE<4"T$0)V%AJ"1H[9TO6A0UQYPG=BF&>(CU\*QG8
MYNETCE;!EC-'V(6>#)BWRS)Z52M06@QDP)Q2V;:TG(A-I4.`/?&"D(7,`E-Z
MA[79OSK?K2]R3VWKY\!_>^7/T$+E+TAV'YTIGZ>F.R?2!JQIRV/ZUF5TP$/3
M1H:R+?1,Q[K&^YEU7IEN)3&MNN(4OBXH+EH7K0))T//<;,=7$^G537OYB8ZD
M[@$=A<8#1B#!9D_-.;T9RI`LL9ZT6LE9J@7+/;7PMARUN%WEQ3Z*8)B4@9)?
M?LG+Q"AY68?V<RMPF8#GIP72_NM9ZA229#TH7]63($L"U[DLTM%O,9T:^!(-
M'QDM"`6:JJ"=;OZ/'3IVC[_#[OML`:&I!;]Q$G"'P,G#/JB6V2JL(']LP[9#
MST(N")BCQ[YF)10GRJ9'F4"M]:U5$J[("0;I08X(QYTZP]H!IC*1L(XR]R$`
MTF4^+?#&/!CZA+14;!?@FD8T!O8=^*?SSS*^_5)EQ-20$3ONS',3(],SB[!Y
M2^A8)L9/(U(^^66.5V^,S-R9K!W9C'A@]P\*CRCGF:S7.<],5DX@O0D+3Z6Y
M`=R'FA[L6JQ*M5X;88'L5YGX@+(3^&TJ+'!-@Z,_)R"+L([-?-?E]>?/YAM`
M<('<P?BYM.P'=G>*G83&>B+WVAG5Z*$#4CRJFJ+>(!%AB\EVEP+R=YQ/C7:\
M<E4YZ*YB=EGTSBS8?6#G!*R\C-,+<%"A'4C+2/R6H&M!,K2&QUVR#$MD/Z$V
MB>DD\8T0Y\\)?@"\0S.I9!R5)I43(8.:Z)T-_Z)VL+`8_)79/CFTG$+:QJ!O
MZ<V`RW6/AC,M4F[+AHX;X2\(?SK4C6LV.2+4F6-[U.OAD!+Y8J`C#]Z$%96X
M.I(96?[H^#V*F.-K+A`H.848V76R=->U.]C!:C)H0'?&L/(L.I'CF6>'4!TT
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MR.Z.G\4\B.[@K'?`*=JGY_X`=^TJA.MQW+,[/?>RGZO@J?U???^1\\A'I8JZ
M=@]446_X+-J&=X=G_9,J.FJV.;!5J&)Y>YD&N:=FPEV[.UQ#Q7MJC;P#U_7.
MFC<+.#WW3)75AR!<")?*PKBCGYC+>\]N^*S8K3>U>YTUG5V.C]\F9[TC]`S_
M&,]5\-O)X3JF)NVGYY[3<T=I..+/*L*)%1>&"(WCBR4.P8'KV9W1`2VT75OQ
MGPV>Q93LR5GS.9<'W]1AVR-93QKOJ$*,)T1.B!RWPZ@UJHS)\*7Y9ZA1N_9H
MW+4[_><C_'MGTV<QIFU\-CZ@YM]M4WOVL/DLS9-./4GP$R(O!I%Z.O6I/-CS
M>\?E>2N9Z\+/4_5.QQ-[,&P\^>STW,M^[H4JUJ.7@*?G7O9S97S5>F]Q;8B7
M<:#!N_V27HX_\)5G8.S)7WZP3)KO;$A+5(-6^(";*)C]#M;U1<BW4*C=?&&S
M]!J9S2L-X7#8^^@;)X)ML(O@>$JQV)3H5:70.]-[&9V9IZ%:BI`5I2XK89M:
MOG6!B"38EDRVUN0.U_SAVE8HM"ZVBZ(FMW3I?$779@*_LAWBZU?=P=FP\R;3
MV%-W>Q&RSD6^9XF="U>>FW;)3;O*J*XEF7XUH?F6\F;0=0ZWA.'WT&.3.T_=
M%#I/69<\(H`@>>(YB2PJ;H07/.!.>]CODMOD2,!G)N!J!H+J//U;XH0Q'-?:
MT06$@1Y?8'2G,7HMRXY!OOHKU[+F#]Y/9MS[(_7Z>$FXU+?S7^IUM:R7?C@[
M\1"(=79';+/!^FQO.EWY(-Z3&3>MA/V.Y*!B['L,RO_XQDF-F@],/#2H_7'C
MT-(&8W=_B;5KT)]4G>)3-^IEP)1Q5(&[YH,(#PEEO^TBB:<5%#\*7W<A=N8X
M=0X$AZ/[#QX+;8P'H^=`'*->MV7J>.Y1R0J#X)D6C1XG'GO5*OU.C?31]2:G
MU?5G7H)^*IA-Q7%]J2EW5$*G:P_Z1WAII0S0S@M32S@)14U]653&1`XAJ5JZ
M03)<=U%_3]=']H7+H+NF4J@6+B=E=U)V+U;9V98O>!JF\WVOFFTW-W8R;#RJ
M_-"@CIK?97NADJ8M+CV*9/_1(U-&1.UDMLL&]NPX)J;-F3X>V.I_^R)N$YJ"
M^?A2A_1T.]9;JPK7YS9VI]LYLU(TUBB@5M:N,[P+YU.DP[!`3<9`TCAU)&0P
MY>RMXD"L=-PM?BSGV!'8%*Z:S4*!0Q[!D[P)YC2NZ\J74TWAO2$/@_D[R`L1
M&B-3S]FIZ$Y'0QLK')TEIU#S8WOYA[1<YL?ZD>X/;VQC4JS"A:9X+Q./A]+B
M$'/!4S_6CW*UU1[1BKEIBSA/!`X(9V`[?JP6@_.UHEF8P!8\JGDR8)>XE/;W
MDZ4(<2(C9?`=G/1-<]"BV5T`4I566<)Q6RA=H@5-0B9ABHNEHV'UC$8UX%$=
M4Q0G>.;&X&HG@J5C*AR5(V9Y%<9>CY^590]EYW(:/7NTHV>_EA)%?J9PA`QA
MX9QM-^81M41B-\(<X0/T%8!O'^+\3()8_1A)PTTS5XIA0N&)>X?&*H,(T$-W
M6$8`(`]W[NP.7H9R!B0V3YA7TH'*6Z3,R(@,^;)0S`)@K-_3,IBJ4<O(Z3AX
M$)@0QSE%EH`-II'R_$-:I.+'9];7-6]^P'&!_.K'_/X5F%&+A\+>@PC`Z5R+
M6$X8,E^#0YOF8AGX%-Z7GHOG9H=K54D\+>0J$##KEDK%.PZ;OW5"JB,RH)()
M*-Y'FG9_9IV7D(_C18$)/0U>-1"00["KME<&BAS\ZS8@=8%"DL_$$+(@?Y=N
MC)N#[W=6\/I9.J\1"(4/7W[F%NJP:%J;JQ8S1FM+@J6^)_H37`,'R;F13-)F
MW@[_^T?B"Z.BI\-CZDHH*7=@<W=.\[F6SJ\X37DN9K3$AO')>?1,](&^RX&Q
MM3(F-0?;E)\3G%DC.W"\2H30B%XU]BLWA8V(:Z[4*I,Z`FL!;<1W(,/>TA]2
M"ZJYV'5)5VT5JZ%?[EP/T7'3+^0041SIRZ^VZ:`*8^UZYGQ0@\+F;-K+V8$X
MRTY.!*4%<8B;'&QZ'T@9)6>R2]V-.T.4I$.C,;A#MZ")\&$<NNW?DDA$^SP,
M/*EZJQC#9-`;,7,2C-3'%OTQ7W>0'@WW9DN%BL9X-J*%D>$5R?<'*2\E'![6
M(@(*OM5+)^>9U84287H9S0H\7X6NEVZI)#7>59YTIDZ6!($P&:W.6>/8/5#I
M\A>N#[2[Y%VAG5;RW#@\8E:9PP"\?#&3PML83:@&O,K7%H[1+L*7XU[@7%8P
M>0L0H8+#T=,GRV24)@&LX7SPX:=W[@H/@A:1@PBEM#3>[5B^>+`STD@R8XYE
M-2(5-J+BY8Q6/S,Y*2=#,R+01OQHKCRP67!?&#F^`+.:S=8LLZ,AD$2V.J!(
META6#AG$L=BX%06!5!!&4MN&-`*QLDEPG_T`@AU%K[O$0;[PV6,ZB#ZR7D<)
MV"GH<<#G0+$Q%]NR20(X_Y:X(>WN&^R2%:"(TW6:7(Z;E^`$W3P)%2MD3A"D
M0C"7KR'6DT83.0/9%TLZ0EL&#M8QWT-+9$Z-O*Q-LSFK55M!*"X=:9\!$(^E
MJI8D_"(!(XGE^HW6U5+NL000>:7E!Q:&3!A]6J-D_BOKLF[_H!,DWTEIF]L*
M3HWB!&C$^`[,,>]126D2/'-8/GQ$1K$MSP7]SL>KOF"^4T1-\@9V%\UOY7\C
M#UDQ.#`D!N3_N_X]#IR_955@6S//<?DD_<!_FQI:MBH"]YR'*$$!!)M<ZJ1;
MQ(%N*%D,W"5II8,F%[=LNR?DO]Z[@:?63=U:EE?^`@<N\'?P0CD<%!9G%440
M\@.IC,%9M>`C(\YP_."2)B';B#P#/+-`);1LD2,GDP*-T9+*;A+^A`PLN5?.
MK8-F:^Y`66G1V]'S1O;GY^$$%_#[.6RI7HK&G8(E@Q1+[O0<WY(J^[7FVTT2
M8?EXQ"L"<R=>''$IOPA3D%-G7<LE)!$?=H+$^@W8X@+PS!.F&['64Y1`JQ#C
M&Z+#-">0@`$OC8P<8!X=E,NNBHJ:M*91YY3J:BWZUP0XW'GJZ&H_K,JZ8@',
MQBMM-WBUD5:L;'\`,$`7X-]R)3Z'9A2MSH0JPTIA`WKD,-<_$N_1=#VZG1+;
MPH`&,(Y=DB).#@9\#ML*LY%P`<H)'C?.?H8,KC0,6OUOX3]3-9Q^^I:N%C@/
MJ%1P<C/.#&93GW?6U3A+TL0U<4YPY;YEH8L%_"VWCZ`'H,"R`MVR@2=8<\$'
M"=>^\OLH-N"3$1<%2Y05$1D<OR7`W3A?.`FE2$TM0NV\YG5783F,)H1SLD50
M,,T$+[T*@$=<6L?CTI<X`#!`FMUJ!0V?PN\RQ&9;P@?KV<,]8GI+_PU;DOA`
M.2P7=9+`UMMG>-4\>YK6T91DN,^`)7`IG-N_5T$:7H`MGWE)9'!(NO$%'?[@
M1'+'TCA*V3E**Y;%1Y!X<^NU^R8E8WG,^A"R1GJ%Z)L'LX1])#YE.@&,,"&\
M-BQ@KI`H%+->`XEF19K`AF*>8.<9BVC``[<3HTL8O6-4`E0O[(4POLA3L.%H
M_X>/)?2.%\"",$ZC56@"FC^!<T<"*U&Z<I]N:%1XI*9L^[AS@)G$A<NK9+2,
M%KQY3*_QHYHDRO+`DS7=%#9".:10=EQRU#<M@N.^U<[,*[=&&X/I88$\(&,1
MT//`="'G"H5"`+^R34K)[A<ZVA&J+U^'GTR%Y&,@(,*C4.8\_RU-J!00$Y\$
MGO0TA><P=B-M2,X/JJ:TZ6(B:$Y9EZI@+IW#649OQ4A"MRJBE#L.::_5=8I+
MB#A'P-*&*"<DEE%Y[[Q:C.1QQA@$B&34)4*[X66$2>M0,.0AJ&0C7!DL4Z;N
MA1M&,7O`>-`/=X($C).MX"`Y39D0,"]-YRI59T(Y5AQ:4;2S!"CA"S+7416B
M-D?U4B:P(XN+1Z0D`ME#5S7QTB8]S8$0,C[H4VTB$R.G]A88PJ1K2RAGA7`%
M223#9CKN1&:X1U$>P]1S\B>1<Y?S.^0JM98J.;VW?A5[/:!ECA2MD-\)\8WF
M5R[8DUJFK/R!6F&/8F49JR@0IF@P=)W!&1V.>4`+(OQ@)P`4;H2V/-@[X+^[
M9.22ZVK(;6D"S]P0]!/GQ>0E'"2,S9=_T]UUT2ARX>UD7Z4[B3).1EZB&9`?
M;9.?)DC`XD9Q828U(V<A@$+"&R!#(Y&I@UO2\=*!-;T)^2TTCD,'((`*F#D.
M*CZ1O2.!ID.!OVTS.&*8J!GFM774U<A#+83J4&YL<@6#7`3LU,*V?W1OR'<X
M#U5TGR2!HFE62B&/X:086HC42\)_B?1#*Z(KN4A`M0(I!53=P?$`(U45S&;)
M2F>6`&'CB(L_-P]:!X!03'"47>I='7XB0M:&HFE'XA?Y34+>1^$7NL!.X:.9
MO2'&NDN32D+;^"H21GY'B<_A>/$=AMS`G$U"M&(HX@B[[$92(JS`M>=8+*5=
ME/O"SC*R,/<NRKI)<J27S1:(B3*&BL`:1Y6`A"W(LI@+3+J3T^3)@P514\A9
M\C9(J]=$0B8,D;14G,;8&QG1!U#OA)>6,^CHE3J76PZBE>0N(Y>:-%ES-'A0
M2H9PHI2$^32+@TR4BS#OC+G((:<L>/GRU>1QT4+=Z6CRYLRZ3FXB=)?X3,H<
M@RJ-G2;8'.LAQ+]\Y7F51*6UK5SE3%`"F"U#_%!J!">VI;2$5U8=?^C,9;%0
MYF334]4R%N1*!$P<<LKW1L#V&TE+8)%<=<--0LI4(X:_F^O%3*^20W$E47XR
M^-G$$=YJK5>OK#"A+1ICLU+:W"C#V/6OD&.T%Y7XII',1TH]2JE7)N9DOD@*
M0Q0F6XJZ4DOY05K*RO_DT!XQ,-./UH/;[TOEGE2X+427VK*2L5<X'KEY-F)W
MGMR"XLO&;O(X:=6Q*5UDN#F*W$P:2QDH8V9+^"CT:.;5,ZFO%G=K*>*"R"6[
M/)]C0W%D>#LZ$("AW\27GD^4LLZ:S*8L-\AA(P_J5&ATO(5&:^H'LLY',`.#
M(L1_@GQ:>8Z/B7DR[]&+7U*HA(,"2\PL*5;1R29IOJ;U<1P_2NW<K*@[LZX6
M'(H(9#E'3#IP/8=F$*AVG2T7-P$SOY%,&Z9^!!JU42'DYD8JCB5U*G=U";Q[
M<J/0P.)?$LQ@QQM6>I799>:?2H/]("^J64ZS=G1F?<Z%N5$4<DP'=I7!Q&`K
M9E$PAQNI2(7T<'`QL#AQX^$1/\@*@(W\SP$R7-/U[W$IU>U(=4+B-+DL.#-4
M<B9TD9HUA5*A&1!;$*N(G$>QO+D[BY4:5GD?=U$14"9A+27PC5"I(+0;F+1R
M035XBI)00.4SXT$IV78*VF@8N#R`,FT:D!(5IQ[G@`(QQ3I)3,8#D"8ER\P:
M5B-4(UWK3-13*AJ&.X=6:>Q)WC'E+@<Z$F3T/-(1`PP:2=;`P$A"CH1S$]P+
M8C*D'BHL$M_O')1I\HW9Z_$H083C`7?IUJDL%W(JK<"W,Q7.E0PSYUJ*1P[1
M"LR"QDEHE"(`@Z!4R(5TE):TV>I7"5Y97LG!K2S`$>PKR;4*.TK2]"P)0Z)I
M15Q$U[)>9V:$+JH%@<SPT)YQ#E.=!B,_=Y;@P91L5BYHLTKB3*F82G,3=^^2
M+J5E=<JT/%V*,\NB.VL!`H%%:)J:605\U6"-%6%>[*BZ6=#F30UU>>1:1N@_
M+;Z&P@&9_WB-)57O'B\\<)A?[`6.KO76VG(+GMV]CBYH(8F011@]C7WVJ>C!
M=$=I7"47`?&#!*3Y7"7^(NM=@,$GG+@.LF\68S0<`_EF>7C1+2#39I6$H+:!
MP[G$\%5O:'<Z'8[T4V$(%0_:Q1(7&Q2&*@7%DF(G_%7$*G&FBK/2%*GR^!TI
M++]F2W=5L(6=+@V40D#5/T0;ZHVZTMI4+XC(T0VM];%XU%>A8&?XB_%;Z6FB
M&6%&<"E[QOB2-4)QY'M``"P67]P&LB*`>$]7VI@1-XJ;IJ;RM0`0W=B\A7,I
M;2GLLK@$K4H:`+A/;IRS!`*0!>0Z4;5(0,,)OM9O;@%5Q8#:L)61P=5^@!3Z
M\Q(/?)42W>8!/C@A-BP\LZY=KO<1LE82!+8*B.<6)*<AS23D<RCRJ;DUG0[M
M'I`:_3[*4YSZV(GIBH'N`8I=M_#95]V!/9WVV8KFJPJ<KHVLZ6#MB]>]L0<4
M9`2WX[M0B+0X,EK?%E)78]%V8'*6X[BT@*0=K/!;KN`TN&#>(ZLLNA."$^TR
ME@-@*0O`*`2.#**UT,R)'VOJRBV%^'Y5:!KIO+S/W+%\:>JS5ZH^*]%_=JJS
MEXE:,S9/ISWSE>WE=P4HAD/A/"S)]?4U158;,O;M!8Y9E4U^\SO'_Y7]SX5U
MOH2]GCFV]?/9^5GAAN.Y?.6Y>H%YM?$,@)G+@'+A08;V!E:R7CM&>8UY/T,*
M[Q@UQJ-4FVL+><#K96^+L"(UGMLKJ3L'J)K*1=N("['%#*6&C`6SZX"["=(M
M--2W>0%!23@=6GCW[AR#F*`VO^!/5EX26;W>4%TMP>J5R'3Y2I\'V9YY_C5&
M4&3%EUDMG45=!DI(9<&Q\RU36N3UC;'9:9"XI*(?O#`9"L*^PD:=N1+OK)A1
MFPP[9$BI*G?:6%I-[RD7/"6QZY&%AF&;AR#\E3PZ9^7&6+LO_^`N&+`01N;L
MHHY/#2W.=<K^<Z"#5@&=#3R)Q?/2?BA0'HE>*@W2F4PL4/0=?4E&)QJ`XV.\
MAZ4*,/%VJN82L-9R?:DXWH&)(R<E\S2HD%U%WGPJJ>!3A?7K*-V1^52JO2:K
M+TT1S<5-G%87<_I0VG18@"ROD<C@02%_A($6ES:H<,-/I2*+%;NJ'EI'0FTI
M93:NX>BWEE068YTJ8B/F9*M1-%4S9/%@\98XVI>RHL[S-H@+3`"O+2A>;U=4
M:K<M;(KWLO00SP_./?J;_G(NW+\1BOCU!\^YK6<RQ&$B_N>OA1^O61#L;^&!
M^GY_<?6G5Q>ONIU2"-X+\!M<:NQ=#Q#]2\#YK(MG_B$(EZ#8WOXK!Y_QZG3A
M"PXB?0!WQ?'^*YP0MO(]F[`U%G_[MMN#?_%"5:^J>0CJ6_[]9RI/^0"?1?5`
M^9>$HO(U]8]F7`T6HK4%4/C?,K#T:^H#-2P#BM';ZLCPOV\[?7UJI:_:\LB^
M/JYJKIZ2I?G;^KO0-Y>_!)41/U[`\Z"84()]_Z=XK`<'J-'NH#\83B8,3>FK
MMF#F40E<Y""2,T1-8")S^+0)Y#LV:,ZC3XMOG>[/P3V!"%+8Y>_YUW^FNZU+
MQXO^]\]7/W_X\_\;#/K];F<PSB"P9LV:9RI?Q+S\A=(2\.-KNKE7;V__*Z(,
M3*6OV@J:#ZXGP@N@RUN\B%0+B(]X\17KF84G^!X]O<0$+//6^F?=*\+W!<N=
MT+&+?\:RV%H`9C)[1C[LRI^=F5!FW[W5MOTG\,!R=$+&M.;I_1R8J^=>L=7R
MOPC/^Z<?//C78.$'OIA?82HG;`)&Q:MJ'-H%I@8^>,$#'5TWTR_I?2*^!A_`
MC9`-FS[+.V4F@%\Q7/,316HNT0SZUN\"G!A#-3CTW]?O3?9\VP=!-Z"^5C*G
M4+'2=O"_:P)_U0:O!?[MI#^9M`P][/XP`ST0.KE^[Z4+>`5RBPJ.W@M*VU3*
MR\9',NUV4Z2V67[K<VH)TV:'UQL/1GO#$UZ'F44=3R3MU\VA:XPTH"9HY_[\
M6LXS:.4D^Z/1J&.BN&;!1CB]:XY3HS,;3";C87L(28O"NL8@,)W0-(/-9ZSR
M<^=?@D?'0T[^.?!E,KG2,.EW@8`VG\QH.)ZF>%2OLST2[UI!@LEKPVF,^M-1
M2TAD!&!_E$/`]?'VMZ<Z`W[RT6V-X)_H\\.17W"DYB/R[:<;3U]I;H.'QKVQ
MB6-#4+:5C'O9@D8L-YH.#HX_>'']#/Y?G>_OA"\6;OQI\0NGQ:[`W/*Y@+>-
M8^X-#7Y<N]RV1]D8E4;'->ZTAT9!//8F^=027H0$PU<1P$4[TK$['$W[A,?Z
M=9I(QQ9PJ"4<06R,>WO!P30D\N_^0D54^/J?1=S6:8RGD_+3*%NMD<9J"Y]:
M)]/M3RM.IAU\0('U2_`)$W#'R(("OA112X<SZ4WSJ)0OU.1<VL&CWJ'T>@4:
M:PL1.)!.!2(?7<Y<N*T=R'0P'I<A4ERIT8FT@DBM$QD/AJ4GT@8BH.![)8@D
M2^X+]`GS3]@I.A1WW'J1R>!C$$7`F9\6.$UCQW-Z.Q@,\^AMLWZ3T]LGTK7.
M]&U_6I!\^T4:3KHHW'5N\#,X#%>^M!EW/='Q>##("</RA1H=70M8U&.[R734
M;0F+C$G='1<QP!H0LN/168.'K\"QC[X&7_#R\<PE-9@2P=<`W_=9YNC?/?X[
M0O'\20T_.L=;JB06/JFJPYVM<J#7W%;L$>(:&WI]??FG5U>ONH,U6_DUJ#@P
MX)]+*N7&$&':[SXSS+D%=ZUJPW:!J^[6?#C0UE324_=;NL(W7.+;E?]-+O+M
M)RI</=+]*\C-47$G\2X//O0A"-\'R4V\2+RBZ=J2'=.'S<SIBFV6;R)C]X=Q
M+<G;[_9'H[UBG)7'16-@B9D_+KC^M/C`]2?^+04VVXGLY]!;L]ZV48X=L&DD
MY[K#-E$I1CJ*I$C%.;MR56\\[$QSIT`O;A3*V![(FJ&+X6`R;@5(,^6??5=;
MP8E^O]L;EL"Z2SBB,<CU7-WNN-^9[@1R:7:I0`WOY*6"R^]NW)X0F61!+RRR
M=:BW(#FD7KTTZBZO.)<P?Y?$/P?Q?T6,&K@=$[/;'V9IO>[R6P>"VT&TD;@<
MCOK=?2%9C+84/(V*K$!;,F`T[I<A5[%<H[A+>RC5DQ&C_F2O*%V\&A0\VHHU
MVLMZ=H>E1%B]8).C:A>O>J?5:1VMC(@<%.*P^#5EVZ*[R]\2L$,]=%'.XPLG
M#/%^TW\<+Q&;CJLSW>`+]8;C_('56'9K[(9M8U=+\$_'DTE>;+2.'9!CWZ[F
MP>E>SG6C:]<?]?,J;Q^8#RLQ?]<^YO5<O$YOL/<S!XHNT?1ERW`M<;[RJ)W2
MGV$_Y[YO`\+61]T>PLUJN?I]6::P)VR+VK/@(]!U80X5X<+4PU>VXZ?VXM\C
M]V^^Z_WOG_%*Q)^SA_P@O/O<*6M._FLC)=@F>)5'T@"TBU?C0@K+J,;^[(2?
MPFNZ"DB<!P=&$;5M1=[EY^M"(7CGK-,U"&3SHDTVOFWL2L7:$V$'9U>TK?*5
M].=IWX-MSJQ8O*\-JYQQ5;U@H_-J":/B.3T-1G!&15F<7^"*YR;M?CZ#X:3;
M78\,K]7H:%I`I.ZQ("*]_2`")U(TWYO<>=GF6,:C#<>R735S\6S:0JGV`0TF
MW?$>40*-7C1)TQ5:L;N!R*HPJ&MF%A7]+E#7LIE;@#I352"#EW]Z]=ZXVVF\
M/%]_4%K[T#@#TNWGG?7J%1MC=K$#9HWLW^FP/V@1J]+P<HE%R07W%$.,6KJR
M,)J.<Q5M^66:7E38#OY&QS`9#OL[`U\,IQ8"^Q=)%`."H;J:TE(<%6]7Y+SC
M\H4:15!;P**>O!IU>^.6L,@F;`L4]%XL!$;,=9&B/&99==U.?B*'S(8UM\[;
M[H14PXM7O4'+*!5YIA!35(M\$??"3]JK5._TRY')KM.(8W;'H5[T>MKK3O:"
M`_!,P4Y4[X9CYJQGBX7JH\ZX')&2Q1HEAEO"IF8*:#CJ[P\;\Y;ON@7:R_[T
M)CG'=_URC2HBVD.I7J5$ODYB9Y2R&J>@,T&%A0`!)93`K##+7MJY!C7*.8YK
M%MQ:U33&II&:Z4]ZHQ91*:J8HN;$^]_9N]]M23;0,CED*M=JI&K:P:6FNLDY
ME#NA4N:J%*]X73HA3NZ(5.SSG1.YLT8,DPN]]C#PVANFR)2NU-!E:8)'+58I
M1:*[#R3*KM[DW_[>]9)8-*OFV?8XY%H-#Z09+GLYDOJ(%/5^(61T2<-JA)!,
MV/ZEJ&Y_U,_:,AN7;*3^6\6LGC0;=@>#UC'+7H<OBH'O.&8PO=Y;77BN*V'3
MNPZMV`F#W#VBG2#:VBPJ6'GUER^Y_/'$&U("4=,07<$]^9&;4:*UDQF=(!WL
M=B)VW4Z6`38LVC1^MQ-RS>[23/J]EC$K"N."2ODQ".;4+7Q7=VLZR)KRZL6-
M)&L3,.NY4#N`66K\%;*&Z7TP9$*N?$B`WS[IR1CO:,:@<=7X)]</L,GOE6RR
M"R>>?<LEM0#_2<1W6$ZBVYBVU'^IW\URU`$Q:&JJ'LVN-[M-,NI,AT>\Y=GJ
MLH*58P#16EU\=SB=E.R(7F3K$K&MH&YTBKWN=$>(B_'+"KJFEZ97P';NXC#H
MEI%?;I5&(<N=$:@GQ7O=?BL(E(KT@NK?9\)E/.F72=\F:8E22=D(F6;VRZA4
MC^R8,ZI0L;GF>;EF-U]#G'G24G?"7AZI&FMO*ZY:P;'959WQH"!X6T?0;'6W
M>9T*.='85YJ,ZA[A5K(C&VW>';]F3-?I%21AR\B574\M72770$>22SM>7R]W
MEV<+`+;FQ=:P;2A&1P7EO!]4*U1=^6)&8*F5$QUV>@5ML7'EK8]R=_R:U1P,
MB_9)R\C!X16R*,55<JGU=I)VG>YHD\K(K;OUN>V(6K-NK]W))HK<":VRZ$MQ
M"=G75*TD32=P[JAI3,F-^^;=&8:;Y$P=6+8^VGWL03/+9Y-5T#[Z9?FIXKI?
MY`0<0?>)VN'9:7^3_LRNNNVQ[HA7TY;:PTUB=FNL2B/=)<8=!UW:C&SW!WGQ
MDUFC:2![*]B;A;,ZXQT!SP:<"@DH]<+VHDV%\%NZP-:1IOK@MKJ[-6$MC7"4
M,*N*#_+S:I&V4C99!,K7:AKA:(9,LR*?O,IHC$GQ/DC!ZZBR2)LDQ`?C88[D
MMS,\BQ=!&H);-\N=[]VP$[@7KX:%AAK&"[&+OS%[E>/F>VB]M&G))N?0*F)-
MVS6UCQCP0X&M]U`GTNM-<M&O=BI#=@2^9@OC<:??:1UX,%$+]0X?X97<503,
M*1'>MU7.3A9X%H'RA1H5&;:!1JV3V",:9<U8/@;^[5<1+LU1"#M+J^YDDA.X
M):LT8H5=X:\GE+J#G&YN"'_6$BVP,9;`E_1X+:DR*LOAME0SG16^NX&TM;6[
MSRUIY@5V!Y-<-=0AMZ2L_7[%^FPNME\,!CO0Z0_K[$`)!%L[^FUAV_"PN]/N
M85`%-ZE@6U6LM;\JO\ZD4P?99D5]V;A<6\@VJZ7H#W(1\W8QK;@1;K2,RIS\
MQ%[O/Q>NRF7Z@+=T=7Q0//MTC<9(7U0@_6X]TC@]+_U>-28O4P85^]#LHOD@
M9Y5LNP<$Z-^W`G1-L^\O`D=UPT>J/+Y6C^^=D2A:Z(60DVGEM&2<]SJY"TTE
M:S2RRW<$ONZMGW$+P)<&@POP:YG4M@B8#J=9+$I6:AH6WAJ+AI6.W7&G!12*
ME7*%^).1E&FM04&N-*NX1*,:N=U`K]E%)7<UN0W0RTJQC/>V=W6W8-"7KM*H
ML'QG!&I&!(:5E+/=_=P*PZ60U*D:I_-%S#PGBMR%RY.LTPD3'X+PVO'$I\6U
M`'C(DH*?>,D<S2RMHMIMAS,M;LH>8=YA?PO&<!6L__9#X7C8/.U',`U0FGWR
MWXO0O:>;&M%YZ$8@Z]X#L/XMMX-L=4?!]1O7VM/F<-:ULL`<[-H;C<]#;VRS
MRH#^D>SICR67SYZ*$KO?C.E=WPB*;QDPOC$<M6SB(]KAHC/7'C1/L[F][IXV
M=S>96K0X-P+V]\##_GHI?*G<W[MD+5'@>X!UZSKJ<FHM*UX*[F'5P`>=244P
MR2RF]5O:G7&)+M\"BJWKJ]O%NV&]40E-M(MS,?U3;K`:F;X6.^:,<Z'5ZJ4:
M98+:0:5>/FA41I]-4<D&P`LFC)I.3N>]2L+9'4YB6%RDG2M;<*0'O5SKV\VK
M;AWO+G@5:HVOP?GLM\0-!=#V/,'(JVBS$K4[G);C5KGNUM'M'5%K>&:C7*%T
M&W@5)_<5BJ4_A[)D]<!-SNNMVT1V[`''AJW.]X4CG&-1L&36VF/#\RKTVFAY
MWB):VW8]WQ]:<%H%<[9LC=9:GV_`I7G;\Y;PJ'LT>\(#SJ,HX4O>WV[C\PW(
M[-CTO$V,6CJ>77N>;Z`U;B"^9C1(+:.VV023=D&K,%+K@):M+2F$?\!BF`DQ
MIPX/&`L]]^<_.>A?Q(^?%N?WCNMABDL&2E,7M*6;M..<5&T$R]:;4,((QL)X
M/)]65+IS^5V$,S=JV-VMY(IB-;IEJV[M2NR(6#.KM-\Z4L7L7(G.#U8BC!\_
MPY/8J@0+@U?XMI]%"V6\_>ETFL>J<KE&.;NV$*J7O1YT\I?S=D0H&T,JE'"9
M(8O\Y.EV),=X/,CC4[GBUK&AYO@TO)&3[\*](S9E90;%NEFC9^GCU]#Q(V>&
MG*IZ_2,#&Q]'O[CQG?F3=HI/^[E\TXY`-:Q>V._F-+L]W.D>>&.*4K=0Y92]
M_;CW28_#7C=7=K`E`(U$\QZQKE=K,279=DBLRZJ0-BW:7IQX/-H.W=W"QGO"
MM-[1#H8'PQ3LW$*`/),^:/?NS6A0Q*Q\I49%?BVA4N^42LBQ+50N7@U+=`V7
M@:HJ4"-U^UXLW)F[^\6HSJ275R>;UFQT>[!=W&J=UJC3S_E5K>!69D,5W"O9
MMZ,=FW8R[><J9-7K&UHU]<!M:+)VQYUI>\"6M2J\%IZ'A?D8!`A_%5CCV69[
MA-YH,LYN=_6"38MBF^+4[,[#--_P=R>$LBY>P2@J[P;=3OZNDYOO7;[6UFY=
M$QP:)NIR%VD;(T`U126<O%TVX!LG<;]1/*98\E-W..J6(76"O:2T=$O8OV(9
M1!(^;@?]L.0`M@2]S%3<+GO1>-][+>S[SL`WV_AIKB]$$^"O7DWM-094H72G
M_6X+76RWD*/^)FT(9$U@D0<:0-QF2=_;O"?2'+L/;6$WG[LH%1WO&[:B`6R^
M73@K-X9_U\%H/!X,IBVA5&+I-4)I/?N77K.8M(3"WUM"H=D5M:*_T1R3RY8P
MV23.RKAD/.GMCD712RJY^5@4UJTW6NGV!OW^J#69U@[(K0JU_K2%XY)"K2WT
M=I1JD^FH+48J"_(UPNE)Q5I+.#23:\58PRYRK254F@BV[F`Z[;>$2%G"C-[&
M1I]9I<[&X`X9]F8F=0D';07;%E>6RFW3XFH4J#^<_[DU$%L(RK917G>I93=I
M>L!]N:K/%+S:08HSMH9@"S)H&=T]4L'^]Z3@LXX+=[25U#:JX5JH(,R%/4H6
M:6*P[@I]W6K!?.R@&?@J_E$(OI:\3I;-UR:]AC&1P4:\%""-,DJ%P&9F@592
M\7E/J+A"(T]H-\AK%C_E39U&L"NIOIZJZ&WJ+"^"*.9Q6?NXKU-GW2ULT=WQ
MVH%M#HEPZ93?@@WSBW!O[\`G/;\7H7,K?DX0XD\+.;=V?:ETK;Q'1?!WU.]E
M9<66@#3,5+6[`9LIO`K[SF1Z<.S+.NY5K%M8L.$D[JK(_RA7U;@5&$V/OD7D
M&Q_\<#CM[(3Y__SU^TV(0S?_/U!+`P04````"`##<VX_[0(WUJT-``"UJP``
M%0`<`&QO<&4M,C`Q,3`S,S%?8V%L+GAM;%54"0`#/FS!3CYLP4YU>`L``00E
M#@``!#D!``#M75ESVS@2?M^J_0]<S<,F#[*L.#,[3B4[)1^9<943>V5G:]ZV
M:!*2L*$(!2!E:W[]-GA(/``0E.2PY=FGQ&(W^/6!1J-Q\/TO3_/`61(N*`L_
M](9'QSV'A![S:3C]T(M%WQ4>I;U?_OG7O[S_6[_O_'XVOG9^)2'A;D1\YY%&
ML^2W3R[_ZIRSQ8K3Z2QR7IV_=AY6SAE[#(ES%7I'3K^?-W'F"N!D8=K6FZ-A
M]BR@X=<'>.8`HE!\Z,VB:/%N,'A\?#QZ>N#!$>/3P9OCXY-!3MA+*=\]"5JB
M?CS):8>#WS]=WWDS,G?[-!21&WH;+MF,BF]X>GHZ2)X"J:#O1,)_S3PW2G34
MB,O14LB_^CE97_[4'[[IGPR/GH3?`QTXSGO.`C(F$R<!\"Y:+<B'GJ#S12"!
M)[_-.)E\Z`5L(5L8#H]/4OX?+I@7STD8C4+_,HQHM+H*)XS/$]0]1[;[97RU
MAC_UXB/BQP/Y^\#,.M@5V5T$SB+;OYG<1<S[.F.!#QYW^2V&5S5`:^!]7FRW
M+H<G,Q)1SPUV`5II:'^HQ<WDG,T7G,Q(*.B20%]C<V(+5<>],[Y[3EP1\U6B
MB08T%=K==1,_"/(M!O$NEU+&)F74R'=&,"9BXPP?:0AAA[K!1NL-B)K9,X3@
M2UX<)+WT&O"4D)*GB(0^\7.LLN5M.G_6)HTD^_&QTW=R^N)_W=!W4F;'%#JL
MO3)W1/M>4.8H6VLW%)6^VQ:2DGU[?&=N($>QNQDATA/,:)3$>WIW*[4T<^['
M8N>NF'T,V&.C9HQ,2BSJSJ;O5@;GS#H3P($^M*:#_Z=TFY^$\^I+Z,8^A5SK
M=4_=OQ-T@"]@7HD@D`D+XV5%9$`C]XF%;$Z)2!.46`P@U9NZ[D+F*:<#$D3K
M7V2:<MH_'F9IR@_9S_^Y6<@<$-+$%/0U$VO]!>X#"1($:JI!5YC/F8B$C'-/
M"QCPB`IPG:0SM'<D@(:G`$9FUT1J,4.EP&TB7DM0\.$1+POC<B]O%?Y;<NMZ
M'IM1#$0\3R-]'SQTGO-/.)OKE)F]DC6#9AS2IP^]MS`AB06`80OY(ADP'HF<
M8\!DI4/;I%.@`)"/_#D-J8BDFR^)WD"-'&BMU(@\,]5/=J;ZWN(9`E4N85T#
MS=[7[]+]-J)\!#G/&:1>80PB9K*R4)P12,.RA/[>?2+B$PT93[*[B'#(,$'<
M<BOI3.43B68,GBR!),LV:Z[\7=_>F=]TH./<'Y4NF[GD&YP!,1=9'P!K%']&
MR]:4@#[0Y**DXN;XE?;5D?XY#:W31KO1\GL;_#.)C`E]Y7EGIE7BW"C_.]H=
M>US.1,PBSADD<Q.J[K\:2LPV5L!]CHA:+R#(7P`#Y,*QE[:?)Y%WA"^IIYA<
M-C,@G0(T`[?J`PM.DR[6;8<8DR4)8^7<?_,(\V1E@Q)WY#F+!0V)$)=/-$H\
M1J%Q!0W2/J#$FAG@9PL#O!]4"HC;5175%=V\H'A2+2AFY(ZJ`MQY!7$D!(`Z
MC[DL!RN<H_*\NZJA*V;@%_(?F00LW4`._*/HW.5\!5WUWVX0JR8\EGR=.;Q2
M_^N2B!UXW"%HY'DL!MACXA$0X2$@D%(8',Y(CM-.9LRXYQH79$(`J`])7"JC
MT3I&:IS&,4+.;#,\QFF<FVA&>%.(5A'A-(4*:6X!K-$K0:L=&#O7="T4*;6+
M5+FW'*8U/%K=0H*4;'V`06XALR;HH@J5F\F1&<(,%OG"&F/^(PT"A0TVCY#I
M>P,,>4Q7C4>?6>BU&G.+#,@,T007><`OC%%&JVCHD!E#@S*W`=+X<TW=!QK0
M"!K1ISTJHLXG.;?N2J;_S=.;*F%G?J/7=75V4X6,.[<`U#PFOI4K&6AQVT6'
M&G=Z<0U@IXGL8R((7QJZBYX4L6'TH%O4*CNIRJ?K"S&GX;31-$9JQ-8QXD:>
M.V9=OK!DVAC45+2(K6-`C3QQO(C)/1N30)[)NG6Y><0Q$2.VC@EV;AZDP>W<
M7=#(#:Z)*\C-0Y`%:(.)FA@0FZD)^CISPVFJSRPBS9FTD@JQ491X<TL@C6D%
MJ<PS,!R:KR=BVM08J<(U/==8B;#@P6@<"]C8IS%KV>0^',7!6%./T;!@L)11
M&D7?PMZIK$QC-,;W7QC)BJ@)*MW>!B559P[4[#)*O+A=YYS-YRPT6J%.@M@$
M=;"X8RQ,!^-YG,PWDE*VXJ2\W)[WF40W$Y@MJJ?![5I`;+W6LB`O9XQ)Y-*0
M^)<N#VDX%07Y+LB$>LHMTC9,B&UH`[]EI0-[JJ"B>(:PH]D?#J/.PJ7^F*W<
M0$(VY-(-U*C6]AJP6E6:<6P&'_D^3<'=@C17838Q4,5R'27B_J[%?`!K`=2#
MJ+3MSMO6+>#<L]9:#-P)5>FB'YWI5$2(NY@*;O.FVTZ/=%ZS<'I/^+Q8%%35
M"Y1D&`;^6CE`B13WUN<DAR[(U+S?1T.,T2`FO+B'GLOY(F`K0K)U)JL='!8\
M&(RD&6,LT./N2>>QB&#RR2_(@@EJVJRNI41L'BUFY-OH\IV8V6'%YE,=54+$
M-M%!SDV"M*,4]C5L#@LI+**APYDB:\`>T!2T*<DW9@9MF%&5$-I!MQJ!%.;<
MTZ%;\V6!^>';'ZN';PO7^+&)(QF=A!/QI7[R?!K@O.5L20''V>J+D!NBUJ?2
M1UY$E[HU^3;,_[_?I/GNBY:66&_V*$N`>Y'K;N9RDMP(+A<42"BRBV/K:Z0:
MP@,TD$X4W-6;RR>/"`$C;7;1BKP31RV)7;38L;T#M/N.$B,O*XWFC$?TCQ1_
M?FUU.-7=_&$F/T#KF@7"7?9(Q)5?@/C(^`6+'Z))'.1';Y2;/TSD!V@[LT#(
M5[(OR((3CZ9Z#OVB'RKGVP;J`S2=41[LV_:S0H+]'6V-'`=IP0:9D-=51OY_
MX^PR0#EG!25<@8:$/*S@P=\TN9%EDY'?,TL])55TY4KTL[[O`#WHF36"_'0)
M""87(<D%2?^]"NMW`JG+?!9L!^@-=H)9G$/I^H;OBA39EIL\7&91$L:\PD%[
M*SO;-?0B+&\GJL5)F+U=&9H<8Y,SO_)1-M5^,"WIP9G&)$RN?*1E#WTTR78:
MW'/7;Q=?RXP'9TQ[T7+3(DW<E&)4KC6P-6R-[:68M298;M1#RH8JQ[KUFYY:
M<;\D$ZODRRQ]@K3NH5XVO"6<R@O:RW*J=H.T8N_N5N(MI"RL!%G[">YE(HTD
MZ3W\6ZY+*IF[*\&ZJV0">\]&'MB9$X#KRPO7ET2;VEOP8(M1!HNMB['-4B'_
M:`H`]@CQD\]&W$&'3;YO)B]]B58WD]'2I8$,L!\9EP_OB">?J%UWZY8.T>[;
MRHK[\V//$,"5RL2]>JR19+U,MI%$];46^Z!NW>">SG=1>-E"GJ])8]9-6-R$
MGIA=>=.`:KJ_0V/8>GM+LQ9.E6VM@N;\I=,AP7[M7Z&[G79/*-M[$0ZSLQ9P
M;VPOC8?R>-%-`D]</A'N4;'YM+<N7U#SO!#36TC:;L_%"\@+K%6)V_'K18KR
M7F&KNDV5!9O;6R3$S4(A'_2211;5HLQFMTWI1DR%8=LW@<W0%E6Y]D(B/_U3
MEZ5R9L:J"]=X#M"T%E+E95:S+7<XK*+]>&$5VET4^S`(Y6?-;N)(1&[HJWIF
M:_Z#LUUK"7,['L)'$//Y51)9%C'W9G(^-2E<T60H-YJ8L)EYV^S20M0V14C-
M020IV9A,2MH1=+[8K$WI>O!G61D#1/E'"7N.;.O+^$I]@JE./C`=A:J<1LI^
MU1^0JC>?M9.=C0+H3M^YH,(+F`!*^"-ED0>C:IBVU\J==!*^NIG<T6E()]23
MW[])EZ;!W+<LH%[2SXVZLFUDKQJT?6E5KR=5O68-2<46FG(V;3DU"7;PPGQ;
MW6UR(9CL&W+VW>2,.J[]^J3N+545OJVY)HF<E-4!7B=E=LH8M]>9O"0DWZW\
MK]@-Z&25A*=\M[E1=4W,>]5@T\NJBORQJLAU`PZ,D<ZF":<&>'MUYM^Z*G[F
MJD&):I:]JD[]BJK"?JHJ+&=+]%7'MKV6I`_3=(>LK#DD(^"4A!;1T,BY5YT9
MWU15W3^JJBMP)]I3(]U>@X4-$@T:*U'N54.EEJL:^;FJD2R$E8'L,+9J3BV:
MQU+CJ<U]C9W&,Z0;#9W6QDK)V$\X'26^[;4U)E,I&..K!@T5"?>JE6+#%4T,
MCZN:>#84ZS/PD-GH+]/*C]"_U1ZA3_*90@-_=](F2F?I.[WD^4J(F/@728$F
MK>(FUX'9'W#>HA$,9U[NF>::07F29S(AGF%51J&&O;7<[97?.D-:KN-LT4:W
M55[%=<!?0DX@X_N#^+^Z-)0';V[""Q!CZ<JM/&+$*<S[ID7Q#%<I/\=+$%V$
MF.UT\N5IX4\DFC&54]BQ'=;-&JUN:-GKX'/KRKME9B2""7)0'XF&NXQ$SJM2
MZZ^?:U`524FJVB=JPKQIN)FFV$2>-F(85Q6R&4*$D1IQ=/P-_`BBTR9^;?:V
M[3M&;ONJ[A;)FSV@M(CV+-)O>_L42F_#/A8?M(>UE]MJUR8.WSJ4F[-:6'2;
MJ[)P&$/GBV/B!:X02=D_T?AZ.I5MG(94:!WU@"6(?;E,ME;$%MU^?Z\\!)=Y
M?BTT;UMK7%?<3YI9FF_4BTBU);V<WBFM!>]M@>Q!D&\QZ/-R253+#\,W]:6P
MG,7)>?9<81.;"4:VT.P&F]RZ7H&L02PT(3/Q=2-.L14)^OU`-O7@"@)__`]0
M2P,$%`````@`PW-N/PJ3#WBK!0``<$,``!4`'`!L;W!E+3(P,3$P,S,Q7V1E
M9BYX;6Q55`D``SYLP4X^;,%.=7@+``$$)0X```0Y`0``[5S?<^(V$'[O3/\'
MU??0Y,$8)Y>[0H_>Y$+:,D.:#$DZ]]81M@#U9(E*<@+]ZROY!V"PP9`0VX7)
M#`/R:O5]TNYJ)>_DT^>)1\`3X@(SVC+L6MT`B#K,Q738,GQA0N%@;'S^Y?OO
M/OU@FE^_]+K`98[O(2J!PQ&4R`7]*>CU0)M1B@A!4_``AT/$8ZW`KM?TG_WA
MX\_@BHVG'`]'$IQ<G29ZF68TQA<HE$[5+QCLK&:'3PBFWYKZHZ^>`X6:BN:D
MSXDK6\9(RG'3LO3/&N-#ZZQ>O[#"AT8L*O!,[OGYN?9\'DO:UM>;[KTS0AXT
M,1424@=%O1(]%K6?6S&26+_^O87X9$4^`F0W&@TK>*I$!6Z*`%B7.5`&*[1Q
M!)`IH7^9L9BIFTS[S#RW:Q/A&FJ*`0@GF3.">F@``A1-.1VCEB&P-R8:?=`V
MXFC0,@@;:S6V73\/E;R[E\H>M&G<#NXE<[Z-&'&5$5S_XV,Y-8!6_-CKS$@,
M';^&7-_2[=:&OM;^`=Y!KIZ,D,0.)"]!NZ1H$3KD3E[T&>L8&[9>P(N`U$BI
MX([?1Z:+%23M<P:(!EHD,-."J;24J!7)6*D*]HUZ-I3I,@_B+2&O]GY#O&@`
M?2)W!AQWWSOB8&9,#WE]Q+=$F^RZ;Z20D.WP!1TB5&K+`+_'%@S::(`IUK$2
MG'0Q1:"C_%0`R>8RI\&&$O-Q9QV4^+<$)S21B+K(C5GIH7<*7I%2+'7_NOV^
M#DPPZY+XS@9@4<&/(%0!3AXI]%VL=MO3,%3'\`ES$IB)WBD83UT("2>,,@\C
M$:Z'+RRUPP\A'.ME:5B(R%F+7IR&6;>C_>%=U/S7#.H#[,_7F\`^(D&^D"ID
ME0-R.)=7S!LSJGZ*RPD6FQBD]TD2FIO0)4]24_8:#Q"9[H[1.-0QX,S+GN5H
M8):;!>/*QE32-W,E*\4CYD[6#H("N`F"@@!'+RJQ2;XUH25,[6A33B62(5LL
M`07'8S2PFIMHUTL%GR)7+/`'=0@3/I]NAIXJ62SX2]<-@@8D=Q"['7H%QUA"
MLI;&ACX%$W+4V=@G^EA\JTX`7%LY1R,=QI]01QVL/;2>7/[^Q1+M(:F\%KG7
MD%-,AV(MJRSA?6ZCJR>$M7OHND"\N*5F!*_EK71/G))I>1JAM8%XD4A*(*L>
MB=20%M$XJPZ-#2$M(G1>(4+YPUA$[GUUR&5%LXC)1<YT.OW,>DG(\7QZH.=3
M?5\17%=L@KT@N$^G"6Y9UNZ:*XA33Y_1+,_C<GC_TW0($\AM&9+[:-[(J%2&
M?4V"KBU#H*'^DM.I.E1%&QS<X8,!XV!^!=0$(`+67(5_]+A2F._;0\]:F17H
M66\D"H,^@AR)CA#^W!J702=$BH7[!Y+AMM]E(LL^EF2*!9R5MCQ2E7(2_"]R
M?U-)@$9Z2]LJY#Q!J63$)<="Y01MGZO/.]7.7$7K=O``)QFL]S%0B6XD_H3$
M1Y>.\AF.W"LFY`V2(Y9ELOFZEHA>Z&,QR#RLEGN4(`*&(6+1E(*I#Y[=CO5&
M**XG*E?%(CO6;*^GE,3#U7D%YFL5%7WI]K<OI-Z(Q0/+.'JJ,'(]&"!'_JH2
MOX!+4):AXY0*4D$M0N;UW"MI+Z5]A`:]S7SLHJC@DW#>]'XU)RK-#5)."HD,
MJ33W1OG`+Z5+I;DDRH=^'VE/::Z2\DU!OF1G^5:I2J26<YV(RX>*<-DAJ8D8
M?JPVP[7)2T3QIXI0?+5\).+=J`CO7?*.>/NNYZT(B=^QZ2ML7=1VK`HY5H7L
MLRID;Z^(XYK,MWQ'O-/[H6XY:AJ72IR7G=!^B1."DX3VLCAE!5\H'0L>*USP
M>(`N=MSW2E(-65@9V[$&K-QE.B]+7@HH;CG`*%K!1&7E)'NL?/E_5KX<H#N^
MW+:K6_OP%F4/*14/);V2>V7.VYYF"K^L.T#G/YYH#ODF+VK7'_I_+JB6_P!0
M2P,$%`````@`PW-N/Q)9I]IF*@``?$@"`!4`'`!L;W!E+3(P,3$P,S,Q7VQA
M8BYX;6Q55`D``SYLP4X^;,%.=7@+``$$)0X```0Y`0``Y3UK;R3'C=\/N/]0
MMS$NN\!H)7F=AYT71H]-A&@E19+C!,'!:'772!WW=(_[H97\ZZ\>7?V8KE<_
M6;X[!&?M#,DB:TA6%8M%_OY/+]L(/>,T"Y/X#V^.WQ^]03CVDR",'__PIL@.
MO,P/PS=_^N-__L?O_^O@`/WCY/82_1G'./5R'*#/8?[$/OODI3^@TV3WFH:/
M3SEZ>_H./;RBD^1SC-%%[+]'!P>"Q(F7$<PDYK2^?']<?A>%\0\/Y#M$.(JS
M/[QYRO/=-X>'GS]_?O_RD$;OD_3Q\,NCHP^'`O`-A_SF)0M;T)\_"-CCPW]\
MNKSSG_#6.PCC+/=BO\:B9&1XQU]__?4A^Y:`9N$W&<._3'PO9W-DY.N_?_%R
M]COR_]:_0^3_E.#T7P<"YX!^='#\Y<&'X_<O6?"&3`A"OT^3"-_B#6+<?)._
M[O`?WF3A=A=1*=AG3RG>R%F*TO20XA_&^)'^5G2$WQZ00?@(OR@_OD]R+WJ#
M*.2WMQ<5*4:FR`Z)!CQZWHY3BKP''!VV$0\7XW0(DQ5_[--+PD>+0_R2XSB@
M8/Q32D#S`W/Z5#$844HV\5L$(ZHE22KHL5'IISO\_5GB%UL<Y^LX.(_S,'^]
MB#=)NF5*M7[(\M3S\_9<430R%\?'1Q_*F>A!Z+!BD?*P3MM\>JDOQB)_&L0N
M(0[]A)C/+C]@%`7Z)DVV`R3,DQY(WT</T;Y$+7%2G"5%ZN.A\\X'('Z!8%*_
MA^.#;^]Z*06;DC^*L9`7!XB/AAK#H7^)`?_G]QS%4H]:MI-[+TF<;$.<O=\W
M`,+0UX<XRJM/J"E]?7!T+$RI_/C[TR3+,SHC+SL<9SC;_WG*"32#+ZMFMNQ3
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M%E\\G95\8<?`@P81\9OK8!O&(=T/4(^E7WZ-6#"&;2E,TW`-*%"&:<561_U*
M+*9^7@MO<?L:+T`;3[6_`#ZA66[-73F1V9S$7#F!*52$!;B0WSE_@1^_K(]=
M*\1DF(7AG%)><)87-K_K'8UPDQ7V(O:3+;Y,,I4%2B%AC%##=-,.)6"+GP65
M/'04I()$'!2]I<#O8)1Z"-LA`P76YXLXQV1&<OUNJP,%H\<*9ILZO`<"M91(
MV>CH@H`2SFWQ%:0GFY-$6&PN9V:<T\7MZYDP0V/_W#,(]I0RJL"A+$[/?MOT
MY+"+KR%Z1B0:(\#+E62%!`94++&W!*7..[*DB"60QC!.DYBL=@59\,J5+XFS
M$[Q)4LSA[KT7G'T*XR1E5W!<$+(];%,Y_[$@7W_"^5,2U).CVGHMR@&482X^
MR6U;7VQX`/>QL&P2>VYL:!']X5'-!JKY0`^,$<2I(TX>->BOQ-Z8<;DB"WB>
M>DD:A+&7OJ*+'&_)AZ?%MHC*$,=F@WURX$HVZ/2)<(0SXE+0VO>3(F9[UIN4
MN)AP%U%B5T1+"5=D/B.^"Y_19QHWX,[\:.5/PCTQRNE`3OAC(G*Y<3K!,=Z$
MZAV(`AK2SRF9[_JD#BB0_U#PH5(;`BZVU^AMB3'/6=9J^S%``J*JCNRYKW!N
MC,[LP<`HMY31IDJW`!979,GHG1^?P+3C+VB=YVGX4.3>0X3I;=.-EQ*O";,J
MV$H@WS<O96[CN%S8N,Z]-";K:G:#T[LG\M,:,L34X#`F9V*_:7TJV,4-4<^(
MSB8)!MDZ;K=)C!BF)N%J*6WO*8P`1V0CAS**T,ES`[:`$R\+?4MA2U@W=+_%
MN$[Q&2"XUC>X4&L)57@&O4(,WA4MUS'/OA,GADK-'=/RLS`JU+%9);0;FK['
MO$[72U!P;6_Q8:7O)88K&J\7H/S6-:W_#M-G2CA8$X&]1WQ5;!]P>KUA`F77
M14Z?"M',3)W/[TD#QD(&"=JTFUX$%K>F`=QU5%300"41Q*G0X!BG@QJ$@)>;
M*>3ER]!G(;572IUQ69.:B)LV6GJ4CLC]9DQ-Q2D[-0EK8:DJ$J[8JIZ_L=8*
MO%A.([-81-VWV766X=STFFP?",;BY*PV#:H-`95B(N.BHR'KN[OS^[OE7X;9
M,<>`W'D#QODY+5(:L+32U0XLI,HJ&.]J[AX@K`)+F>GFL'(HY#$<('6V8Y7#
MTFM5SK(SZGWJ94_K.*#_H3>;SUY$;S/7^:F7IJ]DB?B[%Q6J!$!+7*`<\SZ"
MM1+/;1#!LM'MF>N:"T%B6=,^_0/7Z,OGJ$\A!?NC@;Y"7HX$!<1(0"\=/$4B
MN\4^)EP^1/@*YZ4'4/D4+0K00F(A1FL]T<"#+2M&GKHNNT1!:86S0C'.Z>'!
MBZ+D,ZT/PU[:!DGQD&^*"'D"A8!\\>%X]>'7OT9O;S'9;I-]^#O^9O?#T>KX
M^$NJJY('NF=D*'9`*3\UO-:=?XD;,6VWC6DC6-7:!VV4XJ?[F*1GY0_7%=-@
MI?UH`)GM$$%;=MR'`)AA]V=2>C5J-NKEC0],M(5-\@QO,!$BN/=>^#[9N$QJ
M,6#,S4*(IG%IP*%,R<A2-]148F@3&V>WDQ%\TP0[<31S:(VZSI]PVCI>*D27
M`0*])E2RW'I,V(%:_BVA@H7NFSP*B/8.[E"AX9Y<^]K("&0$S2:6XD3$S!@I
M6UQS;7[^/74%?=-MPV_YH-LE=;U)DQU.\]<;PBBK`_AC$>YHCC]9(!22ZE%@
ME-E&C*9NZ^"A=B1FGCH*)5!X>0`!SP[NBV],1K"_0@R)%VBHI;CJ2K%T89XD
M"3Z'D4KD^FN@4CM[[+5JZI3?@17/:8W?+3)3?KU\39QA?#EP2*2/S7J?$YM(
M[AP5NZ*83HLUADL'QGVN?D9G1GO6.\?&&M6=DZ/1.!2PX.='O2E(`2%/D4:U
M:1\DU:H"<):TY-V)?3GG6'O6@#TXJD^,L,D4VJ,7:.Z$X1`+?G8=,',+&\5E
MZ#V$44@K=I(#QEV>^#\\)5&`TXR_4S<D+-FCPQA67_&:IF>+"V6<_?CK*.'E
MQ?KDXO+B_N+\#JVOSM#=_?7I7_]R?7EV?GOW2W3^MV\O[O^Y?(K?6*%J=';T
M;1+XI:AHX4SN5(-;N_Q`'0*X@5ED"JJA'3"B?CF#48T(:21V3#<0'$PA%'?2
M-]ZK1>J$`A@VM4G.NBRIJ0T)G<XDXT:=D;/CT&!91/VX+:%=N9,E?*4%#KJV
MJQ9:!0^FZWH!]M1=#KS\K9>>$YG^4'@D\YE`9XD))9CS4&3G=P:)HEEM%]^S
MY>$CJ_UUBS.</AN6*S4XU'Y-SWY[MR:'7=R$]8Q(=CL"')7PX.D7/26HU;Z2
M)$HR:-6GB<AIX>=%&L:/5MJOQ8!JDF,4HMT`1PD.U]S&P))2G?!+F//B]P!]
M:?HRW<(P&C+,9JY1]]%J,R>#!]W,J060;.:ZP(#'%QU#FF*"&/04TXMI8;7M
M8JMNZ/]9@>^31N,HXVE&AP!TB6X4H76!KH0&NSPW<-2]?2ZP"QW*AO)=HJ`2
MQQ5+./5V(3V_82_#UP]1N5TS6(,)">K%JXTH[:>N.@RX-ZYFKI1QW5V2LOUV
MLD$^IX,B2@@E-26`]ZY#)"K99UBH@>:*Z5PE.;8+^DHA@:KKJIENU=CM@BU?
M:5?%0_>5%X4T!DR7LE][OB5&&S-1%'L\\/L]ZPL==^[S[.[Q`&)"EB'$I:.@
MQG"N->?MMPWNA$`5JY$Q7]`"SZF-CSZ/T(CDV/;'F*IWJMKNK,A'658I8NEL
M7=D$6<LEV0<YDW;;\`EFK^'`VF!8%!S(YM#Z5$>2-VQ6+#<6JJ&SN7@;X^TV
MY/UT:'D@UJ_G$<<^(4HQ5([%A`75Y-A*F';/8RT*7`MD"[8D'88K+%YUJHD'
MT!9Y"AE.=3(L;"R]DWW=2^_ME]#K7@IO[_S6=CXK9BB+F\)(KLLL7'E''W>R
M$F_2\K46XUY7QE`*"?5H6\ET^ZUV!VSQ`[R2!\F;9O%NCH&N>&V^%;K(L@*N
MV/(0_C/._Q='[X^.Z04,>N:2'!^MCHZ.1(%EK\B?DC3\"0>_0]6'(1.6+2*-
M`LRV9>"<LB5BZ=?I':MIQZ9-]':PFF@UL@L69Q)-;80J3+C2"?;<F36^TG6`
M&@J+R`%J4+RR^[IR&U93T45RP8!4HJ@-9Q_##8.1<V56L,X2`&PPL\GA@,'P
M_4./:1`([AA*6P23D7!HEPRDR9&U4H7S[?OZ&L:$_#M@$.;^-D8L=TS#T+_&
M@.*2D9A;MJ@T3=.J!<1<9I$$(,:<Q,:@0!<,+HHL8W<_;-R$63P6(&=`&DVE
M/6<=B@+TXUQ]_E<&`+[ZU>JWM-P[.=6S/X\E`8&OOB)?_$;`_.;7QQ*KF:9@
M/)RM]0P:6&&"6V2?<($%&N3]CA5K!KN`BQ+,+@&<X5@&![08X(9B$Q;0@#M@
M&)8'Z;8ZP4<#9I<`VC"T00`EM",&H3[^*T"=,03MP5FJ0D"G_MDXAU9\\V%?
MC^*("1B.^3IX9XS!?"R6ZA7DZ7X!&99_TEML"_;&C!6M).SN4OR$XXR<A/@;
MS,LDHW5>KS?WWHMB7GI3`7O^.T38O4?!?4@`/A7NSZ;L+:Z@@A+>(:-)1UJ=
M878;G%XT7JVU14<\/WY+2;UCY8KI,QM"#[P:1>Z%,0[.O30FWB-KR'&&-Z$?
MJHM2F!&A:E/8BM0N46'"6CR>9\N2I.@#1T0"$[UMZF>)_`XJVC=8KJ80N$1V
M+OU3(;0,T)5T3YD]=*$6UW\5"V,R(^=\"K##:9@$YW&@4WYKH<YYP/G$BVC'
MP!D9OLN]-)^$Y1/\&,;QW%P;7UQ8\\L?7F1+90,/2F4>S;ICI;`5@IO1P%]K
M:<7I4_+:@7==&K[,SY/8E==B5J-;(09*9%/?VI4W8\O\4DO7K,`Y[1M_DR;/
M88"#D]=O,UK2Z9HL2!Y]V;.F%Z=<?/UCFB&$@"I>#!:Y51"C-Q4H9S.44\G#
MX^P);:+D<X9V)3'T\(H200AY%:7E"^U/)B4-"#!);QHROJ744!B_0Q5!5%-T
MYY'/.OAWD?'W>;0H%;6&D/6HK\,G]\DT!C_/4$#APQFGK15CG&$<L$#D;+)T
MHPWU4+SB6SD8;6)9M4U+V+]\:KGN>2>XR:H&8Y'.5O"3?OVS]73LEN;$(\S2
M\"Z.,U8#0W684P`#A7VTK+="/U)(L->]&FZZD2`*?/!`H=G=@@!?_G7O4*Y/
M-5POK.SG+SXF'L)[.<$QWH3Y1Z)/<KDD_D(Q+R-IPIC.)!/1M+!1!*$,<0*F
MNT%.1I.6%$8/G&J&Z-SSBVT7#'E&J6G_TI(J%UKE!U;257'<5.Q[A7HB#F/\
M2*]8?DYJL/2!9TNK=_W$I=Q\#&./;';BQU-:%%ZU%].B`!U`+,1H'20T\&`'
M`B-/W;UJ`X7>P@?X(6?I9?3*`JBR_P1B5$CH5";"XB_CR.X^(ZQ]3-*SI'C(
M-T4DFDHIYD"/`O4FSBQ&^T&<&A[N-9R))\D#LA(%;9(4/7@!,Y+ES6(TZP()
M"2SHDO]XEV(_9$:[CH.F#2NF0(L!5/3?+$2KZK\:'*SLOXDE2=?Y&H-=JW@-
MG.7+_X_B?X7(OR)<B=)$9^4\=VD2%+X#&ZVS\AUKU>[C_(7N`7&Y]U3.C@$+
MRFRLA&F;CA8%SGPLV)*H8/DH.6PTD@$PG5&\UWUD4(F(WI:HG80ZN&L86I+7
MRYXN<KP='_IE^:SF$/,<8X)?S,PWD8H;FND'=."J9BZA.F;*OH.\9UE,TL:8
MO`(WO5)APZZFOX!9(>G$+NS?B!0IK3Y^AOE_&W-65B<W7![W(0#C>?J+V'0C
M]MA0/J$OA]ULD"?R+_H:D.Q<LPR7!8$;*4_+W[*.EDD00&\%B7=4OMH01>U]
M9ZY!NR*+XS7Q.SA\ICG7UK,E0W7%^M1BZ>VNB^>.Q:EX4_>`3RM(!XS+FGV%
M6552W4XDU>";E'E_&G"7<)/BG1<&XN14GI;6,7]FMV;>VWIF[(BYXC;ZB*YW
M)#:4W'$M]MS*2I915(0Y#E_7$Y#M_*1R*;Q029%&XLK`@H@F4+GY"U).UQGG
MM,B/:^.UHF2'#VCMK:,/I1.BG_"6J/0VNMT6=4\^/>BR#L2&;>H>='"+O<HS
M,Z'J.<MN\O<:SR[]P&HP]X>,^R7:_0:)7]#SO.PR:%[VP;<*8CM3MJN\3[V@
M__FAC>S*5D`GFMT9HHGISE*OYDZ]687J&3^*>],QHNKWRHBX:%II@0-S:SP[
M5(?,2B&6T:CV\)PR*2EO,H.B@*`-^$:PK[8H)M6E,XWPE#)6=X=5A^6^LR2C
MX)AMJ86T,K$N^N(%)'KSUE=5Z\O@NO$W5.F`282MKN4;@:5#-]J`VS^U5$Q0
M'P*NOQ&66:(]MOMO@C6O9*W>VCG\$'BZ!\`PM0G@?D0W',Y%_(RS*8H4:`DY
MY8`L1+9P1!HJCCDD(Z>Z(@4%-UGROY*(BP4*^DMH\$\502>?[9)]3_D*>NW_
M6(0IOBD37)^Q]A[*`@_H68*M0*VW"28DL`<*=HQ)K([G1;!KA2#,BQ1@Y1_*
MO,"C$?(2$]6HL)<_<_X@R[]#\C$.,O9,T8OH?=4GCS`6YJ_7F_6S%T;T;/,Q
M2>F7=]BGWZC/$(.I@;U>&B/\WL.F(:0`&B*/X%/VF(A1*]_G$A1V=2DHTF=W
M%<V#39(>9!2D)@O75GF^66`B)BG:-B:!;W:8S_C9[-I'[YC<WZ6/VYV[ORLW
MG3!U>W&'M^+3;<&="A',_`.ZX6BJ5]ACPP-:0DXY'@N1+1R0ALKBFXBA+/8U
MV?K)OM6I&=@!]Q>_$19Y6PBAFV&_334!FB#)B)RPFS0DY'=>)$XTU_%5DE<7
M(61;5!Y9+NF5R?5#%#ZR]!MIUM@(8@!Y9:-%KS+/!E-:-C=M))N276])#U5'
M]21&C*2XZV.'`7'H9611@^["A_>9)V'7F(283<*N,0E^.0D1FX1DJDD8F.CW
M_V,6C`F#SD^#LP7M)$N=8JT<2=/U@G::B1A6T$Y"T/V"=DJF_T\7M.LM=8^"
M=K*=KTN18EHS_WK'G-;Y"T[],%,'R\UX#D1_=0(IX[PR)-B(KIHC4^R68J(2
M%56X3@1H>PA%#Y2[EF"XQ*!A6-;J`24[%Q9;^T/D:1+G85R0S\HDDN[Y:RJB
MKL=-=%,Q+(8BH^AP/$7-[A2QE16JZ:-Z`*>BI.,GA45.[>,MT"V5";?L))(]
MT>8VSUY$#Q8WK#79?DZK8B;[D0!JN3Q`S%8+YA[XB]MW?^;DH4(>3B%_-*BL
M$*>#)+G8,(8[@;343-\&C93R4K0PYM;+3]'D#UP/`-D"4"[RFCBP-'TE[N3O
M7E08?]E]@5;DB"0:!I+-"V?%I9_T9R.?5>?)F63$]"FW2KJEVW,4NUV$64PL
MHBQ_C)+/%_$F2;>\4J;^(LX:&ZB!1S_A6AT][%#!6GST8:_;/:.!C8(P\Z,D
M*U)V'O+%_1-QK!6YY7N!3"<>LT.*CQH$W,FSO8AS3&8OO_%"=5V))@C4D[<N
MF^TW;?7W<,]#]WF0.V565X-6N@Y+!("7H$9.!0BB,.`ZVG@.IU'3/2BPQYDR
M9O<>8#9!`)\S=]DPJBQ@'6`[AO=>>()KKU@_1)W1*J4J#B2!@[-J-31L?<:3
MA3M53S$=^R?M,32A+'`:OOMLK^(D/F!;K$9Z'CD-V`29%@E)S#`;U0:L472W
M);PTI:LF/W*OIDASJF_SKC??D>.<%^=DR25\A]W2!#8(`.E*5B)4*4E:Z&73
MCBQ8Z3;J;ER4$CLJT5"-!Y(U,U22AUJ2NUV8DK\^EP*%\PID3(!94J*%-P+7
MZ:,7EST[3I,X2Z(P$.U`;LADBFFIFDEYT1WYA#GRAKN[QR_Y">'U!X4;G7X8
MF(W"7-/5W#A,/0;41F(>.;HQ</I^B.TC3HHLC'&V_"9A(4F;P[`KR'H@MF=H
M#M7HY$;V6_5HK3T$'1"Q$:$C/G?A8QQN0I_XQK(B&MGZW!#Q?$+6Y%QLD8'B
MK;U$:X5;K3#!HJT]N).<!K9;+V5O_AIT4$T("4K+AUE'R:47QB63._=2>J5$
M+QQ9?IW)RC3P0-FG)@%:F:4J8+"L43U#TJO>,HI$4&@:Y)9X>8:Z?.YG3]X%
M/..<8;AD"'?^$PZ*"%]OZ-6E6+?_5GA1N'EEQWM>HM-^MSN*(M`J-7X26DO7
M<')@Z]E8ECMJ7]%AN[.:DK*)Z/QKV^0R"HIT)3?*Z^CF\R:E9</RUYN(KOEQ
M0-,:=G2W;&_Q_4B`Y7'W%G,OI=L:'[!'<4\>9?G>C`13X@H?HF7Q5)*L$"/2
M%LA16Z3[FI!7`*%)1BQC]1''?BNX;K+&OD2`+IT&B=JZ8NI%`>Q":0"7W0N3
MF@A/[VR26?Y6:':1'#7/ZK;;WACU*,#Y$):&IH,'SY2PU[AF%@)<HL00?ATU
MAYJKZTWS86+96>4TR?*L?A19E<,S6,QHJD!]R:>9C%;?\G$DP?J:3\%V]ZC%
M7L&>=%[!+M_Z?!;Q&A9.SI)-NE73)T9YU7H.7-74&.L5%"D1M_BQB"CTJ\IJ
MU6``Z0\:=JND!PG,LJD.2@8Z.E%#:G_?1=(:AG`-DZXPA-/W_6RF'"[`X?=K
MPDM`^?D8>8^#5EJ:_\7^1<CMK[22$98U*Z6(U)XZ7_8V)-5$RG^PWM;WQXHH
MHE0'_\BG19I2SHB/]J)_8B\]CX,SXI-G^;W5@RW_TYL$%UJ@@ANC$'J:XW6C
MI(_X`(B.@,@0B(XQ6%/.2N]T(]Z2S:8FBI&6UQ&MR$)!I$!CM$-#<+QJ".+B
MT>QD:G%/X&;5!CX`G!(T!=S_[>EW4_SD-9T)?VE*=/#/>Q[G8?YZ2NBD7G01
M!_CEK_AUEM]9,=+R/[A69/'+2X'&J("&X'A=X,1121TQ\HC0'ZL6+%>!E:=A
M1[?LNLBSW(N#,)YGPV@S+)C"6$S&GO9H,"90)2/UZ?2JS%FA8Y6G^`PUAANK
M9GP[<XMW24H#Z33IL<CF5##%@&"JI9V`/:62PDZ@3AJZTRE2N7&M1D%\F)$*
M]#&,<'I*=CF/Y$`\H][LC0.E+E)QVUK2`AFO'!)RD^D$HXT$\9&:<(L?0_J\
M*LZOO.T\^U7Y0%"Z(!>XK0QMF/':(*,WF3K4Q!&E/E(?_IY$19Q[*=?@.=>4
MSDA0&J$0N:T2>T#C=4)*<#*EJ*AS;S%VO?@.1]%?X^1S?(>]+(EQ<)%E!1YV
MVVBG'<H1H;3$,`5M;5$`C]<:+>')M(>.<O`#'0:)<1`?:'14A$?@>*SE(_EL
M'@^C&0TN7J(4?3]XT@&<(I*B(#IA6*4,KI9Q-#;&1.I"X[5+*4MC+&A5Z8@M
M5Y0*;#HUV2,YO9*P"/P`%9G^281X+]AXL7B39*%-]3,K5*!'#CW$:KUFL,!;
MO%BF/5.=:]\3C_S3Q^CN">/<H?ZZ/-^K$LR@:4IHR)Q")?/==,(.Z.(JI.5#
ME8W7>$OLC.(T;$$4;#&U2].C@/LGI1@*O]2!A_1'"F:Z&6VU*M&4+U$3QTW%
M8F'KIR0*R,&1OJ+(7^TU3(<+KFIFP10ZIT:$5#X35VHM9*_1&]B_1!S?(75D
M=R;LT*FJ.-@&`5(N"9LL_=![T/(WBXIT!Y5GUF8K?IH'**ULP>(YNR%#Y<YM
MQ?L`@=3RMF#VI*I7;>!WZ6)'^1-.:69QBI]PG(7/F.]IOHU3[$7A3SCXLQ?&
METF67<=G9!:>/=JJ/ENG84:$.2M26@F"S<X5)I[FWGM1&.$<`P$5/)IMRH1#
MF'^N9G,KLTQ.I^H/'02U1BD+0:Q0/1"B(Z&W=*QWM)M>8SA4CH?X@&4H:H5H
M10FRXI%1YRF63U90>3;U4C/7F)U'0BU#;R-"$/,)>L+!(YV-H*:^>%HYT$0H
MQ%^AF&L$*Z1+__CBRV/G/?9?R%Z-"%+/TAWVR:RPKL(S^.VAP[GJO<=-G[T/
MGV;>`#WYX(D:Z,_+\?;]>CTJD%L?[<\FF\C&9'&_3N?'>_;"B'60I97!,X_\
MD57TX6L;[$^+P1]I,<"J%IB$$%ZA!_>S&;:>7<F3?(E5UA:U0NL\3\.'(F<J
MEB?HQJ.9:,MV&QHK%Z^7#^$=IN=Z\7A@XO_`S[U-+\7/PWVZO0XA!!4I'"IR
M%?(9+>M\@:$APG4#B+1=*J>ROQJ+T)(C?6,GD_E<U2[6D5"/0DC6G&P".]71
M<<I,S0(;K-1>TJ6-5"M:'QMEA'X.)MI+8J6%`EOF.OAWD?&R1_?).@A8PH(7
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MZ7J(TE'`&A?)M@5TT016Q5N<D]4;!Z*;CE;O5,`P2J9G76B4'<^SJ8^229VN
M"&!@W?@SCG%*WW_Q/F.&EPE*:!CM,#`OU,.2Z]GT0\VFN27E//V:RRYZUQMM
MSSJ%,@RB`%#2>)B05;7C?NC+%D(>PMN(5HH:)9Q$3F-AXH7E[5G36&MJ^GY9
M.A.SQ00PK7Y"529EA[:L*?7AJ7^C-G#+F5>\088RX>Y%V>O*L(^QP'.LU9IJ
M;]-;DMEV.3:LV[5,FV?/HVF]I//"5F@`+KB'.)7_M<!9UOE:,]2S!Q:TUYU)
M+FAW6W5B.G^AMX3XA-_S6Y7;T&`!M_+2"R,<;4\I9G.S9K9US;OF<:UU-Q"=
M)Y5!@7:Z4?K)+@A4GQN#MVBVN0%V>0-X[KBSF1>;ZT\WZZM_WM^NK^[6I_<7
MUU?KJ[/+Z_75^L^WY^>?SJ_N30?(FXO;BWO4((`(!41)H(J&0S4?1'F*>_KF
M1)F\U`8"+BK28K5..M+Q.)NG[3"EKO_Q+P;BS`_.JX_0>X@D9GN0ES`S_?YR
M'&!UT`G2T0X;">97%@7+2MU9B5HQ-0IQ(00)6IOV!#E+MEZH2H%4P,)HCY9Q
MH356',^F+2H6.SFU>ZJ!_L5!H76CTM[+,,87Y$^C>VD``ON4#LL=1Z+D=7[O
MT61.L]Q0,,3@P#5!FF5J*G!F0`(L/F44I56.REJ&^33'Q+0NV[>),L_)\"(F
M-`N?9^BP+JSK.+C#Z7/HXWV?88,`<%ZT$J$Z.FJAESU%6K`BB14T<'C;7!:&
M$F@@#53'"^)7@F1S"F(\)`^1A/\(09AB/X]>D;=71P`'A>^58@KA5O3->U2P
M,B"9%WDIC8E2Z>N'.4F*-D44'>3A%J.-YQ=1_KI"7K`-8];^@A@X1_%\+\#;
MT"??/8<9^73%/BYG-,L2/V3Y+)_#_(G`_+N(Z;,G3O`]6D=94C)#6.!(=.P6
MU\5N%U$.L\(G)#+TD"0_D&$40PA^R'PD:<"9?$R]@-]4<>X2EHA5Q"%1K8SN
MH,3,5&/@9WZW16:(-OO(_#3<#;S/4KB^FQ3OO#"X35Z]B-80N2)^AK<?DFF&
M#AK`Z9F9KSR>&G19=V?B0W+YQ!!0A8%J%!`_-UB"5&#`>+5)9Q[ZCD.1@*S8
MR2JAG4KXWM^[6G(]VZ95S:8AO1NIT[LG8=A8;'4*SE>H79,5JA;K-+)T2K8N
M7])H&D'ND[FTRO@D>P#[N_*Q@^_$8X=;_(SCHG.BZWX-E47>9J_.&Y?S-9OC
M:S#2O1;C7RUO/A9,`5J'ACM:7BWE7P/KO\C6/G\)<W9>4QB"!`[&(I0,"],P
M<CJ;C<A8Z]0)%]GQ%(B'*2!TTX95QJ$OXW#YY)T4>QD^P_R_%_$M)B?]T"='
M:]I!0Z&R9C2P]!TK<1KY.[WDF$V_+1B79/`P4/16(+VC6Y<:C[5`&6<!^WI5
MRW`8XT<:?YE&EM,G\B]:E)&X[HI]GW9P86$E^@?^L0B?O8A>A2Z_&L[V\P"N
MH8O_3$N_U>>;8)811W;(!6TQP>,)P4F17R7Y/W%.]]8*%V>/#O2ROZ=XU8/_
M@7+-YOIZ"-()&1$>GKR,EY??-=/&<94V7L:9V;'.$P\P=MXK#96#%*UU1]S%
MSX--]T)3H,E_SFM_L<Y/O32E3TE8J2+EL;$G%:C3Y2!AZT/H*"EG/*OV%:M[
M>FPM@#R?G?[1H+)"IT`1]ZE%='5QO*=+?I&^LLHJ.G.3`<)8E)IE831F7F>S
M"RESG8)')1"O9U/6C@/8H/=C-N/,>OS`ND)??_TKIM&_.BIK,]/5R.>%>GAE
M6`+ZB?RP3^C#\0K1.U`&3_:9K`2"^/1H17>1.^S3PD[1*TSH?OCOYDK`?HP$
MQC`]I%?B%<1MW)*`=,`OM9F6.B8YMW.O:G(N348O#+S(L]QCZK[<ZXS^3)?*
M?3=W,T-;?]*38R<]2F\9G/8IS.^M?;(-2VEN9)9_POE3H@H!V*$ZX'4,8JGW
M1V9Y%MPQ206P7,D$[HK%_1%'=V)K9275:7/[M"N/^0%+BLM+BBX4WNV&#&_2
MY#G,PB3^F*3LV%/X.2O\J3"I_F0`R^<.$+=5(7>$G+.9W0#!Y'5N%?'MBA!3
MWA8IL!JVX\1UYJ[N,HD?[W&ZO4IRG-WPD)["S.2@,*:D8UN8BPV_LYF$@L%.
M8@']&I7?KR#30OORO!,\1_1VO.0:[9+4E8+NEZ'W$$:A-B':!@%PK="*T%H5
MK'B?U_^KF)5[^@;T[&JOO86=CG?`:]<!0L05"(IJ1.B7P-M=E+QB?(M9Z=*&
M1*=:^[7``WHA;"M0]5JXKR2S&;4-ZYUM38ESD'*DMJG,>?^BM?'91`$T^2$R
MK7T_+?9ZK[1>:T%G5Q3DL+K%Z1G>)1EA1V_T2FB@W`D]\U6JA!W7LYFUFLU.
M_*"$1`(4]`;5GN^[O`CHLA:4D,!*?88WF"9BE.G%>IU6`<.HM)YUH=%V/,^F
MT$HF]_5"`*(2$G!!&L\SX,K3GWDW4N>K>G8XN\4^#I\UL0X%+'#]0!GCU`JU
M@(N]C;7@0E\QL(9>6JU'L)XSUE,EZX[EPQE#(7T(N)D%)P^5],=>W'#ZLF9,
M@UM+TN``8XQSR.E+GB-`7@9K.]Y((1VXZI7WNK'@=IF+7&67F_:]+71]*E$T
MZWK#EP96C[G3WLE4L*HO%>`:9_V$[11`&R;E;&K77RQEZ326P2CKV^E.V595
M!S+:2.P*DSD@&R'>:W/_LM.@Q%,0=JO#;?\I,;6U'3X7\U[CC!7>OH%MV:]V
MA>CK:F(LM'7KS+6E!S:GG6`"_-8$A&4'WYA+3HSY&Y<V,3SM3B09V6QF]C$<
MV-3(A=!DSZJX7V:3TV'7-C=2H$`83#\)+!+25(FVD-9`\QW.PLR/$O*1:>FS
MPG3`.O1"2:W$3IIEK$7)OMYJW-E[W?E/."@B3-:4IEPGKZ>1EV7W^"4_(2S\
MH#HEV&(#G0[Z"5>="H9)-=]IP%J,SBF@Q&3;FK8&/KPBAH[^10D@1@%DLS-<
MNO'';F6ST(<,_UC0VO;/V-"S4`T+T@!4SWBCU:<<<.FFGCHN).TL!3CB\.`M
M8(8+@!D\=.G'VO;V);'W_!I,:*]O%*KK\:VE6<#;Z]C7>7J)G3CCXWO)M"^'
MHW&J6^S3I8JUUV6UZ(-_%QGK:/<Q2>\\)C;VBY1E15V4-2PN8G*2Y_CB2-\S
MBC7=L&[%N*:>3E,$;*YY7#P^-N'$V4?/5FA_6%2/R\[4=&3FEJJQT46CD`N-
MN@E2=00.X'D;P+3>8B\*?R+S\.B%<89H%N2S%T:LTCV=NHQ.7581AT]<V7MJ
MM)>"H\YF,.&Y4E%/(9"ZI)Y!DME\@`WKEE7;]G.[W*C79A9GBK0N91.7?7;*
M9$Z1]7E=%PV0G0OZX8.T>.DO8*/CBSWRT@U@^G*F-A)!@YJ(2.459-#US$4C
MS`UB1@MJ2D]>Y@0]Y2\6-'ZQ;$^Z9ID/Z%/WC??*;N;9^UQQ_W"]X=<2+):E
M6$AM$&%64GN1Q%+:7Y;9UE(KYCOU"DND\BFX0"NS+>C]DC0JN<`^=I@X#?[%
M)1B_(9NT:W96)[9\#&,O]D,OJE-5]+VT;7%!.FSW$ZS1=]L.<>ENW'VXDJ9%
MBL:-1)TJ`JB1E`0=N9U6Q$TE8E:+.&5K+1.[JG!M7V0';4<>M.V%Z9;U[+$U
MS'P@`[H+">FF8^@IF,PSS+C]C).8_RO`X?[VDWST_9HP$&S9]IHW`.S.@AIL
M6>=@8K=J[67!ZVQ;1P6#G0?/`@PUX)IJ4/Y]2<B3?Y-_D3]HQUKRC_\%4$L#
M!!0````(`,-S;C\$(#3@<!<``*6%`0`5`!P`;&]P92TR,#$Q,#,S,5]P<F4N
M>&UL550)``,^;,%./FS!3G5X"P`!!"4.```$.0$``.U=6W?CN)%^WW/V/W"=
MAYT\N&UU3[+I.=V;(]\F/NFV'-N329[FT"0D88<"-"!H6_/K%^!-O``@*$HF
M@/93MZ4JJ*J^`E``"H5/?WU91=X3(#'$Z//1Y-WID0=0@$.(%I^/DOC8CP,(
MC_[ZO__Y'Y_^Z_C8^]?9W1?O1X``\2D(O6=(E^EG7WWRJW>.UQL"%TOJ?7?^
M1^]QXYWA9P2\:Q2\\XZ/BR;._)AQ8I2U]?[=)/\N@NC71_:=QR1"\0\O,?Q\
MM*1T_</)R?/S\[OG#^\P69R\/SV=G/SKZY?[8`E6_C%$,?51`(X\1O]#G'[X
M!0<^3=6IL+\\DJAHX,-)^5M2"O[7<4%VS#\ZGKP__C!Y]Q*'1YF(&NT?%<KP
M#T3J3#Y^_'B2?GO$;.!YGPB.P!V8>_S?G^ZN2YY%D+P#87+"/S^YP$&R`HA.
M47B)**2;:S3'9)5JS7Z2-_<#W:S!YZ,8KM81*#Y;$C#_?!3A-==H,CG]D.GS
M!W5[)W7)^C=_X].$@-G\+(DA`G%\I-:N33Y8@OMDM?+)9C:_APL$YS#PF;)!
M@!.F+5K<X@@&$'3)I=O(<'L!ROH,7H%;0,[Q:H71_=(GH,ML,J[!\OS3CY+4
M%YA__"/Q(SC?,(5SU;NLUL4\6+I;PCXB=,.=][<$KKDC=\@D9ADL";<ZI+RQ
MF+5\CE._8*-IMVLI.0?+E;G%@__2*4>-<GBOX_Z7#O=,OS5`<3Z@J'N9A&FP
M-'=@D40^Q633(4&5<+@-*)LH.;!LV*`X^'6)HY#-MMSM:)<@';R'E>V6P8#H
M$E`VSD5#!&TTM#^IX]F<NP@!2^8E\`EDSJLKJHQ[L'P/!/AQ0C:I)3JD:=#N
M89Y[C,%O"5/O\@ETC\UM\CWTLGCK#%<0L>`,^M'6ZIU]KXL]EY`!%[,/TL'A
M"Q,H%XLW,B!F@I2SGYYZQUY!7_VOCT(O8_:D$1=XH0"%(,SB.29IA(,:0<3#
M4TRZ#,D_^44E]/0QIL0/:-%0Y#^"*&M)D^^DEXBY4:G_@A%>L9DIBWF3^(0M
M$Q:^O^:A[\<3A%'V5P@@CYL_'I].\KCY#^RC4K0']DL-T=M?EQ)6X9Z2NK0^
M"8J&V']K'M".S'.*DW4Z*AT'2QB%!?><X%4O`^928)'HF+`A\//1G]F"*HF9
M1'C->;<CX"N;?<HD"[ET5Y&_$-B]\;U5AF_(GEM^<FJ(Z0N56%P.,=,JO&"C
MF<+U&W1602'1(8?D+X8@DJG#XCS(M4#TQE^)`!&3686'6(4<CO=&P7'.5"-^
M=,TFSY>_@XT4CQ:=A8"T=,@1^=X01,X3PC6_@C&+V?\-?"(?M>2D5N$B5Z.8
M3DR9R3.5?@91]'>$G]$]6T%@!,+K.$X`D?8:*;U5*'7H4D!EUCSS3QPES*YD
M<P4CMBJ60M2BLQ":E@[E5&,4)'EOOP-K3/A6&U]@)G)D9.06`B13I<#)K)@@
M]:)S-@POTMTX"3P-*@M1:6A0@&%*.)"[3G:HP+>JTDW:>)90?OK&SPKE74?)
M9"%4:H4*Y$P)%@H]L[@F6Y5=L<]$8YV"UBJ<%'H4`8(I':LN*@\[]<"I4%H,
M346+`AA3II]R2^D"Q`&!Z^H^;[G1&DC(K(%$KD*!QT2&QZ>3Y@[\/L]U>A_E
M[.WTIMWH3@=A,N[!\IWY$<]WN5\"T'F8TJ#=[V_W,8N*<;_G@7Z\O(KP<^?!
MEYA'?;;4.-_I/'$2^6?]G(EIX1U[)1W[?T:W_2CVOOL)^4D(*0C_V.](27,D
M!!$M/VF.A/G'OV12E4))3YX".>5!1G$=V2]]@EAH%K,X((W7%,++2<<9T17F
MK(_A<L$5.R),E3E@B\'P2V8!J:BIG$^`/.(8I+2<%V+"YA?6LD'0GODQ##1P
MS>G&`K7+(V6HYF++-^]KJ`R!UQA$+V"4T.U8J\"TI+0-U5)P^1&`_;C.UCQA
MF*F=#6A?<-Q<XW#3"*D,'WJ%,LO/_ONA1S'U(Z.&W&M$`<.!7K[PU+SF>5!F
MMP:%X0"VY)6?54O`:QHSE2VUR`D""S_MW*:@]\0TY=;(C%/H+H111FH\GC+!
M%7DA]L="V^'GBEDLRR!.V+"4CT\8Q6=@C@FH9/A^A2@5O+#0%(7U5K+\S:^`
M+G&X-:MHY'[57S?>`5_1%HI],_NGFMP^^<A\!A"80_FB4T!IA:<(Y%9L4]L_
M4I7W5"118.-[PS%L2*M(%K&]/Y[C.+V=DCMKK-A(D9,:CJ9<<-7JS/8>>0^B
MB-_)0B&_Q@GX:D8>WZN(QT*WRS4+>%6RNPQP=F$W8GI/PQ5$:2XHA4]`CG(G
MA^E0=RJPKS6ZB7@WC:0Q1)N/:%OBO2WH]C392B[Q7".F4!)DHA5:W`/R!`,!
M--T,9@/5+;]J`]OVGG<'G@!*A#UN^Y7A0=!64)>1*JH+7+Y`FOJH`#(!C=F=
M3RAR[PU-BU#\&?!Z(R"<,N'\!;A)5H^`S.:MS#S9T6!/?M,/EWJJXW(,)#%%
M?MS6E<"J,*:\!4N]0Z[0JXT<LFRR@V7B-)*0\F;+M)Q)G[0<[[M::V]I.F^[
M2SON+CD9:-V!B)^!LCY"-P_$1[&?K@P*(_#CC<K'\<^0+JLLPDAZ8(NF!W&#
M%7RU'*$##]R-#-;&,/VAF3V9DWLY_6C[J8(2)K<XALJJ'8$FVVC]>!K'S*@*
M^9L$8_6R/N8OL^`;LKL\(&>ZYA<!._%LT8T%J]C_Z@"VA'491YZXSJO%L7]X
M?L"3'_'(=$K/?4)XC3U>>4^TMZ_)-R[.$O<L0RD]'5S.E2U**-Z!`#`#/$;@
M!M#<;*+>K"0W&FRUZ*I-#-LQOLAE?O!?,DLI(592&XVP4G+E,8_M",_H$I":
MC42)T0(BH_$4":Q,5;,=QBX$;0)/@MM^+R94CUQ'0ZVH`WP;^=FEV:(8,!M^
M!""JR<V,B]4RNWSGY$>,PV<810(@MU^9"=I6/J?G/M&L?X-1T"O`J3*8B6:7
MU$Y/C)5(0`FMA,Y,1"7"'F:F-`3(3%UI:&,J5(5TRL1LNZ.8+]!_A!&DK!&>
M9]4JP*[8XM-GM6DS5U\KEY-^*U;HWNM5$8\%?5^_%L#_3>T'%]MDM_Z&[Y%U
M;P4V"0T`6G,GL"FYX_N\)&$BMXPD1E9&:P6X,N%=WN/]PE1=I&C<,6#(DZ+C
MRDG-1U<NNRK+S'9P^7LF/!4^(1`M.O%54IL/L5)\IW<R\J&K<J6[<XP6T9H/
ML4)XI[<Q+A+P@"LY5LI96$5L/L0JZ97EQ&S'^-Q?0[Z<!WX,9H]1/ELI<.YB
M,!_K+@T4U=OMQ_L&4]"]6!)2F8^L4&Q%D7?[X=1:(-FY,E(LB40UXFW?T)2,
M2LKS`PT>`W#NM8^EH9++Y[<5LZD[LGW(UH0_S,+(C(XL?]:8<XBZ<1>';5!W
M*N3TLJG7892)QT^[PJYQZ.1F=:_;0H/4`K(4="'5>$>,NJ@*Q7;Y[*'RV(WT
M-D&+Q'P<VS*['$A-@R!9)>E^3IJX(GCVG!>ONP%T-G_P7\1;EOU:,-\%>JOD
M]/[U':`^1"`L*@E4K',!YC`0EMW483+?$72T^,9B-*W8S`9L15([G,[>%:SN
MD`!F7^3=K9%IJ8"2LG$LV%S[,+S#&S_BVBBVOSJH3<S,[!#9Y9I5TS"$F3:W
M3/UKE._SB>(N&:7Y0Z]4=)>131,@8,!"AUWO9O=NP>B;9+VU<3D?]X$`/T[(
M1KF:%A&9W]E%4O>N+=<T;"IA:AK3GE'Y@M'B`9!5]8Q5%%L)R:R+IX1:N#R*
M%_>U\CJHW??MFX0&0*QYW[XI^=Z>+S`1U\O5.L(;`/+<)JU\`0T>\]'64,+E
MB?<\B2E>`7(!UOSBD"JA2T9I/L92T9T^;4JW;BM&ZKYB*B$V`.!>L[)*%Y>K
M^E82C[?5@`182^B,7BU)9'8YU.I:("K[<Q]F$[?`^FGP:KWZ-4MZJLLP?VB6
M8:[7]S2F[O);O4_KKHB_U?N4X6G,]>^W>I]-'*,(/_/Q[PJ3"YP\TGD2M4LC
M*BZ>]>,W.E;JJ8O+.5IOY3]ZG@!_&^4_WE)OY8`[.3W4DU-9:#PC:>\)TP.9
MXFV8SF1<.:/YYU"ZFK@\'=1MD#WJ,TWHDJGU^W9])H6_S6`;[&T-7$[N%>E^
M'<>)-M0%L9TP%]*[7"!&I+?ZY;).#CO!UGZ;S';$*_<3>LSC6ESF(Z^EAM/9
M^!4+:,S?2FJKX);.W&XFWK<TE\[;4DH+X6W,V&X6RVUIK9ZOU>06@BR:J?><
M;V\(TK74QTSYKK3.@LI\7(5B*VM`V70267T5EA^\7D7XN?W(X)^:CPQ6'H'%
M<X\S>BEG]4E8$XXB2Y7TCB`%Y.-59@*4BW-+\!-D4)YM?HIYS;G9&A"?UT^8
M!A0^93N#<MUV:<2`;6XI;&5EIQWT<GG?D]EC>U]7[`?5[\>">'>?K@!?5<3E
M3<QI^'])G%5-X;4(`XP"F+[ZMC7``QX^1!SF9^SUL,/8P^E3-AX4G?G,"+R`
M`$!Q"K9HII40CG;*?L`>5I[$271V>>2Z?`D`,YW_<@80F$/*W^H6VT%@2-$%
MA&'MN>Q>`TTS[%1(Y[;:>-/G"A,*?\]T+Q(GT")]?EXT#2K)778AM>9N'RHQ
MH\5,'4$"E?!$247NLHNH-7?Y%.H",+$#F(&)PFI?$7B(DMIE!U$J[O0Y57&+
MM+RX<OG"IUR0S\=")^G@<-M1.I1W^DBD8F%^K869\IJ"U7!KIS?AU&O[0_R>
MRXYZ8-,Y?1[$S,(/3<`%R/ZM&"(O@:/8C^K#[+(#]K'#ZQU'&>%-[4L.6GXD
M8AO+@_IW$;E?B/0:MKUD],*^;8"\B%H16^0A!8M#*V\4:WF(7D,N^(R>IJ9M
M#TFJ!*:O-?&=K_J+32W(5:2V@:K2Q>4]&_GPE]=E>B!^V&\^J#/:Y@CZFKF\
M3R.T0>,E55VG:+$YXA(MO9S>F)&:H%)B1%ZWKA>W0_XA4L_I!&3]A(%!Z54V
M9T3TT?(@H8<1A<4E5KA&3R`>FH^G;,3B?#RE7BZGQ+"Q,]\=F@:_)9``9IDP
MX48`TN6H!H]A8XB&[Y<GB-W*.;QEP90-``CC-#O#C_@Z^ZO/GPBGF]E\^N3#
MB,^T5YCP+^]!P+\1SS@[MV2QZ^RJLLO+8'VS#IJ%;/:;/EH>9&EL<MA2IOD,
M"5N4C5@<MBCU,JZRJ/3I%,AT6/.W)[*I=X:JY<O30HO"MW5%VZ8#&C-L`-%P
M_,KC+#MK[7`PHY]R*K#UH.Q>87NV^M=@Q5T.;VHQ'[]X.4N5BR]?``E@+"GL
MTLECKZ]H*.?R]KZ^`;/7I1/V6;X_)9K1^B`B;M!>3QJJN<M/M0L+4-\"IE;8
MW#$7^%0_=AOBXWX:N;N(VO4E,\/?+QON"K+'R_8\.JQ3CV/B$NJT*_PR<<@9
MN#*'.3K,W.$2A6,[PWVR7D>IT?RH,-HUFF.R\KOJWNMRVN`.VLHX_0[/-:*`
M843Y6Y_"C(+JUZ/!VL]CM_D"5>%=OKM<2X"0`-F@L`[+AOPNEX8M[%+<X2@W
M_U$H6/%<P#B(<)P0H!BZAS=IPY@^7$OSWE&4[)1O=^!F\Y]9!.,CRL8['RV@
M*#>LFV$L>/?EZ^7^=X>>+H\;[02Y^CM56BF#31;#-HUZG*5VZ]8[FT?GC,.,
MP"X_Y$GO2(20)KR`9_8F67B6T!M,_PUD09\^JQN#1A^-7:['EMZB$=VZV=91
M2#M0$O!$%F$]U/Y-N'P;LK\UE%L/MOM7VQ*-UZRUYJ<6CPN)["VEK(E#V[K<
MTR1D9BO>,U854.[-;QO6O15T>K.IR$A)Q[UU0H(EST"95XI0*S*,54R&Q:A]
MCL@UM'NM*/7`59MO>/XKT^TLB2$"VXJO1<%F-K9XQ]XV6&-_9"R\6G/)-%IP
M1!8^RJL#G6,4XPB&1>6@VXJ!*L_=;>M-;Y5Z8/8ZB\2>OO^?&*VG_\A6X(0_
M^!?!0)VE*:4<JT]WB%[&=GL'Z]66%H>NSIZL5C[9S.;W<('@'`8^HOG=7C8D
M%G9M]_X/S=Z?-\2[?Z4I;]N65S8VVEF:2D557]=EW$N,IH>(M)/NT,(XG7=G
M5<LS04U47.FJY7+W%I`\Y*@^4;7MF]^W9F9`O8S58[Q>QNQEW*/E^/H$,;SB
MXK$I5?]3T(Z7H]R023%KRDG'FC:[A"_SA^6&=Z57\422(A3X1^)'<+Y)UP+U
M&JW;SO6G9N<J&_#8LM#;-N&5;8PVWP5+IF;$HGBUDGH![Z#6]C(SJG]7-2/J
M<HXV$_93K9P!AT#B2@=FZ_DU('3#-.>98FL>L[>[[9^;W;9@2WOMEG'$ZPBI
M.+<1#V<JJNAUSG[L8UZZ$(NIF#TU>,::1K75J=RQZ`&3*SV4QYLP.[WA*9UI
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M-/#?7M:$:6\O=S^Q71V;]?C&FVP*^1XD!6.;!`;<\=!_X[PIO+S+C0]`I@F?
M^3!*EX@O4%3@H8-^='AJ?M3"02RT@;`T!+W`*Q^*7D:3T(T.@\J;RG,VL>P&
MHE')=?L*5H_"-Z$$-*,==*J<I[H;U)#70,M/0S;QID+PRPW7*$]EE:+006\T
M(AVRR^M2C8=.$"2K)%T?I1<)N(($+-G2"3Z!;`]$CI0^K]FHZ>LA+^0R_O3/
M`G"0OL2FFO,K1*//,.J)OB*I/#=YW"V6^#J.$V'%M?K7HUNZY1JU-]A+.8O9
M8_""LEF&Q(R;`?*U9:VGM(D,QD\@;8'BX-L=!J.8>>Q%>J$M*[J5>;)N1<1=
M&C'<"WIJ<Z"[7^9V;CGA+Q],!5<M\[ZV_]HUQ`SIZ?ISK!'EP;1FV4KMKST-
MT.8!=P<H"[-!6*3A2E<0,D*CEPLRH14%_DR;+-,J=.JSW^[)4MF(P9UQ!VW*
MD=:1R;)6ET"R:<$S)>9S$"B*;PMW;_;4LKD.M#<5#_0VM9F#S;#`7-6&N9ZR
M@S('NIH_;KD7P8;:3X@`/X*_@_!'-IGR0B@S=,&L\^3SAZ_B*8$QLU?5:C>`
MSN:L7PF<YA`_8JY7'4);58%J"[WN@1?!2,A&?=XCI#(Z]!1*;.#N:$W.;/63
M/VXG&O.5U.;V0Z78!ZJQ9`:BZ016Z,K3ZKX"NL2=T$K9+,%8*K^RM+M]SQC5
MZI,)0&U\;RYZ#4'W]3Y9]>$%PY+E;E.++0&%`=<K_X4R<VXR)'/.^Z[6^ELF
MW5LFW5LFW5LFW5LFW;>52?>6,;1+QI!)"+YE#-F]$W;H3;!O9O^KNO5UD(7Z
M:RT%XNS"6\,@K?C_O?3F3,P7`+4FBEO4AEV=R:1*+[^W]-4+_?5:,&Z8X/Y<
M[->*GQE4J+^/1D<?$/J!WS5:]%%]7_D:ANSE":RA.%Q14EOJ%$J=7FF;R*"Q
M93MS_HVMY-GTN)U`[T'`)LRTN/2>C^1V_:FQ7&Y_`[-^(+.KC0XS8-GBQ&\G
MRJ,[[LXGT(/#<`J(80YKVW'*;E.J^*S%R2=F9.Y_!X+(C^.TMG,*6IDH=H7)
MO<_K76[';\82)2%_R*&TW`[CT?Y^TOW1:7^VZATAZA_W'GC'H':>W=P?>#]I
MO8U1T&>'@Z-M`-3$OL$4:#U'JL4UWBYL602W)N?9YIQ[J5Y%XP[.L?IT#[C:
M)8$[=+)YNRYYC,%O"3\1>@*B(MV3]^W7*0H6+^?9SU,-=4'4CS+(:`WH.4WA
M]'J-@FO$)R74D+3[B4*+5WN%_.!US.)M4"IXX:;5@4Y;':C2!-_B+ANI;'WO
MJ>R96E1U+3)=WCT52%/_7$?=-FWF$<NI]<.B4F1-6[EQ2Z]].N&"/[(@F/WQ
M_U!+`P04````"`##<VX_T;!`7OX&``"S-@``$0`<`&QO<&4M,C`Q,3`S,S$N
M>'-D550)``,^;,%./FS!3G5X"P`!!"4.```$.0$``.U;46_;-A!^'[#_P/EE
M+3!;5M)N2Q"W:)*F")`V69QN?2MHB;:)4J1"44G\[W<D14F6;,ENFM;#]-):
MY-W'N_M('BE=CEX_1`S=$9E0P4<]?S#L(<(#$5(^&_72I(^3@-+>ZU<__W3T
M2[^//AU?7Z!WA!.)%0G1/55ST_8>RR_H1,0+26=SA9Z=/$>3!3H6]YR@<QX,
M4+_O((YQ`IJ"6ZR]@9_U)<&<1!B!/3P9]>9*Q8>>=W]_/[C?'P@Y\_:&0]_[
M]/YB;.1Z5O#P82(971+7+4YAWZ,\49@'Q,DSRK\TB.ON"1B8P]?D,VO\@X,#
MS_3VD,)R1M0'')$DQ@')Q6=!.B!A"LB^/]S?]W,;1-PD1!B)"%=G0D:G9(I3
MID:]VQ0S.J4D["&LE*235)$E@9271(K0A"H?J.SH2\]V.E$@6BUBDBP+IXGG
M.K3207_H]\%`(`NA(\RY4%C!M#'/NB6.*9^*[!$:='0.I6#D!B"0_O'Q^KSF
MN&[WK@G0I(S?E],SRH$RBMG8M24]1,-1KU4J']N-'I(IY=18.=P;[J$^.J5)
MP$222@(/)4`DIBB'1`7FD5<%JHZ1PGR^Y*_,[UB2!+1,7"Z@(=/.1)HT`\R"
ME'V%8F'9>KVLU7'Q512-TTE";E/P[NU=04FMM9D"OT9!`8`L0A?P+.`WDF`(
MTF*L1/#%1GNYJ274?C743AL9]2[.;F+G:_UR>B(B\'1.>$+O""0N$9%LGK<(
M-7+A[PWU3,^WFM+O1.\[2X#((J)G'SE.0PII]GE'596JRZF9PW/!0CB[O+U-
MJ5I<80D]<Z(H^%%AK5V^F<`7_CH"-7]E[%^112_SAYXMC=7QN1&?&U#8QMK:
M9;<):QU+&4NG(DAUT-[P\"U7$*5S..;)R%AL26J4:.1(,^2TRS\Q#Y&%0B6L
M[T7))I']:BJ_=<Y:EZ8VRDQ^=8EDV:>4H'[`DO@/QK\I^ZP1:F&FFG(:F?E1
M*6;GF3K&3-__QW-"W)UEN:F9A?WJ^LB4D=7NPKPJS"O60D-_"P'59;!,0#?O
M-[G5X&1^QL1]LN(NDW<UT_"RY08#,,C@=.EB!1D?L((K^.7T.$TH)TG&0ZVU
MY?55[4)O`73\'407\?QM511AN8!+`YUQ.H6]`4ZG02!2.%/RV95@-*`D?X>U
MD6P+._OU-UL&UEPU"F!4(",'W;'FU@E1V4&)R!,118*/Y["]9\ME36<++R]J
MJX8H=Y8")&2AD,'JB,B(^!NSU`P#-[J_S(>%!4S8;.IFRZ9%IH66EU5:<CAS
M]RL`W8+I5HDCYTJ*F$BUT+?MVY3&.@M;2E;VM!#Q>Y4(!V+OX`ZFBWX6?;U?
M4&5./A#F$V&V<L*+=-(DT,+%'U4N2EB&CB6TCI*,$KN;W^`'1T&YH27D?U9#
MGJ4&H]Q%V!VG='8T7^[UMPK"D]++OS5]+7$_J!V7-$S?5@>4@3H.\F_D,SV.
MD`OW-3Q_;OD2.*Q_]W:J_X/HZG]T3<<UF2)3L7&H2QI&O81&,=.5'J9M+LET
MU-.E&7U7BO$9W!T\1,R):/R&VA%#4C5"V<`.`LN@AE*K*`$0DX%AB_><\0Y`
M4:75KTK#(#U.\AO"#"SUOIGS$/EMG:^0]42^GQ2C/)'K#$^V=1U4"'M"IR\T
M_A.Y"VMS6W>7E_,3^7R:#[+2\2.O7'$$3\L524?@MY`*\5I=5E.5F*U"NQ"!
M`6I0T4]]I]?737U_K[_O#QZ2T-FXC0E%#+8SP>EM;8(K\0H)+5=WK1M>X0?!
M101T#4K%83.,8Z/M<<'M$^#U"[SM;"DC/M(>PE3>\AA[:N5OCS7(`*ZS**O]
M,R8U?U9],TF4Q$%V\=,+^O-FXG97,'63A]`&MXES12*=-\&U%,2H2K7&.RG2
MV`E2$('5:7[#JJ4BO#$P82JSDR#.!ACUE$P!BE,&>Z)>QO8Y<U!7@&9.)K;P
ML^YU2F[$F131-6&ZRO0*FUVB[.@ZB;)OD>!$8;G8V+NJQ4W>VKZ)_10!'61"
MU1H2KR#$`8TQN\(+^]*=?Q"*)/"H1]-71!Q3A=D%@65\.6%T9@8I._P(C!\5
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M.\9PF^$KCB8;*WSW`\N19V]=\/-?4$L!`AX#%`````@`PW-N/]\8]:H?70``
M.!<#`!$`&````````0```*2!`````&QO<&4M,C`Q,3`S,S$N>&UL550%``,^
M;,%.=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`PW-N/^T"-]:M#0``M:L`
M`!4`&````````0```*2!:ET``&QO<&4M,C`Q,3`S,S%?8V%L+GAM;%54!0`#
M/FS!3G5X"P`!!"4.```$.0$``%!+`0(>`Q0````(`,-S;C\*DP]XJP4``'!#
M```5`!@```````$```"D@69K``!L;W!E+3(P,3$P,S,Q7V1E9BYX;6Q55`4`
M`SYLP4YU>`L``00E#@``!#D!``!02P$"'@,4````"`##<VX_$EFGVF8J``!\
M2`(`%0`8```````!````I(%@<0``;&]P92TR,#$Q,#,S,5]L86(N>&UL550%
M``,^;,%.=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`PW-N/P0@-.!P%P``
MI84!`!4`&````````0```*2!%9P``&QO<&4M,C`Q,3`S,S%?<')E+GAM;%54
M!0`#/FS!3G5X"P`!!"4.```$.0$``%!+`0(>`Q0````(`,-S;C_1L$!>_@8`
M`+,V```1`!@```````$```"D@=2S``!L;W!E+3(P,3$P,S,Q+GAS9%54!0`#
I/FS!3G5X"P`!!"4.```$.0$``%!+!08`````!@`&`!H"```=NP``````
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>28
<FILENAME>R18.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0E2H"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share-Based Compensation<br /></strong></div></th><th class="th" colspan="1">3 Months Ended</th></tr><tr><th class="th"><div>Mar. 31, 2011</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationAbstract', window );"><strong>Share-based Compensation [Abstract]</strong></a></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock', window );">Share-Based Compensation</a></td><td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
   <!-- Begin Block Tagged Note 9 - us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-->
   <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
   <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>9. Share-Based Compensation</b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On September&#160;27, 2008 the University&#8217;s shareholders approved the adoption of the 2008 Equity
   Incentive Plan (&#8220;Incentive Plan&#8221;) and the 2008 Employee Stock Purchase (&#8220;ESPP&#8221;). A total of
   4,199,937 shares of the University&#8217;s common stock were originally authorized for issuance under the
   Incentive Plan. On January&#160;1, of each subsequent year in accordance with the terms of the
   Incentive Plan, the number of shares authorized for issuance under the Incentive Plan automatically
   increased by 2.5% of the number of shares of common stock issued and outstanding on the previous
   December&#160;31, raising the total number of shares of common stock authorized for issuance under the
   Incentive Plan to 7,622,034 shares. Although the ESPP has not yet been implemented, a total of
   1,049,984 shares of the University&#8217;s common stock have been authorized for sale under the ESPP.
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A summary of the activity related to stock options granted under the University&#8217;s Incentive
   Plan since December&#160;31, 2010 is as follows:
   </div>
   <div align="center">
   <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
   <!-- Begin Table Head -->
   <tr valign="bottom">
       <td width="44%">&#160;</td>
       <td width="3%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="9%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="3%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="9%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="3%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="9%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="3%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="9%">&#160;</td>
       <td width="1%">&#160;</td>
   </tr>
   <tr style="font-size: 10pt" valign="bottom">
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="14" style="border-bottom: 1px solid #000000"><b>Summary of Stock Options Outstanding</b></td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 10pt" valign="bottom">
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2"><b>Weighted</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2"><b>Weighted</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2">&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 10pt" valign="bottom">
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2"><b>Average</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2"><b>Average</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2">&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 10pt" valign="bottom">
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2"><b>Exercise</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2"><b>Remaining</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2"><b>Aggregate</b></td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 10pt" valign="bottom">
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2"><b>Total</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2"><b>Price per</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2"><b>Contractual</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2"><b>Intrinsic</b></td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 10pt" valign="bottom">
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Shares</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Share</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Term (Years)</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Value ($)(1)</b></td>
       <td>&#160;</td>
   </tr>
   <!-- End Table Head -->
   <!-- Begin Table Body -->
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px"><b>Outstanding as of December&#160;31, 2010</b>
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">4,026,172</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">14.24</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 1px">
       <td>
   <div style="margin-left:15px; text-indent:-15px">&#160;
   </div></td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Granted
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">1,226,250</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">15.34</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Exercised
   </div></td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="left">&#160;</td>
       <td align="right">(1,154</td>
       <td nowrap="nowrap">)</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">12.00</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Forfeited, canceled or expired
   </div></td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="left">&#160;</td>
       <td align="right">(29,208</td>
       <td nowrap="nowrap">)</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">18.22</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 1px">
       <td>
   <div style="margin-left:15px; text-indent:-15px">&#160;
   </div></td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000">&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px"><b>Outstanding as of March&#160;31, 2011</b>
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">5,222,060</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="left">$</td>
       <td align="right">14.47</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">8.42</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="left">$</td>
       <td align="right">157</td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 1px">
       <td>
   <div style="margin-left:15px; text-indent:-15px">&#160;
   </div></td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom">
       <td>
   <div style="margin-left:15px; text-indent:-15px"><b>Exercisable as of March&#160;31, 2011</b>
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">1,671,032</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="left">$</td>
       <td align="right">12.95</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">7.77</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="left">$</td>
       <td align="right">2,590</td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 1px">
       <td>
   <div style="margin-left:15px; text-indent:-15px">&#160;
   </div></td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px"><b>Available for issuance as of March&#160;31, 2011</b>
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">1,978,459</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 1px">
       <td>
   <div style="margin-left:15px; text-indent:-15px">&#160;
   </div></td>
       <td>&#160;</td>
           <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
   </tr>
   <!-- End Table Body -->
   </table>
   </div>
   <div align="left">
   <div style="font-size: 3pt; margin-top: 0pt; width: 18%; border-top: 0px solid #000000">&#160;
   </div>
   </div>
   <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
   <tr style="font-size: 6pt">
       <td width="3%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="96%">&#160;</td>
   </tr>
   <tr valign="top">
       <td nowrap="nowrap" align="left">(1)</td>
       <td>&#160;</td>
       <td>
   <div style="text-align: justify">Aggregate intrinsic value represents the value of the University&#8217;s
   closing stock price on March&#160;31, 2011 ($14.50) in excess of the
   exercise price multiplied by the number of options outstanding or
   exercisable.
   </div></td>
   </tr>
   </table>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Share-based Compensation Expense</i></b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The table below outlines share-based compensation expense for the quarter ended March&#160;31, 2011
   and 2010 related to restricted stock and stock options granted:
   </div>
   <div align="center">
   <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
   <!-- Begin Table Head -->
   <tr valign="bottom">
       <td width="72%">&#160;</td>
       <td width="3%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="9%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="3%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="9%">&#160;</td>
       <td width="1%">&#160;</td>
   </tr>
   <tr style="font-size: 10pt" valign="bottom">
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
       <td>&#160;</td>
   </tr>
   <!-- End Table Head -->
   <!-- Begin Table Body -->
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Instructional costs and services
   </div></td>
       <td>&#160;</td>
       <td align="left">$</td>
       <td align="right">620</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="left">$</td>
       <td align="right">379</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Selling and promotional
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">64</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">37</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px">General and administrative
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">746</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">621</td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 1px">
       <td>
   <div style="margin-left:15px; text-indent:-15px">&#160;
   </div></td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000">&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000">&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom">
       <td>
   <div style="margin-left:30px; text-indent:-15px"><b>Share-based compensation expense included in operating expenses</b>
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">1,430</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">1,037</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Tax effect of share-based compensation
   </div></td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="left">&#160;</td>
       <td align="right">(572</td>
       <td nowrap="nowrap">)</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="left">&#160;</td>
       <td align="right">(415</td>
       <td nowrap="nowrap">)</td>
   </tr>
   <tr style="font-size: 1px">
       <td>
   <div style="margin-left:15px; text-indent:-15px">&#160;
   </div></td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000">&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000">&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom">
       <td>
   <div style="margin-left:30px; text-indent:-15px"><b>Share-based compensation expense, net of tax</b>
   </div></td>
       <td>&#160;</td>
       <td align="left">$</td>
       <td align="right">858</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="left">$</td>
       <td align="right">622</td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 1px">
       <td>
   <div style="margin-left:15px; text-indent:-15px">&#160;
   </div></td>
       <td>&#160;</td>
           <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
           <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
   </tr>
   <!-- End Table Body -->
   </table>
   </div>
   </div>
<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of compensation-related costs for share-based compensation which may include disclosure of policies, compensation plan details, allocation of stock compensation, incentive distributions, share-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 123R<br /><br /> -Paragraph 64, 65, A240<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Statement of Position (SOP)<br /><br /> -Number 93-6<br /><br /> -Paragraph 53<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Staff Accounting Bulletin (SAB)<br /><br /> -Number Topic 14<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>us-types:textBlockItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_ShareBasedCompensationAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>29
<FILENAME>R11.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0E2H"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Restatement of Financial Statements<br /></strong></div></th><th class="th" colspan="1">3 Months Ended</th></tr><tr><th class="th"><div>Mar. 31, 2011</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_lope_RestatementOfFinancialStatementsAbstract', window );"><strong>Restatement of Financial Statements [Abstract]</strong></a></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_lope_RestatementOfFinancialStatementsTextBlock', window );">Restatement of Financial Statements</a></td><td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
   <!-- Begin Block Tagged Note 2 - lope:RestatementOfFinancialStatementsTextBlock-->
   <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
   <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>2.&#160;Restatement of Financial Statements
   </b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On November&#160;3, 2011, the University determined that there was an error in the methodology it
   used to estimate its allowance for doubtful accounts and that its financial statements for the
   three months ended March&#160;31, 2011 needed to be restated.
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In recent periods, the University experienced a significant change in the composition of its
   receivable balances since its transition to the borrower-based financial aid model in the second
   quarter of 2010 in which the receivables due from former students had grown as a percentage of the
   total amount outstanding. However, the University&#8217;s historical process for estimating the
   allowance for doubtful accounts did not consider the disaggregation of receivable balances by
   student based on enrollment status. As a result, the growth in the inactive student receivables was
   not evident when making the allowance estimate in prior periods. As the University&#8217;s collection
   experience indicates that receivables from former students carry a higher risk, this disaggregated
   information should have been considered in determining the probability of loss within the
   University&#8217;s receivables. If such information had been evaluated, management would have increased
   the allowance for doubtful accounts to reflect the increased risk profile of the receivables in
   prior periods. Accordingly, the Audit Committee of the Board of Directors together with
   management, determined that, because management should have taken the additional steps
   necessary to develop the disaggregated information for use in the analysis of reserve requirements
   and resulting allowance for doubtful accounts, the financial statements for the fiscal year ended
   December&#160;31, 2010 and for the quarters ended June 30, 2010,
   September 30, 2010, March 31, 2011 and June 30, 2011 should be restated to correct the allowance
   for doubtful accounts.
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following
   table summarizes the unaudited quarterly results of operations as originally
   reported and as restated for the three months ended March 31, 2011.
   </div>
   <div align="center">
   <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
   <!-- Begin Table Head -->
   <tr valign="bottom">
       <td width="44%">&#160;</td>
       <td width="3%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="9%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="3%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="9%">&#160;</td>
       <td width="1%">&#160;</td>
   </tr>
   <tr style="font-size: 10pt" valign="bottom">
       <td>&#160;</td>
       <td>&#160;</td>
   <td nowrap="nowrap" align="center"  style="border-bottom: 1px solid #000000" colspan="6"><b>2011</b></td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 10pt" valign="bottom">
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2"><b>First Quarter</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2"><b>First Quarter</b></td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 10pt" valign="bottom">
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>As Reported</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>As Restated</b></td>
       <td>&#160;</td>
   </tr>
   <!-- End Table Head -->
   <!-- Begin Table Body -->
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px"><b>Net revenue</b>
   </div></td>
       <td>&#160;</td>
       <td align="left">$</td>
       <td align="right">101,709</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="left">$</td>
       <td align="right">101,709</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="padding-top: 1px">
       <td>
   <div style="margin-left:15px; text-indent:-15px"><b>Costs and expenses:</b>
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="background: #cceeff; padding-top: 1px">
       <td>
   <div style="margin-left:30px; text-indent:-15px">Instructional costs and
   services
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">45,830</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">48,875</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="padding-top: 1px">
       <td>
   <div style="margin-left:30px; text-indent:-15px">Selling and promotional
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">29,832</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">29,832</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="background: #cceeff; padding-top: 1px">
       <td>
   <div style="margin-left:30px; text-indent:-15px">General and administrative
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">6,832</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">6,832</td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 1px">
       <td>
   <div style="margin-left:15px; text-indent:-15px">&#160;
   </div></td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000">&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000">&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom">
       <td>
   <div style="margin-left:15px; text-indent:-15px"><b>Total costs and expenses</b>
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">82,494</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">85,539</td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 1px">
       <td>
   <div style="margin-left:15px; text-indent:-15px">&#160;
   </div></td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000">&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000">&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px"><b>Operating income</b>
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">19,215</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">16,170</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="padding-top: 1px">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Net interest expense
   </div></td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="left">&#160;</td>
       <td align="right">(75</td>
       <td nowrap="nowrap">)</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="left">&#160;</td>
       <td align="right">(75</td>
       <td nowrap="nowrap">)</td>
   </tr>
   <tr style="font-size: 1px">
       <td>
   <div style="margin-left:15px; text-indent:-15px">&#160;
   </div></td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000">&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000">&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px"><b>Income before income taxes</b>
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">19,140</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">16,095</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="padding-top: 1px">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Income tax expense
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">7,842</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">6,614</td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 1px">
       <td>
   <div style="margin-left:15px; text-indent:-15px">&#160;
   </div></td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000">&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000">&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px"><b>Net income</b>
   </div></td>
       <td>&#160;</td>
       <td align="left">$</td>
       <td align="right">11,298</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="left">$</td>
       <td align="right">9,481</td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 1px">
       <td>
   <div style="margin-left:15px; text-indent:-15px">&#160;
   </div></td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom">
       <td>
   <div style="margin-left:15px; text-indent:-15px"><b>Earnings per share:</b>
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="background: #cceeff; padding-top: 1px">
       <td>
   <div style="margin-left:15px; text-indent:-15px"><b>Basic income per
   share(1)</b>
   </div></td>
       <td>&#160;</td>
       <td align="left">$</td>
       <td align="right">0.25</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="left">$</td>
       <td align="right">0.21</td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 1px">
       <td>
   <div style="margin-left:15px; text-indent:-15px">&#160;
   </div></td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom">
       <td>
   <div style="margin-left:15px; text-indent:-15px"><b>Diluted income per share(1)</b>
   </div></td>
       <td>&#160;</td>
       <td align="left">$</td>
       <td align="right">0.25</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="left">$</td>
       <td align="right">0.21</td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 1px">
       <td>
   <div style="margin-left:15px; text-indent:-15px">&#160;
   </div></td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px"><b>Basic weighted average
   shares outstanding</b>
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">45,590</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">45,590</td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 1px">
       <td>
   <div style="margin-left:15px; text-indent:-15px">&#160;
   </div></td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom">
       <td>
   <div style="margin-left:15px; text-indent:-15px"><b>Diluted weighted average
   shares outstanding</b>
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">46,089</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">46,089</td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 1px">
       <td>
   <div style="margin-left:15px; text-indent:-15px">&#160;
   </div></td>
       <td>&#160;</td>
           <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
           <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
   </tr>
   <!-- End Table Body -->
   </table>
   </div>
   <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
   <tr style="font-size: 6pt">
       <td width="3%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="96%">&#160;</td>
   </tr>
   <tr valign="top">
       <td nowrap="nowrap" align="left">(1)</td>
       <td>&#160;</td>
       <td>The sum of quarterly income per share may not equal annual income
   per share due to rounding.</td>
   </tr>
   </table>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The
   following is a summary of the changes on the University&#8217;s
   balance sheet.
   </div>
   <div align="center">
   <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
   <!-- Begin Table Head -->
   <tr valign="bottom">
       <td width="72%">&#160;</td>
       <td width="3%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="9%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="3%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="9%">&#160;</td>
       <td width="1%">&#160;</td>
   </tr>
   <tr style="font-size: 10pt" valign="bottom">
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>As of March 31, 2011</b></td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 10pt" valign="bottom">
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>As Reported</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>As Restated</b></td>
       <td>&#160;</td>
   </tr>
   <!-- End Table Head -->
   <!-- Begin Table Body -->
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Accounts
   receivable, net of allowance for doubtful accounts of $13,169 (As
   Reported) and $31,366 (As Restated)
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">32,369</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">13,972</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Deferred income taxes
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">9,143</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">16,563</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Total current assets
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">128,286</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">117,309</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Total assets
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">286,464</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">275,487</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Accumulated earnings
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">71,278</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">60,302</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Total stockholders&#8217; equity
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">135,313</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">124,336</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Total liabilities and
   stockholders&#8217; equity
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">286,464</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">275,487</td>
       <td>&#160;</td>
   </tr>
   <!-- End Table Body -->
   </table>
   </div>
   <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The
   following is a summary of the changes on the University&#8217;s statement of cash flows.
   </div>
   <div align="center">
   <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
   <!-- Begin Table Head -->
   <tr valign="bottom">
       <td width="72%">&#160;</td>
       <td width="3%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="9%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="3%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="9%">&#160;</td>
       <td width="1%">&#160;</td>
   </tr>
   <tr style="font-size: 10pt" valign="bottom">
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="6"><b>Three Months Ended</b></td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 10pt" valign="bottom">
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>March 31, 2011</b></td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 10pt" valign="bottom">
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>As Reported</b></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>As Restated</b></td>
       <td>&#160;</td>
   </tr>
   <!-- End Table Head -->
   <!-- Begin Table Body -->
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Net income
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">11,298</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">9,481</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Provision for bad debts
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">6,988</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">10,034</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Deferred income taxes
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">1,004</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td nowrap="nowrap" align="left">&#160;</td>
       <td align="right">(224</td>
       <td nowrap="nowrap">)</td>
   </tr>
   <tr valign="bottom">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Net cash provided by
   operating activities
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">23,413</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">23,413</td>
       <td>&#160;</td>
   </tr>
   <!-- End Table Body -->
   </table>
   </div>
   </div>
<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_lope_RestatementOfFinancialStatementsAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Restatement of financial statements .</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>lope_RestatementOfFinancialStatementsAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>lope</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_lope_RestatementOfFinancialStatementsTextBlock"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Restatement of financial statements</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>lope_RestatementOfFinancialStatementsTextBlock</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>lope</td></tr><tr><td><strong> Data Type:</strong></td><td>us-types:textBlockItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>30
<FILENAME>R21.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0E2H"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Subsequent Events<br /></strong></div></th><th class="th" colspan="1">3 Months Ended</th></tr><tr><th class="th"><div>Mar. 31, 2011</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_lope_SubsequentEventsAbstract', window );"><strong>Subsequent Events [Abstract]</strong></a></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfSubsequentEventsTextBlock', window );">Subsequent Events</a></td><td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
   <!-- Begin Block Tagged Note 12 - us-gaap:ScheduleOfSubsequentEventsTextBlock-->
   <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
   <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>12. Subsequent Events</b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On April&#160;8, 2011, the University entered into an amended and restated loan agreement with Bank
   of America, N.A. (the &#8220;Amended Agreement&#8221;). Under the Amended Agreement, the bank (a)&#160;extended the
   maturity date of the University&#8217;s existing loan from April&#160;30, 2014 to March&#160;31, 2016 and decreased
   the interest rate on the outstanding balance from the BBA Libor Rate plus 225 basis points to the
   BBA Libor Rate plus 200 basis points (all other terms of the existing loan remain the same), and
   (b)&#160;provided to the University a revolving line of credit in the amount of $50,000 through March
   31, 2016 to be utilized for working capital, capital expenditures, share repurchases and other
   general corporate purposes. The Amended Agreement contains standard covenants that are
   substantially consistent with those included in the prior agreement, including covenants that,
   among other things, restrict the University&#8217;s ability to incur additional debt or make certain
   investments, require the University to maintain compliance with certain applicable regulatory
   standards, and require the University to maintain a certain financial condition. Indebtedness under
   the Amended Agreement is secured by all of the University&#8217;s assets.
   </div>
   </div>
<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_lope_SubsequentEventsAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Subsequent events.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>lope_SubsequentEventsAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>lope</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfSubsequentEventsTextBlock"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Describes disclosed significant events or transactions that occurred after the balance sheet date, but before the issuance of the financial statements. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, losses on receivables, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, declines in market prices of inventory, changes in authorized or issued debt (SEC), significant foreign exchange rate changes, substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 5<br /><br /> -Paragraph 11<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_ScheduleOfSubsequentEventsTextBlock</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>us-types:textBlockItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>31
<FILENAME>R5.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0EFFBG"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Balance Sheets (USD $)<br />In Thousands</strong></div></th><th class="th" colspan="1">3 Months Ended</th><th class="th" colspan="1">12 Months Ended</th></tr><tr><th class="th"><div>Mar. 31, 2011</div></th><th class="th"><div>Dec. 31, 2010</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current assets</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td><td class="nump">$ 30,243<span /></td><td class="nump">$ 33,637<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue', window );">Restricted cash and cash equivalents</a></td><td class="nump">49,740<span /></td><td class="nump">52,178<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Accounts receivable, net of allowance for doubtful accounts of $31,366 (Restated) and $30,112 at March 31, 2011 and December 31, 2010, respectively</a></td><td class="nump">13,972<span /></td><td class="nump">17,983<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxesReceivable', window );">Income taxes receivable</a></td><td class="nump">2,213<span /></td><td class="nump">8,415<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetCurrent', window );">Deferred income taxes</a></td><td class="nump">16,563<span /></td><td class="nump">16,078<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsCurrent', window );">Other current assets</a></td><td class="nump">4,578<span /></td><td class="nump">4,834<span /></td></tr><tr class="rou"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td><td class="nump">117,309<span /></td><td class="nump">133,125<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td><td class="nump">140,655<span /></td><td class="nump">123,999<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalentsNoncurrent', window );">Restricted cash</a></td><td class="nump">445<span /></td><td class="nump">760<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_lope_PrepaidRoyaltiesNoncurrent', window );">Prepaid royalties</a></td><td class="nump">6,396<span /></td><td class="nump">6,579<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td><td class="nump">2,941<span /></td><td class="nump">2,941<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetNoncurrent', window );">Deferred income taxes</a></td><td class="nump">2,487<span /></td><td class="nump">2,800<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other assets</a></td><td class="nump">5,254<span /></td><td class="nump">4,892<span /></td></tr><tr class="reu"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td><td class="nump">275,487<span /></td><td class="nump">275,096<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts payable</a></td><td class="nump">27,072<span /></td><td class="nump">15,693<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeRelatedLiabilitiesCurrent', window );">Accrued compensation and benefits</a></td><td class="nump">15,144<span /></td><td class="nump">13,633<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued liabilities</a></td><td class="nump">7,453<span /></td><td class="nump">9,477<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LitigationReserveCurrent', window );">Accrued litigation loss</a></td><td class="nump">5,200<span /></td><td class="nump">5,200<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestructuringReserveCurrent', window );">Accrued exit costs</a></td><td class="nump">40<span /></td><td class="nump">64<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedIncomeTaxesCurrent', window );">Income taxes payable</a></td><td class="nump">1,223<span /></td><td class="nump">829<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CustomerDepositsCurrent', window );">Student deposits</a></td><td class="nump">46,127<span /></td><td class="nump">48,873<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Deferred revenue</a></td><td class="nump">19,218<span /></td><td class="nump">15,034<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrent', window );">Due to related parties</a></td><td class="nump">1,958<span /></td><td class="nump">10,346<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CapitalLeaseObligationsCurrent', window );">Current portion of capital lease obligations</a></td><td class="nump">1,638<span /></td><td class="nump">1,673<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesPayableCurrent', window );">Current portion of notes payable</a></td><td class="nump">1,957<span /></td><td class="nump">2,026<span /></td></tr><tr class="rou"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td><td class="nump">127,030<span /></td><td class="nump">122,848<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CapitalLeaseObligationsNoncurrent', window );">Capital lease obligations, less current portion</a></td><td class="nump">10<span /></td><td class="nump">151<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesNoncurrent', window );">Other noncurrent liabilities</a></td><td class="nump">2,679<span /></td><td class="nump">2,715<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermNotesPayable', window );">Notes payable, less current portion</a></td><td class="nump">21,432<span /></td><td class="nump">21,881<span /></td></tr><tr class="rou"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td><td class="nump">151,151<span /></td><td class="nump">147,595<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies2009', window );">Commitments and contingencies</a></td><td class="text">&nbsp;<span /></td><td class="text">&nbsp;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Stockholders' equity</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Preferred stock, $0.01 par value, 10,000 shares authorized; 0 shares issued and outstanding at March 31, 2011 and December 31, 2010</a></td><td class="text">&nbsp;<span /></td><td class="text">&nbsp;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock, $0.01 par value, 100,000 shares authorized; 45,812 and 45,811 shares issued and 44,817 and 45,761 shares outstanding at March 31, 2011 and December 31, 2010, respectively</a></td><td class="nump">458<span /></td><td class="nump">458<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValue', window );">Treasury stock, at cost, 995 and 50 shares of common stock at March 31, 2011 and December 31, 2010, respectively</a></td><td class="num">(14,993)<span /></td><td class="num">(782)<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Additional paid-in capital</a></td><td class="nump">78,961<span /></td><td class="nump">77,449<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated other comprehensive loss</a></td><td class="num">(392)<span /></td><td class="num">(445)<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated earnings</a></td><td class="nump">60,302<span /></td><td class="nump">50,821<span /></td></tr><tr class="reu"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total stockholders' equity</a></td><td class="nump">124,336<span /></td><td class="nump">127,501<span /></td></tr><tr class="rou"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and stockholders' equity</a></td><td class="nump">$ 275,487<span /></td><td class="nump">$ 275,096<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_lope_PrepaidRoyaltiesNoncurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Prepaid Royalties Noncurrent.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>lope_PrepaidRoyaltiesNoncurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>lope</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 19<br /><br /><br /><br /> -Subparagraph a<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_AccountsPayableCurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 3<br /><br /><br /><br /> -Subparagraph a(1)<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 4<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_AccountsReceivableNetCurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedIncomeTaxesCurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 03<br /><br /><br /><br /> -Paragraph 15<br /><br /><br /><br /> -Subparagraph b(1)<br /><br /><br /><br /> -Article 7<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 03<br /><br /><br /><br /> -Paragraph 15<br /><br /><br /><br /> -Article 9<br /><br /><br /><br /><br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 20<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name FASB Interpretation (FIN)<br /><br /><br /><br /> -Number 48<br /><br /><br /><br /> -Paragraph 15, 21<br /><br /><br /><br /><br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /><br /><br /> -Number 109<br /><br /><br /><br /> -Section Appendix E<br /><br /><br /><br /> -Paragraph 289<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_AccruedIncomeTaxesCurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 20<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_AccruedLiabilitiesCurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at fiscal year-end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, and unrealized gains and losses on certain investments in debt and equity securities as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 04<br /><br /><br /><br /> -Article 3<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher AICPA<br /><br /><br /><br /> -Name Accounting Principles Board Opinion (APB)<br /><br /><br /><br /> -Number 12<br /><br /><br /><br /> -Paragraph 10<br /><br /><br /><br /><br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /><br /><br /> -Number 130<br /><br /><br /><br /> -Paragraph 14, 17, 26<br /><br /><br /><br /><br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 31<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapital"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of APIC associated with common AND preferred stock. For APIC associated with only common stock, use the element Additional Paid In Capital, Common Stock. For APIC associated with only preferred stock, use the element Additional Paid In Capital, Preferred Stock.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 31<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_AdditionalPaidInCapital</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Concepts (CON)<br /><br /><br /><br /> -Number 6<br /><br /><br /><br /> -Paragraph 25<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 18<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 03<br /><br /><br /><br /> -Paragraph 12<br /><br /><br /><br /> -Article 7<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_Assets</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 9<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_AssetsCurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_AssetsCurrentAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalLeaseObligationsCurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount equal to the present value (the principal) at the beginning of the lease term of minimum lease payments during the lease term (excluding that portion of the payments representing executory costs such as insurance, maintenance, and taxes to be paid by the lessor, together with any profit thereon) net of payments or other amounts applied to the principal, through the balance sheet date and due to be paid within one year (or one operating cycle, if longer) of the balance sheet date.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /><br /><br /> -Number 13<br /><br /><br /><br /> -Paragraph 7, 10, 13<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 19<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CapitalLeaseObligationsCurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalLeaseObligationsNoncurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount equal to the present value (the principal) at the beginning of the lease term of minimum lease payments during the lease term (excluding that portion of the payments representing executory costs such as insurance, maintenance, and taxes to be paid by the lessor, together with any profit thereon) net of payments or other amounts applied to the principal, through the balance sheet date and due to be paid more than one year (or one operating cycle, if longer) after the balance sheet date.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /><br /><br /> -Number 13<br /><br /><br /><br /> -Paragraph 7, 10, 13<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 22<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CapitalLeaseObligationsNoncurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /><br /><br /> -Number 95<br /><br /><br /><br /> -Paragraph 7, 26<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /><br /><br /> -Number 95<br /><br /><br /><br /> -Paragraph 8, 9<br /><br /><br /><br /><br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /><br /><br /> -Number 95<br /><br /><br /><br /> -Paragraph 7<br /><br /><br /><br /> -Footnote 1<br /><br /><br /><br /><br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies2009"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. This caption alerts the reader that one or more notes to the financial statements disclose pertinent information about the entity's commitments and contingencies.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 03<br /><br /><br /><br /> -Paragraph 19<br /><br /><br /><br /> -Article 7<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /><br /><br /> -Number 5<br /><br /><br /><br /> -Paragraph 8, 9<br /><br /><br /><br /><br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 25<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 03<br /><br /><br /><br /> -Paragraph 17<br /><br /><br /><br /> -Article 9<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CommitmentsAndContingencies2009</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Dollar value of issued common stock whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 30<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CommonStockValue</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CustomerDepositsCurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current portion, due within one year or the normal operating cycle, if longer, of money or property received from customers which is either to be returned upon satisfactory contract completion or applied to customer receivables in accordance with the terms of the contract or the understandings.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CustomerDepositsCurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueCurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher AICPA<br /><br /><br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /><br /><br /> -Number 43<br /><br /><br /><br /> -Chapter 3<br /><br /><br /><br /> -Section A<br /><br /><br /><br /> -Paragraph 7, 8<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Staff Accounting Bulletin (SAB)<br /><br /><br /><br /> -Number Topic 13<br /><br /><br /><br /> -Section A<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_DeferredRevenueCurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsNetCurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current portion of the aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. An unrecognized tax benefit that is directly related to a position taken in a tax year that results in a net operating loss carryforward should be presented as a reduction of the related deferred tax asset.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /><br /><br /> -Number 109<br /><br /><br /><br /> -Paragraph 41, 42, 43<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_DeferredTaxAssetsNetCurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsNetNoncurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The noncurrent portion as of the balance sheet date of the aggregate carrying amount of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after the valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /><br /><br /> -Number 109<br /><br /><br /><br /> -Paragraph 41, 42, 43<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_DeferredTaxAssetsNetNoncurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueToRelatedPartiesCurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 19<br /><br /><br /><br /> -Subparagraph a<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 08<br /><br /><br /><br /> -Paragraph k<br /><br /><br /><br /> -Subparagraph 1<br /><br /><br /><br /> -Article 4<br /><br /><br /><br /><br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /><br /><br /> -Number 57<br /><br /><br /><br /> -Paragraph 2<br /><br /><br /><br /> -Subparagraph d<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_DueToRelatedPartiesCurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EmployeeRelatedLiabilitiesCurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 20<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_EmployeeRelatedLiabilitiesCurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Goodwill"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date, which is the cumulative amount paid, adjusted for any amortization recognized prior to adoption of FAS 142 and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /><br /><br /> -Number 142<br /><br /><br /><br /> -Paragraph 43<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_Goodwill</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxesReceivable"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount due within one year of the balance sheet date (or one operating cycle, if longer) from tax authorities as of the balance sheet date representing refunds of overpayments or recoveries based on agreed-upon resolutions of disputes.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 03<br /><br /><br /><br /> -Paragraph 5<br /><br /><br /><br /> -Subparagraph c<br /><br /><br /><br /> -Article 7<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 3<br /><br /><br /><br /> -Subparagraph a<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /><br /><br /> -Number 109<br /><br /><br /><br /> -Section Appendix E<br /><br /><br /><br /> -Paragraph 289<br /><br /><br /><br /><br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 03<br /><br /><br /><br /> -Paragraph 10<br /><br /><br /><br /> -Article 9<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_IncomeTaxesReceivable</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_Liabilities</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all Liabilities and Stockholders' Equity items.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 32<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 03<br /><br /><br /><br /> -Paragraph 25<br /><br /><br /><br /> -Article 7<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_LiabilitiesAndStockholdersEquity</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 21<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_LiabilitiesCurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrentAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_LiabilitiesCurrentAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LitigationReserveCurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount of reserve for known or estimated probable loss from litigation, which may include attorneys' fees and other litigation costs, which is expected to be paid within one year of the date of the statement of financial position.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 25<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /><br /><br /> -Number 5<br /><br /><br /><br /> -Paragraph 9, 35<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_LitigationReserveCurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermNotesPayable"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of notes payable (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 22<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_LongTermNotesPayable</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesPayableCurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying values as of the balance sheet date of the portions of long-term notes payable due within one year or the operating cycle if longer.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 19, 20<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_NotesPayableCurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsCurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate carrying amount, as of the balance sheet date, of current assets not separately presented elsewhere in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer).</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 8<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_OtherAssetsCurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet due to materiality considerations. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 17<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_OtherAssetsNoncurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilitiesNoncurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet due to materiality considerations. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer).</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 24<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_OtherLiabilitiesNoncurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockValue"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Dollar value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /><br /><br /> -Number 129<br /><br /><br /><br /> -Paragraph 2, 3, 4, 5, 6, 7, 8<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher AICPA<br /><br /><br /><br /> -Name Accounting Principles Board Opinion (APB)<br /><br /><br /><br /> -Number 12<br /><br /><br /><br /> -Paragraph 10<br /><br /><br /><br /><br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 04<br /><br /><br /><br /> -Article 3<br /><br /><br /><br /><br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 29<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_PreferredStockValue</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, and production equipment.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 13<br /><br /><br /><br /> -Subparagraph a<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /><br /><br /> -Number 12<br /><br /><br /><br /> -Paragraph 5<br /><br /><br /><br /> -Subparagraph b, c<br /><br /><br /><br /><br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 03<br /><br /><br /><br /> -Paragraph 8<br /><br /><br /><br /> -Article 7<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_PropertyPlantAndEquipmentNet</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. For a classified balance sheet represents the current portion only (the noncurrent portion has a separate concept); there is a separate and distinct element for unclassified presentations.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher AICPA<br /><br /><br /><br /> -Name Audit and Accounting Guide (AAG)<br /><br /><br /><br /> -Number AAG-BRD<br /><br /><br /><br /> -Chapter 4<br /><br /><br /><br /> -Paragraph 80<br /><br /><br /><br /> -Subparagraph Exhibit 4-8, 3<br /><br /><br /><br /> -IssueDate 2006-05-01<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndCashEquivalentsNoncurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash and equivalents whose use in whole or in part is restricted for the long-term, generally by contractual agreements or regulatory requirements.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_RestrictedCashAndCashEquivalentsNoncurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestructuringReserveCurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of known and estimated obligations associated with exit from or disposal of business activities or restructurings pursuant to a duly authorized plan, excluding costs or losses pertaining to an entity newly acquired in a business combination, which are expected to be paid in the next twelve months or in the normal operating cycle if longer. Costs of such activities include those for one-time termination benefits, termination of an operating lease or other contract, consolidating or closing facilities, and relocating employees, and costs associated with an ongoing benefit arrangement, but excludes costs associated with the retirement of a long-lived asset.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Staff Accounting Bulletin (SAB)<br /><br /><br /><br /> -Number Topic 5<br /><br /><br /><br /> -Section P<br /><br /><br /><br /> -Subsection 4<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /><br /><br /> -Number 146<br /><br /><br /><br /> -Paragraph 20<br /><br /><br /><br /><br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Emerging Issues Task Force (EITF)<br /><br /><br /><br /> -Number 95-3<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_RestructuringReserveCurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher AICPA<br /><br /><br /><br /> -Name Accounting Principles Board Opinion (APB)<br /><br /><br /><br /> -Number 12<br /><br /><br /><br /> -Paragraph 10<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 31<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 04<br /><br /><br /><br /> -Article 3<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_RetainedEarningsAccumulatedDeficit</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher AICPA<br /><br /><br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /><br /><br /> -Number 51<br /><br /><br /><br /> -Paragraph A3<br /><br /><br /><br /> -Appendix A<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Staff Accounting Bulletin (SAB)<br /><br /><br /><br /> -Number Topic 4<br /><br /><br /><br /> -Section E<br /><br /><br /><br /><br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 29, 30, 31<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_StockholdersEquity</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_StockholdersEquityAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockValue"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Treasury stock is issued but is not outstanding. This stock has no voting rights and receives no dividends. Note that treasury stock may be recorded at its total cost or separately as par (or stated) value and additional paid in capital. Note: number of treasury shares concept is in another section within stockholders' equity.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name FASB Technical Bulletin (FTB)<br /><br /><br /><br /> -Number 85-6<br /><br /><br /><br /> -Paragraph 3<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_TreasuryStockValue</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>32
<FILENAME>R7.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0EFNBG"><tr><th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Statement of Stockholders' Equity (Unaudited) (USD $)<br />In Thousands</strong></div></th><th class="th"><div>Total</div></th><th class="th"><div>Common Stock</div></th><th class="th"><div>Treasury Stock</div></th><th class="th"><div>Additional Paid-in Capital</div></th><th class="th"><div>Accumulated Other Comprehensive Loss</div></th><th class="th"><div>Accumulated Earnings</div></th></tr><tr class="rc"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Beginning Balance at Dec. 31, 2010</a></td><td class="nump">$ 127,501<span /></td><td class="nump">$ 458<span /></td><td class="num">$ (782)<span /></td><td class="nump">$ 77,449<span /></td><td class="num">$ (445)<span /></td><td class="nump">$ 50,821<span /></td></tr><tr class="rc"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Beginning Balance, shares at Dec. 31, 2010</a></td><td class="text">&#xA0;<span /></td><td class="nump">45,811<span /></td><td class="nump">50<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="reu"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td><td class="nump">9,481<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="nump">9,481<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax', window );">Unrealized gain on hedging derivatives, net of taxes of $21</a></td><td class="nump">53<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="nump">53<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValueAcquiredCostMethod', window );">Common stock purchased for treasury</a></td><td class="num">(14,211)<span /></td><td class="text">&#xA0;<span /></td><td class="num">(14,211)<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockSharesAcquired', window );">Common stock purchased for treasury, Shares</a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="nump">945<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised', window );">Exercise of stock options</a></td><td class="nump">13<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="nump">13<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Exercise of stock options, shares</a></td><td class="text">&#xA0;<span /></td><td class="nump">1<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation', window );">Excess tax benefits from share-based compensation</a></td><td class="nump">69<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="nump">69<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation', window );">Share-based compensation</a></td><td class="nump">1,430<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="nump">1,430<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="rc"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Ending Balance at Mar. 31, 2011</a></td><td class="nump">$ 124,336<span /></td><td class="nump">$ 458<span /></td><td class="num">$ (14,993)<span /></td><td class="nump">$ 78,961<span /></td><td class="num">$ (392)<span /></td><td class="nump">$ 60,302<span /></td></tr><tr class="rc"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Ending Balance, shares at Mar. 31, 2011</a></td><td class="text">&#xA0;<span /></td><td class="nump">45,812<span /></td><td class="nump">995<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tax benefit associated with any share-based compensation plan other than an employee stock ownership plan (ESOP). The tax benefit results from the deduction by the entity on its tax return for an award of stock that exceeds the cumulative compensation cost for common stock or preferred stock recognized for financial reporting. Includes any resulting tax benefit that exceeds the previously recognized deferred tax asset (excess tax benefits).</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 123R<br /><br /> -Paragraph 62<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 03<br /><br /> -Paragraph 19<br /><br /> -Article 5<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph 38<br /><br /> -Subparagraph d<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph A7<br /><br /> -Appendix A<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph 38<br /><br /> -Subparagraph a<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Paragraph 20<br /><br /> -Article 9<br /><br /><br /><br />Reference 6: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 130<br /><br /> -Paragraph 10, 15<br /><br /><br /><br />Reference 7: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Emerging Issues Task Force (EITF)<br /><br /> -Number 87-21<br /><br /><br /><br />Reference 8: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28, 29, 30<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_NetIncomeLoss</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Change in accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges, net of tax effect. The after tax effect change includes an entity's share of an equity investee's increase (decrease) in deferred hedging gains or losses.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 130<br /><br /> -Paragraph 17, 20<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 130<br /><br /> -Paragraph 121<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph 38<br /><br /> -Subparagraph c(3)<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 130<br /><br /> -Paragraph 24<br /><br /> -Subparagraph b<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 133<br /><br /> -Paragraph 46<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesIssued"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_SharesIssued</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:sharesItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph A3<br /><br /> -Appendix A<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Staff Accounting Bulletin (SAB)<br /><br /> -Number Topic 4<br /><br /> -Section E<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 29, 30, 31<br /><br /> -Article 5<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_StockholdersEquity</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued during the period as a result of the exercise of stock options.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Principles Board Opinion (APB)<br /><br /> -Number 12<br /><br /> -Paragraph 10<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Article 3<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 29, 30<br /><br /> -Article 5<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:sharesItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of stock issued during the period as a result of any share-based compensation plan other than an employee stock ownership plan (ESOP).</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 29, 30, 31<br /><br /> -Article 5<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Principles Board Opinion (APB)<br /><br /> -Number 12<br /><br /> -Paragraph 10<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Article 3<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 123R<br /><br /> -Paragraph 64<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value stock issued during the period as a result of the exercise of stock options.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Principles Board Opinion (APB)<br /><br /> -Number 12<br /><br /> -Paragraph 10<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Article 3<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 29, 30, 31<br /><br /> -Article 5<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockSharesAcquired"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares that have been repurchased during the period and are being held in treasury.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Principles Board Opinion (APB)<br /><br /> -Number 12<br /><br /> -Paragraph 10<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Article 3<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 29, 30<br /><br /> -Article 5<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_TreasuryStockSharesAcquired</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:sharesItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockValueAcquiredCostMethod"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cost of common and preferred stock that were repurchased during the period. Recorded using the cost method.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Principles Board Opinion (APB)<br /><br /> -Number 12<br /><br /> -Paragraph 10<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Article 3<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 43<br /><br /> -Chapter 1<br /><br /> -Section B<br /><br /> -Paragraph 7<br /><br /> -Subparagraph b<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_TreasuryStockValueAcquiredCostMethod</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>33
<FILENAME>R16.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0E2H"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments and Contingencies<br /></strong></div></th><th class="th" colspan="1">3 Months Ended</th></tr><tr><th class="th"><div>Mar. 31, 2011</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_lope_CommitmentsAndContingenciesAbstract', window );"><strong>Commitments and Contingencies [Abstract]</strong></a></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock', window );">Commitments and Contingencies</a></td><td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
   <!-- Begin Block Tagged Note 7 - us-gaap:CommitmentsAndContingenciesDisclosureTextBlock-->
   <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
   <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>7. Commitments and Contingencies</b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Leases</i></b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The University leases certain land, buildings and equipment under non-cancelable operating
   leases expiring at various dates through 2023. Future minimum lease payments under operating leases
   due each year are as follows at March&#160;31, 2011:
   </div>
   <div align="center">
   <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
   <!-- Begin Table Head -->
   <tr valign="bottom">
       <td width="86%">&#160;</td>
       <td width="3%">&#160;</td>
       <td width="1%">&#160;</td>
       <td width="9%">&#160;</td>
       <td width="1%">&#160;</td>
   </tr>
   <!-- End Table Head -->
   <!-- Begin Table Body -->
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px">2011
   </div></td>
       <td>&#160;</td>
       <td align="left">$</td>
       <td align="right">3,745</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom">
       <td>
   <div style="margin-left:15px; text-indent:-15px">2012
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">6,243</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px">2013
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">7,020</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom">
       <td>
   <div style="margin-left:15px; text-indent:-15px">2014
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">6,640</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px">2015
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">5,764</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Thereafter
   </div></td>
       <td>&#160;</td>
       <td>&#160;</td>
       <td align="right">24,188</td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 1px">
       <td>
   <div style="margin-left:15px; text-indent:-15px">&#160;
   </div></td>
       <td>&#160;</td>
       <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000">&#160;</td>
       <td>&#160;</td>
   </tr>
   <tr valign="bottom" style="background: #cceeff">
       <td>
   <div style="margin-left:15px; text-indent:-15px">Total minimum payments
   </div></td>
       <td>&#160;</td>
       <td align="left">$</td>
       <td align="right">53,600</td>
       <td>&#160;</td>
   </tr>
   <tr style="font-size: 1px">
       <td>
   <div style="margin-left:15px; text-indent:-15px">&#160;
   </div></td>
       <td>&#160;</td>
           <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000">&#160;</td>
       <td>&#160;</td>
   </tr>
   <!-- End Table Body -->
   </table>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Total rent expense and related taxes and operating expenses under operating leases for the
   three months ended March&#160;31, 2011 and 2010 were $1,593 and $1,084, respectively.
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Legal Matters</i></b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">From time to time, the University is a party to various lawsuits, claims, and other legal
   proceedings that arise in the ordinary course of business, some of which are covered by insurance.
   When the University is aware of a claim or potential claim, it assesses the likelihood of any loss
   or exposure. If it is probable that a loss will result and the amount of the loss can be reasonably
   estimated, the University records a liability for the loss. If the loss is not probable or the
   amount of the loss cannot be reasonably estimated, the University discloses the nature of the
   specific claim if the likelihood of a potential loss is reasonably possible and the amount involved
   is material. With respect to the majority of pending litigation matters, the University&#8217;s ultimate
   legal and financial responsibility, if any, cannot be estimated with certainty and, in most cases,
   any potential losses related to those matters are not considered probable.
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In connection with the <i>qui tam </i>lawsuit that had been filed against the University in August
   2007 in the United States District Court for the District of Arizona (the &#8220;Court&#8221;) by a
   then-current employee on behalf of the federal government, and in connection with the related
   settlement agreement approved by the Court in August&#160;2010, the University continues to maintain a
   $5,200 accrued litigation loss and a commensurate amount of restricted cash of $5,200 in an
   interest-bearing segregated account controlled by the University, for payment to the United States
   and the relator in accordance with the terms of the settlement agreement on the earlier of
   September&#160;1, 2011 or the issuance by the Department of Education to the University of a full
   three-year Title IV program participation agreement.
   </div>
   <!-- Folio -->
   <!-- /Folio -->
   </div>
   <!-- PAGEBREAK -->
   <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
   <div align="center" style="font-size: 10pt; margin-top: 0pt">
   <b>
   </b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Upon resolution of any pending legal matters, the University may incur charges in excess of
   presently established reserves. Management does not believe that any such charges would,
   individually or in the aggregate, have a material adverse effect on the University&#8217;s financial
   condition, results of operations or cash flows.
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Tax Reserves, Non-Income Tax Related</i></b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">From time to time the University has exposure to various non-income tax related matters that
   arise in the ordinary course of business. At March&#160;31, 2011 and December&#160;31, 2010, the University
   had reserved approximately $83 and $92, respectively, for tax matters where its ultimate exposure
   is considered probable and the potential loss can be reasonably estimated.
   </div>
   </div>
<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_lope_CommitmentsAndContingenciesAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commitments and Contingencies.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>lope_CommitmentsAndContingenciesAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>lope</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Includes disclosure of commitments and contingencies. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name FASB Interpretation (FIN)<br /><br /> -Number 14<br /><br /> -Paragraph 3<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 5<br /><br /> -Paragraph 9, 10, 11, 12<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CommitmentsAndContingenciesDisclosureTextBlock</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>us-types:textBlockItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>34
<FILENAME>R20.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0E2H"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Treasury Stock<br /></strong></div></th><th class="th" colspan="1">3 Months Ended</th></tr><tr><th class="th"><div>Mar. 31, 2011</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockNoteDisclosureAbstract', window );"><strong>Treasury Stock [Abstract]</strong></a></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfTreasuryStockByClassTextBlock', window );">Treasury Stock</a></td><td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
   <!-- Begin Block Tagged Note 11 - us-gaap:ScheduleOfTreasuryStockByClassTextBlock-->
   <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
   <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>11. Treasury Stock</b>
   </div>
   <div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On August&#160;16, 2010, the University announced that its Board of Directors had authorized the
   University to repurchase up to $25,000 of common stock, from time to time, depending on market
   conditions and other considerations. The expiration date on the repurchase authorizations is
   September&#160;30, 2011 and repurchases occur at the University&#8217;s discretion. Repurchases may be made
   in the open market or in privately negotiated transactions, pursuant to the applicable Securities
   and Exchange Commission rules. The amount and timing of future share repurchases, if any, will be
   made as market and business conditions warrant. Since the approval of the share repurchase plan,
   the University has purchased 995,200 shares of common stock shares at an aggregate cost of $14,993
   which includes 945,200 shares of common stock at an aggregate cost of $14,211 during the three
   months ended March&#160;31, 2011, which are recorded at cost in the accompanying balance sheets and
   statement of stockholders&#8217; equity.
   </div>
   </div>
<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfTreasuryStockByClassTextBlock"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element may be used to capture the complete disclosure pertaining to an entity's treasury stock, including the average cost per share, carrying basis for each class of treasury stock, description of share repurchase program authorized by an entity's Board of Directors, the treatment of the purchase price in excess of the current market value, number of shares held for each class of treasury stock, and other information necessary to a fair presentation.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_ScheduleOfTreasuryStockByClassTextBlock</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>us-types:textBlockItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockNoteDisclosureAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_TreasuryStockNoteDisclosureAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>35
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0EEXAE"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income Statements (Unaudited) (USD $)<br />In Thousands, except Per Share data</strong></div></th><th class="th" colspan="2">3 Months Ended</th></tr><tr><th class="th"><div>Mar. 31, 2011</div></th><th class="th"><div>Mar. 31, 2010</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementAbstract', window );"><strong>Income Statements [Abstract]</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Net revenue</a></td><td class="nump">$ 101,709<span /></td><td class="nump">$ 89,326<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpensesAbstract', window );"><strong>Costs and expenses:</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_lope_InstructionalCostsAndServices', window );">Instructional costs and services</a></td><td class="nump">48,875<span /></td><td class="nump">36,660<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SellingAndMarketingExpense', window );">Selling and promotional, including $401 and $2,347 to related parties for March 31, 2011 and 2010, respectively</a></td><td class="nump">29,832<span /></td><td class="nump">26,876<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative</a></td><td class="nump">6,832<span /></td><td class="nump">6,104<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessExitCosts', window );">Exit costs</a></td><td class="text">&#xA0;<span /></td><td class="nump">89<span /></td></tr><tr class="rou"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpenses', window );">Total costs and expenses</a></td><td class="nump">85,539<span /></td><td class="nump">69,729<span /></td></tr><tr class="reu"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating income</a></td><td class="nump">16,170<span /></td><td class="nump">19,597<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td><td class="num">(107)<span /></td><td class="num">(344)<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentIncomeInterest', window );">Interest income</a></td><td class="nump">32<span /></td><td class="nump">61<span /></td></tr><tr class="rou"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments', window );">Income before income taxes</a></td><td class="nump">16,095<span /></td><td class="nump">19,314<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax expense</a></td><td class="nump">6,614<span /></td><td class="nump">7,834<span /></td></tr><tr class="rou"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td><td class="nump">$ 9,481<span /></td><td class="nump">$ 11,480<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Earnings per share:</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Basic income per share</a></td><td class="nump">$ 0.21<span /></td><td class="nump">$ 0.25<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Diluted income per share</a></td><td class="nump">$ 0.21<span /></td><td class="nump">$ 0.25<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Basic weighted average shares outstanding</a></td><td class="nump">45,590<span /></td><td class="nump">45,674<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Diluted weighted average shares outstanding</a></td><td class="nump">46,089<span /></td><td class="nump">46,325<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_lope_InstructionalCostsAndServices"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Costs directly attributable to educational services, including salaries and benefits for full-time faculty, administrators and academic advisors, and costs associated with adjunct faculty. Also includes costs for educational supplies such as books, costs associated with academic records and graduation, and other university services such as evaluating transcripts.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>lope_InstructionalCostsAndServices</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>lope</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessExitCosts"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The charge against earnings in the period, comprised of costs incurred associated with an exit or disposal activity other than for a discontinued operations as defined under generally accepted accounting principles. Costs of such activities include those for one-time termination benefits, termination of an operating lease or other contract, consolidating or closing facilities, and relocating employees, and costs associated with an ongoing benefit arrangement, but excludes costs associated with the retirement of a long-lived asset.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 146<br /><br /> -Paragraph 2-6, 8-17, 20<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Staff Accounting Bulletin (SAB)<br /><br /> -Number Topic 5<br /><br /> -Section P<br /><br /> -Subsection 3, 4<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_BusinessExitCosts</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsAndExpenses"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total costs of sales and operating expenses for the period.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CostsAndExpenses</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsAndExpensesAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CostsAndExpensesAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_EarningsPerShareAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income or loss for the period per each share of common stock outstanding during the reporting period.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Paragraph 21<br /><br /> -Article 9<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 128<br /><br /> -Paragraph 36, 37, 38<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 03<br /><br /> -Paragraph 20<br /><br /> -Article 5<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Paragraph 18<br /><br /> -Article 7<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_EarningsPerShareBasic</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>us-types:perShareItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDiluted"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income or loss for the period per each share of common stock and dilutive common stock equivalents outstanding during the reporting period.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 128<br /><br /> -Paragraph 11, 12, 36<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 03<br /><br /> -Paragraph 20<br /><br /> -Article 5<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Paragraph 18<br /><br /> -Article 7<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Paragraph 21<br /><br /> -Article 9<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_EarningsPerShareDiluted</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>us-types:perShareItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_GeneralAndAdministrativeExpense</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of operating profit and nonoperating income (expense) before income (loss) from equity method investments, income taxes, extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 08<br /><br /> -Paragraph h<br /><br /> -Subparagraph 1(i)<br /><br /> -Article 4<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_IncomeStatementAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to continuing operations.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 08<br /><br /> -Paragraph h<br /><br /> -Article 4<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 109<br /><br /> -Paragraph 45<br /><br /> -Subparagraph a, b<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_IncomeTaxExpenseBenefit</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cost of borrowed funds accounted for as interest that was charged against earnings during the period.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 34<br /><br /> -Paragraph 21<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher OTS<br /><br /> -Name Federal Regulation (FR)<br /><br /> -Number Title 12<br /><br /> -Chapter V<br /><br /> -Section 563c.102<br /><br /> -Paragraph 9<br /><br /> -Subsection II<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Paragraph 9<br /><br /> -Article 9<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_InterestExpense</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentIncomeInterest"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 115<br /><br /> -Paragraph 14<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 03<br /><br /> -Paragraph 7<br /><br /> -Article 5<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_InvestmentIncomeInterest</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 03<br /><br /> -Paragraph 19<br /><br /> -Article 5<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph 38<br /><br /> -Subparagraph d<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph A7<br /><br /> -Appendix A<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph 38<br /><br /> -Subparagraph a<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Paragraph 20<br /><br /> -Article 9<br /><br /><br /><br />Reference 6: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 130<br /><br /> -Paragraph 10, 15<br /><br /><br /><br />Reference 7: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Emerging Issues Task Force (EITF)<br /><br /> -Number 87-21<br /><br /><br /><br />Reference 8: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28, 29, 30<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_NetIncomeLoss</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net result for the period of deducting operating expenses from operating revenues.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_OperatingIncomeLoss</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Revenues"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 03<br /><br /> -Paragraph 1<br /><br /> -Article 5<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_Revenues</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SellingAndMarketingExpense"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate total amount of expenses directly related to the marketing or selling of products or services.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_SellingAndMarketingExpense</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The average number of shares issued and outstanding that are used in calculating diluted EPS, determined based on the timing of issuance of shares in the period.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 128<br /><br /> -Paragraph 40<br /><br /> -Subparagraph a<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 128<br /><br /> -Paragraph 8<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:sharesItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of [basic] shares, after adjustment for contingently issuable shares and other shares not deemed outstanding, determined by relating the portion of time within a reporting period that common shares have been outstanding to the total time in that period.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 128<br /><br /> -Paragraph 171<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 128<br /><br /> -Paragraph 40<br /><br /> -Subparagraph a<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 128<br /><br /> -Paragraph 8<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:sharesItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>36
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="utf-8"?>
<FilingSummary xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema">
  <Version>2.3.0.15</Version>
  <ProcessingTime />
  <ReportFormat>Html</ReportFormat>
  <ReportType />
  <ContextCount>23</ContextCount>
  <ElementCount>135</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>false</FootnotesReported>
  <SegmentCount>5</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>3</UnitCount>
  <MyReports>
    <Report>
      <IsDefault>true</IsDefault>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>00 - Document - Document and Entity Information</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://gcu.edu/role/DocumentAndEntityInformation</Role>
      <ShortName>Document and Entity Information</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <HtmlFileName>R2.htm</HtmlFileName>
      <LongName>0110 - Statement - Income Statements (Unaudited)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://gcu.edu/role/StatementsOfIncome</Role>
      <ShortName>Income Statements (Unaudited)</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <HtmlFileName>R3.htm</HtmlFileName>
      <LongName>0111 - Statement - Income Statements (Unaudited) (Parenthetical)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://gcu.edu/role/StatementsOfIncomeParenthetical</Role>
      <ShortName>Income Statements (Unaudited) (Parenthetical)</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <HtmlFileName>R4.htm</HtmlFileName>
      <LongName>0120 - Statement - Statements of Comprehensive Income (Unaudited)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://gcu.edu/role/StatementsOfComprehensiveIncome</Role>
      <ShortName>Statements of Comprehensive Income (Unaudited)</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <HtmlFileName>R5.htm</HtmlFileName>
      <LongName>0130 - Statement - Balance Sheets</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://gcu.edu/role/BalanceSheets</Role>
      <ShortName>Balance Sheets</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <HtmlFileName>R6.htm</HtmlFileName>
      <LongName>0131 - Statement - Balance Sheets (Parenthetical)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://gcu.edu/role/BalanceSheetsParenthetical</Role>
      <ShortName>Balance Sheets (Parenthetical)</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <HtmlFileName>R7.htm</HtmlFileName>
      <LongName>0140 - Statement - Statement of Stockholders' Equity (Unaudited)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://gcu.edu/role/StatementOfStockholdersEquity</Role>
      <ShortName>Statement of Stockholders' Equity (Unaudited)</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <HtmlFileName>R8.htm</HtmlFileName>
      <LongName>0141 - Statement - Statement of Stockholders' Equity (Unaudited) (Parenthetical)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://gcu.edu/role/StatementOfStockholdersEquityParenthetical</Role>
      <ShortName>Statement of Stockholders' Equity (Unaudited) (Parenthetical)</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <HtmlFileName>R9.htm</HtmlFileName>
      <LongName>0150 - Statement - Statements of Cash Flows (Unaudited)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://gcu.edu/role/StatementsOfCashFlows</Role>
      <ShortName>Statements of Cash Flows (Unaudited)</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <HtmlFileName>R10.htm</HtmlFileName>
      <LongName>0201 - Disclosure - Nature of Business</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://gcu.edu/role/NatureOfBusiness</Role>
      <ShortName>Nature of Business</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <HtmlFileName>R11.htm</HtmlFileName>
      <LongName>0202 - Disclosure - Restatement of Financial Statements</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://gcu.edu/role/RestatementOfFinancialStatements</Role>
      <ShortName>Restatement of Financial Statements</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <HtmlFileName>R12.htm</HtmlFileName>
      <LongName>0203 - Disclosure - Summary of Significant Accounting Policies</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://gcu.edu/role/SummaryOfSignificantAccountingPolicies</Role>
      <ShortName>Summary of Significant Accounting Policies</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <HtmlFileName>R13.htm</HtmlFileName>
      <LongName>0204 - Disclosure - Net Income Per Common Share</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://gcu.edu/role/NetIncomePerCommonShare</Role>
      <ShortName>Net Income Per Common Share</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <HtmlFileName>R14.htm</HtmlFileName>
      <LongName>0205 - Disclosure - Valuation and Qualifying Accounts</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://gcu.edu/role/ValuationAndQualifyingAccounts</Role>
      <ShortName>Valuation and Qualifying Accounts</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <HtmlFileName>R15.htm</HtmlFileName>
      <LongName>0206 - Disclosure - Property and Equipment</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://gcu.edu/role/PropertyAndEquipment</Role>
      <ShortName>Property and Equipment</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <HtmlFileName>R16.htm</HtmlFileName>
      <LongName>0207 - Disclosure - Commitments and Contingencies</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://gcu.edu/role/CommitmentsAndContingencies</Role>
      <ShortName>Commitments and Contingencies</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <HtmlFileName>R17.htm</HtmlFileName>
      <LongName>0208 - Disclosure - Income Taxes</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://gcu.edu/role/IncomeTaxes</Role>
      <ShortName>Income Taxes</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <HtmlFileName>R18.htm</HtmlFileName>
      <LongName>0209 - Disclosure - Share-Based Compensation</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://gcu.edu/role/ShareBasedCompensation</Role>
      <ShortName>Share-Based Compensation</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <HtmlFileName>R19.htm</HtmlFileName>
      <LongName>0210 - Disclosure - Regulatory</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://gcu.edu/role/Regulatory</Role>
      <ShortName>Regulatory</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <HtmlFileName>R20.htm</HtmlFileName>
      <LongName>0211 - Disclosure - Treasury Stock</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://gcu.edu/role/TreasuryStock</Role>
      <ShortName>Treasury Stock</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <HtmlFileName>R21.htm</HtmlFileName>
      <LongName>0212 - Disclosure - Subsequent Events</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://gcu.edu/role/SubsequentEvents</Role>
      <ShortName>Subsequent Events</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <ContainEmbeddedReports>false</ContainEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <Logs>
    <Log type="Info">Process Flow-Through: 0110 - Statement - Income Statements (Unaudited)</Log>
    <Log type="Info">Process Flow-Through: 0111 - Statement - Income Statements (Unaudited) (Parenthetical)</Log>
    <Log type="Info">Process Flow-Through: 0120 - Statement - Statements of Comprehensive Income (Unaudited)</Log>
    <Log type="Info">Process Flow-Through: 0130 - Statement - Balance Sheets</Log>
    <Log type="Info">	Process Flow-Through: Removing column 'Mar. 31, 2010'</Log>
    <Log type="Info">	Process Flow-Through: Removing column 'Dec. 31, 2009'</Log>
    <Log type="Info">Process Flow-Through: 0131 - Statement - Balance Sheets (Parenthetical)</Log>
    <Log type="Info">Process Flow-Through: 0141 - Statement - Statement of Stockholders' Equity (Unaudited) (Parenthetical)</Log>
    <Log type="Info">Process Flow-Through: 0150 - Statement - Statements of Cash Flows (Unaudited)</Log>
  </Logs>
  <InputFiles>
    <File>lope-20110331.xml</File>
    <File>lope-20110331.xsd</File>
    <File>lope-20110331_cal.xml</File>
    <File>lope-20110331_def.xml</File>
    <File>lope-20110331_lab.xml</File>
    <File>lope-20110331_pre.xml</File>
  </InputFiles>
  <SupplementalFiles />
  <BaseTaxonomies />
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>true</HasCalculationLinkbase>
</FilingSummary>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>37
<FILENAME>Financial_Report.xls
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xls
M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O
M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y
M/2(M+2TM/5].97AT4&%R=%\U83,S.60R,E\V-65B7S0P,#9?.#@Y85\S93`W
M,65B8F1F9F4B#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7
M96(@4&%G92P@86QS;R!K;F]W;B!A<R!A(%=E8B!!<F-H:79E(&9I;&4N("!)
M9B!Y;W4@87)E('-E96EN9R!T:&ES(&UE<W-A9V4L('EO=7(@8G)O=W-E<B!O
M<B!E9&ET;W(@9&]E<VXG="!S=7!P;W)T(%=E8B!!<F-H:79E(&9I;&5S+B`@
M4&QE87-E(&1O=VYL;V%D(&$@8G)O=W-E<B!T:&%T('-U<'!O<G1S(%=E8B!!
M<F-H:79E+"!S=6-H(&%S($UI8W)O<V]F="!);G1E<FYE="!%>'!L;W)E<BX-
M"@T*+2TM+2TM/5].97AT4&%R=%\U83,S.60R,E\V-65B7S0P,#9?.#@Y85\S
M93`W,65B8F1F9F4-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO-6$S
M,SED,C)?-C5E8E\T,#`V7S@X.6%?,V4P-S%E8F)D9F9E+U=O<FMB;V]K+FAT
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M;V9T+6-O;3IO9F9I8V4Z97AC96PB('AM;&YS/3-$(FAT='`Z+R]W=W<N=S,N
M;W)G+U12+U)%0RUH=&UL-#`B/@T*/&AE860^#0H\;65T82!N86UE/3-$(D5X
M8V5L(%=O<FMB;V]K($9R86UE<V5T(CX-"@T*/&UE=&$@;F%M93TS1%!R;V=)
M9"!C;VYT96YT/3-$17AC96PN4VAE970^#0H\;&EN:R!R96P],T1&:6QE+4QI
M<W0@:')E9CTS1")7;W)K<VAE971S+V9I;&5L:7-T+GAM;"(^#0H-"CPA+2U;
M:68@9W1E(&US;R`Y73X\>&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX
M.D5X8V5L5V]R:W-H965T<SX-"B`@(#QX.D5X8V5L5V]R:W-H965T/@T*("`@
M(#QX.DYA;64^1&]C=6UE;G1?86YD7T5N=&ET>5]);F9O<FUA=&EO/"]X.DYA
M;64^#0H@("`@/'@Z5V]R:W-H965T4V]U<F-E($A2968],T0B5V]R:W-H965T
M<R]3:&5E=#`Q+FAT;6PB+SX-"B`@(#PO>#I%>&-E;%=O<FMS:&5E=#X-"B`@
M(#QX.D5X8V5L5V]R:W-H965T/@T*("`@(#QX.DYA;64^26YC;VUE7U-T871E
M;65N='-?56YA=61I=&5D/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U
M<F-E($A2968],T0B5V]R:W-H965T<R]3:&5E=#`R+FAT;6PB+SX-"B`@(#PO
M>#I%>&-E;%=O<FMS:&5E=#X-"B`@(#QX.D5X8V5L5V]R:W-H965T/@T*("`@
M(#QX.DYA;64^26YC;VUE7U-T871E;65N='-?56YA=61I=&5D7U!A/"]X.DYA
M;64^#0H@("`@/'@Z5V]R:W-H965T4V]U<F-E($A2968],T0B5V]R:W-H965T
M<R]3:&5E=#`S+FAT;6PB+SX-"B`@(#PO>#I%>&-E;%=O<FMS:&5E=#X-"B`@
M(#QX.D5X8V5L5V]R:W-H965T/@T*("`@(#QX.DYA;64^4W1A=&5M96YT<U]O
M9E]#;VUP<F5H96YS:79E7TEN/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T
M4V]U<F-E($A2968],T0B5V]R:W-H965T<R]3:&5E=#`T+FAT;6PB+SX-"B`@
M(#PO>#I%>&-E;%=O<FMS:&5E=#X-"B`@(#QX.D5X8V5L5V]R:W-H965T/@T*
M("`@(#QX.DYA;64^0F%L86YC95]3:&5E=',\+W@Z3F%M93X-"B`@("`\>#I7
M;W)K<VAE9713;W5R8V4@2%)E9CTS1")7;W)K<VAE971S+U-H965T,#4N:'1M
M;"(O/@T*("`@/"]X.D5X8V5L5V]R:W-H965T/@T*("`@/'@Z17AC96Q7;W)K
M<VAE970^#0H@("`@/'@Z3F%M93Y"86QA;F-E7U-H965T<U]087)E;G1H971I
M8V%L/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U<F-E($A2968],T0B
M5V]R:W-H965T<R]3:&5E=#`V+FAT;6PB+SX-"B`@(#PO>#I%>&-E;%=O<FMS
M:&5E=#X-"B`@(#QX.D5X8V5L5V]R:W-H965T/@T*("`@(#QX.DYA;64^4W1A
M=&5M96YT7V]F7U-T;V-K:&]L9&5R<U]%<75I/"]X.DYA;64^#0H@("`@/'@Z
M5V]R:W-H965T4V]U<F-E($A2968],T0B5V]R:W-H965T<R]3:&5E=#`W+FAT
M;6PB+SX-"B`@(#PO>#I%>&-E;%=O<FMS:&5E=#X-"B`@(#QX.D5X8V5L5V]R
M:W-H965T/@T*("`@(#QX.DYA;64^4W1A=&5M96YT7V]F7U-T;V-K:&]L9&5R
M<U]%<75I,3PO>#I.86UE/@T*("`@(#QX.E=O<FMS:&5E=%-O=7)C92!(4F5F
M/3-$(E=O<FMS:&5E=',O4VAE970P."YH=&UL(B\^#0H@("`\+W@Z17AC96Q7
M;W)K<VAE970^#0H@("`\>#I%>&-E;%=O<FMS:&5E=#X-"B`@("`\>#I.86UE
M/E-T871E;65N='-?;V9?0V%S:%]&;&]W<U]5;F%U9#PO>#I.86UE/@T*("`@
M(#QX.E=O<FMS:&5E=%-O=7)C92!(4F5F/3-$(E=O<FMS:&5E=',O4VAE970P
M.2YH=&UL(B\^#0H@("`\+W@Z17AC96Q7;W)K<VAE970^#0H@("`\>#I%>&-E
M;%=O<FMS:&5E=#X-"B`@("`\>#I.86UE/DYA='5R95]O9E]"=7-I;F5S<SPO
M>#I.86UE/@T*("`@(#QX.E=O<FMS:&5E=%-O=7)C92!(4F5F/3-$(E=O<FMS
M:&5E=',O4VAE970Q,"YH=&UL(B\^#0H@("`\+W@Z17AC96Q7;W)K<VAE970^
M#0H@("`\>#I%>&-E;%=O<FMS:&5E=#X-"B`@("`\>#I.86UE/E)E<W1A=&5M
M96YT7V]F7T9I;F%N8VEA;%]3=&%T93PO>#I.86UE/@T*("`@(#QX.E=O<FMS
M:&5E=%-O=7)C92!(4F5F/3-$(E=O<FMS:&5E=',O4VAE970Q,2YH=&UL(B\^
M#0H@("`\+W@Z17AC96Q7;W)K<VAE970^#0H@("`\>#I%>&-E;%=O<FMS:&5E
M=#X-"B`@("`\>#I.86UE/E-U;6UA<GE?;V9?4VEG;FEF:6-A;G1?06-C;W5N
M=#PO>#I.86UE/@T*("`@(#QX.E=O<FMS:&5E=%-O=7)C92!(4F5F/3-$(E=O
M<FMS:&5E=',O4VAE970Q,BYH=&UL(B\^#0H@("`\+W@Z17AC96Q7;W)K<VAE
M970^#0H@("`\>#I%>&-E;%=O<FMS:&5E=#X-"B`@("`\>#I.86UE/DYE=%])
M;F-O;65?4&5R7T-O;6UO;E]3:&%R93PO>#I.86UE/@T*("`@(#QX.E=O<FMS
M:&5E=%-O=7)C92!(4F5F/3-$(E=O<FMS:&5E=',O4VAE970Q,RYH=&UL(B\^
M#0H@("`\+W@Z17AC96Q7;W)K<VAE970^#0H@("`\>#I%>&-E;%=O<FMS:&5E
M=#X-"B`@("`\>#I.86UE/E9A;'5A=&EO;E]A;F1?475A;&EF>6EN9U]!8V-O
M=3PO>#I.86UE/@T*("`@(#QX.E=O<FMS:&5E=%-O=7)C92!(4F5F/3-$(E=O
M<FMS:&5E=',O4VAE970Q-"YH=&UL(B\^#0H@("`\+W@Z17AC96Q7;W)K<VAE
M970^#0H@("`\>#I%>&-E;%=O<FMS:&5E=#X-"B`@("`\>#I.86UE/E!R;W!E
M<G1Y7V%N9%]%<75I<&UE;G0\+W@Z3F%M93X-"B`@("`\>#I7;W)K<VAE9713
M;W5R8V4@2%)E9CTS1")7;W)K<VAE971S+U-H965T,34N:'1M;"(O/@T*("`@
M/"]X.D5X8V5L5V]R:W-H965T/@T*("`@/'@Z17AC96Q7;W)K<VAE970^#0H@
M("`@/'@Z3F%M93Y#;VUM:71M96YT<U]A;F1?0V]N=&EN9V5N8VEE<SPO>#I.
M86UE/@T*("`@(#QX.E=O<FMS:&5E=%-O=7)C92!(4F5F/3-$(E=O<FMS:&5E
M=',O4VAE970Q-BYH=&UL(B\^#0H@("`\+W@Z17AC96Q7;W)K<VAE970^#0H@
M("`\>#I%>&-E;%=O<FMS:&5E=#X-"B`@("`\>#I.86UE/DEN8V]M95]487AE
M<SPO>#I.86UE/@T*("`@(#QX.E=O<FMS:&5E=%-O=7)C92!(4F5F/3-$(E=O
M<FMS:&5E=',O4VAE970Q-RYH=&UL(B\^#0H@("`\+W@Z17AC96Q7;W)K<VAE
M970^#0H@("`\>#I%>&-E;%=O<FMS:&5E=#X-"B`@("`\>#I.86UE/E-H87)E
M0F%S961?0V]M<&5N<V%T:6]N/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T
M4V]U<F-E($A2968],T0B5V]R:W-H965T<R]3:&5E=#$X+FAT;6PB+SX-"B`@
M(#PO>#I%>&-E;%=O<FMS:&5E=#X-"B`@(#QX.D5X8V5L5V]R:W-H965T/@T*
M("`@(#QX.DYA;64^4F5G=6QA=&]R>3PO>#I.86UE/@T*("`@(#QX.E=O<FMS
M:&5E=%-O=7)C92!(4F5F/3-$(E=O<FMS:&5E=',O4VAE970Q.2YH=&UL(B\^
M#0H@("`\+W@Z17AC96Q7;W)K<VAE970^#0H@("`\>#I%>&-E;%=O<FMS:&5E
M=#X-"B`@("`\>#I.86UE/E1R96%S=7)Y7U-T;V-K/"]X.DYA;64^#0H@("`@
M/'@Z5V]R:W-H965T4V]U<F-E($A2968],T0B5V]R:W-H965T<R]3:&5E=#(P
M+FAT;6PB+SX-"B`@(#PO>#I%>&-E;%=O<FMS:&5E=#X-"B`@(#QX.D5X8V5L
M5V]R:W-H965T/@T*("`@(#QX.DYA;64^4W5B<V5Q=65N=%]%=F5N=',\+W@Z
M3F%M93X-"B`@("`\>#I7;W)K<VAE9713;W5R8V4@2%)E9CTS1")7;W)K<VAE
M971S+U-H965T,C$N:'1M;"(O/@T*("`@/"]X.D5X8V5L5V]R:W-H965T/@T*
M("`\+W@Z17AC96Q7;W)K<VAE971S/@T*("`\>#I3='EL97-H965T($A2968]
M,T0B5V]R:W-H965T<R]R97!O<G0N8W-S(B\^#0H@(#QX.D%C=&EV95-H965T
M/C`\+W@Z06-T:79E4VAE970^#0H@(#QX.E!R;W1E8W13=')U8W1U<F4^1F%L
M<V4\+W@Z4')O=&5C=%-T<G5C='5R93X-"B`@/'@Z4')O=&5C=%=I;F1O=W,^
M1F%L<V4\+W@Z4')O=&5C=%=I;F1O=W,^#0H@/"]X.D5X8V5L5V]R:V)O;VL^
M#0H\+WAM;#X\(5ME;F1I9ETM+3X-"CPO:&5A9#X-"B`@/&)O9'D^#0H@("`\
M<#Y4:&ES('!A9V4@<VAO=6QD(&)E(&]P96YE9"!W:71H($UI8W)O<V]F="!%
M>&-E;"!84"!O<B!N97=E<BX\+W`^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*
M+2TM+2TM/5].97AT4&%R=%\U83,S.60R,E\V-65B7S0P,#9?.#@Y85\S93`W
M,65B8F1F9F4-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO-6$S,SED
M,C)?-C5E8E\T,#`V7S@X.6%?,V4P-S%E8F)D9F9E+U=O<FMS:&5E=',O4VAE
M970P,2YH=&UL#0I#;VYT96YT+51R86YS9F5R+45N8V]D:6YG.B!Q=6]T960M
M<')I;G1A8FQE#0I#;VYT96YT+51Y<&4Z('1E>'0O:'1M;#L@8VAA<G-E=#TB
M=7,M87-C:6DB#0H-"CQH=&UL/@T*("`\:&5A9#X-"B`@("`\345402!H='1P
M+65Q=6EV/3-$0V]N=&5N="U4>7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C
M:&%R<V5T/75T9BTX)SX\<V-R:7!T('1Y<&4],T1T97AT+VIA=F%S8W)I<'0@
M<W)C/3-$4VAO=RYJ<SXO*B!$;R!.;W0@4F5M;W9E(%1H:7,@0V]M;65N="`J
M+SPO<V-R:7!T/CPO:&5A9#X-"B`@/&)O9'D^#0H@("`@/'1A8FQE(&-L87-S
M/3-$<F5P;W)T(&ED/3-$240P131-044^#0H@("`@("`\='(^#0H@("`@("`@
M(#QT:"!C;&%S<STS1'1L(&-O;'-P86X],T0Q(')O=W-P86X],T0R/CQS=')O
M;F<^1&]C=6UE;G0@86YD($5N=&ET>2!);F9O<FUA=&EO;CQB<CX\+W-T<F]N
M9SX\+W1H/@T*("`@("`@("`\=&@@8VQA<W,],T1T:"!C;VQS<&%N/3-$,3XS
M($UO;G1H<R!%;F1E9#PO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H(&-O
M;'-P86X],T0Q/CPO=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R/@T*("`@
M("`@("`\=&@@8VQA<W,],T1T:#Y-87(N(#,Q+"`R,#$Q/&)R/CPO=&@^#0H@
M("`@("`@(#QT:"!C;&%S<STS1'1H/DYO=BX@,#$L(#(P,3$\8G(^/"]T:#X-
M"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@
M/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/CQS=')O;F<^1&]C=6UE;G0@
M86YD($5N=&ET>2!);F9O<FUA=&EO;B!;06)S=')A8W1=/"]S=')O;F<^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@
M("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D5N=&ET>2!296=I<W1R
M86YT($YA;64\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/D=R86YD
M($-A;GEO;B!%9'5C871I;VXL($EN8RX\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D
M(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D5N=&ET>2!#96YT<F%L($EN9&5X
M($ME>3PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^,#`P,30S-#4X
M.#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT
M/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C
M;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T
M;W`^1&]C=6UE;G0@5'EP93PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E
M>'0^,3`M43QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@
M(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI
M9VX],T1T;W`^1&]C=6UE;G0@4&5R:6]D($5N9"!$871E/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$=&5X=#Y-87(@,S$L#0H)"3(P,3$\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-
M"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D%M96YD;65N
M="!&;&%G/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#YT<G5E/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S
M/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y!
M;65N9&UE;G0@1&5S8W)I<'1I;VX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1T97AT/D%M96YD;65N="!.;RXQ('1O($9O<FT@,3`M43QS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*
M("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^1&]C=6UE;G0@
M1FES8V%L(%EE87(@1F]C=7,\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T
M97AT/C(P,3$\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@
M("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L
M:6=N/3-$=&]P/D1O8W5M96YT($9I<V-A;"!097)I;V0@1F]C=7,\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1T97AT/E$Q/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y#=7)R96YT($9I<V-A;"!9
M96%R($5N9"!$871E/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#XM
M+3$R+3,Q/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@
M/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG
M;CTS1'1O<#Y%;G1I='D@5V5L;"UK;F]W;B!396%S;VYE9"!)<W-U97(\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/DYO/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y%;G1I='D@5F]L=6YT
M87)Y($9I;&5R<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^3F\\
M<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\
M<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA
M<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P
M/D5N=&ET>2!#=7)R96YT(%)E<&]R=&EN9R!3=&%T=7,\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1T97AT/EEE<SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@
M8VQA<W,],T1P;"!V86QI9VX],T1T;W`^16YT:71Y($9I;&5R($-A=&5G;W)Y
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#Y,87)G92!!8V-E;&5R
M871E9"!&:6QE<CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@
M("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V
M86QI9VX],T1T;W`^16YT:71Y($-O;6UO;B!3=&]C:RP@4VAA<F5S($]U='-T
M86YD:6YG/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XT-"PS,S$L
M,#0W/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B
M;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\U
M83,S.60R,E\V-65B7S0P,#9?.#@Y85\S93`W,65B8F1F9F4-"D-O;G1E;G0M
M3&]C871I;VXZ(&9I;&4Z+R\O0SHO-6$S,SED,C)?-C5E8E\T,#`V7S@X.6%?
M,V4P-S%E8F)D9F9E+U=O<FMS:&5E=',O4VAE970P,BYH=&UL#0I#;VYT96YT
M+51R86YS9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT96YT
M+51Y<&4Z('1E>'0O:'1M;#L@8VAA<G-E=#TB=7,M87-C:6DB#0H-"CQH=&UL
M/@T*("`\:&5A9#X-"B`@("`\345402!H='1P+65Q=6EV/3-$0V]N=&5N="U4
M>7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R<V5T/75T9BTX)SX\<V-R
M:7!T('1Y<&4],T1T97AT+VIA=F%S8W)I<'0@<W)C/3-$4VAO=RYJ<SXO*B!$
M;R!.;W0@4F5M;W9E(%1H:7,@0V]M;65N="`J+SPO<V-R:7!T/CPO:&5A9#X-
M"B`@/&)O9'D^#0H@("`@/'1A8FQE(&-L87-S/3-$<F5P;W)T(&ED/3-$240P
M1458044^#0H@("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS1'1L(&-O
M;'-P86X],T0Q(')O=W-P86X],T0R/CQS=')O;F<^26YC;VUE(%-T871E;65N
M=',@*%5N875D:71E9"D@*%531"`F;F)S<#LD*3QB<CY);B!4:&]U<V%N9',L
M(&5X8V5P="!097(@4VAA<F4@9&%T83PO<W1R;VYG/CPO=&@^#0H@("`@("`@
M(#QT:"!C;&%S<STS1'1H(&-O;'-P86X],T0R/C,@36]N=&AS($5N9&5D/"]T
M:#X-"B`@("`@(#PO='(^#0H@("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S
M<STS1'1H/DUA<BX@,S$L(#(P,3$\8G(^/"]T:#X-"B`@("`@("`@/'1H(&-L
M87-S/3-$=&@^36%R+B`S,2P@,C`Q,#QB<CX\+W1H/@T*("`@("`@/"]T<CX-
M"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^/'-T<F]N9SY);F-O;64@4W1A=&5M96YT<R!;06)S
M=')A8W1=/"]S=')O;F<^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X
M=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X
M=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@
M8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$
M=&]P/DYE="!R979E;G5E/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M
M<#XF;F)S<#LD(#$P,2PW,#D\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$;G5M<#XF;F)S<#LD(#@Y+#,R-CQS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@
M("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^/'-T<F]N9SY#;W-T
M<R!A;F0@97AP96YS97,Z/"]S=')O;F<^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@
M("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@
M=F%L:6=N/3-$=&]P/DEN<W1R=6-T:6]N86P@8V]S=',@86YD('-E<G9I8V5S
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XT."PX-S4\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XS-BPV-C`\
M<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA
M<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P
M/E-E;&QI;F<@86YD('!R;VUO=&EO;F%L+"!I;F-L=61I;F<@)FYB<W`[)#0P
M,2!A;F0@)FYB<W`[)#(L,S0W('1O(')E;&%T960@<&%R=&EE<R!F;W(@36%R
M8V@@,S$L(#(P,3$@86YD(#(P,3`L(')E<W!E8W1I=F5L>3PO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1&YU;7`^,CDL.#,R/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,C8L.#<V/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y'96YE<F%L(&%N
M9"!A9&UI;FES=')A=&EV93PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU
M;7`^-BPX,S(\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$;G5M<#XV+#$P-#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-
M"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^17AI="!C;W-T<SPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1&YU;7`^.#D\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^
M#0H@("`@("`\='(@8VQA<W,],T1R;W4^#0H@("`@("`@(#QT9"!C;&%S<STS
M1'!L('9A;&EG;CTS1'1O<#Y4;W1A;"!C;W-T<R!A;F0@97AP96YS97,\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C@U+#4S.3QS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C8Y+#<R.3QS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS
M1')E=3X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D]P
M97)A=&EN9R!I;F-O;64\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP
M/C$V+#$W,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1N=6UP/C$Y+#4Y-SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-
M"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^26YT97)E<W0@97AP96YS93PO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1&YU;3XH,3`W*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1N=6T^*#,T-"D\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@
M/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/DEN=&5R97-T(&EN8V]M93PO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,S(\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XV,3QS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O=3X-
M"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/DEN8V]M92!B
M969O<F4@:6YC;VUE('1A>&5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M;G5M<#XQ-BPP.34\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$;G5M<#XQ.2PS,30\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO
M='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S
M/3-$<&P@=F%L:6=N/3-$=&]P/DEN8V]M92!T87@@97AP96YS93PO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1&YU;7`^-BPV,30\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XW+#@S-#QS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O=3X-
M"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/DYE="!I;F-O
M;64\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/B9N8G-P.R0@.2PT
M.#$\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M
M<#XF;F)S<#LD(#$Q+#0X,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T
M<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1P;"!V86QI9VX],T1T;W`^/'-T<F]N9SY%87)N:6YG<R!P97(@<VAA<F4Z
M/"]S=')O;F<^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,]
M,T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D)A
M<VEC(&EN8V]M92!P97(@<VAA<F4\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1N=6UP/B9N8G-P.R0@,"XR,3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1N=6UP/B9N8G-P.R0@,"XR-3QS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@
M("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^1&EL=71E9"!I;F-O
M;64@<&5R('-H87)E/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XF
M;F)S<#LD(#`N,C$\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$;G5M<#XF;F)S<#LD(#`N,C4\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D
M(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D)A<VEC('=E:6=H=&5D(&%V97)A
M9V4@<VAA<F5S(&]U='-T86YD:6YG/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$;G5M<#XT-2PU.3`\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D
M(&-L87-S/3-$;G5M<#XT-2PV-S0\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L
M87-S/3-$<&P@=F%L:6=N/3-$=&]P/D1I;'5T960@=V5I9VAT960@879E<F%G
M92!S:&%R97,@;W5T<W1A;F1I;F<\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1N=6UP/C0V+#`X.3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1N=6UP/C0V+#,R-3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M/"]T<CX-"B`@("`\+W1A8FQE/@T*("`\+V)O9'D^#0H\+VAT;6P^#0H-"BTM
M+2TM+3U?3F5X=%!A<G1?-6$S,SED,C)?-C5E8E\T,#`V7S@X.6%?,V4P-S%E
M8F)D9F9E#0I#;VYT96YT+4QO8V%T:6]N.B!F:6QE.B\O+T,Z+S5A,S,Y9#(R
M7S8U96)?-#`P-E\X.#EA7S-E,#<Q96)B9&9F92]7;W)K<VAE971S+U-H965T
M,#,N:'1M;`T*0V]N=&5N="U4<F%N<V9E<BU%;F-O9&EN9SH@<75O=&5D+7!R
M:6YT86)L90T*0V]N=&5N="U4>7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S
M+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE
M<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA
M<G-E=#UU=&8M."<^/'-C<FEP="!T>7!E/3-$=&5X="]J879A<V-R:7!T('-R
M8STS1%-H;W<N:G,^+RH@1&\@3F]T(%)E;6]V92!4:&ES($-O;6UE;G0@*B\\
M+W-C<FEP=#X\+VAE860^#0H@(#QB;V1Y/@T*("`@(#QT86)L92!C;&%S<STS
M1')E<&]R="!I9#TS1$E$,$5&1D%#/@T*("`@("`@/'1R/@T*("`@("`@("`\
M=&@@8VQA<W,],T1T;"!C;VQS<&%N/3-$,2!R;W=S<&%N/3-$,CX\<W1R;VYG
M/DEN8V]M92!3=&%T96UE;G1S("A5;F%U9&ET960I("A087)E;G1H971I8V%L
M*2`H55-$("9N8G-P.R0I/&)R/DEN(%1H;W5S86YD<SPO<W1R;VYG/CPO=&@^
M#0H@("`@("`@(#QT:"!C;&%S<STS1'1H(&-O;'-P86X],T0R/C,@36]N=&AS
M($5N9&5D/"]T:#X-"B`@("`@(#PO='(^#0H@("`@("`\='(^#0H@("`@("`@
M(#QT:"!C;&%S<STS1'1H/DUA<BX@,S$L(#(P,3$\8G(^/"]T:#X-"B`@("`@
M("`@/'1H(&-L87-S/3-$=&@^36%R+B`S,2P@,C`Q,#QB<CX\+W1H/@T*("`@
M("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@
M8VQA<W,],T1P;"!V86QI9VX],T1T;W`^/'-T<F]N9SY#;W-T<R!A;F0@97AP
M96YS97,Z/"]S=')O;F<^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X
M=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X
M=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@
M8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$
M=&]P/E-E;&QI;F<@86YD('!R;VUO=&EO;F%L(&5X<&5N<V5S('1O(')E;&%T
M960@<&%R=&EE<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)FYB
M<W`[)"`T,#$\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$;G5M<#XF;F)S<#LD(#(L,S0W/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*
M+2TM+2TM/5].97AT4&%R=%\U83,S.60R,E\V-65B7S0P,#9?.#@Y85\S93`W
M,65B8F1F9F4-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO-6$S,SED
M,C)?-C5E8E\T,#`V7S@X.6%?,V4P-S%E8F)D9F9E+U=O<FMS:&5E=',O4VAE
M970P-"YH=&UL#0I#;VYT96YT+51R86YS9F5R+45N8V]D:6YG.B!Q=6]T960M
M<')I;G1A8FQE#0I#;VYT96YT+51Y<&4Z('1E>'0O:'1M;#L@8VAA<G-E=#TB
M=7,M87-C:6DB#0H-"CQH=&UL/@T*("`\:&5A9#X-"B`@("`\345402!H='1P
M+65Q=6EV/3-$0V]N=&5N="U4>7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C
M:&%R<V5T/75T9BTX)SX\<V-R:7!T('1Y<&4],T1T97AT+VIA=F%S8W)I<'0@
M<W)C/3-$4VAO=RYJ<SXO*B!$;R!.;W0@4F5M;W9E(%1H:7,@0V]M;65N="`J
M+SPO<V-R:7!T/CPO:&5A9#X-"B`@/&)O9'D^#0H@("`@/'1A8FQE(&-L87-S
M/3-$<F5P;W)T(&ED/3-$240P145004,^#0H@("`@("`\='(^#0H@("`@("`@
M(#QT:"!C;&%S<STS1'1L(&-O;'-P86X],T0Q(')O=W-P86X],T0R/CQS=')O
M;F<^4W1A=&5M96YT<R!O9B!#;VUP<F5H96YS:79E($EN8V]M92`H56YA=61I
M=&5D*2`H55-$("9N8G-P.R0I/&)R/DEN(%1H;W5S86YD<SPO<W1R;VYG/CPO
M=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H(&-O;'-P86X],T0R/C,@36]N
M=&AS($5N9&5D/"]T:#X-"B`@("`@(#PO='(^#0H@("`@("`\='(^#0H@("`@
M("`@(#QT:"!C;&%S<STS1'1H/DUA<BX@,S$L(#(P,3$\8G(^/"]T:#X-"B`@
M("`@("`@/'1H(&-L87-S/3-$=&@^36%R+B`S,2P@,C`Q,#QB<CX\+W1H/@T*
M("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\
M=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^/'-T<F]N9SY3=&%T96UE;G1S
M(&]F($-O;7!R96AE;G-I=F4@26YC;VUE(%M!8G-T<F%C=%T\+W-T<F]N9SX\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@
M("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^3F5T(&EN8V]M93PO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)FYB<W`[)"`Y+#0X,3QS
M<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/B9N
M8G-P.R0@,3$L-#@P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*
M("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L
M('9A;&EG;CTS1'1O<#X\<W1R;VYG/D]T:&5R(&-O;7!R96AE;G-I=F4@:6YC
M;VUE+"!N970@;V8@=&%X.CPO<W1R;VYG/CPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*
M("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L
M('9A;&EG;CTS1'1O<#Y5;G)E86QI>F5D(&=A:6YS("AL;W-S97,I(&]N(&AE
M9&=I;F<@9&5R:79A=&EV97,\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N
M=6UP/C4S/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&YU;3XH,30W*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@
M("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V
M86QI9VX],T1T;W`^56YR96%L:7IE9"!L;W-S97,@;VX@879A:6QA8FQE(&9O
M<B!S86QE('-E8W5R:71I97,\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T
M97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N
M=6T^*#0I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@
M/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG
M;CTS1'1O<#Y296%L:7IE9"!G86EN<R!O;B!A=F%I;&%B;&4@9F]R('-A;&4@
M<V5C=7)I=&EE<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XH,3DI
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L
M87-S/3-$<F5U/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T
M;W`^0V]M<')E:&5N<VEV92!I;F-O;64\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1N=6UP/B9N8G-P.R0@.2PU,S0\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M<#XF;F)S<#LD(#$Q+#,Q,#QS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`\+W1A8FQE/@T*("`\+V)O
M9'D^#0H\+VAT;6P^#0H-"BTM+2TM+3U?3F5X=%!A<G1?-6$S,SED,C)?-C5E
M8E\T,#`V7S@X.6%?,V4P-S%E8F)D9F9E#0I#;VYT96YT+4QO8V%T:6]N.B!F
M:6QE.B\O+T,Z+S5A,S,Y9#(R7S8U96)?-#`P-E\X.#EA7S-E,#<Q96)B9&9F
M92]7;W)K<VAE971S+U-H965T,#4N:'1M;`T*0V]N=&5N="U4<F%N<V9E<BU%
M;F-O9&EN9SH@<75O=&5D+7!R:6YT86)L90T*0V]N=&5N="U4>7!E.B!T97AT
M+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^
M#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT
M/3-$)W1E>'0O:'1M;#L@8VAA<G-E=#UU=&8M."<^/'-C<FEP="!T>7!E/3-$
M=&5X="]J879A<V-R:7!T('-R8STS1%-H;W<N:G,^+RH@1&\@3F]T(%)E;6]V
M92!4:&ES($-O;6UE;G0@*B\\+W-C<FEP=#X\+VAE860^#0H@(#QB;V1Y/@T*
M("`@(#QT86)L92!C;&%S<STS1')E<&]R="!I9#TS1$E$,$5&1D)'/@T*("`@
M("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T;"!C;VQS<&%N/3-$,2!R
M;W=S<&%N/3-$,CX\<W1R;VYG/D)A;&%N8V4@4VAE971S("A54T0@)FYB<W`[
M)"D\8G(^26X@5&AO=7-A;F1S/"]S=')O;F<^/"]T:#X-"B`@("`@("`@/'1H
M(&-L87-S/3-$=&@@8V]L<W!A;CTS1#$^,R!-;VYT:',@16YD960\+W1H/@T*
M("`@("`@("`\=&@@8VQA<W,],T1T:"!C;VQS<&%N/3-$,3XQ,B!-;VYT:',@
M16YD960\+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<CX-"B`@("`@("`@
M/'1H(&-L87-S/3-$=&@^36%R+B`S,2P@,C`Q,3QB<CX\+W1H/@T*("`@("`@
M("`\=&@@8VQA<W,],T1T:#Y$96,N(#,Q+"`R,#$P/&)R/CPO=&@^#0H@("`@
M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C
M;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG/D-U<G)E;G0@87-S971S
M/"]S=')O;F<^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,]
M,T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D-A
M<V@@86YD(&-A<V@@97%U:79A;&5N=',\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1N=6UP/B9N8G-P.R0@,S`L,C0S/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)FYB<W`[)"`S,RPV,S<\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R
M93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/E)E<W1R
M:6-T960@8V%S:"!A;F0@8V%S:"!E<75I=F%L96YT<SPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1&YU;7`^-#DL-S0P/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1&YU;7`^-3(L,3<X/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y!8V-O=6YT<R!R96-E
M:79A8FQE+"!N970@;V8@86QL;W=A;F-E(&9O<B!D;W5B=&9U;"!A8V-O=6YT
M<R!O9B`F;F)S<#LD,S$L,S8V("A297-T871E9"D@86YD("9N8G-P.R0S,"PQ
M,3(@870@36%R8V@@,S$L(#(P,3$@86YD($1E8V5M8F5R(#,Q+"`R,#$P+"!R
M97-P96-T:79E;'D\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C$S
M+#DW,CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N
M=6UP/C$W+#DX,SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@
M("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V
M86QI9VX],T1T;W`^26YC;VUE('1A>&5S(')E8V5I=F%B;&4\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1N=6UP/C(L,C$S/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^."PT,34\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@
M("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D1E9F5R<F5D(&EN
M8V]M92!T87AE<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,38L
M-38S/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU
M;7`^,38L,#<X/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@
M("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A
M;&EG;CTS1'1O<#Y/=&AE<B!C=7)R96YT(&%S<V5T<SPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1&YU;7`^-"PU-S@\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M<#XT+#@S-#QS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O=3X-"B`@("`@
M("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/E1O=&%L(&-U<G)E;G0@
M87-S971S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ,3<L,S`Y
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^
M,3,S+#$R-3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@
M(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI
M9VX],T1T;W`^4')O<&5R='D@86YD(&5Q=6EP;65N="P@;F5T/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ-#`L-C4U/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,3(S+#DY.3QS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O
M/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^4F5S=')I
M8W1E9"!C87-H/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XT-#4\
M<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XW
M-C`\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@
M8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$
M=&]P/E!R97!A:60@<F]Y86QT:65S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$;G5M<#XV+#,Y-CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1N=6UP/C8L-3<Y/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\
M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'!L('9A;&EG;CTS1'1O<#Y';V]D=VEL;#PO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1&YU;7`^,BPY-#$\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$;G5M<#XR+#DT,3QS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\
M=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^1&5F97)R960@:6YC;VUE('1A
M>&5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XR+#0X-SQS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C(L.#`P
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L
M87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O
M<#Y/=&AE<B!A<W-E=',\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP
M/C4L,C4T/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&YU;7`^-"PX.3(\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@
M("`@("`\='(@8VQA<W,],T1R974^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L
M('9A;&EG;CTS1'1O<#Y4;W1A;"!A<W-E=',\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1N=6UP/C(W-2PT.#<\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$;G5M<#XR-S4L,#DV/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG/D-U<G)E;G0@
M;&EA8FEL:71I97,\+W-T<F]N9SX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@
M(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI
M9VX],T1T;W`^06-C;W5N=',@<&%Y86)L93PO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1&YU;7`^,C<L,#<R/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1&YU;7`^,34L-CDS/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT
M9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y!8V-R=65D(&-O;7!E;G-A=&EO
M;B!A;F0@8F5N969I=',\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP
M/C$U+#$T-#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1N=6UP/C$S+#8S,SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-
M"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^06-C<G5E9"!L:6%B:6QI=&EE<SPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1&YU;7`^-RPT-3,\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XY+#0W-SQS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@
M("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^06-C<G5E9"!L:71I
M9V%T:6]N(&QO<W,\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C4L
M,C`P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU
M;7`^-2PR,#`\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@
M("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L
M:6=N/3-$=&]P/D%C8W)U960@97AI="!C;W-T<SPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1&YU;7`^-#`\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$;G5M<#XV-#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA
M<W,],T1P;"!V86QI9VX],T1T;W`^26YC;VUE('1A>&5S('!A>6%B;&4\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C$L,C(S/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^.#(Y/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y3='5D96YT
M(&1E<&]S:71S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XT-BPQ
M,C<\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M
M<#XT."PX-S,\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@
M("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L
M:6=N/3-$=&]P/D1E9F5R<F5D(')E=F5N=64\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1N=6UP/C$Y+#(Q.#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1N=6UP/C$U+#`S-#QS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\
M=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^1'5E('1O(')E;&%T960@<&%R
M=&EE<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,2PY-3@\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ,"PS
M-#8\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@
M8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$
M=&]P/D-U<G)E;G0@<&]R=&EO;B!O9B!C87!I=&%L(&QE87-E(&]B;&EG871I
M;VYS/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ+#8S.#QS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C$L-C<S
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L
M87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O
M<#Y#=7)R96YT('!O<G1I;VX@;V8@;F]T97,@<&%Y86)L93PO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1&YU;7`^,2PY-3<\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XR+#`R-CQS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O=3X-"B`@
M("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/E1O=&%L(&-U<G)E
M;G0@;&EA8FEL:71I97,\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP
M/C$R-RPP,S`\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$;G5M<#XQ,C(L.#0X/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R
M/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS
M1'!L('9A;&EG;CTS1'1O<#Y#87!I=&%L(&QE87-E(&]B;&EG871I;VYS+"!L
M97-S(&-U<G)E;G0@<&]R=&EO;CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&YU;7`^,3`\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$;G5M<#XQ-3$\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@
M("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@
M=F%L:6=N/3-$=&]P/D]T:&5R(&YO;F-U<G)E;G0@;&EA8FEL:71I97,\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C(L-C<Y/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,BPW,34\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R
M93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/DYO=&5S
M('!A>6%B;&4L(&QE<W,@8W5R<F5N="!P;W)T:6]N/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$;G5M<#XR,2PT,S(\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M<#XR,2PX.#$\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;W4^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y4;W1A;"!L:6%B:6QI
M=&EE<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,34Q+#$U,3QS
M<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C$T
M-RPU.34\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\
M='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N
M/3-$=&]P/D-O;6UI=&UE;G1S(&%N9"!C;VYT:6YG96YC:65S/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$=&5X=#XF;F)S<#L\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#XF;F)S<#L\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-
M"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/CQS=')O;F<^
M4W1O8VMH;VQD97)S)R!E<75I='D\+W-T<F]N9SX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T
M<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1P;"!V86QI9VX],T1T;W`^4')E9F5R<F5D('-T;V-K+"`F;F)S<#LD,"XP
M,2!P87(@=F%L=64L(#$P+#`P,"!S:&%R97,@875T:&]R:7IE9#L@,"!S:&%R
M97,@:7-S=65D(&%N9"!O=71S=&%N9&EN9R!A="!-87)C:"`S,2P@,C`Q,2!A
M;F0@1&5C96UB97(@,S$L(#(P,3`\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1T97AT/B9N8G-P.SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1T97AT/B9N8G-P.SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA
M<W,],T1P;"!V86QI9VX],T1T;W`^0V]M;6]N('-T;V-K+"`F;F)S<#LD,"XP
M,2!P87(@=F%L=64L(#$P,"PP,#`@<VAA<F5S(&%U=&AO<FEZ960[(#0U+#@Q
M,B!A;F0@-#4L.#$Q('-H87)E<R!I<W-U960@86YD(#0T+#@Q-R!A;F0@-#4L
M-S8Q('-H87)E<R!O=71S=&%N9&EN9R!A="!-87)C:"`S,2P@,C`Q,2!A;F0@
M1&5C96UB97(@,S$L(#(P,3`L(')E<W!E8W1I=F5L>3PO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1&YU;7`^-#4X/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1&YU;7`^-#4X/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT
M9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y4<F5A<W5R>2!S=&]C:RP@870@
M8V]S="P@.3DU(&%N9"`U,"!S:&%R97,@;V8@8V]M;6]N('-T;V-K(&%T($UA
M<F-H(#,Q+"`R,#$Q(&%N9"!$96-E;6)E<B`S,2P@,C`Q,"P@<F5S<&5C=&EV
M96QY/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@Q-"PY.3,I/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XH-S@R
M*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C
M;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T
M;W`^061D:71I;VYA;"!P86ED+6EN(&-A<&ET86P\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1N=6UP/C<X+#DV,3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1N=6UP/C<W+#0T.3QS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@
M("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^06-C=6UU;&%T960@;W1H
M97(@8V]M<')E:&5N<VEV92!L;W-S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$;G5M/B@S.3(I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1&YU;3XH-#0U*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T
M<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1P;"!V86QI9VX],T1T;W`^06-C=6UU;&%T960@96%R;FEN9W,\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C8P+#,P,CQS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C4P+#@R,3QS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E
M=3X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/E1O=&%L
M('-T;V-K:&]L9&5R<R<@97%U:71Y/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$;G5M<#XQ,C0L,S,V/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1&YU;7`^,3(W+#4P,3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O=3X-"B`@("`@("`@/'1D
M(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/E1O=&%L(&QI86)I;&ET:65S(&%N
M9"!S=&]C:VAO;&1E<G,G(&5Q=6ET>3PO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1&YU;7`^)FYB<W`[)"`R-S4L-#@W/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)FYB<W`[)"`R-S4L,#DV/'-P86X^
M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO
M8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\U83,S.60R,E\V
M-65B7S0P,#9?.#@Y85\S93`W,65B8F1F9F4-"D-O;G1E;G0M3&]C871I;VXZ
M(&9I;&4Z+R\O0SHO-6$S,SED,C)?-C5E8E\T,#`V7S@X.6%?,V4P-S%E8F)D
M9F9E+U=O<FMS:&5E=',O4VAE970P-BYH=&UL#0I#;VYT96YT+51R86YS9F5R
M+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT96YT+51Y<&4Z('1E
M>'0O:'1M;#L@8VAA<G-E=#TB=7,M87-C:6DB#0H-"CQH=&UL/@T*("`\:&5A
M9#X-"B`@("`\345402!H='1P+65Q=6EV/3-$0V]N=&5N="U4>7!E(&-O;G1E
M;G0],T0G=&5X="]H=&UL.R!C:&%R<V5T/75T9BTX)SX\<V-R:7!T('1Y<&4]
M,T1T97AT+VIA=F%S8W)I<'0@<W)C/3-$4VAO=RYJ<SXO*B!$;R!.;W0@4F5M
M;W9E(%1H:7,@0V]M;65N="`J+SPO<V-R:7!T/CPO:&5A9#X-"B`@/&)O9'D^
M#0H@("`@/'1A8FQE(&-L87-S/3-$<F5P;W)T(&ED/3-$240P139)044^#0H@
M("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS1'1L(&-O;'-P86X],T0Q
M(')O=W-P86X],T0Q/CQS=')O;F<^0F%L86YC92!3:&5E=',@*%!A<F5N=&AE
M=&EC86PI("A54T0@)FYB<W`[)"D\8G(^26X@5&AO=7-A;F1S+"!E>&-E<'0@
M4&5R(%-H87)E(&1A=&$\+W-T<F]N9SX\+W1H/@T*("`@("`@("`\=&@@8VQA
M<W,],T1T:#Y-87(N(#,Q+"`R,#$Q/&)R/CPO=&@^#0H@("`@("`@(#QT:"!C
M;&%S<STS1'1H/D1E8RX@,S$L(#(P,3`\8G(^/"]T:#X-"B`@("`@(#PO='(^
M#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$
M<&P@=F%L:6=N/3-$=&]P/CQS=')O;F<^0W5R<F5N="!A<W-E=',\+W-T<F]N
M9SX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*
M("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^3F5T(&]F(&%L
M;&]W86YC92!F;W(@9&]U8G1F=6P@86-C;W5N=',\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1N=6UP/B9N8G-P.R0@,S$L,S8V/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)FYB<W`[)"`S,"PQ,3(\
M<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA
M<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P
M/CQS=')O;F<^4W1O8VMH;VQD97)S)R!E<75I='D\+W-T<F]N9SX\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\
M=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^4')E9F5R<F5D('-T;V-K+"!P
M87(@=F%L=64\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/B9N8G-P
M.R0@,"XP,3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1N=6UP/B9N8G-P.R0@,"XP,3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA
M<W,],T1P;"!V86QI9VX],T1T;W`^4')E9F5R<F5D('-T;V-K+"!S:&%R97,@
M875T:&]R:7IE9#PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,3`L
M,#`P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU
M;7`^,3`L,#`P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@
M("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A
M;&EG;CTS1'1O<#Y0<F5F97)R960@<W1O8VLL('-H87)E<R!I<W-U960\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C`\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XP/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y0<F5F97)R960@<W1O
M8VLL('-H87)E<R!O=71S=&%N9&EN9SPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1&YU;7`^,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1N=6UP/C`\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@
M("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@
M=F%L:6=N/3-$=&]P/D-O;6UO;B!S=&]C:RP@<&%R('9A;'5E/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M<#XF;F)S<#LD(#`N,#$\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XF;F)S<#LD(#`N
M,#$\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@
M8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$
M=&]P/D-O;6UO;B!S=&]C:RP@<VAA<F5S(&%U=&AO<FEZ960\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1N=6UP/C$P,"PP,#`\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ,#`L,#`P/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y#;VUM;VX@
M<W1O8VLL('-H87)E<R!I<W-U960\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1N=6UP/C0U+#@Q,CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1N=6UP/C0U+#@Q,3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA
M<W,],T1P;"!V86QI9VX],T1T;W`^0V]M;6]N('-T;V-K+"!S:&%R97,@;W5T
M<W1A;F1I;F<\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C0T+#@Q
M-SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP
M/C0U+#<V,3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@
M(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI
M9VX],T1T;W`^5')E87-U<GD@<W1O8VLL('-H87)E<R!O=71S=&%N9&EN9SPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^.3DU/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^-3`\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@/"]T86)L93X-"B`@/"]B;V1Y
M/@T*/"]H=&UL/@T*#0HM+2TM+2T]7TYE>'1087)T7S5A,S,Y9#(R7S8U96)?
M-#`P-E\X.#EA7S-E,#<Q96)B9&9F90T*0V]N=&5N="U,;V-A=&EO;CH@9FEL
M93HO+R]#.B\U83,S.60R,E\V-65B7S0P,#9?.#@Y85\S93`W,65B8F1F9F4O
M5V]R:W-H965T<R]3:&5E=#`W+FAT;6P-"D-O;G1E;G0M5')A;G-F97(M16YC
M;V1I;F<Z('%U;W1E9"UP<FEN=&%B;&4-"D-O;G1E;G0M5'EP93H@=&5X="]H
M=&UL.R!C:&%R<V5T/2)U<RUA<V-I:2(-"@T*/&AT;6P^#0H@(#QH96%D/@T*
M("`@(#Q-151!(&AT='`M97%U:78],T1#;VYT96YT+51Y<&4@8V]N=&5N=#TS
M1"=T97AT+VAT;6P[(&-H87)S970]=71F+3@G/CQS8W)I<'0@='EP93TS1'1E
M>'0O:F%V87-C<FEP="!S<F,],T13:&]W+FIS/B\J($1O($YO="!296UO=F4@
M5&AI<R!#;VUM96YT("HO/"]S8W)I<'0^/"]H96%D/@T*("`\8F]D>3X-"B`@
M("`\=&%B;&4@8VQA<W,],T1R97!O<G0@:60],T1)1#!%1DY"1SX-"B`@("`@
M(#QT<CX-"B`@("`@("`@/'1H(&-L87-S/3-$=&P@8V]L<W!A;CTS1#$@<F]W
M<W!A;CTS1#$^/'-T<F]N9SY3=&%T96UE;G0@;V8@4W1O8VMH;VQD97)S)R!%
M<75I='D@*%5N875D:71E9"D@*%531"`F;F)S<#LD*3QB<CY);B!4:&]U<V%N
M9',\+W-T<F]N9SX\+W1H/@T*("`@("`@("`\=&@@8VQA<W,],T1T:#Y4;W1A
M;#QB<CX\+W1H/@T*("`@("`@("`\=&@@8VQA<W,],T1T:#Y#;VUM;VX@4W1O
M8VL\8G(^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$=&@^5')E87-U<GD@
M4W1O8VL\8G(^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$=&@^061D:71I
M;VYA;"!086ED+6EN($-A<&ET86P\8G(^/"]T:#X-"B`@("`@("`@/'1H(&-L
M87-S/3-$=&@^06-C=6UU;&%T960@3W1H97(@0V]M<')E:&5N<VEV92!,;W-S
M/&)R/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H/D%C8W5M=6QA=&5D
M($5A<FYI;F=S/&)R/CPO=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L
M87-S/3-$<F,^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O
M<#Y"96=I;FYI;F<@0F%L86YC92!A="!$96,N(#,Q+"`R,#$P/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M<#XF;F)S<#LD(#$R-RPU,#$\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XF;F)S<#LD
M(#0U.#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N
M=6T^)FYB<W`[)"`H-S@R*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1N=6UP/B9N8G-P.R0@-S<L-#0Y/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XF;F)S<#LD("@T-#4I/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)FYB
M<W`[)"`U,"PX,C$\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@
M("`@("`\='(@8VQA<W,],T1R8SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@
M=F%L:6=N/3-$=&]P/D)E9VEN;FEN9R!"86QA;F-E+"!S:&%R97,@870@1&5C
M+B`S,2P@,C`Q,#PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^-#4L
M.#$Q/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU
M;7`^-3`\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\
M='(@8VQA<W,],T1R974^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG
M;CTS1'1O<#Y.970@:6YC;VUE/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M;G5M<#XY+#0X,3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1N=6UP/CDL-#@Q/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R
M/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS
M1'!L('9A;&EG;CTS1'1O<#Y5;G)E86QI>F5D(&=A:6X@;VX@:&5D9VEN9R!D
M97)I=F%T:79E<RP@;F5T(&]F('1A>&5S(&]F("9N8G-P.R0R,3PO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1&YU;7`^-3,\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XU,SQS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@
M("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^0V]M;6]N('-T;V-K('!U
M<F-H87-E9"!F;W(@=')E87-U<GD\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1N=6T^*#$T+#(Q,2D\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D
M(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D
M(&-L87-S/3-$;G5M/B@Q-"PR,3$I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C
M;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y#;VUM;VX@<W1O8VL@<'5R8VAA<V5D
M(&9O<B!T<F5A<W5R>2P@4VAA<F5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$;G5M<#XY-#4\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@
M("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@
M=F%L:6=N/3-$=&]P/D5X97)C:7-E(&]F('-T;V-K(&]P=&EO;G,\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C$S/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,3,\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@
M("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D5X97)C:7-E(&]F('-T
M;V-K(&]P=&EO;G,L('-H87)E<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&YU;7`^,3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@
M(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI
M9VX],T1T;W`^17AC97-S('1A>"!B96YE9FET<R!F<F]M('-H87)E+6)A<V5D
M(&-O;7!E;G-A=&EO;CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^
M-CD\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X
M=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X
M=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M
M<#XV.3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T
M97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T
M97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT
M<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX]
M,T1T;W`^4VAA<F4M8F%S960@8V]M<&5N<V%T:6]N/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$;G5M<#XQ+#0S,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1N=6UP/C$L-#,P/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F,^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y%;F1I;F<@0F%L86YC92!A
M="!-87(N(#,Q+"`R,#$Q/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M
M<#XF;F)S<#LD(#$R-"PS,S8\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$;G5M<#XF;F)S<#LD(#0U.#QS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6T^)FYB<W`[)"`H,30L.3DS*3QS
M<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/B9N
M8G-P.R0@-S@L.38Q/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1&YU;3XF;F)S<#LD("@S.3(I/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)FYB<W`[)"`V,"PS,#(\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R
M8SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D5N9&EN
M9R!"86QA;F-E+"!S:&%R97,@870@36%R+B`S,2P@,C`Q,3PO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1&YU;7`^-#4L.#$R/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^.3DU/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO
M:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\U83,S.60R,E\V-65B7S0P,#9?
M.#@Y85\S93`W,65B8F1F9F4-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O
M0SHO-6$S,SED,C)?-C5E8E\T,#`V7S@X.6%?,V4P-S%E8F)D9F9E+U=O<FMS
M:&5E=',O4VAE970P."YH=&UL#0I#;VYT96YT+51R86YS9F5R+45N8V]D:6YG
M.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT96YT+51Y<&4Z('1E>'0O:'1M;#L@
M8VAA<G-E=#TB=7,M87-C:6DB#0H-"CQH=&UL/@T*("`\:&5A9#X-"B`@("`\
M345402!H='1P+65Q=6EV/3-$0V]N=&5N="U4>7!E(&-O;G1E;G0],T0G=&5X
M="]H=&UL.R!C:&%R<V5T/75T9BTX)SX\<V-R:7!T('1Y<&4],T1T97AT+VIA
M=F%S8W)I<'0@<W)C/3-$4VAO=RYJ<SXO*B!$;R!.;W0@4F5M;W9E(%1H:7,@
M0V]M;65N="`J+SPO<V-R:7!T/CPO:&5A9#X-"B`@/&)O9'D^#0H@("`@/'1A
M8FQE(&-L87-S/3-$<F5P;W)T(&ED/3-$240P145!04,^#0H@("`@("`\='(^
M#0H@("`@("`@(#QT:"!C;&%S<STS1'1L(&-O;'-P86X],T0Q(')O=W-P86X]
M,T0R/CQS=')O;F<^4W1A=&5M96YT(&]F(%-T;V-K:&]L9&5R<R<@17%U:71Y
M("A5;F%U9&ET960I("A087)E;G1H971I8V%L*2`H06-C=6UU;&%T960@3W1H
M97(@0V]M<')E:&5N<VEV92!,;W-S+"!54T0@)FYB<W`[)"D\8G(^26X@5&AO
M=7-A;F1S/"]S=')O;F<^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$=&@@
M8V]L<W!A;CTS1#$^,R!-;VYT:',@16YD960\+W1H/@T*("`@("`@/"]T<CX-
M"B`@("`@(#QT<CX-"B`@("`@("`@/'1H(&-L87-S/3-$=&@^36%R+B`S,2P@
M,C`Q,3QB<CX\+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS
M1')H/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^06-C
M=6UU;&%T960@3W1H97(@0V]M<')E:&5N<VEV92!,;W-S/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L
M87-S/3-$<&P@=F%L:6=N/3-$=&]P/E1A>"!E9F9E8W0@;VX@=6YR96%L:7IE
M9"!L;W-S(&]N(&AE9&=I;F<@9&5R:79A=&EV97,\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1N=6UP/B9N8G-P.R0@,C$\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@(#PO='(^#0H@("`@/"]T86)L93X-"B`@/"]B;V1Y/@T*/"]H=&UL
M/@T*#0HM+2TM+2T]7TYE>'1087)T7S5A,S,Y9#(R7S8U96)?-#`P-E\X.#EA
M7S-E,#<Q96)B9&9F90T*0V]N=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B\U
M83,S.60R,E\V-65B7S0P,#9?.#@Y85\S93`W,65B8F1F9F4O5V]R:W-H965T
M<R]3:&5E=#`Y+FAT;6P-"D-O;G1E;G0M5')A;G-F97(M16YC;V1I;F<Z('%U
M;W1E9"UP<FEN=&%B;&4-"D-O;G1E;G0M5'EP93H@=&5X="]H=&UL.R!C:&%R
M<V5T/2)U<RUA<V-I:2(-"@T*/&AT;6P^#0H@(#QH96%D/@T*("`@(#Q-151!
M(&AT='`M97%U:78],T1#;VYT96YT+51Y<&4@8V]N=&5N=#TS1"=T97AT+VAT
M;6P[(&-H87)S970]=71F+3@G/CQS8W)I<'0@='EP93TS1'1E>'0O:F%V87-C
M<FEP="!S<F,],T13:&]W+FIS/B\J($1O($YO="!296UO=F4@5&AI<R!#;VUM
M96YT("HO/"]S8W)I<'0^/"]H96%D/@T*("`\8F]D>3X-"B`@("`\=&%B;&4@
M8VQA<W,],T1R97!O<G0@:60],T1)1#!%0D1"1SX-"B`@("`@(#QT<CX-"B`@
M("`@("`@/'1H(&-L87-S/3-$=&P@8V]L<W!A;CTS1#$@<F]W<W!A;CTS1#(^
M/'-T<F]N9SY3=&%T96UE;G1S(&]F($-A<V@@1FQO=W,@*%5N875D:71E9"D@
M*%531"`F;F)S<#LD*3QB<CY);B!4:&]U<V%N9',\+W-T<F]N9SX\+W1H/@T*
M("`@("`@("`\=&@@8VQA<W,],T1T:"!C;VQS<&%N/3-$,CXS($UO;G1H<R!%
M;F1E9#PO=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R/@T*("`@("`@("`\
M=&@@8VQA<W,],T1T:#Y-87(N(#,Q+"`R,#$Q/&)R/CPO=&@^#0H@("`@("`@
M(#QT:"!C;&%S<STS1'1H/DUA<BX@,S$L(#(P,3`\8G(^/"]T:#X-"B`@("`@
M(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L
M87-S/3-$<&P@=F%L:6=N/3-$=&]P/CQS=')O;F<^0V%S:"!F;&]W<R!P<F]V
M:61E9"!B>2!O<&5R871I;F<@86-T:79I=&EE<SH\+W-T<F]N9SX\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\
M=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^3F5T(&EN8V]M93PO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)FYB<W`[)"`Y+#0X,3QS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/B9N8G-P.R0@
M,3$L-#@P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@
M/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG
M;CTS1'1O<#X\<W1R;VYG/D%D:G5S=&UE;G1S('1O(')E8V]N8VEL92!N970@
M:6YC;VUE('1O(&YE="!C87-H('!R;W9I9&5D(&)Y(&]P97)A=&EN9R!A8W1I
M=FET:65S.CPO<W1R;VYG/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E
M>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E
M>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R
M(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS
M1'1O<#Y3:&%R92UB87-E9"!C;VUP96YS871I;VX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1N=6UP/C$L-#,P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1&YU;7`^,2PP,S<\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@
M/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D5X8V5S<R!T87@@8F5N969I
M=',@9G)O;2!S:&%R92UB87-E9"!C;VUP96YS871I;VX\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1N=6T^*#0Y,BD\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D
M(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D%M;W)T:7IA=&EO;B!O9B!D96)T
M(&ES<W5A;F-E(&-O<W1S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M
M<#XQ-3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N
M=6UP/C$V/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@
M/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG
M;CTS1'1O<#Y0<F]V:7-I;VX@9F]R(&)A9"!D96)T<SPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1&YU;7`^,3`L,#,T/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1&YU;7`^-"PW-S0\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@
M("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D1E<')E8VEA=&EO;B!A
M;F0@86UO<G1I>F%T:6]N/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M
M<#XS+#@R-CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1N=6UP/C(L-C8Q/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*
M("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L
M('9A;&EG;CTS1'1O<#Y%>&ET(&-O<W1S/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$;G5M/B@R-"D\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D
M(&-L87-S/3-$;G5M/B@T-SDI/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\
M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'!L('9A;&EG;CTS1'1O<#Y$969E<G)E9"!I;F-O;64@=&%X97,\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6T^*#(R-"D\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@R-RD\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-
M"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D]T:&5R/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@S.2D\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@
M("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/CQS=')O;F<^0VAA
M;F=E<R!I;B!A<W-E=',@86YD(&QI86)I;&ET:65S.CPO<W1R;VYG/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y!8V-O=6YT<R!R96-E:79A
M8FQE/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@V+#`R,RD\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@T+#@V
M,BD\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@
M8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$
M=&]P/E!R97!A:60@97AP96YS97,@86YD(&]T:&5R/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$;G5M/B@U,BD\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$;G5M/B@Q+#8U-2D\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@
M/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D1U92!T;R]F<F]M(')E;&%T
M960@<&%R=&EE<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XH."PS
M.#@I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU
M;7`^,2PT,#`\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@
M("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L
M:6=N/3-$=&]P/D%C8V]U;G1S('!A>6%B;&4\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1N=6UP/C4L-S0X/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1&YU;7`^,2PY,3(\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D
M(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D%C8W)U960@;&EA8FEL:71I97,\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6T^*#4Q,RD\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XU+#`R-#QS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS
M1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^26YC
M;VUE('1A>&5S(')E8V5I=F%B;&4O<&%Y86)L93PO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1&YU;7`^-BPV-C4\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$;G5M<#XV+#(U,3QS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\
M=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^4W1U9&5N="!D97!O<VET<SPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XH,BPW-#8I/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,2PY,3$\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,]
M,T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D1E
M9F5R<F5D(')E=F5N=64\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP
M/C0L,3@T/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&YU;7`^,C`L,38X/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*
M("`@("`@/'1R(&-L87-S/3-$<F5U/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^3F5T(&-A<V@@<')O=FED960@8GD@;W!E<F%T:6YG
M(&%C=&EV:71I97,\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C(S
M+#0Q,SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N
M=6UP/C0Y+#`X,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@
M("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V
M86QI9VX],T1T;W`^/'-T<F]N9SY#87-H(&9L;W=S('5S960@:6X@:6YV97-T
M:6YG(&%C=&EV:71I97,Z/"]S=')O;F<^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@
M("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@
M=F%L:6=N/3-$=&]P/D-A<&ET86P@97AP96YD:71U<F5S/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$;G5M/B@Q-"PV-C@I/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XH,3$L-3DQ*3QS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*
M("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^0VAA;F=E(&EN
M(')E<W1R:6-T960@8V%S:"!A;F0@8V%S:"!E<75I=F%L96YT<SPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,BPW-3,\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@R+#DS,2D\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-
M"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/E!R;V-E961S
M(&9R;VT@<V%L92!O<B!M871U<FET>2!O9B!I;G9E<W1M96YT<SPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1&YU;7`^-#@W/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F]U/@T*("`@("`@
M("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^3F5T(&-A<V@@=7-E9"!I
M;B!I;G9E<W1I;F<@86-T:79I=&EE<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1&YU;3XH,3$L.3$U*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1N=6T^*#$T+#`S-2D\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D
M(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/CQS=')O;F<^0V%S:"!F;&]W<R`H
M=7-E9"!I;BD@<')O=FED960@8GD@9FEN86YC:6YG(&%C=&EV:71I97,Z/"]S
M=')O;F<^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R
M;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/E!R:6YC
M:7!A;"!P87EM96YT<R!O;B!N;W1E<R!P87EA8FQE(&%N9"!C87!I=&%L(&QE
M87-E(&]B;&EG871I;VYS/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M
M/B@V.30I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&YU;3XH-S(W*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@
M("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V
M86QI9VX],T1T;W`^4'5R8VAA<V4@;V8@=')E87-U<GD@<W1O8VL\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1N=6T^*#$T+#(Q,2D\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@
M("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D5X8V5S<R!T87@@
M8F5N969I=',@9G)O;2!S:&%R92UB87-E9"!C;VUP96YS871I;VX\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C0Y,CQS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@
M("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^3F5T('!R;V-E961S(&9R
M;VT@97AE<F-I<V4@;V8@<W1O8VL@;W!T:6]N<SPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1&YU;7`^,3,\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$;G5M<#XU,#(\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;W4^#0H@("`@("`@(#QT9"!C
M;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y.970@8V%S:"`H=7-E9"!I;BD@<')O
M=FED960@8GD@9FEN86YC:6YG(&%C=&EV:71I97,\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1N=6T^*#$T+#@Y,BD\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M<#XR-C<\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R974^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y.970@*&1E8W)E87-E*2!I
M;F-R96%S92!I;B!C87-H(&%N9"!C87-H(&5Q=6EV86QE;G1S/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M/B@S+#,Y-"D\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XS-2PS,3(\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-
M"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D-A<V@@86YD
M(&-A<V@@97%U:79A;&5N=',L(&)E9VEN;FEN9R!O9B!P97)I;V0\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C,S+#8S-SQS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C8R+#4W,3QS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E
M/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^0V%S:"!A
M;F0@8V%S:"!E<75I=F%L96YT<RP@96YD(&]F('!E<FEO9#PO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1&YU;7`^,S`L,C0S/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^.3<L.#@S/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG/E-U
M<'!L96UE;G1A;"!D:7-C;&]S=7)E(&]F(&-A<V@@9FQO=R!I;F9O<FUA=&EO
M;CPO<W1R;VYG/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S
M/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y#
M87-H('!A:60@9F]R(&EN=&5R97-T/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$;G5M<#XQ,#<\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$;G5M<#XQ.34\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^
M#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$
M<&P@=F%L:6=N/3-$=&]P/D-A<V@@<&%I9"!F;W(@:6YC;VUE('1A>&5S/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XR,3D\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ+#4Y.#QS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E
M/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^/'-T<F]N
M9SY3=7!P;&5M96YT86P@9&ES8VQO<W5R92!O9B!N;VXM8V%S:"!I;G9E<W1I
M;F<@86YD(&9I;F%N8VEN9R!A8W1I=FET:65S/"]S=')O;F<^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D
M(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/E!U<F-H87-E<R!O9B!P<F]P97)T
M>2!A;F0@97%U:7!M96YT(&EN8VQU9&5D(&EN(&%C8V]U;G1S('!A>6%B;&4\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C4L-C,Q/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XH,2PS-3<I/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S
M/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y4
M87@@8F5N969I="!O9B!3<&ER:70@=V%R<F%N="!I;G1A;F=I8FQE/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XF;F)S<#LD(#<P/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)FYB<W`[)"`R
M-3D\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@/"]T86)L
M93X-"B`@/"]B;V1Y/@T*/"]H=&UL/@T*#0HM+2TM+2T]7TYE>'1087)T7S5A
M,S,Y9#(R7S8U96)?-#`P-E\X.#EA7S-E,#<Q96)B9&9F90T*0V]N=&5N="U,
M;V-A=&EO;CH@9FEL93HO+R]#.B\U83,S.60R,E\V-65B7S0P,#9?.#@Y85\S
M93`W,65B8F1F9F4O5V]R:W-H965T<R]3:&5E=#$P+FAT;6P-"D-O;G1E;G0M
M5')A;G-F97(M16YC;V1I;F<Z('%U;W1E9"UP<FEN=&%B;&4-"D-O;G1E;G0M
M5'EP93H@=&5X="]H=&UL.R!C:&%R<V5T/2)U<RUA<V-I:2(-"@T*/&AT;6P^
M#0H@(#QH96%D/@T*("`@(#Q-151!(&AT='`M97%U:78],T1#;VYT96YT+51Y
M<&4@8V]N=&5N=#TS1"=T97AT+VAT;6P[(&-H87)S970]=71F+3@G/CQS8W)I
M<'0@='EP93TS1'1E>'0O:F%V87-C<FEP="!S<F,],T13:&]W+FIS/B\J($1O
M($YO="!296UO=F4@5&AI<R!#;VUM96YT("HO/"]S8W)I<'0^/"]H96%D/@T*
M("`\8F]D>3X-"B`@("`\=&%B;&4@8VQA<W,],T1R97!O<G0@:60],T1)1#!%
M,D@^#0H@("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS1'1L(&-O;'-P
M86X],T0Q(')O=W-P86X],T0R/CQS=')O;F<^3F%T=7)E(&]F($)U<VEN97-S
M/&)R/CPO<W1R;VYG/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H(&-O
M;'-P86X],T0Q/C,@36]N=&AS($5N9&5D/"]T:#X-"B`@("`@(#PO='(^#0H@
M("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H/DUA<BX@,S$L(#(P
M,3$\8G(^/"]T:#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R
M93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/CQS=')O
M;F<^3F%T=7)E(&]F($)U<VEN97-S(%M!8G-T<F%C=%T\+W-T<F]N9SX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@
M("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^3F%T=7)E(&]F($)U<VEN
M97-S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\(2TM1$]#5%E0
M12!H=&UL(%!50DQ)0R`B+2\O5S-#+R]$5$0@6$A434P@,2XP(%1R86YS:71I
M;VYA;"\O14XB(")H='1P.B\O=W=W+G<S+F]R9R]44B]X:'1M;#$O1%1$+WAH
M=&UL,2UT<F%N<VET:6]N86PN9'1D(B`M+3X-"B`@(#PA+2T@0F5G:6X@0FQO
M8VL@5&%G9V5D($YO=&4@,2`M('5S+6=A87`Z3W)G86YI>F%T:6]N0V]N<V]L
M:61A=&EO;D%N9%!R97-E;G1A=&EO;D]F1FEN86YC:6%L4W1A=&5M96YT<T1I
M<V-L;W-U<F5497AT0FQO8VLM+3X-"B`@(#PA+2T@>&)R;"QN<R`M+3X-"B`@
M(#PA+2T@>&)R;"QN>"`M+3X-"B`@(#QD:78@<W1Y;&4],T0G9F]N="UF86UI
M;'DZ("=4:6UE<R!.97<@4F]M86XG+%1I;65S+'-E<FEF.R!M87)G:6XM;&5F
M=#H@,&EN.R`G/@T*("`@/&1I=B!A;&EG;CTS1&-E;G1E<B!S='EL93TS1"=F
M;VYT+7-I>F4Z(#$P<'0[(&UA<F=I;BUT;W`Z(#!P="<^/&(^#0H@("`\+V(^
M#0H@("`\+V1I=CX-"B`@(#QD:78@86QI9VX],T1J=7-T:69Y('-T>6QE/3-$
M)V9O;G0M<VEZ93H@,3!P=#L@;6%R9VEN+71O<#H@,3!P="<^/&(^,2X@3F%T
M=7)E(&]F($)U<VEN97-S/"]B/@T*("`@/"]D:78^#0H@("`\9&EV(&%L:6=N
M/3-$:G5S=&EF>2!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&UA<F=I;BUT
M;W`Z(#$P<'0[('1E>'0M:6YD96YT.B`T)2<^1W)A;F0@0V%N>6]N($5D=6-A
M=&EO;BP@26YC+B`H=&AE("8C.#(R,#M5;FEV97)S:71Y)B,X,C(Q.RD@:7,@
M82!R96=I;VYA;&QY(&%C8W)E9&ET960@<')O=FED97(@;V8-"B`@('!O<W1S
M96-O;F1A<GD@961U8V%T:6]N('-E<G9I8V5S(&9O8W5S960@;VX@;V9F97)I
M;F<@9W)A9'5A=&4@86YD('5N9&5R9W)A9'5A=&4@9&5G<F5E('!R;V=R86US
M(&EN#0H@("!I=',@8V]R92!D:7-C:7!L:6YE<R!O9B!E9'5C871I;VXL(&)U
M<VEN97-S+"!H96%L=&AC87)E+"!A;F0@;&EB97)A;"!A<G1S+B!4:&4@56YI
M=F5R<VET>2!O9F9E<G,-"B`@(&-O=7)S97,@;VYL:6YE+"!A="!I=',@87!P
M<F]X:6UA=&5L>2`Q,#`@86-R92!T<F%D:71I;VYA;"!G<F]U;F0@8V%M<'5S
M(&EN(%!H;V5N:7@L($%R:7IO;F$@86YD#0H@("!O;G-I=&4@870@=&AE(&9A
M8VEL:71I97,@;V8@96UP;&]Y97)S+B!4:&4@56YI=F5R<VET>2!I<R!A8V-R
M961I=&5D(&)Y(%1H92!(:6=H97(@3&5A<FYI;F<-"B`@($-O;6UI<W-I;VX@
M;V8@=&AE($YO<G1H($-E;G1R86P@07-S;V-I871I;VX@;V8@0V]L;&5G97,@
M86YD(%-C:&]O;',N#0H@("`\+V1I=CX-"B`@(#PO9&EV/@T*/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D
M>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\U83,S.60R,E\V-65B
M7S0P,#9?.#@Y85\S93`W,65B8F1F9F4-"D-O;G1E;G0M3&]C871I;VXZ(&9I
M;&4Z+R\O0SHO-6$S,SED,C)?-C5E8E\T,#`V7S@X.6%?,V4P-S%E8F)D9F9E
M+U=O<FMS:&5E=',O4VAE970Q,2YH=&UL#0I#;VYT96YT+51R86YS9F5R+45N
M8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT96YT+51Y<&4Z('1E>'0O
M:'1M;#L@8VAA<G-E=#TB=7,M87-C:6DB#0H-"CQH=&UL/@T*("`\:&5A9#X-
M"B`@("`\345402!H='1P+65Q=6EV/3-$0V]N=&5N="U4>7!E(&-O;G1E;G0]
M,T0G=&5X="]H=&UL.R!C:&%R<V5T/75T9BTX)SX\<V-R:7!T('1Y<&4],T1T
M97AT+VIA=F%S8W)I<'0@<W)C/3-$4VAO=RYJ<SXO*B!$;R!.;W0@4F5M;W9E
M(%1H:7,@0V]M;65N="`J+SPO<V-R:7!T/CPO:&5A9#X-"B`@/&)O9'D^#0H@
M("`@/'1A8FQE(&-L87-S/3-$<F5P;W)T(&ED/3-$240P13)(/@T*("`@("`@
M/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T;"!C;VQS<&%N/3-$,2!R;W=S
M<&%N/3-$,CX\<W1R;VYG/E)E<W1A=&5M96YT(&]F($9I;F%N8VEA;"!3=&%T
M96UE;G1S/&)R/CPO<W1R;VYG/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS
M1'1H(&-O;'-P86X],T0Q/C,@36]N=&AS($5N9&5D/"]T:#X-"B`@("`@(#PO
M='(^#0H@("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H/DUA<BX@
M,S$L(#(P,3$\8G(^/"]T:#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA
M<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P
M/CQS=')O;F<^4F5S=&%T96UE;G0@;V8@1FEN86YC:6%L(%-T871E;65N=',@
M6T%B<W1R86-T73PO<W1R;VYG/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@
M/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG
M;CTS1'1O<#Y297-T871E;65N="!O9B!&:6YA;F-I86P@4W1A=&5M96YT<SPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/"$M+41/0U194$4@:'1M
M;"!054),24,@(BTO+U<S0R\O1%1$(%A(5$U,(#$N,"!4<F%N<VET:6]N86PO
M+T5.(B`B:'1T<#HO+W=W=RYW,RYO<F<O5%(O>&AT;6PQ+T141"]X:'1M;#$M
M=')A;G-I=&EO;F%L+F1T9"(@+2T^#0H@("`\(2TM($)E9VEN($)L;V-K(%1A
M9V=E9"!.;W1E(#(@+2!L;W!E.E)E<W1A=&5M96YT3V9&:6YA;F-I86Q3=&%T
M96UE;G1S5&5X=$)L;V-K+2T^#0H@("`\9&EV('-T>6QE/3-$)V9O;G0M9F%M
M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RQ4:6UE<RQS97)I9CL@;6%R9VEN+6QE
M9G0Z(#!I;CL@)SX-"B`@(#QD:78@86QI9VX],T1J=7-T:69Y('-T>6QE/3-$
M)V9O;G0M<VEZ93H@,3!P=#L@;6%R9VEN+71O<#H@,3!P="<^/&(^,BXF(S$V
M,#M297-T871E;65N="!O9B!&:6YA;F-I86P@4W1A=&5M96YT<PT*("`@/"]B
M/@T*("`@/"]D:78^#0H@("`\9&EV(&%L:6=N/3-$:G5S=&EF>2!S='EL93TS
M1"=F;VYT+7-I>F4Z(#$P<'0[(&UA<F=I;BUT;W`Z(#$P<'0[('1E>'0M:6YD
M96YT.B`T)2<^3VX@3F]V96UB97(F(S$V,#LS+"`R,#$Q+"!T:&4@56YI=F5R
M<VET>2!D971E<FUI;F5D('1H870@=&AE<F4@=V%S(&%N(&5R<F]R(&EN('1H
M92!M971H;V1O;&]G>2!I=`T*("`@=7-E9"!T;R!E<W1I;6%T92!I=',@86QL
M;W=A;F-E(&9O<B!D;W5B=&9U;"!A8V-O=6YT<R!A;F0@=&AA="!I=',@9FEN
M86YC:6%L('-T871E;65N=',@9F]R('1H90T*("`@=&AR964@;6]N=&AS(&5N
M9&5D($UA<F-H)B,Q-C`[,S$L(#(P,3$@;F5E9&5D('1O(&)E(')E<W1A=&5D
M+@T*("`@/"]D:78^#0H@("`\9&EV(&%L:6=N/3-$:G5S=&EF>2!S='EL93TS
M1"=F;VYT+7-I>F4Z(#$P<'0[(&UA<F=I;BUT;W`Z(#$P<'0[('1E>'0M:6YD
M96YT.B`T)2<^26X@<F5C96YT('!E<FEO9',L('1H92!5;FEV97)S:71Y(&5X
M<&5R:65N8V5D(&$@<VEG;FEF:6-A;G0@8VAA;F=E(&EN('1H92!C;VUP;W-I
M=&EO;B!O9B!I=',-"B`@(')E8V5I=F%B;&4@8F%L86YC97,@<VEN8V4@:71S
M('1R86YS:71I;VX@=&\@=&AE(&)O<G)O=V5R+6)A<V5D(&9I;F%N8VEA;"!A
M:60@;6]D96P@:6X@=&AE('-E8V]N9`T*("`@<75A<G1E<B!O9B`R,#$P(&EN
M('=H:6-H('1H92!R96-E:79A8FQE<R!D=64@9G)O;2!F;W)M97(@<W1U9&5N
M=',@:&%D(&=R;W=N(&%S(&$@<&5R8V5N=&%G92!O9B!T:&4-"B`@('1O=&%L
M(&%M;W5N="!O=71S=&%N9&EN9RX@2&]W979E<BP@=&AE(%5N:79E<G-I='DF
M(S@R,3<[<R!H:7-T;W)I8V%L('!R;V-E<W,@9F]R(&5S=&EM871I;F<@=&AE
M#0H@("!A;&QO=V%N8V4@9F]R(&1O=6)T9G5L(&%C8V]U;G1S(&1I9"!N;W0@
M8V]N<VED97(@=&AE(&1I<V%G9W)E9V%T:6]N(&]F(')E8V5I=F%B;&4@8F%L
M86YC97,@8GD-"B`@('-T=61E;G0@8F%S960@;VX@96YR;VQL;65N="!S=&%T
M=7,N($%S(&$@<F5S=6QT+"!T:&4@9W)O=W1H(&EN('1H92!I;F%C=&EV92!S
M='5D96YT(')E8V5I=F%B;&5S('=A<PT*("`@;F]T(&5V:61E;G0@=VAE;B!M
M86MI;F<@=&AE(&%L;&]W86YC92!E<W1I;6%T92!I;B!P<FEO<B!P97)I;V1S
M+B!!<R!T:&4@56YI=F5R<VET>28C.#(Q-SMS(&-O;&QE8W1I;VX-"B`@(&5X
M<&5R:65N8V4@:6YD:6-A=&5S('1H870@<F5C96EV86)L97,@9G)O;2!F;W)M
M97(@<W1U9&5N=',@8V%R<GD@82!H:6=H97(@<FES:RP@=&AI<R!D:7-A9V=R
M96=A=&5D#0H@("!I;F9O<FUA=&EO;B!S:&]U;&0@:&%V92!B965N(&-O;G-I
M9&5R960@:6X@9&5T97)M:6YI;F<@=&AE('!R;V)A8FEL:71Y(&]F(&QO<W,@
M=VET:&EN('1H90T*("`@56YI=F5R<VET>28C.#(Q-SMS(')E8V5I=F%B;&5S
M+B!)9B!S=6-H(&EN9F]R;6%T:6]N(&AA9"!B965N(&5V86QU871E9"P@;6%N
M86=E;65N="!W;W5L9"!H879E(&EN8W)E87-E9`T*("`@=&AE(&%L;&]W86YC
M92!F;W(@9&]U8G1F=6P@86-C;W5N=',@=&\@<F5F;&5C="!T:&4@:6YC<F5A
M<V5D(')I<VL@<')O9FEL92!O9B!T:&4@<F5C96EV86)L97,@:6X-"B`@('!R
M:6]R('!E<FEO9',N($%C8V]R9&EN9VQY+"!T:&4@075D:70@0V]M;6ET=&5E
M(&]F('1H92!";V%R9"!O9B!$:7)E8W1O<G,@=&]G971H97(@=VET:`T*("`@
M;6%N86=E;65N="P@9&5T97)M:6YE9"!T:&%T+"!B96-A=7-E(&UA;F%G96UE
M;G0@<VAO=6QD(&AA=F4@=&%K96X@=&AE(&%D9&ET:6]N86P@<W1E<',-"B`@
M(&YE8V5S<V%R>2!T;R!D979E;&]P('1H92!D:7-A9V=R96=A=&5D(&EN9F]R
M;6%T:6]N(&9O<B!U<V4@:6X@=&AE(&%N86QY<VES(&]F(')E<V5R=F4@<F5Q
M=6ER96UE;G1S#0H@("!A;F0@<F5S=6QT:6YG(&%L;&]W86YC92!F;W(@9&]U
M8G1F=6P@86-C;W5N=',L('1H92!F:6YA;F-I86P@<W1A=&5M96YT<R!F;W(@
M=&AE(&9I<V-A;"!Y96%R(&5N9&5D#0H@("!$96-E;6)E<B8C,38P.S,Q+"`R
M,#$P(&%N9"!F;W(@=&AE('%U87)T97)S(&5N9&5D($IU;F4@,S`L(#(P,3`L
M(`T*("`@4V5P=&5M8F5R(#,P+"`R,#$P+"!-87)C:"`S,2P@,C`Q,2!A;F0@
M2G5N92`S,"P@,C`Q,2!S:&]U;&0@8F4@<F5S=&%T960@=&\@8V]R<F5C="!T
M:&4@86QL;W=A;F-E(`T*("`@9F]R(&1O=6)T9G5L(&%C8V]U;G1S+@T*("`@
M/"]D:78^#0H@("`\9&EV(&%L:6=N/3-$:G5S=&EF>2!S='EL93TS1"=F;VYT
M+7-I>F4Z(#$P<'0[(&UA<F=I;BUT;W`Z(#$P<'0[('1E>'0M:6YD96YT.B`T
M)2<^5&AE(&9O;&QO=VEN9R`-"B`@('1A8FQE('-U;6UA<FEZ97,@=&AE('5N
M875D:71E9"!Q=6%R=&5R;'D@<F5S=6QT<R!O9B!O<&5R871I;VYS(&%S(&]R
M:6=I;F%L;'D-"B`@(')E<&]R=&5D(&%N9"!A<R!R97-T871E9"!F;W(@=&AE
M('1H<F5E(&UO;G1H<R!E;F1E9"!-87)C:"`S,2P@,C`Q,2X-"B`@(#PO9&EV
M/@T*("`@/&1I=B!A;&EG;CTS1&-E;G1E<CX-"B`@(#QT86)L92!S='EL93TS
M1"=F;VYT+7-I>F4Z(#$P<'0[('1E>'0M86QI9VXZ(&QE9G0G(&-E;&QS<&%C
M:6YG/3-$,"!B;W)D97(],T0P(&-E;&QP861D:6YG/3-$,"!W:61T:#TS1#$P
M,"4^#0H@("`\(2TM($)E9VEN(%1A8FQE($AE860@+2T^#0H@("`\='(@=F%L
M:6=N/3-$8F]T=&]M/@T*("`@("`@(#QT9"!W:61T:#TS1#0T)3XF(S$V,#L\
M+W1D/@T*("`@("`@(#QT9"!W:61T:#TS1#,E/B8C,38P.SPO=&0^#0H@("`@
M("`@/'1D('=I9'1H/3-$,24^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@=VED
M=&@],T0Y)3XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!W:61T:#TS1#$E/B8C
M,38P.SPO=&0^#0H@("`@("`@/'1D('=I9'1H/3-$,R4^)B,Q-C`[/"]T9#X-
M"B`@("`@("`\=&0@=VED=&@],T0Q)3XF(S$V,#L\+W1D/@T*("`@("`@(#QT
M9"!W:61T:#TS1#DE/B8C,38P.SPO=&0^#0H@("`@("`@/'1D('=I9'1H/3-$
M,24^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\='(@<W1Y;&4],T0G9F]N
M="US:7IE.B`Q,'!T)R!V86QI9VX],T1B;W1T;VT^#0H@("`@("`@/'1D/B8C
M,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`\=&0@;F]W
M<F%P/3-$;F]W<F%P(&%L:6=N/3-$8V5N=&5R("!S='EL93TS1"=B;W)D97(M
M8F]T=&]M.B`Q<'@@<V]L:60@(S`P,#`P,"<@8V]L<W!A;CTS1#8^/&(^,C`Q
M,3PO8CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T<CX-
M"B`@(#QT<B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0G('9A;&EG;CTS1&)O
M='1O;3X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q
M-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W<F%P/3-$;F]W<F%P(&%L:6=N/3-$
M8V5N=&5R(&-O;'-P86X],T0R/CQB/D9I<G-T(%%U87)T97(\+V(^/"]T9#X-
M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T
M9#X-"B`@("`@("`\=&0@;F]W<F%P/3-$;F]W<F%P(&%L:6=N/3-$8V5N=&5R
M(&-O;'-P86X],T0R/CQB/D9I<G-T(%%U87)T97(\+V(^/"]T9#X-"B`@("`@
M("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\='(@<W1Y;&4],T0G
M9F]N="US:7IE.B`Q,'!T)R!V86QI9VX],T1B;W1T;VT^#0H@("`@("`@/'1D
M/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@
M/'1D(&YO=W)A<#TS1&YO=W)A<"!A;&EG;CTS1&-E;G1E<B!C;VQS<&%N/3-$
M,B!S='EL93TS1"=B;W)D97(M8F]T=&]M.B`Q<'@@<V]L:60@(S`P,#`P,"<^
M/&(^07,@4F5P;W)T960\+V(^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T
M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W<F%P
M/3-$;F]W<F%P(&%L:6=N/3-$8V5N=&5R(&-O;'-P86X],T0R('-T>6QE/3-$
M)V)O<F1E<BUB;W1T;VTZ(#%P>"!S;VQI9"`C,#`P,#`P)SX\8CY!<R!297-T
M871E9#PO8CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T
M<CX-"B`@(#PA+2T@16YD(%1A8FQE($AE860@+2T^#0H@("`\(2TM($)E9VEN
M(%1A8FQE($)O9'D@+2T^(`T*("`@/'1R('9A;&EG;CTS1&)O='1O;2!S='EL
M93TS1"=B86-K9W)O=6YD.B`C8V-E969F)SX-"B`@("`@("`\=&0^#0H@("`\
M9&EV('-T>6QE/3-$)VUA<F=I;BUL969T.C$U<'@[('1E>'0M:6YD96YT.BTQ
M-7!X)SX\8CY.970@<F5V96YU93PO8CX-"B`@(#PO9&EV/CPO=&0^#0H@("`@
M("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$;&5F=#XF
M;F)S<#LD/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H=#XQ,#$L-S`Y
M/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q
M-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1L969T/B9N8G-P.R0\+W1D
M/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C$P,2PW,#D\+W1D/@T*("`@
M("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T<CX-"B`@(#QT<B!V86QI9VX]
M,T1B;W1T;VT@<W1Y;&4],T0G<&%D9&EN9RUT;W`Z(#%P>"<^#0H@("`@("`@
M/'1D/@T*("`@/&1I=B!S='EL93TS1"=M87)G:6XM;&5F=#HQ-7!X.R!T97AT
M+6EN9&5N=#HM,35P>"<^/&(^0V]S=',@86YD(&5X<&5N<V5S.CPO8CX-"B`@
M(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@
M/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@
M("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@
M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^
M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*("`@/'1R('9A
M;&EG;CTS1&)O='1O;2!S='EL93TS1"=B86-K9W)O=6YD.B`C8V-E969F.R!P
M861D:6YG+71O<#H@,7!X)SX-"B`@("`@("`\=&0^#0H@("`\9&EV('-T>6QE
M/3-$)VUA<F=I;BUL969T.C,P<'@[('1E>'0M:6YD96YT.BTQ-7!X)SY);G-T
M<G5C=&EO;F%L(&-O<W1S(&%N9"`-"B`@('-E<G9I8V5S#0H@("`\+V1I=CX\
M+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V
M,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C0U+#@S,#PO=&0^
M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO
M=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N
M/3-$<FEG:'0^-#@L.#<U/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-
M"B`@(#PO='(^#0H@("`\='(@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W!A
M9&1I;F<M=&]P.B`Q<'@G/@T*("`@("`@(#QT9#X-"B`@(#QD:78@<W1Y;&4]
M,T0G;6%R9VEN+6QE9G0Z,S!P>#L@=&5X="UI;F1E;G0Z+3$U<'@G/E-E;&QI
M;F<@86YD('!R;VUO=&EO;F%L#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT
M9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@
M(#QT9"!A;&EG;CTS1')I9VAT/C(Y+#@S,CPO=&0^#0H@("`@("`@/'1D/B8C
M,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D
M/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG:'0^,CDL.#,R
M/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\
M='(@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)V)A8VMG<F]U;F0Z("-C8V5E
M9F8[('!A9&1I;F<M=&]P.B`Q<'@G/@T*("`@("`@(#QT9#X-"B`@(#QD:78@
M<W1Y;&4],T0G;6%R9VEN+6QE9G0Z,S!P>#L@=&5X="UI;F1E;G0Z+3$U<'@G
M/D=E;F5R86P@86YD(&%D;6EN:7-T<F%T:79E#0H@("`\+V1I=CX\+W1D/@T*
M("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D
M/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C8L.#,R/"]T9#X-"B`@("`@
M("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@
M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H
M=#XV+#@S,CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`\+W1R
M/@T*("`@/'1R('-T>6QE/3-$)V9O;G0M<VEZ93H@,7!X)SX-"B`@("`@("`\
M=&0^#0H@("`\9&EV('-T>6QE/3-$)VUA<F=I;BUL969T.C$U<'@[('1E>'0M
M:6YD96YT.BTQ-7!X)SXF(S$V,#L-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@
M/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!C
M;VQS<&%N/3-$,B!A;&EG;CTS1')I9VAT('-T>6QE/3-$)V)O<F1E<BUT;W`Z
M(#%P>"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF
M(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT
M9"!N;W=R87`],T1N;W=R87`@8V]L<W!A;CTS1#(@86QI9VX],T1R:6=H="!S
M='EL93TS1"=B;W)D97(M=&]P.B`Q<'@@<V]L:60@(S`P,#`P,"<^)B,Q-C`[
M/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\
M='(@=F%L:6=N/3-$8F]T=&]M/@T*("`@("`@(#QT9#X-"B`@(#QD:78@<W1Y
M;&4],T0G;6%R9VEN+6QE9G0Z,35P>#L@=&5X="UI;F1E;G0Z+3$U<'@G/CQB
M/E1O=&%L(&-O<W1S(&%N9"!E>'!E;G-E<SPO8CX-"B`@(#PO9&EV/CPO=&0^
M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO
M=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG:'0^.#(L-#DT/"]T9#X-"B`@
M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-
M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R
M:6=H=#XX-2PU,SD\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@
M/"]T<CX-"B`@(#QT<B!S='EL93TS1"=F;VYT+7-I>F4Z(#%P>"<^#0H@("`@
M("`@/'1D/@T*("`@/&1I=B!S='EL93TS1"=M87)G:6XM;&5F=#HQ-7!X.R!T
M97AT+6EN9&5N=#HM,35P>"<^)B,Q-C`[#0H@("`\+V1I=CX\+W1D/@T*("`@
M("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R
M87`@8V]L<W!A;CTS1#(@86QI9VX],T1R:6=H="!S='EL93TS1"=B;W)D97(M
M=&]P.B`Q<'@@<V]L:60@(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\
M=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@
M("`\=&0@;F]W<F%P/3-$;F]W<F%P(&-O;'-P86X],T0R(&%L:6=N/3-$<FEG
M:'0@<W1Y;&4],T0G8F]R9&5R+71O<#H@,7!X('-O;&ED(",P,#`P,#`G/B8C
M,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*
M("`@/'1R('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=B86-K9W)O=6YD.B`C
M8V-E969F)SX-"B`@("`@("`\=&0^#0H@("`\9&EV('-T>6QE/3-$)VUA<F=I
M;BUL969T.C$U<'@[('1E>'0M:6YD96YT.BTQ-7!X)SX\8CY/<&5R871I;F<@
M:6YC;VUE/"]B/@T*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[
M/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI
M9VX],T1R:6=H=#XQ.2PR,34\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D
M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\
M+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C$V+#$W,#PO=&0^#0H@
M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*("`@/'1R('9A;&EG
M;CTS1&)O='1O;2!S='EL93TS1"=P861D:6YG+71O<#H@,7!X)SX-"B`@("`@
M("`\=&0^#0H@("`\9&EV('-T>6QE/3-$)VUA<F=I;BUL969T.C$U<'@[('1E
M>'0M:6YD96YT.BTQ-7!X)SY.970@:6YT97)E<W0@97AP96YS90T*("`@/"]D
M:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@
M;F]W<F%P/3-$;F]W<F%P(&%L:6=N/3-$;&5F=#XF(S$V,#L\+W1D/@T*("`@
M("`@(#QT9"!A;&EG;CTS1')I9VAT/B@W-3PO=&0^#0H@("`@("`@/'1D(&YO
M=W)A<#TS1&YO=W)A<#XI/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-
M"B`@("`@("`\=&0@;F]W<F%P/3-$;F]W<F%P(&%L:6=N/3-$;&5F=#XF(S$V
M,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/B@W-3PO=&0^#0H@
M("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<#XI/"]T9#X-"B`@(#PO='(^#0H@
M("`\='(@<W1Y;&4],T0G9F]N="US:7IE.B`Q<'@G/@T*("`@("`@(#QT9#X-
M"B`@(#QD:78@<W1Y;&4],T0G;6%R9VEN+6QE9G0Z,35P>#L@=&5X="UI;F1E
M;G0Z+3$U<'@G/B8C,38P.PT*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^
M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W<F%P/3-$;F]W<F%P(&-O;'-P
M86X],T0R(&%L:6=N/3-$<FEG:'0@<W1Y;&4],T0G8F]R9&5R+71O<#H@,7!X
M('-O;&ED(",P,#`P,#`G/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P
M.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&YO
M=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A;&EG;CTS1')I9VAT('-T>6QE
M/3-$)V)O<F1E<BUT;W`Z(#%P>"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W1D
M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T<CX-"B`@(#QT<B!V
M86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G8F%C:V=R;W5N9#H@(V-C965F9B<^
M#0H@("`@("`@/'1D/@T*("`@/&1I=B!S='EL93TS1"=M87)G:6XM;&5F=#HQ
M-7!X.R!T97AT+6EN9&5N=#HM,35P>"<^/&(^26YC;VUE(&)E9F]R92!I;F-O
M;64@=&%X97,\+V(^#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V
M,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A
M;&EG;CTS1')I9VAT/C$Y+#$T,#PO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO
M=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P
M.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG:'0^,38L,#DU/"]T9#X-
M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\='(@=F%L
M:6=N/3-$8F]T=&]M('-T>6QE/3-$)W!A9&1I;F<M=&]P.B`Q<'@G/@T*("`@
M("`@(#QT9#X-"B`@(#QD:78@<W1Y;&4],T0G;6%R9VEN+6QE9G0Z,35P>#L@
M=&5X="UI;F1E;G0Z+3$U<'@G/DEN8V]M92!T87@@97AP96YS90T*("`@/"]D
M:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^
M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H=#XW+#@T,CPO
M=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P
M.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L
M:6=N/3-$<FEG:'0^-BPV,30\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D
M/@T*("`@/"]T<CX-"B`@(#QT<B!S='EL93TS1"=F;VYT+7-I>F4Z(#%P>"<^
M#0H@("`@("`@/'1D/@T*("`@/&1I=B!S='EL93TS1"=M87)G:6XM;&5F=#HQ
M-7!X.R!T97AT+6EN9&5N=#HM,35P>"<^)B,Q-C`[#0H@("`\+V1I=CX\+W1D
M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`]
M,T1N;W=R87`@8V]L<W!A;CTS1#(@86QI9VX],T1R:6=H="!S='EL93TS1"=B
M;W)D97(M=&]P.B`Q<'@@<V]L:60@(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@
M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-
M"B`@("`@("`\=&0@;F]W<F%P/3-$;F]W<F%P(&-O;'-P86X],T0R(&%L:6=N
M/3-$<FEG:'0@<W1Y;&4],T0G8F]R9&5R+71O<#H@,7!X('-O;&ED(",P,#`P
M,#`G/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`\
M+W1R/@T*("`@/'1R('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=B86-K9W)O
M=6YD.B`C8V-E969F)SX-"B`@("`@("`\=&0^#0H@("`\9&EV('-T>6QE/3-$
M)VUA<F=I;BUL969T.C$U<'@[('1E>'0M:6YD96YT.BTQ-7!X)SX\8CY.970@
M:6YC;VUE/"]B/@T*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[
M/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1L969T/B9N8G-P.R0\+W1D/@T*
M("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C$Q+#(Y.#PO=&0^#0H@("`@("`@
M/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@
M("`@/'1D(&%L:6=N/3-$;&5F=#XF;F)S<#LD/"]T9#X-"B`@("`@("`\=&0@
M86QI9VX],T1R:6=H=#XY+#0X,3PO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO
M=&0^#0H@("`\+W1R/@T*("`@/'1R('-T>6QE/3-$)V9O;G0M<VEZ93H@,7!X
M)SX-"B`@("`@("`\=&0^#0H@("`\9&EV('-T>6QE/3-$)VUA<F=I;BUL969T
M.C$U<'@[('1E>'0M:6YD96YT.BTQ-7!X)SXF(S$V,#L-"B`@(#PO9&EV/CPO
M=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A
M<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A;&EG;CTS1')I9VAT('-T>6QE/3-$
M)V)O<F1E<BUT;W`Z(#-P>"!D;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]T9#X-
M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T
M9#X-"B`@("`@("`\=&0@;F]W<F%P/3-$;F]W<F%P(&-O;'-P86X],T0R(&%L
M:6=N/3-$<FEG:'0@<W1Y;&4],T0G8F]R9&5R+71O<#H@,W!X(&1O=6)L92`C
M,#`P,#`P)SXF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*
M("`@/"]T<CX-"B`@(#QT<B!V86QI9VX],T1B;W1T;VT^#0H@("`@("`@/'1D
M/@T*("`@/&1I=B!S='EL93TS1"=M87)G:6XM;&5F=#HQ-7!X.R!T97AT+6EN
M9&5N=#HM,35P>"<^/&(^16%R;FEN9W,@<&5R('-H87)E.CPO8CX-"B`@(#PO
M9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D
M/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@
M/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@
M("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@
M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*("`@/'1R('9A;&EG
M;CTS1&)O='1O;2!S='EL93TS1"=B86-K9W)O=6YD.B`C8V-E969F.R!P861D
M:6YG+71O<#H@,7!X)SX-"B`@("`@("`\=&0^#0H@("`\9&EV('-T>6QE/3-$
M)VUA<F=I;BUL969T.C$U<'@[('1E>'0M:6YD96YT.BTQ-7!X)SX\8CY"87-I
M8R!I;F-O;64@<&5R(`T*("`@<VAA<F4H,2D\+V(^#0H@("`\+V1I=CX\+W1D
M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS
M1&QE9G0^)FYB<W`[)#PO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG:'0^
M,"XR-3PO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D
M/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$;&5F=#XF;F)S<#LD
M/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H=#XP+C(Q/"]T9#X-"B`@
M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\='(@<W1Y;&4]
M,T0G9F]N="US:7IE.B`Q<'@G/@T*("`@("`@(#QT9#X-"B`@(#QD:78@<W1Y
M;&4],T0G;6%R9VEN+6QE9G0Z,35P>#L@=&5X="UI;F1E;G0Z+3$U<'@G/B8C
M,38P.PT*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-
M"B`@("`@("`\=&0@;F]W<F%P/3-$;F]W<F%P(&-O;'-P86X],T0R(&%L:6=N
M/3-$<FEG:'0@<W1Y;&4],T0G8F]R9&5R+71O<#H@,W!X(&1O=6)L92`C,#`P
M,#`P)SXF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@
M("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R
M87`@8V]L<W!A;CTS1#(@86QI9VX],T1R:6=H="!S='EL93TS1"=B;W)D97(M
M=&]P.B`S<'@@9&]U8FQE(",P,#`P,#`G/B8C,38P.SPO=&0^#0H@("`@("`@
M/'1D/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*("`@/'1R('9A;&EG;CTS1&)O
M='1O;3X-"B`@("`@("`\=&0^#0H@("`\9&EV('-T>6QE/3-$)VUA<F=I;BUL
M969T.C$U<'@[('1E>'0M:6YD96YT.BTQ-7!X)SX\8CY$:6QU=&5D(&EN8V]M
M92!P97(@<VAA<F4H,2D\+V(^#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT
M9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1&QE9G0^)FYB<W`[
M)#PO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG:'0^,"XR-3PO=&0^#0H@
M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^
M#0H@("`@("`@/'1D(&%L:6=N/3-$;&5F=#XF;F)S<#LD/"]T9#X-"B`@("`@
M("`\=&0@86QI9VX],T1R:6=H=#XP+C(Q/"]T9#X-"B`@("`@("`\=&0^)B,Q
M-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\='(@<W1Y;&4],T0G9F]N="US:7IE
M.B`Q<'@G/@T*("`@("`@(#QT9#X-"B`@(#QD:78@<W1Y;&4],T0G;6%R9VEN
M+6QE9G0Z,35P>#L@=&5X="UI;F1E;G0Z+3$U<'@G/B8C,38P.PT*("`@/"]D
M:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@
M;F]W<F%P/3-$;F]W<F%P(&-O;'-P86X],T0R(&%L:6=N/3-$<FEG:'0@<W1Y
M;&4],T0G8F]R9&5R+71O<#H@,W!X(&1O=6)L92`C,#`P,#`P)SXF(S$V,#L\
M+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V
M,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@8V]L<W!A;CTS
M1#(@86QI9VX],T1R:6=H="!S='EL93TS1"=B;W)D97(M=&]P.B`S<'@@9&]U
M8FQE(",P,#`P,#`G/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO
M=&0^#0H@("`\+W1R/@T*("`@/'1R('9A;&EG;CTS1&)O='1O;2!S='EL93TS
M1"=B86-K9W)O=6YD.B`C8V-E969F)SX-"B`@("`@("`\=&0^#0H@("`\9&EV
M('-T>6QE/3-$)VUA<F=I;BUL969T.C$U<'@[('1E>'0M:6YD96YT.BTQ-7!X
M)SX\8CY"87-I8R!W96EG:'1E9"!A=F5R86=E(`T*("`@<VAA<F5S(&]U='-T
M86YD:6YG/"]B/@T*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[
M/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI
M9VX],T1R:6=H=#XT-2PU.3`\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D
M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\
M+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C0U+#4Y,#PO=&0^#0H@
M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*("`@/'1R('-T>6QE
M/3-$)V9O;G0M<VEZ93H@,7!X)SX-"B`@("`@("`\=&0^#0H@("`\9&EV('-T
M>6QE/3-$)VUA<F=I;BUL969T.C$U<'@[('1E>'0M:6YD96YT.BTQ-7!X)SXF
M(S$V,#L-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^
M#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A;&EG
M;CTS1')I9VAT('-T>6QE/3-$)V)O<F1E<BUT;W`Z(#-P>"!D;W5B;&4@(S`P
M,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@
M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W<F%P/3-$;F]W
M<F%P(&-O;'-P86X],T0R(&%L:6=N/3-$<FEG:'0@<W1Y;&4],T0G8F]R9&5R
M+71O<#H@,W!X(&1O=6)L92`C,#`P,#`P)SXF(S$V,#L\+W1D/@T*("`@("`@
M(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T<CX-"B`@(#QT<B!V86QI9VX],T1B
M;W1T;VT^#0H@("`@("`@/'1D/@T*("`@/&1I=B!S='EL93TS1"=M87)G:6XM
M;&5F=#HQ-7!X.R!T97AT+6EN9&5N=#HM,35P>"<^/&(^1&EL=71E9"!W96EG
M:'1E9"!A=F5R86=E(`T*("`@<VAA<F5S(&]U='-T86YD:6YG/"]B/@T*("`@
M/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\
M=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H=#XT-BPP
M.#D\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF
M(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT
M9"!A;&EG;CTS1')I9VAT/C0V+#`X.3PO=&0^#0H@("`@("`@/'1D/B8C,38P
M.SPO=&0^#0H@("`\+W1R/@T*("`@/'1R('-T>6QE/3-$)V9O;G0M<VEZ93H@
M,7!X)SX-"B`@("`@("`\=&0^#0H@("`\9&EV('-T>6QE/3-$)VUA<F=I;BUL
M969T.C$U<'@[('1E>'0M:6YD96YT.BTQ-7!X)SXF(S$V,#L-"B`@(#PO9&EV
M/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@("`@(#QT
M9"!N;W=R87`],T1N;W=R87`@8V]L<W!A;CTS1#(@86QI9VX],T1R:6=H="!S
M='EL93TS1"=B;W)D97(M=&]P.B`S<'@@9&]U8FQE(",P,#`P,#`G/B8C,38P
M.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C
M,38P.SPO=&0^#0H@("`@("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@8V]L
M<W!A;CTS1#(@86QI9VX],T1R:6=H="!S='EL93TS1"=B;W)D97(M=&]P.B`S
M<'@@9&]U8FQE(",P,#`P,#`G/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C
M,38P.SPO=&0^#0H@("`\+W1R/@T*("`@/"$M+2!%;F0@5&%B;&4@0F]D>2`M
M+3X-"B`@(#PO=&%B;&4^#0H@("`\+V1I=CX-"B`@(#QT86)L92!W:61T:#TS
M1#$P,"4@8F]R9&5R/3-$,"!C96QL<&%D9&EN9STS1#`@8V5L;'-P86-I;F<]
M,T0P('-T>6QE/3-$)V9O;G0M<VEZ93H@,3!P=#L@=&5X="UA;&EG;CH@;&5F
M="<^#0H@("`\='(@<W1Y;&4],T0G9F]N="US:7IE.B`V<'0G/@T*("`@("`@
M(#QT9"!W:61T:#TS1#,E/B8C,38P.SPO=&0^#0H@("`@("`@/'1D('=I9'1H
M/3-$,24^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@=VED=&@],T0Y-B4^)B,Q
M-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\='(@=F%L:6=N/3-$=&]P/@T*("`@
M("`@(#QT9"!N;W=R87`],T1N;W=R87`@86QI9VX],T1L969T/B@Q*3PO=&0^
M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/E1H92!S=6T@
M;V8@<75A<G1E<FQY(&EN8V]M92!P97(@<VAA<F4@;6%Y(&YO="!E<75A;"!A
M;FYU86P@:6YC;VUE#0H@("!P97(@<VAA<F4@9'5E('1O(')O=6YD:6YG+CPO
M=&0^#0H@("`\+W1R/@T*("`@/"]T86)L93X-"B`@(#QD:78@86QI9VX],T1J
M=7-T:69Y('-T>6QE/3-$)V9O;G0M<VEZ93H@,3!P=#L@;6%R9VEN+71O<#H@
M,3!P=#L@=&5X="UI;F1E;G0Z(#0E)SY4:&4@#0H@("!F;VQL;W=I;F<@:7,@
M82!S=6UM87)Y(&]F('1H92!C:&%N9V5S(&]N('1H92!5;FEV97)S:71Y)B,X
M,C$W.W,@#0H@("!B86QA;F-E('-H965T+@T*("`@/"]D:78^#0H@("`\9&EV
M(&%L:6=N/3-$8V5N=&5R/@T*("`@/'1A8FQE('-T>6QE/3-$)V9O;G0M<VEZ
M93H@,3!P=#L@=&5X="UA;&EG;CH@;&5F="<@8V5L;'-P86-I;F<],T0P(&)O
M<F1E<CTS1#`@8V5L;'!A9&1I;F<],T0P('=I9'1H/3-$,3`P)3X-"B`@(#PA
M+2T@0F5G:6X@5&%B;&4@2&5A9"`M+3X-"B`@(#QT<B!V86QI9VX],T1B;W1T
M;VT^#0H@("`@("`@/'1D('=I9'1H/3-$-S(E/B8C,38P.SPO=&0^#0H@("`@
M("`@/'1D('=I9'1H/3-$,R4^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@=VED
M=&@],T0Q)3XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!W:61T:#TS1#DE/B8C
M,38P.SPO=&0^#0H@("`@("`@/'1D('=I9'1H/3-$,24^)B,Q-C`[/"]T9#X-
M"B`@("`@("`\=&0@=VED=&@],T0S)3XF(S$V,#L\+W1D/@T*("`@("`@(#QT
M9"!W:61T:#TS1#$E/B8C,38P.SPO=&0^#0H@("`@("`@/'1D('=I9'1H/3-$
M.24^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@=VED=&@],T0Q)3XF(S$V,#L\
M+W1D/@T*("`@/"]T<CX-"B`@(#QT<B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P
M<'0G('9A;&EG;CTS1&)O='1O;3X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-
M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W<F%P/3-$
M;F]W<F%P(&%L:6=N/3-$8V5N=&5R(&-O;'-P86X],T0V('-T>6QE/3-$)V)O
M<F1E<BUB;W1T;VTZ(#%P>"!S;VQI9"`C,#`P,#`P)SX\8CY!<R!O9B!-87)C
M:"`S,2P@,C`Q,3PO8CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*
M("`@/"]T<CX-"B`@(#QT<B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0G('9A
M;&EG;CTS1&)O='1O;3X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@
M("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W<F%P/3-$;F]W<F%P
M(&%L:6=N/3-$8V5N=&5R(&-O;'-P86X],T0R('-T>6QE/3-$)V)O<F1E<BUB
M;W1T;VTZ(#%P>"!S;VQI9"`C,#`P,#`P)SX\8CY!<R!297!O<G1E9#PO8CX\
M+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V
M,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@86QI9VX],T1C
M96YT97(@8V]L<W!A;CTS1#(@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@,7!X
M('-O;&ED(",P,#`P,#`G/CQB/D%S(%)E<W1A=&5D/"]B/CPO=&0^#0H@("`@
M("`@/'1D/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*("`@/"$M+2!%;F0@5&%B
M;&4@2&5A9"`M+3X-"B`@(#PA+2T@0F5G:6X@5&%B;&4@0F]D>2`M+3X-"B`@
M(#QT<B!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G8F%C:V=R;W5N9#H@(V-C
M965F9B<^#0H@("`@("`@/'1D/@T*("`@/&1I=B!S='EL93TS1"=M87)G:6XM
M;&5F=#HQ-7!X.R!T97AT+6EN9&5N=#HM,35P>"<^06-C;W5N=',@#0H@("!R
M96-E:79A8FQE+"!N970@;V8@86QL;W=A;F-E(&9O<B!D;W5B=&9U;"!A8V-O
M=6YT<R!O9B`F;F)S<#LD,3,L,38Y("A!<R`-"B`@(%)E<&]R=&5D*2!A;F0@
M)FYB<W`[)#,Q+#,V-B`H07,@4F5S=&%T960I#0H@("`\+V1I=CX\+W1D/@T*
M("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D
M/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C,R+#,V.3PO=&0^#0H@("`@
M("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@
M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG
M:'0^,3,L.3<R/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO
M='(^#0H@("`\='(@=F%L:6=N/3-$8F]T=&]M/@T*("`@("`@(#QT9#X-"B`@
M(#QD:78@<W1Y;&4],T0G;6%R9VEN+6QE9G0Z,35P>#L@=&5X="UI;F1E;G0Z
M+3$U<'@G/D1E9F5R<F5D(&EN8V]M92!T87AE<PT*("`@/"]D:78^/"]T9#X-
M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T
M9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H=#XY+#$T,SPO=&0^#0H@("`@
M("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@
M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG
M:'0^,38L-38S/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO
M='(^#0H@("`\='(@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)V)A8VMG<F]U
M;F0Z("-C8V5E9F8G/@T*("`@("`@(#QT9#X-"B`@(#QD:78@<W1Y;&4],T0G
M;6%R9VEN+6QE9G0Z,35P>#L@=&5X="UI;F1E;G0Z+3$U<'@G/E1O=&%L(&-U
M<G)E;G0@87-S971S#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V
M,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A
M;&EG;CTS1')I9VAT/C$R."PR.#8\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\
M+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V
M,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C$Q-RPS,#D\+W1D
M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T<CX-"B`@(#QT<B!V
M86QI9VX],T1B;W1T;VT^#0H@("`@("`@/'1D/@T*("`@/&1I=B!S='EL93TS
M1"=M87)G:6XM;&5F=#HQ-7!X.R!T97AT+6EN9&5N=#HM,35P>"<^5&]T86P@
M87-S971S#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D
M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS
M1')I9VAT/C(X-BPT-C0\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*
M("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D
M/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C(W-2PT.#<\+W1D/@T*("`@
M("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T<CX-"B`@(#QT<B!V86QI9VX]
M,T1B;W1T;VT@<W1Y;&4],T0G8F%C:V=R;W5N9#H@(V-C965F9B<^#0H@("`@
M("`@/'1D/@T*("`@/&1I=B!S='EL93TS1"=M87)G:6XM;&5F=#HQ-7!X.R!T
M97AT+6EN9&5N=#HM,35P>"<^06-C=6UU;&%T960@96%R;FEN9W,-"B`@(#PO
M9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D
M/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG:'0^-S$L,C<X
M/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q
M-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@
M86QI9VX],T1R:6=H=#XV,"PS,#(\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\
M+W1D/@T*("`@/"]T<CX-"B`@(#QT<B!V86QI9VX],T1B;W1T;VT^#0H@("`@
M("`@/'1D/@T*("`@/&1I=B!S='EL93TS1"=M87)G:6XM;&5F=#HQ-7!X.R!T
M97AT+6EN9&5N=#HM,35P>"<^5&]T86P@<W1O8VMH;VQD97)S)B,X,C$W.R!E
M<75I='D-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^
M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$
M<FEG:'0^,3,U+#,Q,SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@
M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^
M#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG:'0^,3(T+#,S-CPO=&0^#0H@("`@
M("`@/'1D/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*("`@/'1R('9A;&EG;CTS
M1&)O='1O;2!S='EL93TS1"=B86-K9W)O=6YD.B`C8V-E969F)SX-"B`@("`@
M("`\=&0^#0H@("`\9&EV('-T>6QE/3-$)VUA<F=I;BUL969T.C$U<'@[('1E
M>'0M:6YD96YT.BTQ-7!X)SY4;W1A;"!L:6%B:6QI=&EE<R!A;F0@#0H@("!S
M=&]C:VAO;&1E<G,F(S@R,3<[(&5Q=6ET>0T*("`@/"]D:78^/"]T9#X-"B`@
M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-
M"B`@("`@("`\=&0@86QI9VX],T1R:6=H=#XR.#8L-#8T/"]T9#X-"B`@("`@
M("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@
M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H
M=#XR-S4L-#@W/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO
M='(^#0H@("`\(2TM($5N9"!486)L92!";V1Y("TM/@T*("`@/"]T86)L93X-
M"B`@(#PO9&EV/@T*("`@/&1I=B!A;&EG;CTS1&QE9G0@<W1Y;&4],T0G9F]N
M="US:7IE.B`Q,'!T.R!M87)G:6XM=&]P.B`Q,'!T.R!T97AT+6EN9&5N=#H@
M-"4G/E1H92`-"B`@(&9O;&QO=VEN9R!I<R!A('-U;6UA<GD@;V8@=&AE(&-H
M86YG97,@;VX@=&AE(%5N:79E<G-I='DF(S@R,3<[<R!S=&%T96UE;G0@;V8@
M8V%S:"!F;&]W<RX-"B`@(#PO9&EV/@T*("`@/&1I=B!A;&EG;CTS1&-E;G1E
M<CX-"B`@(#QT86)L92!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[('1E>'0M
M86QI9VXZ(&QE9G0G(&-E;&QS<&%C:6YG/3-$,"!B;W)D97(],T0P(&-E;&QP
M861D:6YG/3-$,"!W:61T:#TS1#$P,"4^#0H@("`\(2TM($)E9VEN(%1A8FQE
M($AE860@+2T^#0H@("`\='(@=F%L:6=N/3-$8F]T=&]M/@T*("`@("`@(#QT
M9"!W:61T:#TS1#<R)3XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!W:61T:#TS
M1#,E/B8C,38P.SPO=&0^#0H@("`@("`@/'1D('=I9'1H/3-$,24^)B,Q-C`[
M/"]T9#X-"B`@("`@("`\=&0@=VED=&@],T0Y)3XF(S$V,#L\+W1D/@T*("`@
M("`@(#QT9"!W:61T:#TS1#$E/B8C,38P.SPO=&0^#0H@("`@("`@/'1D('=I
M9'1H/3-$,R4^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@=VED=&@],T0Q)3XF
M(S$V,#L\+W1D/@T*("`@("`@(#QT9"!W:61T:#TS1#DE/B8C,38P.SPO=&0^
M#0H@("`@("`@/'1D('=I9'1H/3-$,24^)B,Q-C`[/"]T9#X-"B`@(#PO='(^
M#0H@("`\='(@<W1Y;&4],T0G9F]N="US:7IE.B`Q,'!T)R!V86QI9VX],T1B
M;W1T;VT^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C
M,38P.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!A;&EG;CTS
M1&-E;G1E<B!C;VQS<&%N/3-$-CX\8CY4:')E92!-;VYT:',@16YD960\+V(^
M/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\
M='(@<W1Y;&4],T0G9F]N="US:7IE.B`Q,'!T)R!V86QI9VX],T1B;W1T;VT^
M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO
M=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!A;&EG;CTS1&-E;G1E
M<B!C;VQS<&%N/3-$-B!S='EL93TS1"=B;W)D97(M8F]T=&]M.B`Q<'@@<V]L
M:60@(S`P,#`P,"<^/&(^36%R8V@@,S$L(#(P,3$\+V(^/"]T9#X-"B`@("`@
M("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\='(@<W1Y;&4],T0G
M9F]N="US:7IE.B`Q,'!T)R!V86QI9VX],T1B;W1T;VT^#0H@("`@("`@/'1D
M/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@
M/'1D(&YO=W)A<#TS1&YO=W)A<"!A;&EG;CTS1&-E;G1E<B!C;VQS<&%N/3-$
M,B!S='EL93TS1"=B;W)D97(M8F]T=&]M.B`Q<'@@<V]L:60@(S`P,#`P,"<^
M/&(^07,@4F5P;W)T960\+V(^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T
M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W<F%P
M/3-$;F]W<F%P(&%L:6=N/3-$8V5N=&5R(&-O;'-P86X],T0R('-T>6QE/3-$
M)V)O<F1E<BUB;W1T;VTZ(#%P>"!S;VQI9"`C,#`P,#`P)SX\8CY!<R!297-T
M871E9#PO8CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T
M<CX-"B`@(#PA+2T@16YD(%1A8FQE($AE860@+2T^#0H@("`\(2TM($)E9VEN
M(%1A8FQE($)O9'D@+2T^#0H@("`\='(@=F%L:6=N/3-$8F]T=&]M('-T>6QE
M/3-$)V)A8VMG<F]U;F0Z("-C8V5E9F8G/@T*("`@("`@(#QT9#X-"B`@(#QD
M:78@<W1Y;&4],T0G;6%R9VEN+6QE9G0Z,35P>#L@=&5X="UI;F1E;G0Z+3$U
M<'@G/DYE="!I;F-O;64-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C
M,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D
M(&%L:6=N/3-$<FEG:'0^,3$L,CDX/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[
M/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q
M-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H=#XY+#0X,3PO=&0^
M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*("`@/'1R('9A
M;&EG;CTS1&)O='1O;3X-"B`@("`@("`\=&0^#0H@("`\9&EV('-T>6QE/3-$
M)VUA<F=I;BUL969T.C$U<'@[('1E>'0M:6YD96YT.BTQ-7!X)SY0<F]V:7-I
M;VX@9F]R(&)A9"!D96)T<PT*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^
M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\
M=&0@86QI9VX],T1R:6=H=#XV+#DX.#PO=&0^#0H@("`@("`@/'1D/B8C,38P
M.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C
M,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG:'0^,3`L,#,T/"]T
M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\='(@
M=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)V)A8VMG<F]U;F0Z("-C8V5E9F8G
M/@T*("`@("`@(#QT9#X-"B`@(#QD:78@<W1Y;&4],T0G;6%R9VEN+6QE9G0Z
M,35P>#L@=&5X="UI;F1E;G0Z+3$U<'@G/D1E9F5R<F5D(&EN8V]M92!T87AE
M<PT*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@
M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H
M=#XQ+#`P-#PO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@
M/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!A
M;&EG;CTS1&QE9G0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R
M:6=H=#XH,C(T/"]T9#X-"B`@("`@("`\=&0@;F]W<F%P/3-$;F]W<F%P/BD\
M+W1D/@T*("`@/"]T<CX-"B`@(#QT<B!V86QI9VX],T1B;W1T;VT^#0H@("`@
M("`@/'1D/@T*("`@/&1I=B!S='EL93TS1"=M87)G:6XM;&5F=#HQ-7!X.R!T
M97AT+6EN9&5N=#HM,35P>"<^3F5T(&-A<V@@<')O=FED960@8GD@#0H@("!O
M<&5R871I;F<@86-T:79I=&EE<PT*("`@/"]D:78^/"]T9#X-"B`@("`@("`\
M=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@
M("`\=&0@86QI9VX],T1R:6=H=#XR,RPT,3,\+W1D/@T*("`@("`@(#QT9#XF
M(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT
M9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C(S+#0Q
M,SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*("`@
M/"$M+2!%;F0@5&%B;&4@0F]D>2`M+3X-"B`@(#PO=&%B;&4^#0H@("`\+V1I
M=CX-"B`@(#PO9&EV/@T*/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R
M/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM
M/5].97AT4&%R=%\U83,S.60R,E\V-65B7S0P,#9?.#@Y85\S93`W,65B8F1F
M9F4-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO-6$S,SED,C)?-C5E
M8E\T,#`V7S@X.6%?,V4P-S%E8F)D9F9E+U=O<FMS:&5E=',O4VAE970Q,BYH
M=&UL#0I#;VYT96YT+51R86YS9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A
M8FQE#0I#;VYT96YT+51Y<&4Z('1E>'0O:'1M;#L@8VAA<G-E=#TB=7,M87-C
M:6DB#0H-"CQH=&UL/@T*("`\:&5A9#X-"B`@("`\345402!H='1P+65Q=6EV
M/3-$0V]N=&5N="U4>7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R<V5T
M/75T9BTX)SX\<V-R:7!T('1Y<&4],T1T97AT+VIA=F%S8W)I<'0@<W)C/3-$
M4VAO=RYJ<SXO*B!$;R!.;W0@4F5M;W9E(%1H:7,@0V]M;65N="`J+SPO<V-R
M:7!T/CPO:&5A9#X-"B`@/&)O9'D^#0H@("`@/'1A8FQE(&-L87-S/3-$<F5P
M;W)T(&ED/3-$240P13)(/@T*("`@("`@/'1R/@T*("`@("`@("`\=&@@8VQA
M<W,],T1T;"!C;VQS<&%N/3-$,2!R;W=S<&%N/3-$,CX\<W1R;VYG/E-U;6UA
M<GD@;V8@4VEG;FEF:6-A;G0@06-C;W5N=&EN9R!0;VQI8VEE<SQB<CX\+W-T
M<F]N9SX\+W1H/@T*("`@("`@("`\=&@@8VQA<W,],T1T:"!C;VQS<&%N/3-$
M,3XS($UO;G1H<R!%;F1E9#PO=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R
M/@T*("`@("`@("`\=&@@8VQA<W,],T1T:#Y-87(N(#,Q+"`R,#$Q/&)R/CPO
M=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG/E-U;6UA
M<GD@;V8@4VEG;FEF:6-A;G0@06-C;W5N=&EN9R!0;VQI8VEE<R!;06)S=')A
M8W1=/"]S=')O;F<^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\
M<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA
M<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P
M/E-U;6UA<GD@;V8@4VEG;FEF:6-A;G0@06-C;W5N=&EN9R!0;VQI8VEE<SPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/"$M+41/0U194$4@:'1M
M;"!054),24,@(BTO+U<S0R\O1%1$(%A(5$U,(#$N,"!4<F%N<VET:6]N86PO
M+T5.(B`B:'1T<#HO+W=W=RYW,RYO<F<O5%(O>&AT;6PQ+T141"]X:'1M;#$M
M=')A;G-I=&EO;F%L+F1T9"(@+2T^#0H@("`\(2TM($)E9VEN($)L;V-K(%1A
M9V=E9"!.;W1E(#,@+2!U<RUG86%P.E-I9VYI9FEC86YT06-C;W5N=&EN9U!O
M;&EC:65S5&5X=$)L;V-K+2T^#0H@("`\9&EV('-T>6QE/3-$)V9O;G0M9F%M
M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RQ4:6UE<RQS97)I9CL@;6%R9VEN+6QE
M9G0Z(#!I;CL@)SX-"B`@(#QD:78@86QI9VX],T1J=7-T:69Y('-T>6QE/3-$
M)V9O;G0M<VEZ93H@,3!P=#L@;6%R9VEN+71O<#H@,3!P="<^/&(^,RX@4W5M
M;6%R>2!O9B!3:6=N:69I8V%N="!!8V-O=6YT:6YG(%!O;&EC:65S/"]B/@T*
M("`@/"]D:78^#0H@("`\9&EV(&%L:6=N/3-$:G5S=&EF>2!S='EL93TS1"=F
M;VYT+7-I>F4Z(#$P<'0[(&UA<F=I;BUT;W`Z(#$P<'0G/CQB/CQI/E5N875D
M:71E9"!);G1E<FEM($9I;F%N8VEA;"!);F9O<FUA=&EO;CPO:3X\+V(^#0H@
M("`\+V1I=CX-"B`@(#QD:78@86QI9VX],T1J=7-T:69Y('-T>6QE/3-$)V9O
M;G0M<VEZ93H@,3!P=#L@;6%R9VEN+71O<#H@,3!P=#L@=&5X="UI;F1E;G0Z
M(#0E)SY4:&4@86-C;VUP86YY:6YG('5N875D:71E9"!I;G1E<FEM(&9I;F%N
M8VEA;"!S=&%T96UE;G1S(&]F('1H92!5;FEV97)S:71Y(&AA=F4@8F5E;B!P
M<F5P87)E9`T*("`@:6X@86-C;W)D86YC92!W:71H(%4N4RX@9V5N97)A;&QY
M(&%C8V5P=&5D(&%C8V]U;G1I;F<@<')I;F-I<&QE<RP@8V]N<VES=&5N="!I
M;B!A;&P@;6%T97)I86P-"B`@(')E<W!E8W1S('=I=&@@=&AO<V4@87!P;&EE
M9"!I;B!I=',@9FEN86YC:6%L('-T871E;65N=',@:6YC;'5D960@:6X@#0H@
M("!I=',@06YN=6%L(%)E<&]R="!O;B!&;W)M(#$P+4LO00T*("`@9F]R('1H
M92!F:7-C86P@>65A<B!E;F1E9"!$96-E;6)E<B8C,38P.S,Q+"`R,#$P+B!!
M8V-O<F1I;F=L>2P@=&AE>2!D;R!N;W0@:6YC;'5D92!A;&P@;V8@=&AE#0H@
M("!I;F9O<FUA=&EO;B!A;F0@9F]O=&YO=&5S(')E<75I<F5D(&)Y(%4N4RX@
M9V5N97)A;&QY(&%C8V5P=&5D(&%C8V]U;G1I;F<@<')I;F-I<&QE<R!F;W(@
M8V]M<&QE=&4-"B`@(&9I;F%N8VEA;"!S=&%T96UE;G1S+B!3=6-H(&EN=&5R
M:6T@9FEN86YC:6%L(&EN9F]R;6%T:6]N(&ES('5N875D:71E9"!B=70@<F5F
M;&5C=',@86QL(&%D:G5S=&UE;G1S#0H@("!T:&%T(&EN('1H92!O<&EN:6]N
M(&]F(&UA;F%G96UE;G0@87)E(&YE8V5S<V%R>2!F;W(@=&AE(&9A:7(@<')E
M<V5N=&%T:6]N(&]F('1H92!I;G1E<FEM('!E<FEO9',-"B`@('!R97-E;G1E
M9"X@26YT97)I;2!R97-U;'1S(&%R92!N;W0@;F5C97-S87)I;'D@:6YD:6-A
M=&EV92!O9B!R97-U;'1S(&9O<B!A(&9U;&P@>65A<BX@5&AI<PT*("`@475A
M<G1E<FQY(%)E<&]R="!O;B!&;W)M(#$P+5$O02!S:&]U;&0@8F4@<F5A9"!I
M;B!C;VYJ=6YC=&EO;B!W:71H('1H92!5;FEV97)S:71Y)B,X,C$W.W,@875D
M:71E9"!F:6YA;F-I86P-"B`@('-T871E;65N=',@86YD(&9O;W1N;W1E<R!I
M;F-L=61E9"!I;B!I=',@06YN=6%L(%)E<&]R="!O;B!&;W)M(#$P+4LO02!F
M;W(@=&AE(&9I<V-A;"!Y96%R(&5N9&5D#0H@("!$96-E;6)E<B8C,38P.S,Q
M+"`R,#$P(&9R;VT@=VAI8V@@=&AE($1E8V5M8F5R)B,Q-C`[,S$L(#(P,3`@
M8F%L86YC92!S:&5E="!I;F9O<FUA=&EO;B!W87,@9&5R:79E9"X-"B`@(#PO
M9&EV/@T*("`@/&1I=B!A;&EG;CTS1&IU<W1I9GD@<W1Y;&4],T0G9F]N="US
M:7IE.B`Q,'!T.R!M87)G:6XM=&]P.B`Q,'!T)SX\8CX\:3Y297-T<FEC=&5D
M($-A<V@@86YD($-A<V@@17%U:79A;&5N=',\+VD^/"]B/@T*("`@/"]D:78^
M#0H@("`\9&EV(&%L:6=N/3-$:G5S=&EF>2!S='EL93TS1"=F;VYT+7-I>F4Z
M(#$P<'0[(&UA<F=I;BUT;W`Z(#$P<'0[('1E>'0M:6YD96YT.B`T)2<^02!S
M:6=N:69I8V%N="!P;W)T:6]N(&]F('1H92!5;FEV97)S:71Y)B,X,C$W.W,@
M<F5V96YU92!I<R!R96-E:79E9"!F<F]M('-T=61E;G1S('=H;R!P87)T:6-I
M<&%T92!I;@T*("`@9V]V97)N;65N="!F:6YA;F-I86P@86ED(&%N9"!A<W-I
M<W1A;F-E('!R;V=R86US+B!297-T<FEC=&5D(&-A<V@@86YD(&-A<V@@97%U
M:79A;&5N=',@<')I;6%R:6QY#0H@("!R97!R97-E;G1S(&%M;W5N=',@<F5C
M96EV960@9G)O;2!T:&4@9F5D97)A;"!A;F0@<W1A=&4@9V]V97)N;65N=',@
M=6YD97(@=F%R:6]U<R!S='5D96YT(&%I9"!G<F%N=`T*("`@86YD(&QO86X@
M<')O9W)A;7,L('-U8V@@87,@5&ET;&4@258N(%1H97-E(&9U;F1S(&%R92!R
M96-E:79E9"!S=6)S97%U96YT('1O('1H92!C;VUP;&5T:6]N(&]F('1H90T*
M("`@875T:&]R:7IA=&EO;B!A;F0@9&ES8G5R<V5M96YT('!R;V-E<W,@9F]R
M('1H92!B96YE9FET(&]F('1H92!S='5D96YT+B!4:&4@52Y3+B!$97!A<G1M
M96YT(&]F#0H@("!%9'5C871I;VX@<F5Q=6ER97,@5&ET;&4@258@9G5N9',@
M8V]L;&5C=&5D(&EN(&%D=F%N8V4@;V8@<W1U9&5N="!B:6QL:6YG<R!T;R!B
M92!S96=R96=A=&5D(&EN(&$-"B`@('-E<&%R871E(&-A<V@@;W(@8V%S:"!E
M<75I=F%L96YT(&%C8V]U;G0@=6YT:6P@=&AE('-T=61E;G1S(&%R92!B:6QL
M960@9F]R('1H96ER('!O<G1I;VXN(%1H90T*("`@56YI=F5R<VET>2!A;'-O
M(&-L87-S:69I97,@=&AE("9N8G-P.R0U+#(P,"!T:&%T(&ET(&%G<F5E9"!T
M;R!P87D@=&\@<V5T=&QE('1H92`\:3YQ=6D@=&%M(#PO:3YM871T97(@87,-
M"B`@(')E<W1R:6-T960@8V%S:"P@<W5B:F5C="!T;R!T:&4@9&ES=')I8G5T
M:6]N(&]F('1H92!S971T;&5M96YT(&%M;W5N="!F<F]M(&5S8W)O=R!I;B!A
M8V-O<F1A;F-E#0H@("!W:71H('1H92!T97)M<R!O9B!T:&4@<V5T=&QE;65N
M="!A9W)E96UE;G0N(%1H92!5;FEV97)S:71Y(')E8V]R9',@86QL(&]F('1H
M97-E(&%M;W5N=',@87,@80T*("`@8W5R<F5N="!A<W-E="!I;B!R97-T<FEC
M=&5D(&-A<V@@86YD(&-A<V@@97%U:79A;&5N=',N(%)E<W1R:6-T960@8V%S
M:"!A;F0@8V%S:"!E<75I=F%L96YT<R!I<PT*("`@97AC;'5D960@9G)O;2!C
M87-H(&%N9"!C87-H(&5Q=6EV86QE;G1S('5N=&EL('1H92!C87-H(&ES(&YO
M(&QO;F=E<B!R97-T<FEC=&5D+B!4:&4@;6%J;W)I='D@;V8-"B`@('1H97-E
M(&9U;F1S(')E;6%I;B!A<R!R97-T<FEC=&5D(&-A<V@@86YD(&-A<V@@97%U
M:79A;&5N=',@9F]R(&%N(&%V97)A9V4@;V8@-C`@=&\@.3`F(S$V,#MD87ES
M(&9R;VT@=&AE#0H@("!D871E(&]F(')E8V5I<'0N#0H@("`\+V1I=CX-"B`@
M(#QD:78@86QI9VX],T1J=7-T:69Y('-T>6QE/3-$)V9O;G0M<VEZ93H@,3!P
M=#L@;6%R9VEN+71O<#H@,3!P=#L@=&5X="UI;F1E;G0Z(#0E)SY);B!T:&4@
M9F]U<G1H('%U87)T97(@;V8@,C`Q,"P@=&AE(&-O=6YT97)P87)T>2!T;R!T
M:&4@56YI=F5R<VET>28C.#(Q-SMS(&EN=&5R97-T(')A=&4@<W=A<"!M861E
M(&$-"B`@(&-O;&QA=&5R86P@8V%L;"!A;F0@=&AE(%5N:79E<G-I='D@<&]S
M=&5D("9N8G-P.R0W-C`@;V8@<&QE9&=E9"!C;VQL871E<F%L(&%S(&YO;F-U
M<G)E;G0@<F5S=')I8W1E9"!C87-H+@T*("`@5&AE('!L961G960@8V]L;&%T
M97)A;"!W87,@<F5D=6-E9"!T;R`F;F)S<#LD-#0U(&%S(&]F($UA<F-H)B,Q
M-C`[,S$L(#(P,3$N#0H@("`\+V1I=CX-"B`@(#QD:78@86QI9VX],T1J=7-T
M:69Y('-T>6QE/3-$)V9O;G0M<VEZ93H@,3!P=#L@;6%R9VEN+71O<#H@,3!P
M="<^/&(^/&D^1&5R:79A=&EV97,@86YD($AE9&=I;F<\+VD^/"]B/@T*("`@
M/"]D:78^#0H@("`\9&EV(&%L:6=N/3-$:G5S=&EF>2!S='EL93TS1"=F;VYT
M+7-I>F4Z(#$P<'0[(&UA<F=I;BUT;W`Z(#$P<'0[('1E>'0M:6YD96YT.B`T
M)2<^1&5R:79A=&EV92!F:6YA;F-I86P@:6YS=')U;65N=',@87)E(')E8V]R
M9&5D(&]N('1H92!B86QA;F-E('-H965T(&%S(&%S<V5T<R!O<B!L:6%B:6QI
M=&EE<PT*("`@86YD(')E+6UE87-U<F5D(&%T(&9A:7(@=F%L=64@870@96%C
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M=F5N97-S(&%R90T*("`@<F5C;V=N:7IE9"!I;B!C=7)R96YT(&5A<FYI;F=S
M+@T*("`@/"]D:78^#0H@("`\9&EV(&%L:6=N/3-$:G5S=&EF>2!S='EL93TS
M1"=F;VYT+7-I>F4Z(#$P<'0[(&UA<F=I;BUT;W`Z(#$P<'0[('1E>'0M:6YD
M96YT.B`T)2<^1&5R:79A=&EV92!F:6YA;F-I86P@:6YS=')U;65N=',@96YA
M8FQE('1H92!5;FEV97)S:71Y('1O(&UA;F%G92!I=',@97AP;W-U<F4@=&\@
M:6YT97)E<W0@<F%T90T*("`@<FES:RX@5&AE(%5N:79E<G-I='D@9&]E<R!N
M;W0@96YG86=E(&EN(&%N>2!D97)I=F%T:79E(&EN<W1R=6UE;G0@=')A9&EN
M9R!A8W1I=FET>2X@0W)E9&ET(')I<VL-"B`@(&%S<V]C:6%T960@=VET:"!T
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M=&ET=71I;VYS('=I=&@-"B`@('-T<F]N9R!C<F5D:70@<F%T:6YG<RP@86YD
M('1H97D@87)E(&5X<&5C=&5D('1O('!E<F9O<FT@9G5L;'D@=6YD97(@=&AE
M('1E<FUS(&]F('1H92!A9W)E96UE;G1S+@T*("`@/"]D:78^#0H@("`\9&EV
M(&%L:6=N/3-$:G5S=&EF>2!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&UA
M<F=I;BUT;W`Z(#$P<'0[('1E>'0M:6YD96YT.B`T)2<^3VX@2G5N928C,38P
M.S,P+"`R,#`Y+"!T:&4@56YI=F5R<VET>2!E;G1E<F5D(&EN=&\@86X@:6YT
M97)E<W0@<F%T92!C;W)R:61O<B!I;G-T<G5M96YT(&%N9"!A;@T*("`@:6YT
M97)E<W0@<F%T92!S=V%P('1O(&UA;F%G92!I=',@,S`@1&%Y($Q)0D]2(&EN
M=&5R97-T(&5X<&]S=7)E(')E;&%T960@=&\@:71S('9A<FEA8FQE(')A=&4@
M9&5B="P-"B`@('=H:6-H(&-O;6UE;F-E9"!I;B!!<')I;"8C,38P.S(P,#D@
M86YD(&UA='5R97,@:6X@07!R:6PF(S$V,#LR,#$T+B!4:&4@9F%I<B!V86QU
M92!O9B!T:&4@:6YT97)E<W0@<F%T90T*("`@8V]R<FED;W(@:6YS=')U;65N
M="!A<R!O9B!-87)C:"8C,38P.S,Q+"`R,#$Q(&%N9"!$96-E;6)E<B8C,38P
M.S,Q+"`R,#$P('=A<R`F;F)S<#LD,C4@86YD("9N8G-P.R0R-RP@<F5S<&5C
M=&EV96QY+"!W:&EC:`T*("`@:7,@:6YC;'5D960@:6X@;W1H97(@87-S971S
M+B!4:&4@9F%I<B!V86QU92!O9B!T:&4@:6YT97)E<W0@<F%T92!S=V%P(&ES
M(&$@;&EA8FEL:71Y(&]F("9N8G-P.R0U.#,@86YD#0H@("`F;F)S<#LD-C@V
M(&%S(&]F($UA<F-H)B,Q-C`[,S$L(#(P,3$@86YD($1E8V5M8F5R)B,Q-C`[
M,S$L(#(P,3`L(')E<W!E8W1I=F5L>2P@=VAI8V@@:7,@:6YC;'5D960@:6X@
M;W1H97(-"B`@(&YO;F-U<G)E;G0@;&EA8FEL:71I97,N(%1H92!F86ER('9A
M;'5E<R!O9B!E86-H(&1E<FEV871I=F4@:6YS=')U;65N="!W97)E(&1E=&5R
M;6EN960@=7-I;F<@80T*("`@:'EP;W1H971I8V%L(&1E<FEV871I=F4@=')A
M;G-A8W1I;VX@86YD($QE=F5L(#(@;V8@=&AE(&AI97)A<F-H>2!O9B!V86QU
M871I;VX@:6YP=71S+B!4:&5S90T*("`@9&5R:79A=&EV92!I;G-T<G5M96YT
M<R!W97)E(&1E<VEG;F%T960@87,@8V%S:"!F;&]W(&AE9&=E<R!O9B!V87)I
M86)L92!R871E(&1E8G0@;V)L:6=A=&EO;G,N(%1H90T*("`@861J=7-T;65N
M="!O9B`F;F)S<#LD-S0@86YD("9N8G-P.R0R-#4@:6X@=&AE(&9I<G-T('1H
M<F5E(&UO;G1H<R!O9B`R,#$Q(&%N9"`R,#$P+"!R97-P96-T:79E;'DL(&9O
M<B!T:&4-"B`@(&5F9F5C=&EV92!P;W)T:6]N(&]F('1H92!L;W-S(&]N('1H
M92!D97)I=F%T:79E<R!I<R!I;F-L=61E9"!A<R!A(&-O;7!O;F5N="!O9B!O
M=&AE<B!C;VUP<F5H96YS:79E#0H@("!I;F-O;64L(&YE="!O9B!T87AE<RX-
M"B`@(#PO9&EV/@T*("`@/&1I=B!A;&EG;CTS1&IU<W1I9GD@<W1Y;&4],T0G
M9F]N="US:7IE.B`Q,'!T.R!M87)G:6XM=&]P.B`Q,'!T.R!T97AT+6EN9&5N
M=#H@-"4G/E1H92!I;G1E<F5S="!R871E(&-O<G)I9&]R(&EN<W1R=6UE;G0@
M:&5D9V5S('9A<FEA8FQE(&EN=&5R97-T(')A=&4@<FES:R!S=&%R=&EN9R!*
M=6QY)B,Q-C`[,2P@,C`P.0T*("`@=&AR;W5G:"!!<')I;"8C,38P.S,P+"`R
M,#$T('=I=&@@82!N;W1I;VYA;"!A;6]U;G0@;V8@)FYB<W`[)#$Q+#(V."!A
M<R!O9B!-87)C:"8C,38P.S,Q+"`R,#$Q+B!4:&4@8V]R<FED;W(-"B`@(&EN
M<W1R=6UE;G0@<&5R;6ET<R!T:&4@56YI=F5R<VET>2!T;R!H961G92!I=',@
M:6YT97)E<W0@<F%T92!R:7-K(&%T('-E=F5R86P@=&AR97-H;VQD<SL@=&AE
M#0H@("!5;FEV97)S:71Y('=I;&P@<&%Y('9A<FEA8FQE(&EN=&5R97-T(')A
M=&5S(&)A<V5D(&]N('1H92`S,"!$87D@3$E"3U(@<F%T97,@;6]N=&AL>2!U
M;G1I;"!T:&%T#0H@("!I;F1E>"!R96%C:&5S(#0E+B!)9B`S,"!$87D@3$E"
M3U(@:7,@97%U86P@=&\@-"4@=&AR;W5G:"`V)2P@=&AE(%5N:79E<G-I='D@
M=VEL;"!P87D@-"4N($EF(#,P#0H@("!$87D@3$E"3U(@97AC965D<R`V)2P@
M=&AE(%5N:79E<G-I='D@=VEL;"!P87D@86-T=6%L(#,P($1A>2!,24)/4B!L
M97-S(#(E+B!4:&ES(')E9'5C97,@=&AE#0H@("!5;FEV97)S:71Y)B,X,C$W
M.W,@97AP;W-U<F4@=&\@<&]T96YT:6%L(&EN8W)E87-E<R!I;B!I;G1E<F5S
M="!R871E<RX-"B`@(#PO9&EV/@T*("`@/&1I=B!A;&EG;CTS1&IU<W1I9GD@
M<W1Y;&4],T0G9F]N="US:7IE.B`Q,'!T.R!M87)G:6XM=&]P.B`Q,'!T.R!T
M97AT+6EN9&5N=#H@-"4G/E1H92!I;G1E<F5S="!R871E('-W87`@8V]M;65N
M8V5D(&]N($UA>28C,38P.S$L(#(P,3`@86YD(&-O;G1I;G5E<R!E86-H(&UO
M;G1H('1H97)E869T97(@=6YT:6P-"B`@($%P<FEL)B,Q-C`[,S`L(#(P,30@
M86YD(&AA<R!A(&YO=&EO;F%L(&%M;W5N="!O9B`F;F)S<#LD,3$L,C8X(&%S
M(&]F($UA<F-H)B,Q-C`[,S$L(#(P,3$N(%1H92!5;FEV97)S:71Y('=I;&P-
M"B`@(')E8V5I=F4@,S`@1&%Y($Q)0D]2(&%N9"!P87D@,RXR-#4E(&9I>&5D
M(&EN=&5R97-T(&]N('1H92!A;6]R=&EZ:6YG(&YO=&EO;F%L(&%M;W5N="X@
M5&AE<F5F;W)E+`T*("`@=&AE(%5N:79E<G-I='D@:&%S(&AE9&=E9"!I=',@
M97AP;W-U<F4@=&\@9G5T=7)E('9A<FEA8FQE(')A=&4@8V%S:"!F;&]W<R!T
M:')O=6=H($%P<FEL)B,Q-C`[,S`L(#(P,30N#0H@("!4:&4@:6YT97)E<W0@
M<F%T92!S=V%P(&ES(&YO="!S=6)J96-T('1O(&$@;6%S=&5R(&YE='1I;F<@
M87)R86YG96UE;G0@86YD(&-O;&QA=&5R86P@:&%S(&)E96X-"B`@(&-A;&QE
M9"!B>2!T:&4@8V]U;G1E<G!A<G1Y(&%N9"!R969L96-T960@:6X@82!R97-T
M<FEC=&5D(&-A<V@@86-C;W5N="!A<R!O9B!-87)C:"8C,38P.S,Q+"`R,#$Q
M(&%N9`T*("`@1&5C96UB97(F(S$V,#LS,2P@,C`Q,"!I;B!T:&4@86UO=6YT
M(&]F("9N8G-P.R0T-#4@86YD("9N8G-P.R0W-C`L(')E<W!E8W1I=F5L>2X-
M"B`@(#PO9&EV/@T*("`@/&1I=B!A;&EG;CTS1&IU<W1I9GD@<W1Y;&4],T0G
M9F]N="US:7IE.B`Q,'!T.R!M87)G:6XM=&]P.B`Q,'!T.R!T97AT+6EN9&5N
M=#H@-"4G/D%S(&]F($UA<F-H)B,Q-C`[,S$L(#(P,3$@;F\@9&5R:79A=&EV
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M8V@F(S$V,#LS,2P@,C`Q,2`F;F)S<#LD."!O9B!C<F5D:70@<FES:R!W87,@
M<F5C;W)D960@:6X-"B`@(&EN=&5R97-T(&5X<&5N<V4@;VX@=&AE(&1E<FEV
M871I=F5S+B!!="!-87)C:"8C,38P.S,Q+"`R,#$Q+"!T:&4@56YI=F5R<VET
M>2!I<R!N;W0@97AP96-T960@=&\-"B`@(')E8VQA<W-I9GD@9V%I;G,@;W(@
M;&]S<V5S(&]N(&1E<FEV871I=F4@:6YS=')U;65N=',@9G)O;2!A8V-U;75L
M871E9"!O=&AE<B!C;VUP<F5H96YS:79E("AL;W-S*0T*("`@:6YC;VUE(&EN
M=&\@96%R;FEN9W,@9'5R:6YG('1H92!N97AT(#$R)B,Q-C`[;6]N=&AS+@T*
M("`@/"]D:78^#0H@("`\(2TM($9O;&EO("TM/@T*("`@/"$M+2`O1F]L:6\@
M+2T^#0H@("`\+V1I=CX-"B`@(#PA+2T@4$%'14)214%+("TM/@T*("`@/&1I
M=B!S='EL93TS1"=F;VYT+69A;6EL>3H@)U1I;65S($YE=R!2;VUA;B<L5&EM
M97,L<V5R:68[(&UA<F=I;BUL969T.B`P:6X[("<^#0H@("`\9&EV(&%L:6=N
M/3-$8V5N=&5R('-T>6QE/3-$)V9O;G0M<VEZ93H@,3!P=#L@;6%R9VEN+71O
M<#H@,'!T)SX-"B`@(#QB/@T*("`@/"]B/@T*("`@/"]D:78^#0H@("`\9&EV
M(&%L:6=N/3-$:G5S=&EF>2!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&UA
M<F=I;BUT;W`Z(#$P<'0G/CQB/CQI/D9A:7(@5F%L=64@;V8@1FEN86YC:6%L
M($EN<W1R=6UE;G1S/"]I/CPO8CX-"B`@(#PO9&EV/@T*("`@/&1I=B!A;&EG
M;CTS1&IU<W1I9GD@<W1Y;&4],T0G9F]N="US:7IE.B`Q,'!T.R!M87)G:6XM
M=&]P.B`Q,'!T.R!T97AT+6EN9&5N=#H@-"4G/D%S(&]F($UA<F-H)B,Q-C`[
M,S$L(#(P,3$L('1H92!C87)R>6EN9R!V86QU92!O9B!C87-H(&%N9"!C87-H
M(&5Q=6EV86QE;G1S+"!A8V-O=6YT<R!R96-E:79A8FQE+`T*("`@86-C;W5N
M="!P87EA8FQE(&%N9"!A8V-R=65D(&5X<&5N<V5S(&%P<')O>&EM871E('1H
M96ER(&9A:7(@=F%L=64@8F%S960@;VX@=&AE(&QI<75I9&ET>2!O<B!T:&4-
M"B`@('-H;W)T+71E<FT@;6%T=7)I=&EE<R!O9B!T:&5S92!I;G-T<G5M96YT
M<RX@5&AE(&-A<G)Y:6YG('9A;'5E(&]F(&1E8G0@87!P<F]X:6UA=&5S(&9A
M:7(@=F%L=64@87,-"B`@(&ET(&ES(&)A<V5D(&]N('9A<FEA8FQE(')A=&4@
M:6YD97@N(%1H92!C87)R>6EN9R!V86QU92!O9B!C87!I=&%L(&QE87-E(&]B
M;&EG871I;VYS(&%P<')O>&EM871E#0H@("!F86ER('9A;'5E(&)A<V5D('5P
M;VX@;6%R:V5T(&EN=&5R97-T(')A=&5S(&%V86EL86)L92!T;R!T:&4@56YI
M=F5R<VET>2!F;W(@9&5B="!O9B!S:6UI;&%R(')I<VL-"B`@(&%N9"!M871U
M<FET:65S+B!$97)I=F%T:79E(&9I;F%N8VEA;"!I;G-T<G5M96YT<R!A<F4@
M8V%R<FEE9"!A="!F86ER('9A;'5E+"!D971E<FUI;F5D('5S:6YG($QE=F5L
M#0H@("`R(&]F('1H92!H:65R87)C:'D@;V8@=F%L=6%T:6]N(&EN<'5T<RP@
M=VET:"!T:&4@=7-E(&]F(&EN<'5T<R!O=&AE<B!T:&%N('%U;W1E9"!P<FEC
M97,@=&AA="!A<F4-"B`@(&]B<V5R=F%B;&4@9F]R('1H92!A<W-E="!O<B!L
M:6%B:6QI='DN#0H@("`\+V1I=CX-"B`@(#QD:78@86QI9VX],T1J=7-T:69Y
M('-T>6QE/3-$)V9O;G0M<VEZ93H@,3!P=#L@;6%R9VEN+71O<#H@,3!P="<^
M/&(^/&D^4F5V96YU92!296-O9VYI=&EO;CPO:3X\+V(^#0H@("`\+V1I=CX-
M"B`@(#QD:78@86QI9VX],T1J=7-T:69Y('-T>6QE/3-$)V9O;G0M<VEZ93H@
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M("`@9F%C:6QI=&EE<R!O9B!E;7!L;WEE<G,L(&%S('=E;&P@87,@9G)O;2!R
M96QA=&5D(&5D=6-A=&EO;F%L(')E<V]U<F-E<R!S=6-H(&%S(&%C8V5S<R!T
M;R!O;FQI;F4-"B`@(&UA=&5R:6%L<RX@5'5I=&EO;B!R979E;G5E(&%N9"!M
M;W-T(&9E97,@86YD(')E;&%T960@961U8V%T:6]N86P@<F5S;W5R8V5S(&%R
M92!R96-O9VYI>F5D('!R;RUR871A#0H@("!O=F5R('1H92!A<'!L:6-A8FQE
M('!E<FEO9"!O9B!I;G-T<G5C=&EO;BP@;F5T(&]F('-C:&]L87)S:&EP<R!P
M<F]V:61E9"!B>2!T:&4@56YI=F5R<VET>2X@1F]R('1H90T*("`@=&AR964@
M;6]N=&AS(&5N9&5D($UA<F-H)B,Q-C`[,S$L(#(P,3$@86YD(#(P,3`L('1H
M92!5;FEV97)S:71Y)B,X,C$W.W,@<F5V96YU92!W87,@<F5D=6-E9"!B>2!A
M<'!R;WAI;6%T96QY#0H@("`F;F)S<#LD,3DL-S8Y(&%N9"`F;F)S<#LD,3,L
M-S<Q+"!R97-P96-T:79E;'DL(&%S(&$@<F5S=6QT(&]F('-C:&]L87)S:&EP
M<R!T:&%T('1H92!5;FEV97)S:71Y(&]F9F5R960@=&\-"B`@('-T=61E;G1S
M+B!4:&4@56YI=F5R<VET>2!M86EN=&%I;G,@86X@:6YS=&ET=71I;VYA;"!T
M=6ET:6]N(')E9G5N9"!P;VQI8WDL('=H:6-H('!R;W9I9&5S(&9O<B!A;&P-
M"B`@(&]R(&$@<&]R=&EO;B!O9B!T=6ET:6]N('1O(&)E(')E9G5N9&5D(&EF
M(&$@<W1U9&5N="!W:71H9')A=W,@9'5R:6YG('-T871E9"!R969U;F0@<&5R
M:6]D<RX-"B`@($-E<G1A:6X@<W1A=&5S(&EN('=H:6-H('-T=61E;G1S(')E
M<VED92!I;7!O<V4@<V5P87)A=&4L(&UA;F1A=&]R>2!R969U;F0@<&]L:6-I
M97,L('=H:6-H(&]V97)R:61E#0H@("!T:&4@56YI=F5R<VET>28C.#(Q-SMS
M('!O;&EC>2!T;R!T:&4@97AT96YT(&EN(&-O;F9L:6-T+B!)9B!A('-T=61E
M;G0@=VET:&1R87=S(&%T(&$@=&EM92!W:&5N(&]N;'D@80T*("`@<&]R=&EO
M;BP@;W(@;F]N92!O9B!T:&4@='5I=&EO;B!I<R!R969U;F1A8FQE+"!T:&5N
M(&EN(&%C8V]R9&%N8V4@=VET:"!I=',@<F5V96YU92!R96-O9VYI=&EO;@T*
M("`@<&]L:6-Y+"!T:&4@56YI=F5R<VET>2!C;VYT:6YU97,@=&\@<F5C;V=N
M:7IE('1H92!T=6ET:6]N('1H870@=V%S(&YO="!R969U;F1E9"!A<R!P<F\M
M<F%T82!O=F5R#0H@("!T:&4@87!P;&EC86)L92!P97)I;V0@;V8@:6YS=')U
M8W1I;VXN(%-I;F-E('1H92!5;FEV97)S:71Y(')E8V]G;FEZ97,@<F5V96YU
M92!P<F\M<F%T82!O=F5R('1H90T*("`@=&5R;2!O9B!T:&4@8V]U<G-E(&%N
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M;W1E;G1I86QL>2!B90T*("`@<F5F=6YD960N(%1H92!5;FEV97)S:71Y)B,X
M,C$W.W,@8VAA;F=E(&EN($%P<FEL)B,Q-C`[,C`Q,"!T;R!A(&YO;BUT97)M
M(&)O<G)O=V5R+6)A<V5D(&EN<W1I='5T:6]N(&9R;VT@80T*("`@=&5R;2!B
M87-E9"!I;G-T:71U=&EO;B!F;W(@9F5D97)A;"!S='5D96YT(&9I;F%N8VEA
M;"!A:60@9G5N9&EN9R!P=7)P;W-E<R!D;V5S(&YO="!H879E(&%N>2!I;7!A
M8W0-"B`@(&]N('1H92!T:6UI;F<@86YD(')E8V]G;FET:6]N(&]F(')E=F5N
M=65S+@T*("`@/"]D:78^#0H@("`\9&EV(&%L:6=N/3-$:G5S=&EF>2!S='EL
M93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&UA<F=I;BUT;W`Z(#$P<'0G/CQB/CQI
M/DEN<W1R=6-T:6]N86P@0V]S=',@86YD(%-E<G9I8V5S/"]I/CPO8CX-"B`@
M(#PO9&EV/@T*("`@/&1I=B!A;&EG;CTS1&IU<W1I9GD@<W1Y;&4],T0G9F]N
M="US:7IE.B`Q,'!T.R!M87)G:6XM=&]P.B`Q,'!T.R!T97AT+6EN9&5N=#H@
M-"4G/DEN<W1R=6-T:6]N86P@8V]S=',@86YD('-E<G9I8V5S(&-O;G-I<W0@
M<')I;6%R:6QY(&]F(&-O<W1S(')E;&%T960@=&\@=&AE(&%D;6EN:7-T<F%T
M:6]N(&%N9`T*("`@9&5L:79E<GD@;V8@=&AE(%5N:79E<G-I='DF(S@R,3<[
M<R!E9'5C871I;VYA;"!P<F]G<F%M<RX@5&AI<R!E>'!E;G-E(&-A=&5G;W)Y
M(&EN8VQU9&5S('-A;&%R:65S+`T*("`@8F5N969I=',@86YD('-H87)E+6)A
M<V5D(&-O;7!E;G-A=&EO;B!F;W(@9G5L;"UT:6UE(&%N9"!A9&IU;F-T(&9A
M8W5L='D@86YD(&%D;6EN:7-T<F%T:79E#0H@("!P97)S;VYN96PL(&EN9F]R
M;6%T:6]N('1E8VAN;VQO9WD@8V]S=',L(&)A9"!D96)T(&5X<&5N<V4L(&-U
M<G)I8W5L=6T@86YD(&YE=R!P<F]G<F%M(&1E=F5L;W!M96YT#0H@("!C;W-T
M<R`H=VAI8V@@87)E(&5X<&5N<V5D(&%S(&EN8W5R<F5D*2!A;F0@8V]S=',@
M87-S;V-I871E9"!W:71H(&]T:&5R('-U<'!O<G0@9W)O=7!S('1H870@<')O
M=FED90T*("`@<V5R=FEC97,@9&ER96-T;'D@=&\@=&AE('-T=61E;G1S+B!4
M:&ES(&-A=&5G;W)Y(&%L<V\@:6YC;'5D97,@86X@86QL;V-A=&EO;B!O9B!D
M97!R96-I871I;VXL#0H@("!A;6]R=&EZ871I;VXL(')O>6%L='D@=&\@9F]R
M;65R(&]W;F5R+"!R96YT+"!A;F0@;V-C=7!A;F-Y(&-O<W1S(&%T=')I8G5T
M86)L92!T;R!T:&4@<')O=FES:6]N(&]F(&5D=6-A=&EO;F%L('-E<G9I8V5S
M+`T*("`@<')I;6%R:6QY(&%T('1H92!5;FEV97)S:71Y)B,X,C$W.W,@4&AO
M96YI>"P@07)I>F]N82!C86UP=7,N#0H@("`\+V1I=CX-"B`@(#QD:78@86QI
M9VX],T1J=7-T:69Y('-T>6QE/3-$)V9O;G0M<VEZ93H@,3!P=#L@;6%R9VEN
M+71O<#H@,3!P="<^/&(^/&D^4V5L;&EN9R!A;F0@4')O;6]T:6]N86P\+VD^
M/"]B/@T*("`@/"]D:78^#0H@("`\9&EV(&%L:6=N/3-$:G5S=&EF>2!S='EL
M93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&UA<F=I;BUT;W`Z(#$P<'0[('1E>'0M
M:6YD96YT.B`T)2<^4V5L;&EN9R!A;F0@<')O;6]T:6]N86P@97AP96YS97,@
M:6YC;'5D92!S86QA<FEE<RP@8F5N969I=',@86YD('-H87)E+6)A<V5D(&-O
M;7!E;G-A=&EO;B!O9@T*("`@<&5R<V]N;F5L(&5N9V%G960@:6X@=&AE(&UA
M<FME=&EN9RP@<F5C<G5I=&UE;G0L(&%N9"!R971E;G1I;VX@;V8@<W1U9&5N
M=',L(&%S('=E;&P@87,@861V97)T:7-I;F<-"B`@(&-O<W1S(&%S<V]C:6%T
M960@=VET:"!P=7)C:&%S:6YG(&QE861S+"!H;W-T:6YG(&5V96YT<R!A;F0@
M<V5M:6YA<G,L(&%N9"!P<F]D=6-I;F<@;6%R:V5T:6YG#0H@("!M871E<FEA
M;',N(%1H:7,@8V%T96=O<GD@86QS;R!I;F-L=61E<R!A;B!A;&QO8V%T:6]N
M(&]F(&1E<')E8VEA=&EO;BP@86UO<G1I>F%T:6]N+"!R96YT+"!A;F0-"B`@
M(&]C8W5P86YC>2!C;W-T<R!A='1R:6)U=&%B;&4@=&\@<V5L;&EN9R!A;F0@
M<')O;6]T:6]N86P@86-T:79I=&EE<R!A="!T:&4@0V]M<&%N>28C.#(Q-SMS
M(&9A8VEL:71I97,@:6X-"B`@($%R:7IO;F$N(%-E;&QI;F<@86YD('!R;VUO
M=&EO;F%L(&-O<W1S(&%R92!E>'!E;G-E9"!A<R!I;F-U<G)E9"X-"B`@(#PO
M9&EV/@T*("`@/&1I=B!A;&EG;CTS1&IU<W1I9GD@<W1Y;&4],T0G9F]N="US
M:7IE.B`Q,'!T.R!M87)G:6XM=&]P.B`Q,'!T.R!T97AT+6EN9&5N=#H@-"4G
M/E1H<F]U9V@@1&5C96UB97(F(S$V,#LR,#$P+"!T:&4@56YI=F5R<VET>2!W
M87,@82!P87)T>2!T;R!A(')E=F5N=64@<VAA<FEN9R!A<G)A;F=E;65N="`H
M=&AE#0H@("!#;VQL86)O<F%T:6]N($%G<F5E;65N="D@=VET:"!-:6YD(%-T
M<F5A;7,L($PN3"Y#+B`H36EN9"!3=')E86US*2P@82!R96QA=&5D('!A<G1Y
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M("`\+V1I=CX-"B`@(#PA+2T@1F]L:6\@+2T^#0H@("`\(2TM("]&;VQI;R`M
M+3X-"B`@(#PO9&EV/@T*("`@/"$M+2!004=%0E)%04L@+2T^#0H@("`\9&EV
M('-T>6QE/3-$)V9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RQ4:6UE
M<RQS97)I9CL@;6%R9VEN+6QE9G0Z(#!I;CL@)SX-"B`@(#QD:78@86QI9VX]
M,T1C96YT97(@<W1Y;&4],T0G9F]N="US:7IE.B`Q,'!T.R!M87)G:6XM=&]P
M.B`P<'0G/@T*("`@/&(^#0H@("`\+V(^#0H@("`\+V1I=CX-"B`@(#QD:78@
M86QI9VX],T1J=7-T:69Y('-T>6QE/3-$)V9O;G0M<VEZ93H@,3!P=#L@;6%R
M9VEN+71O<#H@,3!P=#L@=&5X="UI;F1E;G0Z(#0E)SY!<R!A(')E<W5L="!O
M9B!N97<@<G5L97,@861O<'1E9"!B>2!T:&4@52Y3+B!$97!A<G1M96YT(&]F
M($5D=6-A=&EO;B!A;F0@969F96-T:79E($IU;'DF(S$V,#LQ+`T*("`@,C`Q
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M<F5D(&EN=&\@86X@86=R965M96YT+"!D871E9`T*("`@1&5C96UB97(F(S$V
M,#LS,"P@,C`Q,"P@<'5R<W5A;G0@=&\@=VAI8V@@=&AE(%5N:79E<G-I='D@
M86=R965D('1O('!A>2!-:6YD(%-T<F5A;7,@86X@86UO=6YT(&5Q=6%L('1O
M#0H@("`H82D@)FYB<W`[)#@L-3`P+"!P;'5S("AB*28C,38P.TUI;F0@4W1R
M96%M<R8C.#(Q-SL@87!P;&EC86)L92!S:&%R92!O9B!A;GD@;F5T(')E=F5N
M=64@86-T=6%L;'D@<F5C96EV960@8GD@=&AE#0H@("!5;FEV97)S:71Y(&]N
M(&]R(&)E9F]R92!&96)R=6%R>28C,38P.S(X+"`R,#$Q('=I=&@@<F5S<&5C
M="!T;R!A;GD@<W5C:`T*("`@36EN9"!3=')E86US(&ED96YT:69I960@<W1U
M9&5N=',@8V]M;65N8VEN9R!5;FEV97)S:71Y(&-O=7)S97,@<')I;W(@=&\@
M3F]V96UB97(F(S$V,#LQ+"`R,#$P+B!);@T*("`@<F5T=7)N+"!-:6YD(%-T
M<F5A;7,@86=R965D('1O("AI*28C,38P.V%C8V5P="!S=6-H(&%M;W5N=',@
M:6X@9G5L;"!A;F0@8V]M<&QE=&4@<V%T:7-F86-T:6]N(&]F(&%L;`T*("`@
M86UO=6YT<R!O=V5D(&)Y('1H92!5;FEV97)S:71Y('1O($UI;F0@4W1R96%M
M<R!U;F1E<B!T:&4@0V]L;&%B;W)A=&EO;B!!9W)E96UE;G0L(&%N9"`H:6DI
M)B,Q-C`[=')A;G-F97(-"B`@('1O('1H92!5;FEV97)S:71Y(&$@<')O<')I
M971A<GD@9&%T86)A<V4@;V8@<&]T96YT:6%L('-T=61E;G0@;&5A9',N($$@
M<&%Y;65N="!O9B`F;F)S<#LD."PU,#`@=V%S(&UA9&4-"B`@(&EN($IA;G5A
M<GDF(S$V,#LR,#$Q(&EN(&-O;FIU;F-T:6]N('=I=&@@=&AI<R!A9W)E96UE
M;G0N($%D9&ET:6]N86QL>2!I;B`R,#$P+"!'86EL(%)I8VAA<F1S;VXL('1H
M90T*("`@9F%T:&5R(&]F($)R96YT($0N(%)I8VAA<F1S;VXL('1H92!5;FEV
M97)S:71Y)B,X,C$W.W,@17AE8W5T:79E($-H86ER;6%N+"!A;F0@0VAR:7-T
M;W!H97(@0RX@4FEC:&%R9'-O;BP-"B`@('1H92!5;FEV97)S:71Y)B,X,C$W
M.W,@1V5N97)A;"!#;W5N<V5L(&%N9"!A(&1I<F5C=&]R+"!F;W)M960@82!N
M97<@96YT:71Y+"!,:69E=&EM92!,96%R;FEN9RP@=VAI8V@-"B`@('!L86YS
M('1O(&=E;F5R871E(&%N9"!S96QL(&QE861S('1O('1H92!5;FEV97)S:71Y
M(&%N9"!O=&AE<B!E;G1I=&EE<R!I;B!T:&4@961U8V%T:6]N('-E8W1O<BX@
M1F]R#0H@("!T:&4@=&AR964@;6]N=&AS(&5N9&5D($UA<F-H)B,Q-C`[,S$L
M(#(P,3$@86YD(#(P,3`L('1H92!5;FEV97)S:71Y(&5X<&5N<V5D(&%P<')O
M>&EM871E;'D@)FYB<W`[)#0P,2!A;F0-"B`@("9N8G-P.R0R+#,T-RP@<F5S
M<&5C=&EV96QY+"!P=7)S=6%N="!T;R!T:&5S92!A<G)A;F=E;65N=',L(&5X
M8VQU<VEV92!O9B!T:&4@<V5T=&QE;65N="!A<G)A;F=E;65N=`T*("`@9&ES
M8W5S<V5D(&%B;W9E+B!!<R!O9B!-87)C:"8C,38P.S,Q+"`R,#$Q(&%N9"!$
M96-E;6)E<B8C,38P.S,Q+"`R,#$P("9N8G-P.R0U-C0L(&%N9"`F;F)S<#LD
M.2PS-C<L(')E<W!E8W1I=F5L>2P@=V5R90T*("`@9'5E('1O('1H97-E(')E
M;&%T960@<&%R=&EE<RX-"B`@(#PO9&EV/@T*("`@/&1I=B!A;&EG;CTS1&IU
M<W1I9GD@<W1Y;&4],T0G9F]N="US:7IE.B`Q,'!T.R!M87)G:6XM=&]P.B`Q
M,'!T)SX\8CX\:3Y'96YE<F%L(&%N9"!!9&UI;FES=')A=&EV93PO:3X\+V(^
M#0H@("`\+V1I=CX-"B`@(#QD:78@86QI9VX],T1J=7-T:69Y('-T>6QE/3-$
M)V9O;G0M<VEZ93H@,3!P=#L@;6%R9VEN+71O<#H@,3!P=#L@=&5X="UI;F1E
M;G0Z(#0E)SY'96YE<F%L(&%N9"!A9&UI;FES=')A=&EV92!E>'!E;G-E<R!I
M;F-L=61E('-A;&%R:65S+"!B96YE9FET<R!A;F0@<VAA<F4M8F%S960@8V]M
M<&5N<V%T:6]N(&]F#0H@("!E;7!L;WEE97,@96YG86=E9"!I;B!C;W)P;W)A
M=&4@;6%N86=E;65N="P@9FEN86YC92P@:'5M86X@<F5S;W5R8V5S+"!C;VUP
M;&EA;F-E+"!A;F0@;W1H97(-"B`@(&-O<G!O<F%T92!F=6YC=&EO;G,N($=E
M;F5R86P@86YD(&%D;6EN:7-T<F%T:79E(&5X<&5N<V5S(&%L<V\@:6YC;'5D
M92!A;B!A;&QO8V%T:6]N(&]F#0H@("!D97!R96-I871I;VXL(&%M;W)T:7IA
M=&EO;BP@<F5N="P@86YD(&]C8W5P86YC>2!C;W-T<R!A='1R:6)U=&%B;&4@
M=&\@=&AE(&1E<&%R=&UE;G1S('!R;W9I9&EN9PT*("`@9V5N97)A;"!A;F0@
M861M:6YI<W1R871I=F4@9G5N8W1I;VYS+@T*("`@/"]D:78^#0H@("`\9&EV
M(&%L:6=N/3-$:G5S=&EF>2!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&UA
M<F=I;BUT;W`Z(#$P<'0G/CQB/CQI/D5X:70@0V]S=',\+VD^/"]B/@T*("`@
M/"]D:78^#0H@("`\9&EV(&%L:6=N/3-$:G5S=&EF>2!S='EL93TS1"=F;VYT
M+7-I>F4Z(#$P<'0[(&UA<F=I;BUT;W`Z(#$P<'0[('1E>'0M:6YD96YT.B`T
M)2<^26X@3F]V96UB97(F(S$V,#LR,#`Y+"!T:&4@56YI=F5R<VET>2!F:6YA
M;&EZ960@82!P;&%N('1O(&-E;G1R86QI>F4@:71S('-T=61E;G0@<V5R=FEC
M97,-"B`@(&]P97)A=&EO;G,@:6X@07)I>F]N82!A;F0L(&%S(&$@<F5S=6QT
M+"!C;&]S960@:71S('-T=61E;G0@<V5R=FEC97,@9F%C:6QI='D@:6X@571A
M:"X@5&AE(&5X:70-"B`@(&-O<W1S(&EN8W5R<F5D(&EN(&-O;FYE8W1I;VX@
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M.W,@97AI="!A8W1I=FET:65S.@T*("`@/"]D:78^#0H@("`\9&EV(&%L:6=N
M/3-$8V5N=&5R/@T*("`@/'1A8FQE('-T>6QE/3-$)V9O;G0M<VEZ93H@,3!P
M=#L@=&5X="UA;&EG;CH@;&5F="<@8V5L;'-P86-I;F<],T0P(&)O<F1E<CTS
M1#`@8V5L;'!A9&1I;F<],T0P('=I9'1H/3-$,3`P)3X-"B`@(#PA+2T@0F5G
M:6X@5&%B;&4@2&5A9"`M+3X-"B`@(#QT<B!V86QI9VX],T1B;W1T;VT^#0H@
M("`@("`@/'1D('=I9'1H/3-$-#0E/B8C,38P.SPO=&0^#0H@("`@("`@/'1D
M('=I9'1H/3-$,R4^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@=VED=&@],T0Q
M)3XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!W:61T:#TS1#DE/B8C,38P.SPO
M=&0^#0H@("`@("`@/'1D('=I9'1H/3-$,24^)B,Q-C`[/"]T9#X-"B`@("`@
M("`\=&0@=VED=&@],T0S)3XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!W:61T
M:#TS1#$E/B8C,38P.SPO=&0^#0H@("`@("`@/'1D('=I9'1H/3-$.24^)B,Q
M-C`[/"]T9#X-"B`@("`@("`\=&0@=VED=&@],T0Q)3XF(S$V,#L\+W1D/@T*
M("`@("`@(#QT9"!W:61T:#TS1#,E/B8C,38P.SPO=&0^#0H@("`@("`@/'1D
M('=I9'1H/3-$,24^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@=VED=&@],T0Y
M)3XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!W:61T:#TS1#$E/B8C,38P.SPO
M=&0^#0H@("`@("`@/'1D('=I9'1H/3-$,R4^)B,Q-C`[/"]T9#X-"B`@("`@
M("`\=&0@=VED=&@],T0Q)3XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!W:61T
M:#TS1#DE/B8C,38P.SPO=&0^#0H@("`@("`@/'1D('=I9'1H/3-$,24^)B,Q
M-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\='(@<W1Y;&4],T0G9F]N="US:7IE
M.B`Q,'!T)R!V86QI9VX],T1B;W1T;VT^#0H@("`@("`@/'1D/B8C,38P.SPO
M=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A
M<#TS1&YO=W)A<"!A;&EG;CTS1&-E;G1E<B!C;VQS<&%N/3-$,CX\8CY!8V-R
M=65D($5X:70@0V]S=',\+V(^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T
M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[
M/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q
M-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^
M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\
M=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@
M("`\=&0@;F]W<F%P/3-$;F]W<F%P(&%L:6=N/3-$8V5N=&5R(&-O;'-P86X]
M,T0R/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`\
M+W1R/@T*("`@/'1R('-T>6QE/3-$)V9O;G0M<VEZ93H@,3!P="<@=F%L:6=N
M/3-$8F]T=&]M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT
M9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@86QI
M9VX],T1C96YT97(@8V]L<W!A;CTS1#(^/&(^870\+V(^/"]T9#X-"B`@("`@
M("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@
M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-
M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T
M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[
M/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q
M-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W<F%P/3-$;F]W<F%P(&%L:6=N/3-$
M8V5N=&5R(&-O;'-P86X],T0R/CQB/D%C8W)U960@17AI=#PO8CX\+W1D/@T*
M("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T<CX-"B`@(#QT<B!S='EL
M93TS1"=F;VYT+7-I>F4Z(#$P<'0G('9A;&EG;CTS1&)O='1O;3X-"B`@("`@
M("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@
M("`@("`\=&0@;F]W<F%P/3-$;F]W<F%P(&%L:6=N/3-$8V5N=&5R(&-O;'-P
M86X],T0R/CQB/D1E8V5M8F5R(#,Q+#PO8CX\+W1D/@T*("`@("`@(#QT9#XF
M(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT
M9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@
M(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@
M("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*
M("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D
M/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@86QI9VX],T1C96YT97(@
M8V]L<W!A;CTS1#(^/&(^0V]S=',@870\+V(^/"]T9#X-"B`@("`@("`\=&0^
M)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\='(@<W1Y;&4],T0G9F]N="US
M:7IE.B`Q,'!T)R!V86QI9VX],T1B;W1T;VT^#0H@("`@("`@/'1D/B8C,38P
M.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&YO
M=W)A<#TS1&YO=W)A<"!A;&EG;CTS1&-E;G1E<B!C;VQS<&%N/3-$,B!S='EL
M93TS1"=B;W)D97(M8F]T=&]M.B`Q<'@@<V]L:60@(S`P,#`P,"<^/&(^,C`Q
M,#PO8CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT
M9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@86QI
M9VX],T1C96YT97(@8V]L<W!A;CTS1#(@<W1Y;&4],T0G8F]R9&5R+6)O='1O
M;3H@,7!X('-O;&ED(",P,#`P,#`G/CQB/D5X:70@0V]S=',\+V(^/"]T9#X-
M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T
M9#X-"B`@("`@("`\=&0@;F]W<F%P/3-$;F]W<F%P(&%L:6=N/3-$8V5N=&5R
M(&-O;'-P86X],T0R('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(#%P>"!S;VQI
M9"`C,#`P,#`P)SX\8CY087EM96YT<R!I;B`R,#$Q/"]B/CPO=&0^#0H@("`@
M("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@
M("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!A;&EG;CTS1&-E;G1E<B!C;VQS
M<&%N/3-$,B!S='EL93TS1"=B;W)D97(M8F]T=&]M.B`Q<'@@<V]L:60@(S`P
M,#`P,"<^/&(^36%R8V@@,S$L(#(P,3$\+V(^/"]T9#X-"B`@("`@("`\=&0^
M)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\(2TM($5N9"!486)L92!(96%D
M("TM/@T*("`@/"$M+2!"96=I;B!486)L92!";V1Y("TM/@T*("`@/'1R('9A
M;&EG;CTS1&)O='1O;3X\(2TM($)L86YK(%-P86-E("TM/@T*("`@("`@(#QT
M9#X-"B`@(#QD:78@<W1Y;&4],T0G;6%R9VEN+6QE9G0Z,35P>#L@=&5X="UI
M;F1E;G0Z+3$U<'@G/B8C,38P.PT*("`@/"]D:78^/"]T9#X-"B`@("`@("`\
M=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@
M("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@
M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-
M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T
M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[
M/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q
M-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^
M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\
M=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\='(@=F%L:6=N/3-$8F]T
M=&]M('-T>6QE/3-$)V)A8VMG<F]U;F0Z("-C8V5E9F8G/@T*("`@("`@(#QT
M9#X-"B`@(#QD:78@<W1Y;&4],T0G;6%R9VEN+6QE9G0Z,35P>#L@=&5X="UI
M;F1E;G0Z+3$U<'@G/D%C8W)U960@97AI="!C;W-T<PT*("`@/"]D:78^/"]T
M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX]
M,T1L969T/B9N8G-P.R0\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT
M/C8T/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^
M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1L969T/B9N8G-P.R0\
M+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/B8C.#(Q,CL\+W1D/@T*
M("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D
M/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@86QI9VX],T1L969T/B9N
M8G-P.R0\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/B@R-#PO=&0^
M#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<#XI/"]T9#X-"B`@("`@("`\
M=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1L969T/B9N8G-P
M.R0\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C0P/"]T9#X-"B`@
M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\='(@<W1Y;&4]
M,T0G9F]N="US:7IE.B`Q<'@G/@T*("`@("`@(#QT9#X-"B`@(#QD:78@<W1Y
M;&4],T0G;6%R9VEN+6QE9G0Z,35P>#L@=&5X="UI;F1E;G0Z+3$U<'@G/B8C
M,38P.PT*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-
M"B`@("`@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A
M;&EG;CTS1')I9VAT('-T>6QE/3-$)V)O<F1E<BUT;W`Z(#-P>"!D;W5B;&4@
M(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-
M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`@("`@/'1D(&YO=W)A
M<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A;&EG;CTS1')I9VAT('-T>6QE/3-$
M)V)O<F1E<BUT;W`Z(#-P>"!D;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]T9#X-
M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T
M9#X-"B`@("`@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$
M,B!A;&EG;CTS1')I9VAT('-T>6QE/3-$)V)O<F1E<BUT;W`Z(#-P>"!D;W5B
M;&4@(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T
M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`@("`@/'1D(&YO
M=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A;&EG;CTS1')I9VAT('-T>6QE
M/3-$)V)O<F1E<BUT;W`Z(#-P>"!D;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]T
M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\(2TM
M($5N9"!486)L92!";V1Y("TM/@T*("`@/"]T86)L93X-"B`@(#PO9&EV/@T*
M("`@/&1I=B!A;&EG;CTS1&IU<W1I9GD@<W1Y;&4],T0G9F]N="US:7IE.B`Q
M,'!T.R!M87)G:6XM=&]P.B`Q,'!T)SX\8CX\:3Y5<V4@;V8@17-T:6UA=&5S
M/"]I/CPO8CX-"B`@(#PO9&EV/@T*("`@/&1I=B!A;&EG;CTS1&IU<W1I9GD@
M<W1Y;&4],T0G9F]N="US:7IE.B`Q,'!T.R!M87)G:6XM=&]P.B`Q,'!T.R!T
M97AT+6EN9&5N=#H@-"4G/E1H92!P<F5P87)A=&EO;B!O9B!F:6YA;F-I86P@
M<W1A=&5M96YT<R!I;B!C;VYF;W)M:71Y('=I=&@@52Y3+B!G96YE<F%L;'D@
M86-C97!T960@86-C;W5N=&EN9PT*("`@<')I;F-I<&QE<R!R97%U:7)E<R!M
M86YA9V5M96YT('1O(&UA:V4@97-T:6UA=&5S(&%N9"!A<W-U;7!T:6]N<R!T
M:&%T(&%F9F5C="!T:&4@<F5P;W)T960@86UO=6YT<PT*("`@:6X@=&AE(&9I
M;F%N8VEA;"!S=&%T96UE;G1S(&%N9"!A8V-O;7!A;GEI;F<@;F]T97,N($%C
M='5A;"!R97-U;'1S(&-O=6QD(&1I9F9E<B!F<F]M('1H;W-E#0H@("!E<W1I
M;6%T97,N#0H@("`\+V1I=CX-"B`@(#QD:78@86QI9VX],T1J=7-T:69Y('-T
M>6QE/3-$)V9O;G0M<VEZ93H@,3!P=#L@;6%R9VEN+71O<#H@,3!P="<^/&(^
M/&D^4V5G;65N="!);F9O<FUA=&EO;CPO:3X\+V(^#0H@("`\+V1I=CX-"B`@
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M<W1U9&5N=',-"B`@(')E9V%R9&QE<W,@;V8@9V5O9W)A<&AY+B!4:&4@56YI
M=F5R<VET>28C.#(Q-SMS($-H:65F($5X96-U=&EV92!/9F9I8V5R(&UA;F%G
M97,@=&AE(%5N:79E<G-I='DF(S@R,3<[<PT*("`@;W!E<F%T:6]N<R!A<R!A
M('=H;VQE(&%N9"!N;R!E>'!E;G-E(&]R(&]P97)A=&EN9R!I;F-O;64@:6YF
M;W)M871I;VX@:7,@9V5N97)A=&5D(&]R(&5V86QU871E9"!O;@T*("`@86YY
M(&-O;7!O;F5N="!L979E;"X-"B`@(#PO9&EV/@T*("`@/&1I=B!A;&EG;CTS
M1&IU<W1I9GD@<W1Y;&4],T0G9F]N="US:7IE.B`Q,'!T.R!M87)G:6XM=&]P
M.B`Q,'!T)SX\8CX\:3Y296-L87-S:69I8V%T:6]N<SPO:3X\+V(^#0H@("`\
M+V1I=CX-"B`@(#QD:78@86QI9VX],T1J=7-T:69Y('-T>6QE/3-$)V9O;G0M
M<VEZ93H@,3!P=#L@;6%R9VEN+71O<#H@,3!P=#L@=&5X="UI;F1E;G0Z(#0E
M)SY#97)T86EN(')E8VQA<W-I9FEC871I;VYS(&AA=F4@8F5E;B!M861E('1O
M('1H92!P<FEO<B!P97)I;V0@8F%L86YC97,@=&\@8V]N9F]R;2!T;R!T:&4-
M"B`@(&-U<G)E;G0@<&5R:6]D+@T*("`@/"]D:78^#0H@("`\9&EV(&%L:6=N
M/3-$:G5S=&EF>2!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&UA<F=I;BUT
M;W`Z(#$P<'0G/CQB/CQI/E)E8V5N="!!8V-O=6YT:6YG(%!R;VYO=6YC96UE
M;G1S/"]I/CPO8CX-"B`@(#PO9&EV/@T*("`@/&1I=B!A;&EG;CTS1&IU<W1I
M9GD@<W1Y;&4],T0G9F]N="US:7IE.B`Q,'!T.R!M87)G:6XM=&]P.B`Q,'!T
M.R!T97AT+6EN9&5N=#H@-"4G/E1H92!5;FEV97)S:71Y(&AA<R!R979I97=E
M9"!A;F0@979A;'5A=&5D(&%L;"!R96-E;G0@86-C;W5N=&EN9R!P<F]N;W5N
M8V5M96YT<R!A;F0@8F5L:65V97,-"B`@('1H97)E(&%R92!N;VYE('1H870@
M8V]U;&0@<&]T96YT:6%L;'D@:&%V92!A(&UA=&5R:6%L(&EM<&%C="!O;B!T
M:&4@56YI=F5R<VET>28C.#(Q-SMS(&9I;F%N8VEA;`T*("`@8V]N9&ET:6]N
M+"!R97-U;'1S(&]F(&]P97)A=&EO;G,L(&]R(&1I<V-L;W-U<F5S+@T*("`@
M/"]D:78^#0H@("`\+V1I=CX-"CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M/"]T<CX-"B`@("`\+W1A8FQE/@T*("`\+V)O9'D^#0H\+VAT;6P^#0H-"BTM
M+2TM+3U?3F5X=%!A<G1?-6$S,SED,C)?-C5E8E\T,#`V7S@X.6%?,V4P-S%E
M8F)D9F9E#0I#;VYT96YT+4QO8V%T:6]N.B!F:6QE.B\O+T,Z+S5A,S,Y9#(R
M7S8U96)?-#`P-E\X.#EA7S-E,#<Q96)B9&9F92]7;W)K<VAE971S+U-H965T
M,3,N:'1M;`T*0V]N=&5N="U4<F%N<V9E<BU%;F-O9&EN9SH@<75O=&5D+7!R
M:6YT86)L90T*0V]N=&5N="U4>7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S
M+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE
M<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA
M<G-E=#UU=&8M."<^/'-C<FEP="!T>7!E/3-$=&5X="]J879A<V-R:7!T('-R
M8STS1%-H;W<N:G,^+RH@1&\@3F]T(%)E;6]V92!4:&ES($-O;6UE;G0@*B\\
M+W-C<FEP=#X\+VAE860^#0H@(#QB;V1Y/@T*("`@(#QT86)L92!C;&%S<STS
M1')E<&]R="!I9#TS1$E$,$4R2#X-"B`@("`@(#QT<CX-"B`@("`@("`@/'1H
M(&-L87-S/3-$=&P@8V]L<W!A;CTS1#$@<F]W<W!A;CTS1#(^/'-T<F]N9SY.
M970@26YC;VUE(%!E<B!#;VUM;VX@4VAA<F4\8G(^/"]S=')O;F<^/"]T:#X-
M"B`@("`@("`@/'1H(&-L87-S/3-$=&@@8V]L<W!A;CTS1#$^,R!-;VYT:',@
M16YD960\+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<CX-"B`@("`@("`@
M/'1H(&-L87-S/3-$=&@^36%R+B`S,2P@,C`Q,3QB<CX\+W1H/@T*("`@("`@
M/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA
M<W,],T1P;"!V86QI9VX],T1T;W`^/'-T<F]N9SY.970@26YC;VUE(%!E<B!#
M;VUM;VX@4VAA<F4@6T%B<W1R86-T73PO<W1R;VYG/CPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\
M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'!L('9A;&EG;CTS1'1O<#Y.970@26YC;VUE(%!E<B!#;VUM;VX@4VAA
M<F4\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CPA+2U$3T-465!%
M(&AT;6P@4%5"3$E#("(M+R]7,T,O+T141"!82%1-3"`Q+C`@5')A;G-I=&EO
M;F%L+R]%3B(@(FAT='`Z+R]W=W<N=S,N;W)G+U12+WAH=&UL,2]$5$0O>&AT
M;6PQ+71R86YS:71I;VYA;"YD=&0B("TM/@T*("`@/"$M+2!"96=I;B!";&]C
M:R!486=G960@3F]T92`T("T@=7,M9V%A<#I%87)N:6YG<U!E<E-H87)E5&5X
M=$)L;V-K+2T^#0H@("`\9&EV('-T>6QE/3-$)V9O;G0M9F%M:6QY.B`G5&EM
M97,@3F5W(%)O;6%N)RQ4:6UE<RQS97)I9CL@;6%R9VEN+6QE9G0Z(#!I;CL@
M)SX-"B`@(#QD:78@86QI9VX],T1J=7-T:69Y('-T>6QE/3-$)V9O;G0M<VEZ
M93H@,3!P=#L@;6%R9VEN+71O<#H@,3!P="<^/&(^-"X@3F5T($EN8V]M92!0
M97(@0V]M;6]N(%-H87)E/"]B/@T*("`@/"]D:78^#0H@("`\9&EV(&%L:6=N
M/3-$:G5S=&EF>2!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&UA<F=I;BUT
M;W`Z(#$P<'0[('1E>'0M:6YD96YT.B`T)2<^0F%S:6,@;F5T(&EN8V]M92!P
M97(@8V]M;6]N('-H87)E(&ES(&-A;&-U;&%T960@8GD@9&EV:61I;F<@;F5T
M(&EN8V]M92!A=F%I;&%B;&4@=&\@8V]M;6]N#0H@("!S=&]C:VAO;&1E<G,@
M8GD@=&AE('=E:6=H=&5D(&%V97)A9V4@;G5M8F5R(&]F(&-O;6UO;B!S:&%R
M97,@;W5T<W1A;F1I;F<@9F]R('1H92!P97)I;V0N($1I;'5T960-"B`@(&5A
M<FYI;F=S('!E<B!C;VUM;VX@<VAA<F4@<F5F;&5C=',@=&AE(&%S<W5M960@
M8V]N=F5R<VEO;B!O9B!A;&P@<&]T96YT:6%L;'D@9&EL=71I=F4@<V5C=7)I
M=&EE<RP-"B`@(&-O;G-I<W1I;F<@;V8@<W1O8VL@;W!T:6]N<RP@9F]R('=H
M:6-H('1H92!E<W1I;6%T960@9F%I<B!V86QU92!E>&-E961S('1H92!E>&5R
M8VES92!P<FEC92P@;&5S<PT*("`@<VAA<F5S('=H:6-H(&-O=6QD(&AA=F4@
M8F5E;B!P=7)C:&%S960@=VET:"!T:&4@<F5L871E9"!P<F]C965D<RP@=6YL
M97-S(&%N=&DM9&EL=71I=F4N($9O<@T*("`@96UP;&]Y964@97%U:71Y(&%W
M87)D<RP@<F5P=7)C:&%S960@<VAA<F5S(&%R92!A;'-O(&EN8VQU9&5D(&9O
M<B!A;GD@=6YE87)N960@8V]M<&5N<V%T:6]N(&%D:G5S=&5D#0H@("!F;W(@
M=&%X+@T*("`@/"]D:78^#0H@("`\9&EV(&%L:6=N/3-$:G5S=&EF>2!S='EL
M93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&UA<F=I;BUT;W`Z(#$P<'0[('1E>'0M
M:6YD96YT.B`T)2<^5&AE('1A8FQE(&)E;&]W(')E9FQE8W1S('1H92!C86QC
M=6QA=&EO;B!O9B!T:&4@=V5I9VAT960@879E<F%G92!N=6UB97(@;V8@8V]M
M;6]N('-H87)E<PT*("`@;W5T<W1A;F1I;F<L(&]N(&%N(&%S(&EF(&-O;G9E
M<G1E9"!B87-I<RP@=7-E9"!I;B!C;VUP=71I;F<@8F%S:6,@86YD(&1I;'5T
M960@96%R;FEN9W,@<&5R(&-O;6UO;@T*("`@<VAA<F4N#0H@("`\+V1I=CX-
M"B`@(#QD:78@86QI9VX],T1C96YT97(^#0H@("`\=&%B;&4@<W1Y;&4],T0G
M9F]N="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!L969T)R!C96QL<W!A8VEN
M9STS1#`@8F]R9&5R/3-$,"!C96QL<&%D9&EN9STS1#`@=VED=&@],T0Q,#`E
M/@T*("`@/"$M+2!"96=I;B!486)L92!(96%D("TM/@T*("`@/'1R('9A;&EG
M;CTS1&)O='1O;3X-"B`@("`@("`\=&0@=VED=&@],T0W,B4^)B,Q-C`[/"]T
M9#X-"B`@("`@("`\=&0@=VED=&@],T0S)3XF(S$V,#L\+W1D/@T*("`@("`@
M(#QT9"!W:61T:#TS1#$E/B8C,38P.SPO=&0^#0H@("`@("`@/'1D('=I9'1H
M/3-$.24^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@=VED=&@],T0Q)3XF(S$V
M,#L\+W1D/@T*("`@("`@(#QT9"!W:61T:#TS1#,E/B8C,38P.SPO=&0^#0H@
M("`@("`@/'1D('=I9'1H/3-$,24^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@
M=VED=&@],T0Y)3XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!W:61T:#TS1#$E
M/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*("`@/'1R('-T>6QE/3-$)V9O;G0M
M<VEZ93H@,3!P="<@=F%L:6=N/3-$8F]T=&]M/@T*("`@("`@(#QT9#XF(S$V
M,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N
M;W=R87`],T1N;W=R87`@86QI9VX],T1C96YT97(@8V]L<W!A;CTS1#8@<W1Y
M;&4],T0G8F]R9&5R+6)O='1O;3H@,7!X('-O;&ED(",P,#`P,#`G/CQB/E1H
M<F5E($UO;G1H<R!%;F1E9"!-87)C:"`S,2P\+V(^/"]T9#X-"B`@("`@("`\
M=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\='(@<W1Y;&4],T0G9F]N
M="US:7IE.B`Q,'!T)R!V86QI9VX],T1B;W1T;VT^#0H@("`@("`@/'1D/B8C
M,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D
M(&YO=W)A<#TS1&YO=W)A<"!A;&EG;CTS1&-E;G1E<B!C;VQS<&%N/3-$,B!S
M='EL93TS1"=B;W)D97(M8F]T=&]M.B`Q<'@@<V]L:60@(S`P,#`P,"<^/&(^
M,C`Q,3PO8CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@
M(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@
M86QI9VX],T1C96YT97(@8V]L<W!A;CTS1#(@<W1Y;&4],T0G8F]R9&5R+6)O
M='1O;3H@,7!X('-O;&ED(",P,#`P,#`G/CQB/C(P,3`\+V(^/"]T9#X-"B`@
M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\(2TM($5N9"!4
M86)L92!(96%D("TM/@T*("`@/"$M+2!"96=I;B!486)L92!";V1Y("TM/@T*
M("`@/'1R('9A;&EG;CTS1&)O='1O;3X\(2TM($)L86YK(%-P86-E("TM/@T*
M("`@("`@(#QT9#X-"B`@(#QD:78@<W1Y;&4],T0G;6%R9VEN+6QE9G0Z,35P
M>#L@=&5X="UI;F1E;G0Z+3$U<'@G/B8C,38P.PT*("`@/"]D:78^/"]T9#X-
M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T
M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[
M/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q
M-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^
M)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\='(@=F%L:6=N/3-$8F]T=&]M
M('-T>6QE/3-$)V)A8VMG<F]U;F0Z("-C8V5E9F8G/@T*("`@("`@(#QT9#X-
M"B`@(#QD:78@<W1Y;&4],T0G;6%R9VEN+6QE9G0Z,35P>#L@=&5X="UI;F1E
M;G0Z+3$U<'@G/D1E;F]M:6YA=&]R.@T*("`@/"]D:78^/"]T9#X-"B`@("`@
M("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@
M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-
M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T
M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[
M/"]T9#X-"B`@(#PO='(^#0H@("`\='(@=F%L:6=N/3-$8F]T=&]M/@T*("`@
M("`@(#QT9#X-"B`@(#QD:78@<W1Y;&4],T0G;6%R9VEN+6QE9G0Z,S!P>#L@
M=&5X="UI;F1E;G0Z+3$U<'@G/D)A<VEC('=E:6=H=&5D(&%V97)A9V4@<VAA
M<F5S(&]U='-T86YD:6YG#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF
M(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT
M9"!A;&EG;CTS1')I9VAT/C0U+#4Y,"PQ.34\+W1D/@T*("`@("`@(#QT9#XF
M(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT
M9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C0U+#8W
M,RPY,3<\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T<CX-
M"B`@(#QT<B!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G8F%C:V=R;W5N9#H@
M(V-C965F9B<^#0H@("`@("`@/'1D/@T*("`@/&1I=B!S='EL93TS1"=M87)G
M:6XM;&5F=#HS,'!X.R!T97AT+6EN9&5N=#HM,35P>"<^169F96-T(&]F(&1I
M;'5T:79E('-T;V-K(&]P=&EO;G,@86YD(')E<W1R:6-T960@<W1O8VL-"B`@
M(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@
M/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG:'0^-#DX
M+#<R,#PO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D
M/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@
M/'1D(&%L:6=N/3-$<FEG:'0^-C4P+#@U-CPO=&0^#0H@("`@("`@/'1D/B8C
M,38P.SPO=&0^#0H@("`\+W1R/@T*("`@/'1R('-T>6QE/3-$)V9O;G0M<VEZ
M93H@,7!X)SX-"B`@("`@("`\=&0^#0H@("`\9&EV('-T>6QE/3-$)VUA<F=I
M;BUL969T.C$U<'@[('1E>'0M:6YD96YT.BTQ-7!X)SXF(S$V,#L-"B`@(#PO
M9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D
M(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A;&EG;CTS1')I9VAT('-T
M>6QE/3-$)V)O<F1E<BUT;W`Z(#%P>"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\
M+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V
M,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@8V]L<W!A;CTS
M1#(@86QI9VX],T1R:6=H="!S='EL93TS1"=B;W)D97(M=&]P.B`Q<'@@<V]L
M:60@(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T
M9#X-"B`@(#PO='(^#0H@("`\='(@=F%L:6=N/3-$8F]T=&]M/@T*("`@("`@
M(#QT9#X-"B`@(#QD:78@<W1Y;&4],T0G;6%R9VEN+6QE9G0Z,S!P>#L@=&5X
M="UI;F1E;G0Z+3$U<'@G/D1I;'5T960@=V5I9VAT960@879E<F%G92!S:&%R
M97,@;W5T<W1A;F1I;F<-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C
M,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D
M(&%L:6=N/3-$<FEG:'0^-#8L,#@X+#DQ-3PO=&0^#0H@("`@("`@/'1D/B8C
M,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D
M/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG:'0^-#8L,S(T
M+#<W,SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*
M("`@/'1R('-T>6QE/3-$)V9O;G0M<VEZ93H@,7!X)SX-"B`@("`@("`\=&0^
M#0H@("`\9&EV('-T>6QE/3-$)VUA<F=I;BUL969T.C$U<'@[('1E>'0M:6YD
M96YT.BTQ-7!X)SXF(S$V,#L-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D
M/B8C,38P.SPO=&0^#0H@("`@("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@
M8V]L<W!A;CTS1#(@86QI9VX],T1R:6=H="!S='EL93TS1"=B;W)D97(M=&]P
M.B`S<'@@9&]U8FQE(",P,#`P,#`G/B8C,38P.SPO=&0^#0H@("`@("`@/'1D
M/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@
M("`@(#QT9"!N;W=R87`],T1N;W=R87`@8V]L<W!A;CTS1#(@86QI9VX],T1R
M:6=H="!S='EL93TS1"=B;W)D97(M=&]P.B`S<'@@9&]U8FQE(",P,#`P,#`G
M/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`\+W1R
M/@T*("`@/"$M+2!%;F0@5&%B;&4@0F]D>2`M+3X-"B`@(#PO=&%B;&4^#0H@
M("`\+V1I=CX-"B`@(#PA+2T@1F]L:6\@+2T^#0H@("`\(2TM("]&;VQI;R`M
M+3X-"B`@(#PO9&EV/@T*("`@/"$M+2!004=%0E)%04L@+2T^#0H@("`\9&EV
M('-T>6QE/3-$)V9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RQ4:6UE
M<RQS97)I9CL@;6%R9VEN+6QE9G0Z(#!I;CL@)SX-"B`@(#QD:78@86QI9VX]
M,T1C96YT97(@<W1Y;&4],T0G9F]N="US:7IE.B`Q,'!T.R!M87)G:6XM=&]P
M.B`P<'0G/@T*("`@/&(^#0H@("`\+V(^#0H@("`\+V1I=CX-"B`@(#QD:78@
M86QI9VX],T1J=7-T:69Y('-T>6QE/3-$)V9O;G0M<VEZ93H@,3!P=#L@;6%R
M9VEN+71O<#H@,3!P=#L@=&5X="UI;F1E;G0Z(#0E)SY$:6QU=&5D('=E:6=H
M=&5D(&%V97)A9V4@<VAA<F5S(&]U='-T86YD:6YG(&5X8VQU9&4@=&AE(&EN
M8W)E;65N=&%L(&5F9F5C="!O9B!S:&%R97,@=&AA=`T*("`@=V]U;&0@8F4@
M:7-S=65D('5P;VX@=&AE(&%S<W5M960@97AE<F-I<V4@;V8@<W1O8VL@;W!T
M:6]N<RX@1F]R('1H92!T:')E92!M;VYT:',@96YD960@36%R8V@F(S$V,#LS
M,2P-"B`@(#(P,3$@86YD(#(P,3`L(&%P<')O>&EM871E;'D@,BPR-#0L-30Q
M(&%N9"`U,#8L.#8X+"!R97-P96-T:79E;'DL(&]F('1H92!5;FEV97)S:71Y
M)B,X,C$W.W,@<W1O8VL@;W!T:6]N<PT*("`@;W5T<W1A;F1I;F<@=V5R92!E
M>&-L=61E9"!F<F]M('1H92!C86QC=6QA=&EO;B!O9B!D:6QU=&5D(&5A<FYI
M;F=S('!E<B!S:&%R92!A<R!T:&5I<B!I;F-L=7-I;VX-"B`@('=O=6QD(&AA
M=F4@8F5E;B!A;G1I+61I;'5T:79E+B!4:&5S92!O<'1I;VYS(&-O=6QD(&)E
M(&1I;'5T:79E(&EN('1H92!F=71U<F4N#0H@("`\+V1I=CX-"B`@(#PO9&EV
M/@T*/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B
M;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\U
M83,S.60R,E\V-65B7S0P,#9?.#@Y85\S93`W,65B8F1F9F4-"D-O;G1E;G0M
M3&]C871I;VXZ(&9I;&4Z+R\O0SHO-6$S,SED,C)?-C5E8E\T,#`V7S@X.6%?
M,V4P-S%E8F)D9F9E+U=O<FMS:&5E=',O4VAE970Q-"YH=&UL#0I#;VYT96YT
M+51R86YS9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT96YT
M+51Y<&4Z('1E>'0O:'1M;#L@8VAA<G-E=#TB=7,M87-C:6DB#0H-"CQH=&UL
M/@T*("`\:&5A9#X-"B`@("`\345402!H='1P+65Q=6EV/3-$0V]N=&5N="U4
M>7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R<V5T/75T9BTX)SX\<V-R
M:7!T('1Y<&4],T1T97AT+VIA=F%S8W)I<'0@<W)C/3-$4VAO=RYJ<SXO*B!$
M;R!.;W0@4F5M;W9E(%1H:7,@0V]M;65N="`J+SPO<V-R:7!T/CPO:&5A9#X-
M"B`@/&)O9'D^#0H@("`@/'1A8FQE(&-L87-S/3-$<F5P;W)T(&ED/3-$240P
M13)(/@T*("`@("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T;"!C;VQS
M<&%N/3-$,2!R;W=S<&%N/3-$,CX\<W1R;VYG/E9A;'5A=&EO;B!A;F0@475A
M;&EF>6EN9R!!8V-O=6YT<SQB<CX\+W-T<F]N9SX\+W1H/@T*("`@("`@("`\
M=&@@8VQA<W,],T1T:"!C;VQS<&%N/3-$,3XS($UO;G1H<R!%;F1E9#PO=&@^
M#0H@("`@("`\+W1R/@T*("`@("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,]
M,T1T:#Y-87(N(#,Q+"`R,#$Q/&)R/CPO=&@^#0H@("`@("`\+W1R/@T*("`@
M("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A
M;&EG;CTS1'1O<#X\<W1R;VYG/E9A;'5A=&EO;B!A;F0@475A;&EF>6EN9R!!
M8V-O=6YT<R!;06)S=')A8W1=/"]S=')O;F<^/"]T9#X-"B`@("`@("`@/'1D
M(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^
M#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$
M<&P@=F%L:6=N/3-$=&]P/E9A;'5A=&EO;B!A;F0@475A;&EF>6EN9R!!8V-O
M=6YT<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/"$M+41/0U19
M4$4@:'1M;"!054),24,@(BTO+U<S0R\O1%1$(%A(5$U,(#$N,"!4<F%N<VET
M:6]N86PO+T5.(B`B:'1T<#HO+W=W=RYW,RYO<F<O5%(O>&AT;6PQ+T141"]X
M:'1M;#$M=')A;G-I=&EO;F%L+F1T9"(@+2T^#0H@("`\(2TM($)E9VEN($)L
M;V-K(%1A9V=E9"!.;W1E(#4@+2!U<RUG86%P.E-C:&5D=6QE3V9686QU871I
M;VY!;F11=6%L:69Y:6YG06-C;W5N='-$:7-C;&]S=7)E5&5X=$)L;V-K+2T^
M#0H@("`\9&EV('-T>6QE/3-$)V9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O
M;6%N)RQ4:6UE<RQS97)I9CL@;6%R9VEN+6QE9G0Z(#!I;CL@)SX-"B`@(#QD
M:78@86QI9VX],T1J=7-T:69Y('-T>6QE/3-$)V9O;G0M<VEZ93H@,3!P=#L@
M;6%R9VEN+71O<#H@,3!P="<^/&(^-2X@5F%L=6%T:6]N(&%N9"!1=6%L:69Y
M:6YG($%C8V]U;G1S/"]B/@T*("`@/"]D:78^#0H@("`\9&EV(&%L:6=N/3-$
M8V5N=&5R/@T*("`@/'1A8FQE('-T>6QE/3-$)V9O;G0M<VEZ93H@,3!P=#L@
M=&5X="UA;&EG;CH@;&5F="<@8V5L;'-P86-I;F<],T0P(&)O<F1E<CTS1#`@
M8V5L;'!A9&1I;F<],T0P('=I9'1H/3-$,3`P)3X-"B`@(#PA+2T@0F5G:6X@
M5&%B;&4@2&5A9"`M+3X-"B`@(#QT<B!V86QI9VX],T1B;W1T;VT^#0H@("`@
M("`@/'1D('=I9'1H/3-$-#0E/B8C,38P.SPO=&0^#0H@("`@("`@/'1D('=I
M9'1H/3-$,R4^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@=VED=&@],T0Q)3XF
M(S$V,#L\+W1D/@T*("`@("`@(#QT9"!W:61T:#TS1#DE/B8C,38P.SPO=&0^
M#0H@("`@("`@/'1D('=I9'1H/3-$,24^)B,Q-C`[/"]T9#X-"B`@("`@("`\
M=&0@=VED=&@],T0S)3XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!W:61T:#TS
M1#$E/B8C,38P.SPO=&0^#0H@("`@("`@/'1D('=I9'1H/3-$.24^)B,Q-C`[
M/"]T9#X-"B`@("`@("`\=&0@=VED=&@],T0Q)3XF(S$V,#L\+W1D/@T*("`@
M("`@(#QT9"!W:61T:#TS1#,E/B8C,38P.SPO=&0^#0H@("`@("`@/'1D('=I
M9'1H/3-$,24^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@=VED=&@],T0Y)3XF
M(S$V,#L\+W1D/@T*("`@("`@(#QT9"!W:61T:#TS1#$E/B8C,38P.SPO=&0^
M#0H@("`@("`@/'1D('=I9'1H/3-$,R4^)B,Q-C`[/"]T9#X-"B`@("`@("`\
M=&0@=VED=&@],T0Q)3XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!W:61T:#TS
M1#DE/B8C,38P.SPO=&0^#0H@("`@("`@/'1D('=I9'1H/3-$,24^)B,Q-C`[
M/"]T9#X-"B`@(#PO='(^#0H@("`\='(@<W1Y;&4],T0G9F]N="US:7IE.B`Q
M,'!T)R!V86QI9VX],T1B;W1T;VT^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^
M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS
M1&YO=W)A<"!A;&EG;CTS1&-E;G1E<B!C;VQS<&%N/3-$,CX\8CY"86QA;F-E
M(&%T/"]B/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@
M/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@
M("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@
M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^
M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO
M=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A
M<#TS1&YO=W)A<"!A;&EG;CTS1&-E;G1E<B!C;VQS<&%N/3-$,CX\8CY"86QA
M;F-E(&%T/"]B/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`\
M+W1R/@T*("`@/'1R('-T>6QE/3-$)V9O;G0M<VEZ93H@,3!P="<@=F%L:6=N
M/3-$8F]T=&]M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT
M9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@86QI
M9VX],T1C96YT97(@8V]L<W!A;CTS1#(^/&(^0F5G:6YN:6YG(&]F/"]B/CPO
M=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P
M.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!A;&EG;CTS1&-E
M;G1E<B!C;VQS<&%N/3-$,CX\8CY#:&%R9V5D('1O/"]B/CPO=&0^#0H@("`@
M("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@
M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^
M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO
M=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!A;&EG;CTS1&-E;G1E
M<B!C;VQS<&%N/3-$,CX\8CY%;F0@;V8\+V(^/"]T9#X-"B`@("`@("`\=&0^
M)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\='(@<W1Y;&4],T0G9F]N="US
M:7IE.B`Q,'!T)R!V86QI9VX],T1B;W1T;VT^#0H@("`@("`@/'1D/B8C,38P
M.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&YO
M=W)A<#TS1&YO=W)A<"!A;&EG;CTS1&-E;G1E<B!C;VQS<&%N/3-$,B!S='EL
M93TS1"=B;W)D97(M8F]T=&]M.B`Q<'@@<V]L:60@(S`P,#`P,"<^/&(^4&5R
M:6]D/"]B/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@
M/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!A
M;&EG;CTS1&-E;G1E<B!C;VQS<&%N/3-$,B!S='EL93TS1"=B;W)D97(M8F]T
M=&]M.B`Q<'@@<V]L:60@(S`P,#`P,"<^/&(^17AP96YS93PO8CX\+W1D/@T*
M("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D
M/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@86QI9VX],T1C96YT97(@
M8V]L<W!A;CTS1#(@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@,7!X('-O;&ED
M(",P,#`P,#`G/CQB/D1E9'5C=&EO;G,\+V(^/'-U<"!S='EL93TS1"=F;VYT
M+7-I>F4Z(#@U)3L@=F5R=&EC86PM86QI9VXZ('1E>'0M=&]P)SX\8CXH,2D\
M+V(^/"]S=7`^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@
M("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W<F%P/3-$;F]W<F%P
M(&%L:6=N/3-$8V5N=&5R(&-O;'-P86X],T0R('-T>6QE/3-$)V)O<F1E<BUB
M;W1T;VTZ(#%P>"!S;VQI9"`C,#`P,#`P)SX\8CY097)I;V0\+V(^/"]T9#X-
M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\(2TM($5N
M9"!486)L92!(96%D("TM/@T*("`@/"$M+2!"96=I;B!486)L92!";V1Y("TM
M/@T*("`@/'1R('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=B86-K9W)O=6YD
M.B`C8V-E969F)SX-"B`@("`@("`\=&0^#0H@("`\9&EV('-T>6QE/3-$)VUA
M<F=I;BUL969T.C$U<'@[('1E>'0M:6YD96YT.BTQ-7!X)SY!;&QO=V%N8V4@
M9F]R(&1O=6)T9G5L(&%C8V]U;G1S(')E8V5I=F%B;&4Z#0H@("`\+V1I=CX\
M+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V
M,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF
M(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT
M9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@
M(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@
M("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*
M("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D
M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\
M+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T<CX-"B`@(#QT
M<B!V86QI9VX],T1B;W1T;VT^#0H@("`@("`@/'1D/@T*("`@/&1I=B!S='EL
M93TS1"=M87)G:6XM;&5F=#HQ-7!X.R!T97AT+6EN9&5N=#HM,35P>"<^5&AR
M964@;6]N=&AS(`T*("`@96YD960@36%R8V@F(S$V,#LS,2P@,C`Q,2`H4F5S
M=&%T960I#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D
M/@T*("`@("`@(#QT9"!A;&EG;CTS1&QE9G0^)FYB<W`[)#PO=&0^#0H@("`@
M("`@/'1D(&%L:6=N/3-$<FEG:'0^,S`L,3$R/"]T9#X-"B`@("`@("`\=&0^
M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\
M=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H=#XQ,"PP
M,S0\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF
M(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@86QI9VX]
M,T1L969T/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG:'0^
M*#@L-S@P/"]T9#X-"B`@("`@("`\=&0@;F]W<F%P/3-$;F]W<F%P/BD\+W1D
M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS
M1&QE9G0^)FYB<W`[)#PO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG:'0^
M,S$L,S8V/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^
M#0H@("`\='(@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)V)A8VMG<F]U;F0Z
M("-C8V5E9F8G/@T*("`@("`@(#QT9#X-"B`@(#QD:78@<W1Y;&4],T0G;6%R
M9VEN+6QE9G0Z,35P>#L@=&5X="UI;F1E;G0Z+3$U<'@G/E1H<F5E(&UO;G1H
M<R!E;F1E9"!-87)C:"8C,38P.S,Q+"`R,#$P#0H@("`\+V1I=CX\+W1D/@T*
M("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1&QE
M9G0^)FYB<W`[)#PO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG:'0^-RPU
M-3,\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF
M(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT
M9"!A;&EG;CTS1')I9VAT/C0L-S<T/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[
M/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W
M<F%P/3-$;F]W<F%P(&%L:6=N/3-$;&5F=#XF(S$V,#L\+W1D/@T*("`@("`@
M(#QT9"!A;&EG;CTS1')I9VAT/B@T+#0W.3PO=&0^#0H@("`@("`@/'1D(&YO
M=W)A<#TS1&YO=W)A<#XI/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-
M"B`@("`@("`\=&0@86QI9VX],T1L969T/B9N8G-P.R0\+W1D/@T*("`@("`@
M(#QT9"!A;&EG;CTS1')I9VAT/C<L.#0X/"]T9#X-"B`@("`@("`\=&0^)B,Q
M-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\(2TM($5N9"!486)L92!";V1Y("TM
M/@T*("`@/"]T86)L93X-"B`@(#PO9&EV/@T*("`@/&1I=B!A;&EG;CTS1&QE
M9G0^#0H@("`\9&EV('-T>6QE/3-$)V9O;G0M<VEZ93H@,W!T.R!M87)G:6XM
M=&]P.B`P<'0[('=I9'1H.B`Q."4[(&)O<F1E<BUT;W`Z(#!P>"!S;VQI9"`C
M,#`P,#`P)SXF(S$V,#L-"B`@(#PO9&EV/@T*("`@/"]D:78^#0H@("`\=&%B
M;&4@=VED=&@],T0Q,#`E(&)O<F1E<CTS1#`@8V5L;'!A9&1I;F<],T0P(&-E
M;&QS<&%C:6YG/3-$,"!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[('1E>'0M
M86QI9VXZ(&QE9G0G/@T*("`@/'1R('-T>6QE/3-$)V9O;G0M<VEZ93H@-G!T
M)SX-"B`@("`@("`\=&0@=VED=&@],T0S)3XF(S$V,#L\+W1D/@T*("`@("`@
M(#QT9"!W:61T:#TS1#$E/B8C,38P.SPO=&0^#0H@("`@("`@/'1D('=I9'1H
M/3-$.38E/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*("`@/'1R('9A;&EG;CTS
M1'1O<#X-"B`@("`@("`\=&0@;F]W<F%P/3-$;F]W<F%P(&%L:6=N/3-$;&5F
M=#XH,2D\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT
M9#X-"B`@(#QD:78@<W1Y;&4],T0G=&5X="UA;&EG;CH@:G5S=&EF>2<^1&5D
M=6-T:6]N<R!R97!R97-E;G0@86-C;W5N=',@=W)I='1E;B!O9F8L(&YE="!O
M9B!R96-O=F5R:65S+@T*("`@/"]D:78^/"]T9#X-"B`@(#PO='(^#0H@("`\
M+W1A8FQE/@T*("`@/"]D:78^#0H\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M(#PO='(^#0H@("`@/"]T86)L93X-"B`@/"]B;V1Y/@T*/"]H=&UL/@T*#0HM
M+2TM+2T]7TYE>'1087)T7S5A,S,Y9#(R7S8U96)?-#`P-E\X.#EA7S-E,#<Q
M96)B9&9F90T*0V]N=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B\U83,S.60R
M,E\V-65B7S0P,#9?.#@Y85\S93`W,65B8F1F9F4O5V]R:W-H965T<R]3:&5E
M=#$U+FAT;6P-"D-O;G1E;G0M5')A;G-F97(M16YC;V1I;F<Z('%U;W1E9"UP
M<FEN=&%B;&4-"D-O;G1E;G0M5'EP93H@=&5X="]H=&UL.R!C:&%R<V5T/2)U
M<RUA<V-I:2(-"@T*/&AT;6P^#0H@(#QH96%D/@T*("`@(#Q-151!(&AT='`M
M97%U:78],T1#;VYT96YT+51Y<&4@8V]N=&5N=#TS1"=T97AT+VAT;6P[(&-H
M87)S970]=71F+3@G/CQS8W)I<'0@='EP93TS1'1E>'0O:F%V87-C<FEP="!S
M<F,],T13:&]W+FIS/B\J($1O($YO="!296UO=F4@5&AI<R!#;VUM96YT("HO
M/"]S8W)I<'0^/"]H96%D/@T*("`\8F]D>3X-"B`@("`\=&%B;&4@8VQA<W,]
M,T1R97!O<G0@:60],T1)1#!%,D@^#0H@("`@("`\='(^#0H@("`@("`@(#QT
M:"!C;&%S<STS1'1L(&-O;'-P86X],T0Q(')O=W-P86X],T0R/CQS=')O;F<^
M4')O<&5R='D@86YD($5Q=6EP;65N=#QB<CX\+W-T<F]N9SX\+W1H/@T*("`@
M("`@("`\=&@@8VQA<W,],T1T:"!C;VQS<&%N/3-$,3XS($UO;G1H<R!%;F1E
M9#PO=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R/@T*("`@("`@("`\=&@@
M8VQA<W,],T1T:#Y-87(N(#,Q+"`R,#$Q/&)R/CPO=&@^#0H@("`@("`\+W1R
M/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS
M1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG/E!R;W!E<G1Y(&%N9"!%<75I<&UE
M;G0@6T%B<W1R86-T73PO<W1R;VYG/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@
M("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A
M;&EG;CTS1'1O<#Y0<F]P97)T>2!A;F0@17%U:7!M96YT/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$=&5X=#X\(2TM1$]#5%E012!H=&UL(%!50DQ)0R`B
M+2\O5S-#+R]$5$0@6$A434P@,2XP(%1R86YS:71I;VYA;"\O14XB(")H='1P
M.B\O=W=W+G<S+F]R9R]44B]X:'1M;#$O1%1$+WAH=&UL,2UT<F%N<VET:6]N
M86PN9'1D(B`M+3X-"B`@(#PA+2T@0F5G:6X@0FQO8VL@5&%G9V5D($YO=&4@
M-B`M('5S+6=A87`Z4')O<&5R='E0;&%N=$%N9$5Q=6EP;65N=$1I<V-L;W-U
M<F5497AT0FQO8VLM+3X-"B`@(#QD:78@<W1Y;&4],T0G9F]N="UF86UI;'DZ
M("=4:6UE<R!.97<@4F]M86XG+%1I;65S+'-E<FEF.R!M87)G:6XM;&5F=#H@
M,&EN.R`G/@T*("`@/&1I=B!A;&EG;CTS1&IU<W1I9GD@<W1Y;&4],T0G9F]N
M="US:7IE.B`Q,'!T.R!M87)G:6XM=&]P.B`Q,'!T)SX\8CXV+B!0<F]P97)T
M>2!A;F0@17%U:7!M96YT/"]B/@T*("`@/"]D:78^#0H@("`\9&EV(&%L:6=N
M/3-$:G5S=&EF>2!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&UA<F=I;BUT
M;W`Z(#$P<'0[('1E>'0M:6YD96YT.B`T)2<^4')O<&5R='D@86YD(&5Q=6EP
M;65N="!C;VYS:7-T(&]F('1H92!F;VQL;W=I;F<Z#0H@("`\+V1I=CX-"B`@
M(#QD:78@86QI9VX],T1C96YT97(^#0H@("`\=&%B;&4@<W1Y;&4],T0G9F]N
M="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!L969T)R!C96QL<W!A8VEN9STS
M1#`@8F]R9&5R/3-$,"!C96QL<&%D9&EN9STS1#`@=VED=&@],T0Q,#`E/@T*
M("`@/"$M+2!"96=I;B!486)L92!(96%D("TM/@T*("`@/'1R('9A;&EG;CTS
M1&)O='1O;3X-"B`@("`@("`\=&0@=VED=&@],T0W,B4^)B,Q-C`[/"]T9#X-
M"B`@("`@("`\=&0@=VED=&@],T0S)3XF(S$V,#L\+W1D/@T*("`@("`@(#QT
M9"!W:61T:#TS1#$E/B8C,38P.SPO=&0^#0H@("`@("`@/'1D('=I9'1H/3-$
M.24^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@=VED=&@],T0Q)3XF(S$V,#L\
M+W1D/@T*("`@("`@(#QT9"!W:61T:#TS1#,E/B8C,38P.SPO=&0^#0H@("`@
M("`@/'1D('=I9'1H/3-$,24^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@=VED
M=&@],T0Y)3XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!W:61T:#TS1#$E/B8C
M,38P.SPO=&0^#0H@("`\+W1R/@T*("`@/'1R('-T>6QE/3-$)V9O;G0M<VEZ
M93H@,3!P="<@=F%L:6=N/3-$8F]T=&]M/@T*("`@("`@(#QT9#XF(S$V,#L\
M+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V
M,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF
M(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT
M9"!N;W=R87`],T1N;W=R87`@86QI9VX],T1C96YT97(@8V]L<W!A;CTS1#(^
M/&(^07,@;V8\+V(^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@
M(#PO='(^#0H@("`\='(@<W1Y;&4],T0G9F]N="US:7IE.B`Q,'!T)R!V86QI
M9VX],T1B;W1T;VT^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@
M/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!A
M;&EG;CTS1&-E;G1E<B!C;VQS<&%N/3-$,CX\8CY!<R!O9B!-87)C:#PO8CX\
M+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V
M,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@86QI9VX],T1C
M96YT97(@8V]L<W!A;CTS1#(^/&(^1&5C96UB97(@,S$L/"]B/CPO=&0^#0H@
M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*("`@/'1R('-T>6QE
M/3-$)V9O;G0M<VEZ93H@,3!P="<@=F%L:6=N/3-$8F]T=&]M/@T*("`@("`@
M(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@
M("`@(#QT9"!N;W=R87`],T1N;W=R87`@86QI9VX],T1C96YT97(@8V]L<W!A
M;CTS1#(@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@,7!X('-O;&ED(",P,#`P
M,#`G/CQB/C,Q+"`R,#$Q/"]B/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO
M=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A
M<#TS1&YO=W)A<"!A;&EG;CTS1&-E;G1E<B!C;VQS<&%N/3-$,B!S='EL93TS
M1"=B;W)D97(M8F]T=&]M.B`Q<'@@<V]L:60@(S`P,#`P,"<^/&(^,C`Q,#PO
M8CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T<CX-"B`@
M(#PA+2T@16YD(%1A8FQE($AE860@+2T^#0H@("`\(2TM($)E9VEN(%1A8FQE
M($)O9'D@+2T^#0H@("`\='(@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)V)A
M8VMG<F]U;F0Z("-C8V5E9F8G/@T*("`@("`@(#QT9#X-"B`@(#QD:78@<W1Y
M;&4],T0G;6%R9VEN+6QE9G0Z,35P>#L@=&5X="UI;F1E;G0Z+3$U<'@G/DQA
M;F0-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@
M("`@("`@/'1D(&%L:6=N/3-$;&5F=#XF;F)S<#LD/"]T9#X-"B`@("`@("`\
M=&0@86QI9VX],T1R:6=H=#XX+#(X,CPO=&0^#0H@("`@("`@/'1D/B8C,38P
M.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L
M:6=N/3-$;&5F=#XF;F)S<#LD/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R
M:6=H=#XX+#(X,CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`\
M+W1R/@T*("`@/'1R('9A;&EG;CTS1&)O='1O;3X-"B`@("`@("`\=&0^#0H@
M("`\9&EV('-T>6QE/3-$)VUA<F=I;BUL969T.C$U<'@[('1E>'0M:6YD96YT
M.BTQ-7!X)SY,86YD(&EM<')O=F5M96YT<PT*("`@/"]D:78^/"]T9#X-"B`@
M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-
M"B`@("`@("`\=&0@86QI9VX],T1R:6=H=#XQ+#4Y-SPO=&0^#0H@("`@("`@
M/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@
M("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG:'0^
M,2PU.3<\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T<CX-
M"B`@(#QT<B!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G8F%C:V=R;W5N9#H@
M(V-C965F9B<^#0H@("`@("`@/'1D/@T*("`@/&1I=B!S='EL93TS1"=M87)G
M:6XM;&5F=#HQ-7!X.R!T97AT+6EN9&5N=#HM,35P>"<^0G5I;&1I;F=S#0H@
M("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@
M(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C0Y
M+#DS.3PO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D
M/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@
M/'1D(&%L:6=N/3-$<FEG:'0^-#@L,S(S/"]T9#X-"B`@("`@("`\=&0^)B,Q
M-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\='(@=F%L:6=N/3-$8F]T=&]M/@T*
M("`@("`@(#QT9#X-"B`@(#QD:78@<W1Y;&4],T0G;6%R9VEN+6QE9G0Z,35P
M>#L@=&5X="UI;F1E;G0Z+3$U<'@G/D5Q=6EP;65N="!U;F1E<B!C87!I=&%L
M(&QE87-E<PT*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T
M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX]
M,T1R:6=H=#XT+#4P,CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@
M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^
M#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG:'0^-"PU,#(\+W1D/@T*("`@("`@
M(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T<CX-"B`@(#QT<B!V86QI9VX],T1B
M;W1T;VT@<W1Y;&4],T0G8F%C:V=R;W5N9#H@(V-C965F9B<^#0H@("`@("`@
M/'1D/@T*("`@/&1I=B!S='EL93TS1"=M87)G:6XM;&5F=#HQ-7!X.R!T97AT
M+6EN9&5N=#HM,35P>"<^3&5A<V5H;VQD(&EM<')O=F5M96YT<PT*("`@/"]D
M:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^
M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H=#XQ,2PX,S4\
M+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V
M,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A
M;&EG;CTS1')I9VAT/C$Q+#0P-SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO
M=&0^#0H@("`\+W1R/@T*("`@/'1R('9A;&EG;CTS1&)O='1O;3X-"B`@("`@
M("`\=&0^#0H@("`\9&EV('-T>6QE/3-$)VUA<F=I;BUL969T.C$U<'@[('1E
M>'0M:6YD96YT.BTQ-7!X)SY#;VUP=71E<B!E<75I<&UE;G0-"B`@(#PO9&EV
M/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C
M,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG:'0^,S@L-SDV/"]T
M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[
M/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI
M9VX],T1R:6=H=#XS-BPW-#(\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D
M/@T*("`@/"]T<CX-"B`@(#QT<B!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G
M8F%C:V=R;W5N9#H@(V-C965F9B<^#0H@("`@("`@/'1D/@T*("`@/&1I=B!S
M='EL93TS1"=M87)G:6XM;&5F=#HQ-7!X.R!T97AT+6EN9&5N=#HM,35P>"<^
M1G5R;FET=7)E+"!F:7AT=7)E<R!A;F0@97%U:7!M96YT#0H@("`\+V1I=CX\
M+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V
M,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C$Q+#@Y-CPO=&0^
M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO
M=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N
M/3-$<FEG:'0^,3$L-#`Q/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-
M"B`@(#PO='(^#0H@("`\='(@=F%L:6=N/3-$8F]T=&]M/@T*("`@("`@(#QT
M9#X-"B`@(#QD:78@<W1Y;&4],T0G;6%R9VEN+6QE9G0Z,35P>#L@=&5X="UI
M;F1E;G0Z+3$U<'@G/DEN=&5R;F%L;'D@9&5V96QO<&5D('-O9G1W87)E#0H@
M("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@
M(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C0L
M,SDP/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^
M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\
M=&0@86QI9VX],T1R:6=H=#XS+#@R-3PO=&0^#0H@("`@("`@/'1D/B8C,38P
M.SPO=&0^#0H@("`\+W1R/@T*("`@/'1R('9A;&EG;CTS1&)O='1O;2!S='EL
M93TS1"=B86-K9W)O=6YD.B`C8V-E969F)SX-"B`@("`@("`\=&0^#0H@("`\
M9&EV('-T>6QE/3-$)VUA<F=I;BUL969T.C$U<'@[('1E>'0M:6YD96YT.BTQ
M-7!X)SY/=&AE<@T*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[
M/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI
M9VX],T1R:6=H=#XQ+#`Y.#PO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^
M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO
M=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG:'0^.3DX/"]T9#X-"B`@("`@
M("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\='(@=F%L:6=N/3-$
M8F]T=&]M/@T*("`@("`@(#QT9#X-"B`@(#QD:78@<W1Y;&4],T0G;6%R9VEN
M+6QE9G0Z,35P>#L@=&5X="UI;F1E;G0Z+3$U<'@G/D-O;G-T<G5C=&EO;B!I
M;B!P<F]G<F5S<PT*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[
M/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI
M9VX],T1R:6=H=#XS-BPS.3`\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D
M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\
M+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C(Q+#,T.3PO=&0^#0H@
M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*("`@/'1R('-T>6QE
M/3-$)V9O;G0M<VEZ93H@,7!X)SX-"B`@("`@("`\=&0^#0H@("`\9&EV('-T
M>6QE/3-$)VUA<F=I;BUL969T.C$U<'@[('1E>'0M:6YD96YT.BTQ-7!X)SXF
M(S$V,#L-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^
M#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A;&EG
M;CTS1')I9VAT('-T>6QE/3-$)V)O<F1E<BUT;W`Z(#%P>"!S;VQI9"`C,#`P
M,#`P)SXF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@
M("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R
M87`@8V]L<W!A;CTS1#(@86QI9VX],T1R:6=H="!S='EL93TS1"=B;W)D97(M
M=&]P.B`Q<'@@<V]L:60@(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\
M=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\='(@=F%L:6=N/3-$8F]T
M=&]M('-T>6QE/3-$)V)A8VMG<F]U;F0Z("-C8V5E9F8G/@T*("`@("`@(#QT
M9#X-"B`@(#QD:78@<W1Y;&4],T0G;6%R9VEN+6QE9G0Z,35P>#L@=&5X="UI
M;F1E;G0Z+3$U<'@G/B8C,38P.PT*("`@/"]D:78^/"]T9#X-"B`@("`@("`\
M=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@
M("`\=&0@86QI9VX],T1R:6=H=#XQ-C@L-S(U/"]T9#X-"B`@("`@("`\=&0^
M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\
M=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H=#XQ-#@L
M-#(V/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@
M("`\='(@=F%L:6=N/3-$8F]T=&]M/@T*("`@("`@(#QT9#X-"B`@(#QD:78@
M<W1Y;&4],T0G;6%R9VEN+6QE9G0Z,35P>#L@=&5X="UI;F1E;G0Z+3$U<'@G
M/DQE<W,@86-C=6UU;&%T960@9&5P<F5C:6%T:6]N(&%N9"!A;6]R=&EZ871I
M;VX-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@
M("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!A;&EG;CTS1&QE9G0^)B,Q-C`[
M/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H=#XH,C@L,#<P/"]T9#X-
M"B`@("`@("`\=&0@;F]W<F%P/3-$;F]W<F%P/BD\+W1D/@T*("`@("`@(#QT
M9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@86QI
M9VX],T1L969T/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG
M:'0^*#(T+#0R-SPO=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<#XI
M/"]T9#X-"B`@(#PO='(^#0H@("`\='(@<W1Y;&4],T0G9F]N="US:7IE.B`Q
M<'@G/@T*("`@("`@(#QT9#X-"B`@(#QD:78@<W1Y;&4],T0G;6%R9VEN+6QE
M9G0Z,35P>#L@=&5X="UI;F1E;G0Z+3$U<'@G/B8C,38P.PT*("`@/"]D:78^
M/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W
M<F%P/3-$;F]W<F%P(&-O;'-P86X],T0R(&%L:6=N/3-$<FEG:'0@<W1Y;&4]
M,T0G8F]R9&5R+71O<#H@,7!X('-O;&ED(",P,#`P,#`G/B8C,38P.SPO=&0^
M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO
M=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A
M;&EG;CTS1')I9VAT('-T>6QE/3-$)V)O<F1E<BUT;W`Z(#%P>"!S;VQI9"`C
M,#`P,#`P)SXF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*
M("`@/"]T<CX-"B`@(#QT<B!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G8F%C
M:V=R;W5N9#H@(V-C965F9B<^#0H@("`@("`@/'1D/@T*("`@/&1I=B!S='EL
M93TS1"=M87)G:6XM;&5F=#HQ-7!X.R!T97AT+6EN9&5N=#HM,35P>"<^4')O
M<&5R='D@86YD(&5Q=6EP;65N="P@;F5T#0H@("`\+V1I=CX\+W1D/@T*("`@
M("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1&QE9G0^
M)FYB<W`[)#PO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG:'0^,30P+#8U
M-3PO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C
M,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$;&5F=#XF;F)S<#LD/"]T
M9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H=#XQ,C,L.3DY/"]T9#X-"B`@
M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\='(@<W1Y;&4]
M,T0G9F]N="US:7IE.B`Q<'@G/@T*("`@("`@(#QT9#X-"B`@(#QD:78@<W1Y
M;&4],T0G;6%R9VEN+6QE9G0Z,35P>#L@=&5X="UI;F1E;G0Z+3$U<'@G/B8C
M,38P.PT*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-
M"B`@("`@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A
M;&EG;CTS1')I9VAT('-T>6QE/3-$)V)O<F1E<BUT;W`Z(#-P>"!D;W5B;&4@
M(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-
M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`@("`@/'1D(&YO=W)A
M<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A;&EG;CTS1')I9VAT('-T>6QE/3-$
M)V)O<F1E<BUT;W`Z(#-P>"!D;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]T9#X-
M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\(2TM($5N
M9"!486)L92!";V1Y("TM/@T*("`@/"]T86)L93X-"B`@(#PO9&EV/@T*("`@
M/"]D:78^#0H\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@
M/"]T86)L93X-"B`@/"]B;V1Y/@T*/"]H=&UL/@T*#0HM+2TM+2T]7TYE>'10
M87)T7S5A,S,Y9#(R7S8U96)?-#`P-E\X.#EA7S-E,#<Q96)B9&9F90T*0V]N
M=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B\U83,S.60R,E\V-65B7S0P,#9?
M.#@Y85\S93`W,65B8F1F9F4O5V]R:W-H965T<R]3:&5E=#$V+FAT;6P-"D-O
M;G1E;G0M5')A;G-F97(M16YC;V1I;F<Z('%U;W1E9"UP<FEN=&%B;&4-"D-O
M;G1E;G0M5'EP93H@=&5X="]H=&UL.R!C:&%R<V5T/2)U<RUA<V-I:2(-"@T*
M/&AT;6P^#0H@(#QH96%D/@T*("`@(#Q-151!(&AT='`M97%U:78],T1#;VYT
M96YT+51Y<&4@8V]N=&5N=#TS1"=T97AT+VAT;6P[(&-H87)S970]=71F+3@G
M/CQS8W)I<'0@='EP93TS1'1E>'0O:F%V87-C<FEP="!S<F,],T13:&]W+FIS
M/B\J($1O($YO="!296UO=F4@5&AI<R!#;VUM96YT("HO/"]S8W)I<'0^/"]H
M96%D/@T*("`\8F]D>3X-"B`@("`\=&%B;&4@8VQA<W,],T1R97!O<G0@:60]
M,T1)1#!%,D@^#0H@("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS1'1L
M(&-O;'-P86X],T0Q(')O=W-P86X],T0R/CQS=')O;F<^0V]M;6ET;65N=',@
M86YD($-O;G1I;F=E;F-I97,\8G(^/"]S=')O;F<^/"]T:#X-"B`@("`@("`@
M/'1H(&-L87-S/3-$=&@@8V]L<W!A;CTS1#$^,R!-;VYT:',@16YD960\+W1H
M/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<CX-"B`@("`@("`@/'1H(&-L87-S
M/3-$=&@^36%R+B`S,2P@,C`Q,3QB<CX\+W1H/@T*("`@("`@/"]T<CX-"B`@
M("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V
M86QI9VX],T1T;W`^/'-T<F]N9SY#;VUM:71M96YT<R!A;F0@0V]N=&EN9V5N
M8VEE<R!;06)S=')A8W1=/"]S=')O;F<^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@
M("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@
M=F%L:6=N/3-$=&]P/D-O;6UI=&UE;G1S(&%N9"!#;VYT:6YG96YC:65S/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\(2TM1$]#5%E012!H=&UL
M(%!50DQ)0R`B+2\O5S-#+R]$5$0@6$A434P@,2XP(%1R86YS:71I;VYA;"\O
M14XB(")H='1P.B\O=W=W+G<S+F]R9R]44B]X:'1M;#$O1%1$+WAH=&UL,2UT
M<F%N<VET:6]N86PN9'1D(B`M+3X-"B`@(#PA+2T@0F5G:6X@0FQO8VL@5&%G
M9V5D($YO=&4@-R`M('5S+6=A87`Z0V]M;6ET;65N='-!;F1#;VYT:6YG96YC
M:65S1&ES8VQO<W5R951E>'1";&]C:RTM/@T*("`@/&1I=B!S='EL93TS1"=F
M;VYT+69A;6EL>3H@)U1I;65S($YE=R!2;VUA;B<L5&EM97,L<V5R:68[(&UA
M<F=I;BUL969T.B`P:6X[("<^#0H@("`\9&EV(&%L:6=N/3-$:G5S=&EF>2!S
M='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&UA<F=I;BUT;W`Z(#$P<'0G/CQB
M/C<N($-O;6UI=&UE;G1S(&%N9"!#;VYT:6YG96YC:65S/"]B/@T*("`@/"]D
M:78^#0H@("`\9&EV(&%L:6=N/3-$:G5S=&EF>2!S='EL93TS1"=F;VYT+7-I
M>F4Z(#$P<'0[(&UA<F=I;BUT;W`Z(#$P<'0G/CQB/CQI/DQE87-E<SPO:3X\
M+V(^#0H@("`\+V1I=CX-"B`@(#QD:78@86QI9VX],T1J=7-T:69Y('-T>6QE
M/3-$)V9O;G0M<VEZ93H@,3!P=#L@;6%R9VEN+71O<#H@,3!P=#L@=&5X="UI
M;F1E;G0Z(#0E)SY4:&4@56YI=F5R<VET>2!L96%S97,@8V5R=&%I;B!L86YD
M+"!B=6EL9&EN9W,@86YD(&5Q=6EP;65N="!U;F1E<B!N;VXM8V%N8V5L86)L
M92!O<&5R871I;F<-"B`@(&QE87-E<R!E>'!I<FEN9R!A="!V87)I;W5S(&1A
M=&5S('1H<F]U9V@@,C`R,RX@1G5T=7)E(&UI;FEM=6T@;&5A<V4@<&%Y;65N
M=',@=6YD97(@;W!E<F%T:6YG(&QE87-E<PT*("`@9'5E(&5A8V@@>65A<B!A
M<F4@87,@9F]L;&]W<R!A="!-87)C:"8C,38P.S,Q+"`R,#$Q.@T*("`@/"]D
M:78^#0H@("`\9&EV(&%L:6=N/3-$8V5N=&5R/@T*("`@/'1A8FQE('-T>6QE
M/3-$)V9O;G0M<VEZ93H@,3!P=#L@=&5X="UA;&EG;CH@;&5F="<@8V5L;'-P
M86-I;F<],T0P(&)O<F1E<CTS1#`@8V5L;'!A9&1I;F<],T0P('=I9'1H/3-$
M,3`P)3X-"B`@(#PA+2T@0F5G:6X@5&%B;&4@2&5A9"`M+3X-"B`@(#QT<B!V
M86QI9VX],T1B;W1T;VT^#0H@("`@("`@/'1D('=I9'1H/3-$.#8E/B8C,38P
M.SPO=&0^#0H@("`@("`@/'1D('=I9'1H/3-$,R4^)B,Q-C`[/"]T9#X-"B`@
M("`@("`\=&0@=VED=&@],T0Q)3XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!W
M:61T:#TS1#DE/B8C,38P.SPO=&0^#0H@("`@("`@/'1D('=I9'1H/3-$,24^
M)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\(2TM($5N9"!486)L92!(96%D
M("TM/@T*("`@/"$M+2!"96=I;B!486)L92!";V1Y("TM/@T*("`@/'1R('9A
M;&EG;CTS1&)O='1O;2!S='EL93TS1"=B86-K9W)O=6YD.B`C8V-E969F)SX-
M"B`@("`@("`\=&0^#0H@("`\9&EV('-T>6QE/3-$)VUA<F=I;BUL969T.C$U
M<'@[('1E>'0M:6YD96YT.BTQ-7!X)SXR,#$Q#0H@("`\+V1I=CX\+W1D/@T*
M("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1&QE
M9G0^)FYB<W`[)#PO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG:'0^,RPW
M-#4\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T<CX-"B`@
M(#QT<B!V86QI9VX],T1B;W1T;VT^#0H@("`@("`@/'1D/@T*("`@/&1I=B!S
M='EL93TS1"=M87)G:6XM;&5F=#HQ-7!X.R!T97AT+6EN9&5N=#HM,35P>"<^
M,C`Q,@T*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-
M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R
M:6=H=#XV+#(T,SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`\
M+W1R/@T*("`@/'1R('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=B86-K9W)O
M=6YD.B`C8V-E969F)SX-"B`@("`@("`\=&0^#0H@("`\9&EV('-T>6QE/3-$
M)VUA<F=I;BUL969T.C$U<'@[('1E>'0M:6YD96YT.BTQ-7!X)SXR,#$S#0H@
M("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@
M(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C<L
M,#(P/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@
M("`\='(@=F%L:6=N/3-$8F]T=&]M/@T*("`@("`@(#QT9#X-"B`@(#QD:78@
M<W1Y;&4],T0G;6%R9VEN+6QE9G0Z,35P>#L@=&5X="UI;F1E;G0Z+3$U<'@G
M/C(P,30-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^
M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$
M<FEG:'0^-BPV-#`\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@
M/"]T<CX-"B`@(#QT<B!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G8F%C:V=R
M;W5N9#H@(V-C965F9B<^#0H@("`@("`@/'1D/@T*("`@/&1I=B!S='EL93TS
M1"=M87)G:6XM;&5F=#HQ-7!X.R!T97AT+6EN9&5N=#HM,35P>"<^,C`Q-0T*
M("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@
M("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H=#XU
M+#<V-#PO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*
M("`@/'1R('9A;&EG;CTS1&)O='1O;3X-"B`@("`@("`\=&0^#0H@("`\9&EV
M('-T>6QE/3-$)VUA<F=I;BUL969T.C$U<'@[('1E>'0M:6YD96YT.BTQ-7!X
M)SY4:&5R96%F=&5R#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V
M,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A
M;&EG;CTS1')I9VAT/C(T+#$X.#PO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO
M=&0^#0H@("`\+W1R/@T*("`@/'1R('-T>6QE/3-$)V9O;G0M<VEZ93H@,7!X
M)SX-"B`@("`@("`\=&0^#0H@("`\9&EV('-T>6QE/3-$)VUA<F=I;BUL969T
M.C$U<'@[('1E>'0M:6YD96YT.BTQ-7!X)SXF(S$V,#L-"B`@(#PO9&EV/CPO
M=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A
M<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A;&EG;CTS1')I9VAT('-T>6QE/3-$
M)V)O<F1E<BUT;W`Z(#%P>"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W1D/@T*
M("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T<CX-"B`@(#QT<B!V86QI
M9VX],T1B;W1T;VT@<W1Y;&4],T0G8F%C:V=R;W5N9#H@(V-C965F9B<^#0H@
M("`@("`@/'1D/@T*("`@/&1I=B!S='EL93TS1"=M87)G:6XM;&5F=#HQ-7!X
M.R!T97AT+6EN9&5N=#HM,35P>"<^5&]T86P@;6EN:6UU;2!P87EM96YT<PT*
M("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@
M("`\=&0@86QI9VX],T1L969T/B9N8G-P.R0\+W1D/@T*("`@("`@(#QT9"!A
M;&EG;CTS1')I9VAT/C4S+#8P,#PO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO
M=&0^#0H@("`\+W1R/@T*("`@/'1R('-T>6QE/3-$)V9O;G0M<VEZ93H@,7!X
M)SX-"B`@("`@("`\=&0^#0H@("`\9&EV('-T>6QE/3-$)VUA<F=I;BUL969T
M.C$U<'@[('1E>'0M:6YD96YT.BTQ-7!X)SXF(S$V,#L-"B`@(#PO9&EV/CPO
M=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@("`@(#QT9"!N
M;W=R87`],T1N;W=R87`@8V]L<W!A;CTS1#(@86QI9VX],T1R:6=H="!S='EL
M93TS1"=B;W)D97(M=&]P.B`S<'@@9&]U8FQE(",P,#`P,#`G/B8C,38P.SPO
M=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*("`@/"$M
M+2!%;F0@5&%B;&4@0F]D>2`M+3X-"B`@(#PO=&%B;&4^#0H@("`\+V1I=CX-
M"B`@(#QD:78@86QI9VX],T1J=7-T:69Y('-T>6QE/3-$)V9O;G0M<VEZ93H@
M,3!P=#L@;6%R9VEN+71O<#H@,3!P=#L@=&5X="UI;F1E;G0Z(#0E)SY4;W1A
M;"!R96YT(&5X<&5N<V4@86YD(')E;&%T960@=&%X97,@86YD(&]P97)A=&EN
M9R!E>'!E;G-E<R!U;F1E<B!O<&5R871I;F<@;&5A<V5S(&9O<B!T:&4-"B`@
M('1H<F5E(&UO;G1H<R!E;F1E9"!-87)C:"8C,38P.S,Q+"`R,#$Q(&%N9"`R
M,#$P('=E<F4@)FYB<W`[)#$L-3DS(&%N9"`F;F)S<#LD,2PP.#0L(')E<W!E
M8W1I=F5L>2X-"B`@(#PO9&EV/@T*("`@/&1I=B!A;&EG;CTS1&IU<W1I9GD@
M<W1Y;&4],T0G9F]N="US:7IE.B`Q,'!T.R!M87)G:6XM=&]P.B`Q,'!T)SX\
M8CX\:3Y,96=A;"!-871T97)S/"]I/CPO8CX-"B`@(#PO9&EV/@T*("`@/&1I
M=B!A;&EG;CTS1&IU<W1I9GD@<W1Y;&4],T0G9F]N="US:7IE.B`Q,'!T.R!M
M87)G:6XM=&]P.B`Q,'!T.R!T97AT+6EN9&5N=#H@-"4G/D9R;VT@=&EM92!T
M;R!T:6UE+"!T:&4@56YI=F5R<VET>2!I<R!A('!A<G1Y('1O('9A<FEO=7,@
M;&%W<W5I=',L(&-L86EM<RP@86YD(&]T:&5R(&QE9V%L#0H@("!P<F]C965D
M:6YG<R!T:&%T(&%R:7-E(&EN('1H92!O<F1I;F%R>2!C;W5R<V4@;V8@8G5S
M:6YE<W,L('-O;64@;V8@=VAI8V@@87)E(&-O=F5R960@8GD@:6YS=7)A;F-E
M+@T*("`@5VAE;B!T:&4@56YI=F5R<VET>2!I<R!A=V%R92!O9B!A(&-L86EM
M(&]R('!O=&5N=&EA;"!C;&%I;2P@:70@87-S97-S97,@=&AE(&QI:V5L:6AO
M;V0@;V8@86YY(&QO<W,-"B`@(&]R(&5X<&]S=7)E+B!)9B!I="!I<R!P<F]B
M86)L92!T:&%T(&$@;&]S<R!W:6QL(')E<W5L="!A;F0@=&AE(&%M;W5N="!O
M9B!T:&4@;&]S<R!C86X@8F4@<F5A<V]N86)L>0T*("`@97-T:6UA=&5D+"!T
M:&4@56YI=F5R<VET>2!R96-O<F1S(&$@;&EA8FEL:71Y(&9O<B!T:&4@;&]S
M<RX@268@=&AE(&QO<W,@:7,@;F]T('!R;V)A8FQE(&]R('1H90T*("`@86UO
M=6YT(&]F('1H92!L;W-S(&-A;FYO="!B92!R96%S;VYA8FQY(&5S=&EM871E
M9"P@=&AE(%5N:79E<G-I='D@9&ES8VQO<V5S('1H92!N871U<F4@;V8@=&AE
M#0H@("!S<&5C:69I8R!C;&%I;2!I9B!T:&4@;&EK96QI:&]O9"!O9B!A('!O
M=&5N=&EA;"!L;W-S(&ES(')E87-O;F%B;'D@<&]S<VEB;&4@86YD('1H92!A
M;6]U;G0@:6YV;VQV960-"B`@(&ES(&UA=&5R:6%L+B!7:71H(')E<W!E8W0@
M=&\@=&AE(&UA:F]R:71Y(&]F('!E;F1I;F<@;&ET:6=A=&EO;B!M871T97)S
M+"!T:&4@56YI=F5R<VET>28C.#(Q-SMS('5L=&EM871E#0H@("!L96=A;"!A
M;F0@9FEN86YC:6%L(')E<W!O;G-I8FEL:71Y+"!I9B!A;GDL(&-A;FYO="!B
M92!E<W1I;6%T960@=VET:"!C97)T86EN='D@86YD+"!I;B!M;W-T(&-A<V5S
M+`T*("`@86YY('!O=&5N=&EA;"!L;W-S97,@<F5L871E9"!T;R!T:&]S92!M
M871T97)S(&%R92!N;W0@8V]N<VED97)E9"!P<F]B86)L92X-"B`@(#PO9&EV
M/@T*("`@/&1I=B!A;&EG;CTS1&IU<W1I9GD@<W1Y;&4],T0G9F]N="US:7IE
M.B`Q,'!T.R!M87)G:6XM=&]P.B`Q,'!T.R!T97AT+6EN9&5N=#H@-"4G/DEN
M(&-O;FYE8W1I;VX@=VET:"!T:&4@/&D^<75I('1A;2`\+VD^;&%W<W5I="!T
M:&%T(&AA9"!B965N(&9I;&5D(&%G86EN<W0@=&AE(%5N:79E<G-I='D@:6X@
M075G=7-T#0H@("`R,#`W(&EN('1H92!5;FET960@4W1A=&5S($1I<W1R:6-T
M($-O=7)T(&9O<B!T:&4@1&ES=')I8W0@;V8@07)I>F]N82`H=&AE("8C.#(R
M,#M#;W5R="8C.#(R,3LI(&)Y(&$-"B`@('1H96XM8W5R<F5N="!E;7!L;WEE
M92!O;B!B96AA;&8@;V8@=&AE(&9E9&5R86P@9V]V97)N;65N="P@86YD(&EN
M(&-O;FYE8W1I;VX@=VET:"!T:&4@<F5L871E9`T*("`@<V5T=&QE;65N="!A
M9W)E96UE;G0@87!P<F]V960@8GD@=&AE($-O=7)T(&EN($%U9W5S="8C,38P
M.S(P,3`L('1H92!5;FEV97)S:71Y(&-O;G1I;G5E<R!T;R!M86EN=&%I;B!A
M#0H@("`F;F)S<#LD-2PR,#`@86-C<G5E9"!L:71I9V%T:6]N(&QO<W,@86YD
M(&$@8V]M;65N<W5R871E(&%M;W5N="!O9B!R97-T<FEC=&5D(&-A<V@@;V8@
M)FYB<W`[)#4L,C`P(&EN(&%N#0H@("!I;G1E<F5S="UB96%R:6YG('-E9W)E
M9V%T960@86-C;W5N="!C;VYT<F]L;&5D(&)Y('1H92!5;FEV97)S:71Y+"!F
M;W(@<&%Y;65N="!T;R!T:&4@56YI=&5D(%-T871E<PT*("`@86YD('1H92!R
M96QA=&]R(&EN(&%C8V]R9&%N8V4@=VET:"!T:&4@=&5R;7,@;V8@=&AE('-E
M='1L96UE;G0@86=R965M96YT(&]N('1H92!E87)L:65R(&]F#0H@("!397!T
M96UB97(F(S$V,#LQ+"`R,#$Q(&]R('1H92!I<W-U86YC92!B>2!T:&4@1&5P
M87)T;65N="!O9B!%9'5C871I;VX@=&\@=&AE(%5N:79E<G-I='D@;V8@82!F
M=6QL#0H@("!T:')E92UY96%R(%1I=&QE($E6('!R;V=R86T@<&%R=&EC:7!A
M=&EO;B!A9W)E96UE;G0N#0H@("`\+V1I=CX-"B`@(#PA+2T@1F]L:6\@+2T^
M#0H@("`\(2TM("]&;VQI;R`M+3X-"B`@(#PO9&EV/@T*("`@/"$M+2!004=%
M0E)%04L@+2T^#0H@("`\9&EV('-T>6QE/3-$)V9O;G0M9F%M:6QY.B`G5&EM
M97,@3F5W(%)O;6%N)RQ4:6UE<RQS97)I9CL@;6%R9VEN+6QE9G0Z(#!I;CL@
M)SX-"B`@(#QD:78@86QI9VX],T1C96YT97(@<W1Y;&4],T0G9F]N="US:7IE
M.B`Q,'!T.R!M87)G:6XM=&]P.B`P<'0G/@T*("`@/&(^#0H@("`\+V(^#0H@
M("`\+V1I=CX-"B`@(#QD:78@86QI9VX],T1J=7-T:69Y('-T>6QE/3-$)V9O
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M=',@;V8@;W!E<F%T:6]N<R!O<B!C87-H(&9L;W=S+@T*("`@/"]D:78^#0H@
M("`\9&EV(&%L:6=N/3-$:G5S=&EF>2!S='EL93TS1"=F;VYT+7-I>F4Z(#$P
M<'0[(&UA<F=I;BUT;W`Z(#$P<'0G/CQB/CQI/E1A>"!297-E<G9E<RP@3F]N
M+4EN8V]M92!487@@4F5L871E9#PO:3X\+V(^#0H@("`\+V1I=CX-"B`@(#QD
M:78@86QI9VX],T1J=7-T:69Y('-T>6QE/3-$)V9O;G0M<VEZ93H@,3!P=#L@
M;6%R9VEN+71O<#H@,3!P=#L@=&5X="UI;F1E;G0Z(#0E)SY&<F]M('1I;64@
M=&\@=&EM92!T:&4@56YI=F5R<VET>2!H87,@97AP;W-U<F4@=&\@=F%R:6]U
M<R!N;VXM:6YC;VUE('1A>"!R96QA=&5D(&UA='1E<G,@=&AA=`T*("`@87)I
M<V4@:6X@=&AE(&]R9&EN87)Y(&-O=7)S92!O9B!B=7-I;F5S<RX@070@36%R
M8V@F(S$V,#LS,2P@,C`Q,2!A;F0@1&5C96UB97(F(S$V,#LS,2P@,C`Q,"P@
M=&AE(%5N:79E<G-I='D-"B`@(&AA9"!R97-E<G9E9"!A<'!R;WAI;6%T96QY
M("9N8G-P.R0X,R!A;F0@)FYB<W`[)#DR+"!R97-P96-T:79E;'DL(&9O<B!T
M87@@;6%T=&5R<R!W:&5R92!I=',@=6QT:6UA=&4@97AP;W-U<F4-"B`@(&ES
M(&-O;G-I9&5R960@<')O8F%B;&4@86YD('1H92!P;W1E;G1I86P@;&]S<R!C
M86X@8F4@<F5A<V]N86)L>2!E<W1I;6%T960N#0H@("`\+V1I=CX-"B`@(#PO
M9&EV/@T*/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO
M=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R
M=%\U83,S.60R,E\V-65B7S0P,#9?.#@Y85\S93`W,65B8F1F9F4-"D-O;G1E
M;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO-6$S,SED,C)?-C5E8E\T,#`V7S@X
M.6%?,V4P-S%E8F)D9F9E+U=O<FMS:&5E=',O4VAE970Q-RYH=&UL#0I#;VYT
M96YT+51R86YS9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT
M96YT+51Y<&4Z('1E>'0O:'1M;#L@8VAA<G-E=#TB=7,M87-C:6DB#0H-"CQH
M=&UL/@T*("`\:&5A9#X-"B`@("`\345402!H='1P+65Q=6EV/3-$0V]N=&5N
M="U4>7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R<V5T/75T9BTX)SX\
M<V-R:7!T('1Y<&4],T1T97AT+VIA=F%S8W)I<'0@<W)C/3-$4VAO=RYJ<SXO
M*B!$;R!.;W0@4F5M;W9E(%1H:7,@0V]M;65N="`J+SPO<V-R:7!T/CPO:&5A
M9#X-"B`@/&)O9'D^#0H@("`@/'1A8FQE(&-L87-S/3-$<F5P;W)T(&ED/3-$
M240P13)(/@T*("`@("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T;"!C
M;VQS<&%N/3-$,2!R;W=S<&%N/3-$,CX\<W1R;VYG/DEN8V]M92!487AE<SQB
M<CX\+W-T<F]N9SX\+W1H/@T*("`@("`@("`\=&@@8VQA<W,],T1T:"!C;VQS
M<&%N/3-$,3XS($UO;G1H<R!%;F1E9#PO=&@^#0H@("`@("`\+W1R/@T*("`@
M("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T:#Y-87(N(#,Q+"`R,#$Q
M/&)R/CPO=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG
M/DEN8V]M92!487AE<R!;06)S=')A8W1=/"]S=')O;F<^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L
M87-S/3-$<&P@=F%L:6=N/3-$=&]P/DEN8V]M92!487AE<SPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'1E>'0^/"$M+41/0U194$4@:'1M;"!054),24,@
M(BTO+U<S0R\O1%1$(%A(5$U,(#$N,"!4<F%N<VET:6]N86PO+T5.(B`B:'1T
M<#HO+W=W=RYW,RYO<F<O5%(O>&AT;6PQ+T141"]X:'1M;#$M=')A;G-I=&EO
M;F%L+F1T9"(@+2T^#0H@("`\(2TM($)E9VEN($)L;V-K(%1A9V=E9"!.;W1E
M(#@@+2!U<RUG86%P.DEN8V]M951A>$1I<V-L;W-U<F5497AT0FQO8VLM+3X-
M"B`@(#QD:78@<W1Y;&4],T0G9F]N="UF86UI;'DZ("=4:6UE<R!.97<@4F]M
M86XG+%1I;65S+'-E<FEF.R!M87)G:6XM;&5F=#H@,&EN.R`G/@T*("`@/&1I
M=B!A;&EG;CTS1&IU<W1I9GD@<W1Y;&4],T0G9F]N="US:7IE.B`Q,'!T.R!M
M87)G:6XM=&]P.B`Q,'!T)SX\8CXX+B!);F-O;64@5&%X97,\+V(^#0H@("`\
M+V1I=CX-"B`@(#QD:78@86QI9VX],T1J=7-T:69Y('-T>6QE/3-$)V9O;G0M
M<VEZ93H@,3!P=#L@;6%R9VEN+71O<#H@,3!P=#L@=&5X="UI;F1E;G0Z(#0E
M)SY4:&4@56YI=F5R<VET>28C.#(Q-SMS('5N8V5R=&%I;B!T87@@<&]S:71I
M;VYS(&%R92!R96QA=&5D('1O('1A>"!Y96%R<R!T:&%T(')E;6%I;B!S=6)J
M96-T('1O#0H@("!E>&%M:6YA=&EO;B!B>2!T87@@875T:&]R:71I97,N($%S
M(&]F($UA<F-H)B,Q-C`[,S$L(#(P,3$L('1H92!E87)L:65S="!T87@@>65A
M<B!S=&EL;"!S=6)J96-T('1O#0H@("!E>&%M:6YA=&EO;B!F;W(@9F5D97)A
M;"!A;F0@<W1A=&4@<'5R<&]S97,@:7,@,C`P-R!A;F0@,C`P-2P@<F5S<&5C
M=&EV96QY+@T*("`@/"]D:78^#0H@("`\+V1I=CX-"CQS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@/"]T<CX-"B`@("`\+W1A8FQE/@T*("`\+V)O9'D^#0H\
M+VAT;6P^#0H-"BTM+2TM+3U?3F5X=%!A<G1?-6$S,SED,C)?-C5E8E\T,#`V
M7S@X.6%?,V4P-S%E8F)D9F9E#0I#;VYT96YT+4QO8V%T:6]N.B!F:6QE.B\O
M+T,Z+S5A,S,Y9#(R7S8U96)?-#`P-E\X.#EA7S-E,#<Q96)B9&9F92]7;W)K
M<VAE971S+U-H965T,3@N:'1M;`T*0V]N=&5N="U4<F%N<V9E<BU%;F-O9&EN
M9SH@<75O=&5D+7!R:6YT86)L90T*0V]N=&5N="U4>7!E.B!T97AT+VAT;6P[
M(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@
M/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E
M>'0O:'1M;#L@8VAA<G-E=#UU=&8M."<^/'-C<FEP="!T>7!E/3-$=&5X="]J
M879A<V-R:7!T('-R8STS1%-H;W<N:G,^+RH@1&\@3F]T(%)E;6]V92!4:&ES
M($-O;6UE;G0@*B\\+W-C<FEP=#X\+VAE860^#0H@(#QB;V1Y/@T*("`@(#QT
M86)L92!C;&%S<STS1')E<&]R="!I9#TS1$E$,$4R2#X-"B`@("`@(#QT<CX-
M"B`@("`@("`@/'1H(&-L87-S/3-$=&P@8V]L<W!A;CTS1#$@<F]W<W!A;CTS
M1#(^/'-T<F]N9SY3:&%R92U"87-E9"!#;VUP96YS871I;VX\8G(^/"]S=')O
M;F<^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$=&@@8V]L<W!A;CTS1#$^
M,R!-;VYT:',@16YD960\+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<CX-
M"B`@("`@("`@/'1H(&-L87-S/3-$=&@^36%R+B`S,2P@,C`Q,3QB<CX\+W1H
M/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@
M("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^/'-T<F]N9SY3:&%R92UB
M87-E9"!#;VUP96YS871I;VX@6T%B<W1R86-T73PO<W1R;VYG/CPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT
M9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y3:&%R92U"87-E9"!#;VUP96YS
M871I;VX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CPA+2U$3T-4
M65!%(&AT;6P@4%5"3$E#("(M+R]7,T,O+T141"!82%1-3"`Q+C`@5')A;G-I
M=&EO;F%L+R]%3B(@(FAT='`Z+R]W=W<N=S,N;W)G+U12+WAH=&UL,2]$5$0O
M>&AT;6PQ+71R86YS:71I;VYA;"YD=&0B("TM/@T*("`@/"$M+2!"96=I;B!"
M;&]C:R!486=G960@3F]T92`Y("T@=7,M9V%A<#I$:7-C;&]S=7)E3V9#;VUP
M96YS871I;VY296QA=&5D0V]S='-3:&%R94)A<V5D4&%Y;65N='-497AT0FQO
M8VLM+3X-"B`@(#QD:78@<W1Y;&4],T0G9F]N="UF86UI;'DZ("=4:6UE<R!.
M97<@4F]M86XG+%1I;65S+'-E<FEF.R!M87)G:6XM;&5F=#H@,&EN.R`G/@T*
M("`@/&1I=B!A;&EG;CTS1&IU<W1I9GD@<W1Y;&4],T0G9F]N="US:7IE.B`Q
M,'!T.R!M87)G:6XM=&]P.B`Q,'!T)SX\8CXY+B!3:&%R92U"87-E9"!#;VUP
M96YS871I;VX\+V(^#0H@("`\+V1I=CX-"B`@(#QD:78@86QI9VX],T1J=7-T
M:69Y('-T>6QE/3-$)V9O;G0M<VEZ93H@,3!P=#L@;6%R9VEN+71O<#H@,3!P
M=#L@=&5X="UI;F1E;G0Z(#0E)SY/;B!397!T96UB97(F(S$V,#LR-RP@,C`P
M."!T:&4@56YI=F5R<VET>28C.#(Q-SMS('-H87)E:&]L9&5R<R!A<'!R;W9E
M9"!T:&4@861O<'1I;VX@;V8@=&AE(#(P,#@@17%U:71Y#0H@("!);F-E;G1I
M=F4@4&QA;B`H)B,X,C(P.TEN8V5N=&EV92!0;&%N)B,X,C(Q.RD@86YD('1H
M92`R,#`X($5M<&QO>65E(%-T;V-K(%!U<F-H87-E("@F(S@R,C`[15-04"8C
M.#(R,3LI+B!!('1O=&%L(&]F#0H@("`T+#$Y.2PY,S<@<VAA<F5S(&]F('1H
M92!5;FEV97)S:71Y)B,X,C$W.W,@8V]M;6]N('-T;V-K('=E<F4@;W)I9VEN
M86QL>2!A=71H;W)I>F5D(&9O<B!I<W-U86YC92!U;F1E<B!T:&4-"B`@($EN
M8V5N=&EV92!0;&%N+B!/;B!*86YU87)Y)B,Q-C`[,2P@;V8@96%C:"!S=6)S
M97%U96YT('EE87(@:6X@86-C;W)D86YC92!W:71H('1H92!T97)M<R!O9B!T
M:&4-"B`@($EN8V5N=&EV92!0;&%N+"!T:&4@;G5M8F5R(&]F('-H87)E<R!A
M=71H;W)I>F5D(&9O<B!I<W-U86YC92!U;F1E<B!T:&4@26YC96YT:79E(%!L
M86X@875T;VUA=&EC86QL>0T*("`@:6YC<F5A<V5D(&)Y(#(N-24@;V8@=&AE
M(&YU;6)E<B!O9B!S:&%R97,@;V8@8V]M;6]N('-T;V-K(&ES<W5E9"!A;F0@
M;W5T<W1A;F1I;F<@;VX@=&AE('!R979I;W5S#0H@("!$96-E;6)E<B8C,38P
M.S,Q+"!R86ES:6YG('1H92!T;W1A;"!N=6UB97(@;V8@<VAA<F5S(&]F(&-O
M;6UO;B!S=&]C:R!A=71H;W)I>F5D(&9O<B!I<W-U86YC92!U;F1E<B!T:&4-
M"B`@($EN8V5N=&EV92!0;&%N('1O(#<L-C(R+#`S-"!S:&%R97,N($%L=&AO
M=6=H('1H92!%4U!0(&AA<R!N;W0@>65T(&)E96X@:6UP;&5M96YT960L(&$@
M=&]T86P@;V8-"B`@(#$L,#0Y+#DX-"!S:&%R97,@;V8@=&AE(%5N:79E<G-I
M='DF(S@R,3<[<R!C;VUM;VX@<W1O8VL@:&%V92!B965N(&%U=&AO<FEZ960@
M9F]R('-A;&4@=6YD97(@=&AE($534%`N#0H@("`\+V1I=CX-"B`@(#QD:78@
M86QI9VX],T1J=7-T:69Y('-T>6QE/3-$)V9O;G0M<VEZ93H@,3!P=#L@;6%R
M9VEN+71O<#H@,3!P=#L@=&5X="UI;F1E;G0Z(#0E)SY!('-U;6UA<GD@;V8@
M=&AE(&%C=&EV:71Y(')E;&%T960@=&\@<W1O8VL@;W!T:6]N<R!G<F%N=&5D
M('5N9&5R('1H92!5;FEV97)S:71Y)B,X,C$W.W,@26YC96YT:79E#0H@("!0
M;&%N('-I;F-E($1E8V5M8F5R)B,Q-C`[,S$L(#(P,3`@:7,@87,@9F]L;&]W
M<SH-"B`@(#PO9&EV/@T*("`@/&1I=B!A;&EG;CTS1&-E;G1E<CX-"B`@(#QT
M86)L92!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[('1E>'0M86QI9VXZ(&QE
M9G0G(&-E;&QS<&%C:6YG/3-$,"!B;W)D97(],T0P(&-E;&QP861D:6YG/3-$
M,"!W:61T:#TS1#$P,"4^#0H@("`\(2TM($)E9VEN(%1A8FQE($AE860@+2T^
M#0H@("`\='(@=F%L:6=N/3-$8F]T=&]M/@T*("`@("`@(#QT9"!W:61T:#TS
M1#0T)3XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!W:61T:#TS1#,E/B8C,38P
M.SPO=&0^#0H@("`@("`@/'1D('=I9'1H/3-$,24^)B,Q-C`[/"]T9#X-"B`@
M("`@("`\=&0@=VED=&@],T0Y)3XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!W
M:61T:#TS1#$E/B8C,38P.SPO=&0^#0H@("`@("`@/'1D('=I9'1H/3-$,R4^
M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@=VED=&@],T0Q)3XF(S$V,#L\+W1D
M/@T*("`@("`@(#QT9"!W:61T:#TS1#DE/B8C,38P.SPO=&0^#0H@("`@("`@
M/'1D('=I9'1H/3-$,24^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@=VED=&@]
M,T0S)3XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!W:61T:#TS1#$E/B8C,38P
M.SPO=&0^#0H@("`@("`@/'1D('=I9'1H/3-$.24^)B,Q-C`[/"]T9#X-"B`@
M("`@("`\=&0@=VED=&@],T0Q)3XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!W
M:61T:#TS1#,E/B8C,38P.SPO=&0^#0H@("`@("`@/'1D('=I9'1H/3-$,24^
M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@=VED=&@],T0Y)3XF(S$V,#L\+W1D
M/@T*("`@("`@(#QT9"!W:61T:#TS1#$E/B8C,38P.SPO=&0^#0H@("`\+W1R
M/@T*("`@/'1R('-T>6QE/3-$)V9O;G0M<VEZ93H@,3!P="<@=F%L:6=N/3-$
M8F]T=&]M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF
M(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@86QI9VX]
M,T1C96YT97(@8V]L<W!A;CTS1#$T('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ
M(#%P>"!S;VQI9"`C,#`P,#`P)SX\8CY3=6UM87)Y(&]F(%-T;V-K($]P=&EO
M;G,@3W5T<W1A;F1I;F<\+V(^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T
M9#X-"B`@(#PO='(^#0H@("`\='(@<W1Y;&4],T0G9F]N="US:7IE.B`Q,'!T
M)R!V86QI9VX],T1B;W1T;VT^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@
M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^
M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO
M=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A
M<#TS1&YO=W)A<"!A;&EG;CTS1&-E;G1E<B!C;VQS<&%N/3-$,CX\8CY796EG
M:'1E9#PO8CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@
M(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@
M86QI9VX],T1C96YT97(@8V]L<W!A;CTS1#(^/&(^5V5I9VAT960\+V(^/"]T
M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[
M/"]T9#X-"B`@("`@("`\=&0@;F]W<F%P/3-$;F]W<F%P(&%L:6=N/3-$8V5N
M=&5R(&-O;'-P86X],T0R/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P
M.SPO=&0^#0H@("`\+W1R/@T*("`@/'1R('-T>6QE/3-$)V9O;G0M<VEZ93H@
M,3!P="<@=F%L:6=N/3-$8F]T=&]M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D
M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\
M+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V
M,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N
M;W=R87`],T1N;W=R87`@86QI9VX],T1C96YT97(@8V]L<W!A;CTS1#(^/&(^
M079E<F%G93PO8CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@
M("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R
M87`@86QI9VX],T1C96YT97(@8V]L<W!A;CTS1#(^/&(^079E<F%G93PO8CX\
M+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V
M,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@86QI9VX],T1C
M96YT97(@8V]L<W!A;CTS1#(^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q
M-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\='(@<W1Y;&4],T0G9F]N="US:7IE
M.B`Q,'!T)R!V86QI9VX],T1B;W1T;VT^#0H@("`@("`@/'1D/B8C,38P.SPO
M=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P
M.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C
M,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D
M(&YO=W)A<#TS1&YO=W)A<"!A;&EG;CTS1&-E;G1E<B!C;VQS<&%N/3-$,CX\
M8CY%>&5R8VES93PO8CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*
M("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N
M;W=R87`@86QI9VX],T1C96YT97(@8V]L<W!A;CTS1#(^/&(^4F5M86EN:6YG
M/"]B/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D
M/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!A;&EG
M;CTS1&-E;G1E<B!C;VQS<&%N/3-$,CX\8CY!9V=R96=A=&4\+V(^/"]T9#X-
M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\='(@<W1Y
M;&4],T0G9F]N="US:7IE.B`Q,'!T)R!V86QI9VX],T1B;W1T;VT^#0H@("`@
M("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@
M("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!A;&EG;CTS1&-E;G1E<B!C;VQS
M<&%N/3-$,CX\8CY4;W1A;#PO8CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\
M+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R
M87`],T1N;W=R87`@86QI9VX],T1C96YT97(@8V]L<W!A;CTS1#(^/&(^4')I
M8V4@<&5R/"]B/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@
M("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A
M<"!A;&EG;CTS1&-E;G1E<B!C;VQS<&%N/3-$,CX\8CY#;VYT<F%C='5A;#PO
M8CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF
M(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@86QI9VX]
M,T1C96YT97(@8V]L<W!A;CTS1#(^/&(^26YT<FEN<VEC/"]B/CPO=&0^#0H@
M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*("`@/'1R('-T>6QE
M/3-$)V9O;G0M<VEZ93H@,3!P="<@=F%L:6=N/3-$8F]T=&]M/@T*("`@("`@
M(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@
M("`@(#QT9"!N;W=R87`],T1N;W=R87`@86QI9VX],T1C96YT97(@8V]L<W!A
M;CTS1#(@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@,7!X('-O;&ED(",P,#`P
M,#`G/CQB/E-H87)E<SPO8CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D
M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`]
M,T1N;W=R87`@86QI9VX],T1C96YT97(@8V]L<W!A;CTS1#(@<W1Y;&4],T0G
M8F]R9&5R+6)O='1O;3H@,7!X('-O;&ED(",P,#`P,#`G/CQB/E-H87)E/"]B
M/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C
M,38P.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!A;&EG;CTS
M1&-E;G1E<B!C;VQS<&%N/3-$,B!S='EL93TS1"=B;W)D97(M8F]T=&]M.B`Q
M<'@@<V]L:60@(S`P,#`P,"<^/&(^5&5R;2`H665A<G,I/"]B/CPO=&0^#0H@
M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^
M#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!A;&EG;CTS1&-E;G1E<B!C
M;VQS<&%N/3-$,B!S='EL93TS1"=B;W)D97(M8F]T=&]M.B`Q<'@@<V]L:60@
M(S`P,#`P,"<^/&(^5F%L=64@*"9N8G-P.R0I*#$I/"]B/CPO=&0^#0H@("`@
M("`@/'1D/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*("`@/"$M+2!%;F0@5&%B
M;&4@2&5A9"`M+3X-"B`@(#PA+2T@0F5G:6X@5&%B;&4@0F]D>2`M+3X-"B`@
M(#QT<B!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G8F%C:V=R;W5N9#H@(V-C
M965F9B<^#0H@("`@("`@/'1D/@T*("`@/&1I=B!S='EL93TS1"=M87)G:6XM
M;&5F=#HQ-7!X.R!T97AT+6EN9&5N=#HM,35P>"<^/&(^3W5T<W1A;F1I;F<@
M87,@;V8@1&5C96UB97(F(S$V,#LS,2P@,C`Q,#PO8CX-"B`@(#PO9&EV/CPO
M=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P
M.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG:'0^-"PP,C8L,3<R/"]T
M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[
M/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI
M9VX],T1R:6=H=#XQ-"XR-#PO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^
M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO
M=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P
M.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C
M,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D
M/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*("`@/'1R('-T>6QE/3-$)V9O;G0M
M<VEZ93H@,7!X)SX-"B`@("`@("`\=&0^#0H@("`\9&EV('-T>6QE/3-$)VUA
M<F=I;BUL969T.C$U<'@[('1E>'0M:6YD96YT.BTQ-7!X)SXF(S$V,#L-"B`@
M(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@
M/'1D(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A;&EG;CTS1')I9VAT
M('-T>6QE/3-$)V)O<F1E<BUT;W`Z(#-P>"!D;W5B;&4@(S`P,#`P,"<^)B,Q
M-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^
M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\
M=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@
M("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@
M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-
M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T
M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[
M/"]T9#X-"B`@(#PO='(^#0H@("`\='(@=F%L:6=N/3-$8F]T=&]M/@T*("`@
M("`@(#QT9#X-"B`@(#QD:78@<W1Y;&4],T0G;6%R9VEN+6QE9G0Z,35P>#L@
M=&5X="UI;F1E;G0Z+3$U<'@G/D=R86YT960-"B`@(#PO9&EV/CPO=&0^#0H@
M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^
M#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG:'0^,2PR,C8L,C4P/"]T9#X-"B`@
M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-
M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R
M:6=H=#XQ-2XS-#PO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@
M("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@
M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^
M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO
M=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P
M.SPO=&0^#0H@("`\+W1R/@T*("`@/'1R('9A;&EG;CTS1&)O='1O;2!S='EL
M93TS1"=B86-K9W)O=6YD.B`C8V-E969F)SX-"B`@("`@("`\=&0^#0H@("`\
M9&EV('-T>6QE/3-$)VUA<F=I;BUL969T.C$U<'@[('1E>'0M:6YD96YT.BTQ
M-7!X)SY%>&5R8VES960-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C
M,38P.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!A;&EG;CTS
M1&QE9G0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H=#XH
M,2PQ-30\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`^*3PO=&0^
M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO
M=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG:'0^,3(N,#`\+W1D/@T*("`@
M("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*
M("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D
M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\
M+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V
M,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T<CX-"B`@
M(#QT<B!V86QI9VX],T1B;W1T;VT^#0H@("`@("`@/'1D/@T*("`@/&1I=B!S
M='EL93TS1"=M87)G:6XM;&5F=#HQ-7!X.R!T97AT+6EN9&5N=#HM,35P>"<^
M1F]R9F5I=&5D+"!C86YC96QE9"!O<B!E>'!I<F5D#0H@("`\+V1I=CX\+W1D
M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`]
M,T1N;W=R87`@86QI9VX],T1L969T/B8C,38P.SPO=&0^#0H@("`@("`@/'1D
M(&%L:6=N/3-$<FEG:'0^*#(Y+#(P.#PO=&0^#0H@("`@("`@/'1D(&YO=W)A
M<#TS1&YO=W)A<#XI/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@
M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H
M=#XQ."XR,CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@
M/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@
M("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@
M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^
M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO
M=&0^#0H@("`\+W1R/@T*("`@/'1R('-T>6QE/3-$)V9O;G0M<VEZ93H@,7!X
M)SX-"B`@("`@("`\=&0^#0H@("`\9&EV('-T>6QE/3-$)VUA<F=I;BUL969T
M.C$U<'@[('1E>'0M:6YD96YT.BTQ-7!X)SXF(S$V,#L-"B`@(#PO9&EV/CPO
M=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A
M<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A;&EG;CTS1')I9VAT('-T>6QE/3-$
M)V)O<F1E<BUT;W`Z(#%P>"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W1D/@T*
M("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D
M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\
M+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V
M,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF
M(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT
M9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@
M(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@
M/"]T<CX-"B`@(#QT<B!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G8F%C:V=R
M;W5N9#H@(V-C965F9B<^#0H@("`@("`@/'1D/@T*("`@/&1I=B!S='EL93TS
M1"=M87)G:6XM;&5F=#HQ-7!X.R!T97AT+6EN9&5N=#HM,35P>"<^/&(^3W5T
M<W1A;F1I;F<@87,@;V8@36%R8V@F(S$V,#LS,2P@,C`Q,3PO8CX-"B`@(#PO
M9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D
M/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG:'0^-2PR,C(L
M,#8P/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^
M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1L969T/B9N8G-P.R0\
M+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C$T+C0W/"]T9#X-"B`@
M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-
M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R
M:6=H=#XX+C0R/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@
M("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1L969T/B9N
M8G-P.R0\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C$U-SPO=&0^
M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*("`@/'1R('-T
M>6QE/3-$)V9O;G0M<VEZ93H@,7!X)SX-"B`@("`@("`\=&0^#0H@("`\9&EV
M('-T>6QE/3-$)VUA<F=I;BUL969T.C$U<'@[('1E>'0M:6YD96YT.BTQ-7!X
M)SXF(S$V,#L-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO
M=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A
M;&EG;CTS1')I9VAT('-T>6QE/3-$)V)O<F1E<BUT;W`Z(#-P>"!D;W5B;&4@
M(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-
M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W<F%P/3-$
M;F]W<F%P(&-O;'-P86X],T0R(&%L:6=N/3-$<FEG:'0@<W1Y;&4],T0G8F]R
M9&5R+71O<#H@,W!X(&1O=6)L92`C,#`P,#`P)SXF(S$V,#L\+W1D/@T*("`@
M("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*
M("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@8V]L<W!A;CTS1#(@86QI9VX]
M,T1R:6=H="!S='EL93TS1"=B;W)D97(M=&]P.B`S<'@@9&]U8FQE(",P,#`P
M,#`G/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@
M("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A
M<"!C;VQS<&%N/3-$,B!A;&EG;CTS1')I9VAT('-T>6QE/3-$)V)O<F1E<BUT
M;W`Z(#-P>"!D;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\
M=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\='(@=F%L:6=N/3-$8F]T
M=&]M/@T*("`@("`@(#QT9#X-"B`@(#QD:78@<W1Y;&4],T0G;6%R9VEN+6QE
M9G0Z,35P>#L@=&5X="UI;F1E;G0Z+3$U<'@G/CQB/D5X97)C:7-A8FQE(&%S
M(&]F($UA<F-H)B,Q-C`[,S$L(#(P,3$\+V(^#0H@("`\+V1I=CX\+W1D/@T*
M("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D
M/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C$L-C<Q+#`S,CPO=&0^#0H@
M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^
M#0H@("`@("`@/'1D(&%L:6=N/3-$;&5F=#XF;F)S<#LD/"]T9#X-"B`@("`@
M("`\=&0@86QI9VX],T1R:6=H=#XQ,BXY-3PO=&0^#0H@("`@("`@/'1D/B8C
M,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D
M/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG:'0^-RXW-SPO
M=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P
M.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$;&5F=#XF;F)S<#LD/"]T9#X-
M"B`@("`@("`\=&0@86QI9VX],T1R:6=H=#XR+#4Y,#PO=&0^#0H@("`@("`@
M/'1D/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*("`@/'1R('-T>6QE/3-$)V9O
M;G0M<VEZ93H@,7!X)SX-"B`@("`@("`\=&0^#0H@("`\9&EV('-T>6QE/3-$
M)VUA<F=I;BUL969T.C$U<'@[('1E>'0M:6YD96YT.BTQ-7!X)SXF(S$V,#L-
M"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@
M("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A;&EG;CTS1')I
M9VAT('-T>6QE/3-$)V)O<F1E<BUT;W`Z(#-P>"!D;W5B;&4@(S`P,#`P,"<^
M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\
M=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W<F%P/3-$;F]W<F%P(&-O
M;'-P86X],T0R(&%L:6=N/3-$<FEG:'0@<W1Y;&4],T0G8F]R9&5R+71O<#H@
M,W!X(&1O=6)L92`C,#`P,#`P)SXF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF
M(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT
M9"!N;W=R87`],T1N;W=R87`@8V]L<W!A;CTS1#(@86QI9VX],T1R:6=H="!S
M='EL93TS1"=B;W)D97(M=&]P.B`S<'@@9&]U8FQE(",P,#`P,#`G/B8C,38P
M.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C
M,38P.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N
M/3-$,B!A;&EG;CTS1')I9VAT('-T>6QE/3-$)V)O<F1E<BUT;W`Z(#-P>"!D
M;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[
M/"]T9#X-"B`@(#PO='(^#0H@("`\='(@=F%L:6=N/3-$8F]T=&]M('-T>6QE
M/3-$)V)A8VMG<F]U;F0Z("-C8V5E9F8G/@T*("`@("`@(#QT9#X-"B`@(#QD
M:78@<W1Y;&4],T0G;6%R9VEN+6QE9G0Z,35P>#L@=&5X="UI;F1E;G0Z+3$U
M<'@G/CQB/D%V86EL86)L92!F;W(@:7-S=6%N8V4@87,@;V8@36%R8V@F(S$V
M,#LS,2P@,C`Q,3PO8CX-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C
M,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D
M(&%L:6=N/3-$<FEG:'0^,2PY-S@L-#4Y/"]T9#X-"B`@("`@("`\=&0^)B,Q
M-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^
M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\
M=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@
M("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@
M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-
M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T
M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\='(@
M<W1Y;&4],T0G9F]N="US:7IE.B`Q<'@G/@T*("`@("`@(#QT9#X-"B`@(#QD
M:78@<W1Y;&4],T0G;6%R9VEN+6QE9G0Z,35P>#L@=&5X="UI;F1E;G0Z+3$U
M<'@G/B8C,38P.PT*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[
M/"]T9#X-"B`@("`@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N
M/3-$,B!A;&EG;CTS1')I9VAT('-T>6QE/3-$)V)O<F1E<BUT;W`Z(#-P>"!D
M;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[
M/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q
M-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^
M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\
M=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@
M("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@
M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-
M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\(2TM($5N
M9"!486)L92!";V1Y("TM/@T*("`@/"]T86)L93X-"B`@(#PO9&EV/@T*("`@
M/&1I=B!A;&EG;CTS1&QE9G0^#0H@("`\9&EV('-T>6QE/3-$)V9O;G0M<VEZ
M93H@,W!T.R!M87)G:6XM=&]P.B`P<'0[('=I9'1H.B`Q."4[(&)O<F1E<BUT
M;W`Z(#!P>"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L-"B`@(#PO9&EV/@T*("`@
M/"]D:78^#0H@("`\=&%B;&4@=VED=&@],T0Q,#`E(&)O<F1E<CTS1#`@8V5L
M;'!A9&1I;F<],T0P(&-E;&QS<&%C:6YG/3-$,"!S='EL93TS1"=F;VYT+7-I
M>F4Z(#$P<'0[('1E>'0M86QI9VXZ(&QE9G0G/@T*("`@/'1R('-T>6QE/3-$
M)V9O;G0M<VEZ93H@-G!T)SX-"B`@("`@("`\=&0@=VED=&@],T0S)3XF(S$V
M,#L\+W1D/@T*("`@("`@(#QT9"!W:61T:#TS1#$E/B8C,38P.SPO=&0^#0H@
M("`@("`@/'1D('=I9'1H/3-$.38E/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*
M("`@/'1R('9A;&EG;CTS1'1O<#X-"B`@("`@("`\=&0@;F]W<F%P/3-$;F]W
M<F%P(&%L:6=N/3-$;&5F=#XH,2D\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\
M+W1D/@T*("`@("`@(#QT9#X-"B`@(#QD:78@<W1Y;&4],T0G=&5X="UA;&EG
M;CH@:G5S=&EF>2<^06=G<F5G871E(&EN=')I;G-I8R!V86QU92!R97!R97-E
M;G1S('1H92!V86QU92!O9B!T:&4@56YI=F5R<VET>28C.#(Q-SMS#0H@("!C
M;&]S:6YG('-T;V-K('!R:6-E(&]N($UA<F-H)B,Q-C`[,S$L(#(P,3$@*"9N
M8G-P.R0Q-"XU,"D@:6X@97AC97-S(&]F('1H90T*("`@97AE<F-I<V4@<')I
M8V4@;75L=&EP;&EE9"!B>2!T:&4@;G5M8F5R(&]F(&]P=&EO;G,@;W5T<W1A
M;F1I;F<@;W(-"B`@(&5X97)C:7-A8FQE+@T*("`@/"]D:78^/"]T9#X-"B`@
M(#PO='(^#0H@("`\+W1A8FQE/@T*("`@/&1I=B!A;&EG;CTS1&IU<W1I9GD@
M<W1Y;&4],T0G9F]N="US:7IE.B`Q,'!T.R!M87)G:6XM=&]P.B`Q,'!T)SX\
M8CX\:3Y3:&%R92UB87-E9"!#;VUP96YS871I;VX@17AP96YS93PO:3X\+V(^
M#0H@("`\+V1I=CX-"B`@(#QD:78@86QI9VX],T1J=7-T:69Y('-T>6QE/3-$
M)V9O;G0M<VEZ93H@,3!P=#L@;6%R9VEN+71O<#H@,3!P=#L@=&5X="UI;F1E
M;G0Z(#0E)SY4:&4@=&%B;&4@8F5L;W<@;W5T;&EN97,@<VAA<F4M8F%S960@
M8V]M<&5N<V%T:6]N(&5X<&5N<V4@9F]R('1H92!Q=6%R=&5R(&5N9&5D($UA
M<F-H)B,Q-C`[,S$L(#(P,3$-"B`@(&%N9"`R,#$P(')E;&%T960@=&\@<F5S
M=')I8W1E9"!S=&]C:R!A;F0@<W1O8VL@;W!T:6]N<R!G<F%N=&5D.@T*("`@
M/"]D:78^#0H@("`\9&EV(&%L:6=N/3-$8V5N=&5R/@T*("`@/'1A8FQE('-T
M>6QE/3-$)V9O;G0M<VEZ93H@,3!P=#L@=&5X="UA;&EG;CH@;&5F="<@8V5L
M;'-P86-I;F<],T0P(&)O<F1E<CTS1#`@8V5L;'!A9&1I;F<],T0P('=I9'1H
M/3-$,3`P)3X-"B`@(#PA+2T@0F5G:6X@5&%B;&4@2&5A9"`M+3X-"B`@(#QT
M<B!V86QI9VX],T1B;W1T;VT^#0H@("`@("`@/'1D('=I9'1H/3-$-S(E/B8C
M,38P.SPO=&0^#0H@("`@("`@/'1D('=I9'1H/3-$,R4^)B,Q-C`[/"]T9#X-
M"B`@("`@("`\=&0@=VED=&@],T0Q)3XF(S$V,#L\+W1D/@T*("`@("`@(#QT
M9"!W:61T:#TS1#DE/B8C,38P.SPO=&0^#0H@("`@("`@/'1D('=I9'1H/3-$
M,24^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@=VED=&@],T0S)3XF(S$V,#L\
M+W1D/@T*("`@("`@(#QT9"!W:61T:#TS1#$E/B8C,38P.SPO=&0^#0H@("`@
M("`@/'1D('=I9'1H/3-$.24^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@=VED
M=&@],T0Q)3XF(S$V,#L\+W1D/@T*("`@/"]T<CX-"B`@(#QT<B!S='EL93TS
M1"=F;VYT+7-I>F4Z(#$P<'0G('9A;&EG;CTS1&)O='1O;3X-"B`@("`@("`\
M=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@
M("`\=&0@;F]W<F%P/3-$;F]W<F%P(&%L:6=N/3-$8V5N=&5R(&-O;'-P86X]
M,T0R('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(#%P>"!S;VQI9"`C,#`P,#`P
M)SX\8CXR,#$Q/"]B/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@
M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO
M=W)A<"!A;&EG;CTS1&-E;G1E<B!C;VQS<&%N/3-$,B!S='EL93TS1"=B;W)D
M97(M8F]T=&]M.B`Q<'@@<V]L:60@(S`P,#`P,"<^/&(^,C`Q,#PO8CX\+W1D
M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T<CX-"B`@(#PA+2T@
M16YD(%1A8FQE($AE860@+2T^#0H@("`\(2TM($)E9VEN(%1A8FQE($)O9'D@
M+2T^#0H@("`\='(@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)V)A8VMG<F]U
M;F0Z("-C8V5E9F8G/@T*("`@("`@(#QT9#X-"B`@(#QD:78@<W1Y;&4],T0G
M;6%R9VEN+6QE9G0Z,35P>#L@=&5X="UI;F1E;G0Z+3$U<'@G/DEN<W1R=6-T
M:6]N86P@8V]S=',@86YD('-E<G9I8V5S#0H@("`\+V1I=CX\+W1D/@T*("`@
M("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1&QE9G0^
M)FYB<W`[)#PO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG:'0^-C(P/"]T
M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[
M/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1L969T/B9N8G-P.R0\+W1D/@T*
M("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C,W.3PO=&0^#0H@("`@("`@/'1D
M/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*("`@/'1R('9A;&EG;CTS1&)O='1O
M;3X-"B`@("`@("`\=&0^#0H@("`\9&EV('-T>6QE/3-$)VUA<F=I;BUL969T
M.C$U<'@[('1E>'0M:6YD96YT.BTQ-7!X)SY396QL:6YG(&%N9"!P<F]M;W1I
M;VYA;`T*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-
M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R
M:6=H=#XV-#PO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@
M/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@
M("`@/'1D(&%L:6=N/3-$<FEG:'0^,S<\+W1D/@T*("`@("`@(#QT9#XF(S$V
M,#L\+W1D/@T*("`@/"]T<CX-"B`@(#QT<B!V86QI9VX],T1B;W1T;VT@<W1Y
M;&4],T0G8F%C:V=R;W5N9#H@(V-C965F9B<^#0H@("`@("`@/'1D/@T*("`@
M/&1I=B!S='EL93TS1"=M87)G:6XM;&5F=#HQ-7!X.R!T97AT+6EN9&5N=#HM
M,35P>"<^1V5N97)A;"!A;F0@861M:6YI<W1R871I=F4-"B`@(#PO9&EV/CPO
M=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P
M.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG:'0^-S0V/"]T9#X-"B`@
M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-
M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R
M:6=H=#XV,C$\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T
M<CX-"B`@(#QT<B!S='EL93TS1"=F;VYT+7-I>F4Z(#%P>"<^#0H@("`@("`@
M/'1D/@T*("`@/&1I=B!S='EL93TS1"=M87)G:6XM;&5F=#HQ-7!X.R!T97AT
M+6EN9&5N=#HM,35P>"<^)B,Q-C`[#0H@("`\+V1I=CX\+W1D/@T*("`@("`@
M(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@
M8V]L<W!A;CTS1#(@86QI9VX],T1R:6=H="!S='EL93TS1"=B;W)D97(M=&]P
M.B`Q<'@@<V]L:60@(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^
M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\
M=&0@;F]W<F%P/3-$;F]W<F%P(&-O;'-P86X],T0R(&%L:6=N/3-$<FEG:'0@
M<W1Y;&4],T0G8F]R9&5R+71O<#H@,7!X('-O;&ED(",P,#`P,#`G/B8C,38P
M.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*("`@
M/'1R('9A;&EG;CTS1&)O='1O;3X-"B`@("`@("`\=&0^#0H@("`\9&EV('-T
M>6QE/3-$)VUA<F=I;BUL969T.C,P<'@[('1E>'0M:6YD96YT.BTQ-7!X)SX\
M8CY3:&%R92UB87-E9"!C;VUP96YS871I;VX@97AP96YS92!I;F-L=61E9"!I
M;B!O<&5R871I;F<@97AP96YS97,\+V(^#0H@("`\+V1I=CX\+W1D/@T*("`@
M("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*
M("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C$L-#,P/"]T9#X-"B`@("`@("`\
M=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@
M("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H=#XQ
M+#`S-SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*
M("`@/'1R('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=B86-K9W)O=6YD.B`C
M8V-E969F)SX-"B`@("`@("`\=&0^#0H@("`\9&EV('-T>6QE/3-$)VUA<F=I
M;BUL969T.C$U<'@[('1E>'0M:6YD96YT.BTQ-7!X)SY487@@969F96-T(&]F
M('-H87)E+6)A<V5D(&-O;7!E;G-A=&EO;@T*("`@/"]D:78^/"]T9#X-"B`@
M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W<F%P/3-$;F]W
M<F%P(&%L:6=N/3-$;&5F=#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG
M;CTS1')I9VAT/B@U-S(\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R
M87`^*3PO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D
M(&YO=W)A<#TS1&YO=W)A<"!A;&EG;CTS1&QE9G0^)B,Q-C`[/"]T9#X-"B`@
M("`@("`\=&0@86QI9VX],T1R:6=H=#XH-#$U/"]T9#X-"B`@("`@("`\=&0@
M;F]W<F%P/3-$;F]W<F%P/BD\+W1D/@T*("`@/"]T<CX-"B`@(#QT<B!S='EL
M93TS1"=F;VYT+7-I>F4Z(#%P>"<^#0H@("`@("`@/'1D/@T*("`@/&1I=B!S
M='EL93TS1"=M87)G:6XM;&5F=#HQ-7!X.R!T97AT+6EN9&5N=#HM,35P>"<^
M)B,Q-C`[#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D
M/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@8V]L<W!A;CTS1#(@86QI
M9VX],T1R:6=H="!S='EL93TS1"=B;W)D97(M=&]P.B`Q<'@@<V]L:60@(S`P
M,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@
M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W<F%P/3-$;F]W
M<F%P(&-O;'-P86X],T0R(&%L:6=N/3-$<FEG:'0@<W1Y;&4],T0G8F]R9&5R
M+71O<#H@,7!X('-O;&ED(",P,#`P,#`G/B8C,38P.SPO=&0^#0H@("`@("`@
M/'1D/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*("`@/'1R('9A;&EG;CTS1&)O
M='1O;3X-"B`@("`@("`\=&0^#0H@("`\9&EV('-T>6QE/3-$)VUA<F=I;BUL
M969T.C,P<'@[('1E>'0M:6YD96YT.BTQ-7!X)SX\8CY3:&%R92UB87-E9"!C
M;VUP96YS871I;VX@97AP96YS92P@;F5T(&]F('1A>#PO8CX-"B`@(#PO9&EV
M/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L
M:6=N/3-$;&5F=#XF;F)S<#LD/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R
M:6=H=#XX-3@\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@
M(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1&QE9G0^)FYB
M<W`[)#PO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$<FEG:'0^-C(R/"]T9#X-
M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\='(@<W1Y
M;&4],T0G9F]N="US:7IE.B`Q<'@G/@T*("`@("`@(#QT9#X-"B`@(#QD:78@
M<W1Y;&4],T0G;6%R9VEN+6QE9G0Z,35P>#L@=&5X="UI;F1E;G0Z+3$U<'@G
M/B8C,38P.PT*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T
M9#X-"B`@("`@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$
M,B!A;&EG;CTS1')I9VAT('-T>6QE/3-$)V)O<F1E<BUT;W`Z(#-P>"!D;W5B
M;&4@(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T
M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`@("`@/'1D(&YO
M=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A;&EG;CTS1')I9VAT('-T>6QE
M/3-$)V)O<F1E<BUT;W`Z(#-P>"!D;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]T
M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\(2TM
M($5N9"!486)L92!";V1Y("TM/@T*("`@/"]T86)L93X-"B`@(#PO9&EV/@T*
M("`@/"]D:78^#0H\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@
M("`@/"]T86)L93X-"B`@/"]B;V1Y/@T*/"]H=&UL/@T*#0HM+2TM+2T]7TYE
M>'1087)T7S5A,S,Y9#(R7S8U96)?-#`P-E\X.#EA7S-E,#<Q96)B9&9F90T*
M0V]N=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B\U83,S.60R,E\V-65B7S0P
M,#9?.#@Y85\S93`W,65B8F1F9F4O5V]R:W-H965T<R]3:&5E=#$Y+FAT;6P-
M"D-O;G1E;G0M5')A;G-F97(M16YC;V1I;F<Z('%U;W1E9"UP<FEN=&%B;&4-
M"D-O;G1E;G0M5'EP93H@=&5X="]H=&UL.R!C:&%R<V5T/2)U<RUA<V-I:2(-
M"@T*/&AT;6P^#0H@(#QH96%D/@T*("`@(#Q-151!(&AT='`M97%U:78],T1#
M;VYT96YT+51Y<&4@8V]N=&5N=#TS1"=T97AT+VAT;6P[(&-H87)S970]=71F
M+3@G/CQS8W)I<'0@='EP93TS1'1E>'0O:F%V87-C<FEP="!S<F,],T13:&]W
M+FIS/B\J($1O($YO="!296UO=F4@5&AI<R!#;VUM96YT("HO/"]S8W)I<'0^
M/"]H96%D/@T*("`\8F]D>3X-"B`@("`\=&%B;&4@8VQA<W,],T1R97!O<G0@
M:60],T1)1#!%,D@^#0H@("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS
M1'1L(&-O;'-P86X],T0Q(')O=W-P86X],T0R/CQS=')O;F<^4F5G=6QA=&]R
M>3QB<CX\+W-T<F]N9SX\+W1H/@T*("`@("`@("`\=&@@8VQA<W,],T1T:"!C
M;VQS<&%N/3-$,3XS($UO;G1H<R!%;F1E9#PO=&@^#0H@("`@("`\+W1R/@T*
M("`@("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T:#Y-87(N(#,Q+"`R
M,#$Q/&)R/CPO=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$
M<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R
M;VYG/E)E9W5L871O<GD@6T%B<W1R86-T73PO<W1R;VYG/CPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C
M;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y296=U;&%T;W)Y/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$=&5X=#X\(2TM1$]#5%E012!H=&UL(%!50DQ)0R`B
M+2\O5S-#+R]$5$0@6$A434P@,2XP(%1R86YS:71I;VYA;"\O14XB(")H='1P
M.B\O=W=W+G<S+F]R9R]44B]X:'1M;#$O1%1$+WAH=&UL,2UT<F%N<VET:6]N
M86PN9'1D(B`M+3X-"B`@(#PA+2T@0F5G:6X@0FQO8VL@5&%G9V5D($YO=&4@
M,3`@+2!L;W!E.E)E9W5L871O<GE497AT0FQO8VLM+3X-"B`@(#QD:78@<W1Y
M;&4],T0G9F]N="UF86UI;'DZ("=4:6UE<R!.97<@4F]M86XG+%1I;65S+'-E
M<FEF.R!M87)G:6XM;&5F=#H@,&EN.R`G/@T*("`@/&1I=B!A;&EG;CTS1&IU
M<W1I9GD@<W1Y;&4],T0G9F]N="US:7IE.B`Q,'!T.R!M87)G:6XM=&]P.B`Q
M,'!T)SX\8CXQ,"X@4F5G=6QA=&]R>3PO8CX-"B`@(#PO9&EV/@T*("`@/&1I
M=B!A;&EG;CTS1&IU<W1I9GD@<W1Y;&4],T0G9F]N="US:7IE.B`Q,'!T.R!M
M87)G:6XM=&]P.B`Q,'!T.R!T97AT+6EN9&5N=#H@-"4G/E1H92!5;FEV97)S
M:71Y(&ES('-U8FIE8W0@=&\@97AT96YS:79E(')E9W5L871I;VX@8GD@9F5D
M97)A;"!A;F0@<W1A=&4@9V]V97)N;65N=&%L(&%G96YC:65S#0H@("!A;F0@
M86-C<F5D:71I;F<@8F]D:65S+B!);B!P87)T:6-U;&%R+"!T:&4@2&EG:&5R
M($5D=6-A=&EO;B!!8W0@;V8@,3DV-2P@87,@86UE;F1E9"`H=&AE("8C.#(R
M,#M(:6=H97(-"B`@($5D=6-A=&EO;B!!8W0F(S@R,C$[*2P@86YD('1H92!R
M96=U;&%T:6]N<R!P<F]M=6QG871E9"!T:&5R975N9&5R(&)Y('1H92!$97!A
M<G1M96YT(&]F($5D=6-A=&EO;BP@<W5B:F5C=`T*("`@=&AE(%5N:79E<G-I
M='D@=&\@<VEG;FEF:6-A;G0@<F5G=6QA=&]R>2!S8W)U=&EN>2!O;B!T:&4@
M8F%S:7,@;V8@;G5M97)O=7,@<W1A;F1A<F1S('1H870@<V-H;V]L<PT*("`@
M;75S="!S871I<V9Y(&EN(&]R9&5R('1O('!A<G1I8VEP871E(&EN('1H92!V
M87)I;W5S(&9E9&5R86P@<W1U9&5N="!F:6YA;F-I86P@87-S:7-T86YC92!P
M<F]G<F%M<PT*("`@=6YD97(@5&ET;&4@258@;V8@=&AE($AI9VAE<B!%9'5C
M871I;VX@06-T+@T*("`@/"]D:78^#0H@("`\(2TM($9O;&EO("TM/@T*("`@
M/"$M+2`O1F]L:6\@+2T^#0H@("`\+V1I=CX-"B`@(#PA+2T@4$%'14)214%+
M("TM/@T*("`@/&1I=B!S='EL93TS1"=F;VYT+69A;6EL>3H@)U1I;65S($YE
M=R!2;VUA;B<L5&EM97,L<V5R:68[(&UA<F=I;BUL969T.B`P:6X[("<^#0H@
M("`\9&EV(&%L:6=N/3-$8V5N=&5R('-T>6QE/3-$)V9O;G0M<VEZ93H@,3!P
M=#L@;6%R9VEN+71O<#H@,'!T)SX-"B`@(#QB/@T*("`@/"]B/@T*("`@/"]D
M:78^#0H@("`\9&EV(&%L:6=N/3-$:G5S=&EF>2!S='EL93TS1"=F;VYT+7-I
M>F4Z(#$P<'0[(&UA<F=I;BUT;W`Z(#$P<'0[('1E>'0M:6YD96YT.B`T)2<^
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M9"!A<R!E;&EG:6)L92!B>2!T:&4-"B`@($1E<&%R=&UE;G0@;V8@161U8V%T
M:6]N+B!4:&4@1&5P87)T;65N="!O9B!%9'5C871I;VX@=VEL;"!C97)T:69Y
M(&%N(&EN<W1I='5T:6]N('1O('!A<G1I8VEP871E(&EN#0H@("!T:&4@5&ET
M;&4@258@<')O9W)A;7,@;VYL>2!A9G1E<B!T:&4@:6YS=&ET=71I;VX@:&%S
M(&1E;6]N<W1R871E9"!C;VUP;&EA;F-E('=I=&@@=&AE($AI9VAE<@T*("`@
M161U8V%T:6]N($%C="!A;F0@=&AE($1E<&%R=&UE;G0@;V8@161U8V%T:6]N
M)B,X,C$W.W,@97AT96YS:79E(')E9W5L871I;VYS(')E9V%R9&EN9R!I;G-T
M:71U=&EO;F%L#0H@("!E;&EG:6)I;&ET>2X@06X@:6YS=&ET=71I;VX@;75S
M="!A;'-O(&1E;6]N<W1R871E(&ET<R!C;VUP;&EA;F-E('1O('1H92!$97!A
M<G1M96YT(&]F($5D=6-A=&EO;B!O;@T*("`@86X@;VYG;VEN9R!B87-I<RX@
M5&AE(%5N:79E<G-I='D@<W5B;6ET=&5D(&ET<R!A<'!L:6-A=&EO;B!F;W(@
M<F5C97)T:69I8V%T:6]N(&EN($UA<F-H)B,Q-C`[,C`P."!I;@T*("`@86YT
M:6-I<&%T:6]N(&]F('1H92!E>'!I<F%T:6]N(&]F(&ET<R!P<F]V:7-I;VYA
M;"!C97)T:69I8V%T:6]N(&]N($IU;F4F(S$V,#LS,"P@,C`P."X@5&AE($1E
M<&%R=&UE;G0@;V8-"B`@($5D=6-A=&EO;B!D:60@;F]T(&UA:V4@82!D96-I
M<VEO;B!O;B!T:&4@56YI=F5R<VET>28C.#(Q-SMS(')E8V5R=&EF:6-A=&EO
M;B!A<'!L:6-A=&EO;B!B>2!*=6YE)B,Q-C`[,S`L(#(P,#@L#0H@("!A;F0@
M=&AE<F5F;W)E('1H92!5;FEV97)S:71Y)B,X,C$W.W,@<&%R=&EC:7!A=&EO
M;B!I;B!T:&4@5&ET;&4@258@<')O9W)A;7,@:&%D(&)E96X@875T;VUA=&EC
M86QL>0T*("`@97AT96YD960@=&AE<F5A9G1E<B!O;B!A(&UO;G1H+71O+6UO
M;G1H(&)A<VES('!E;F1I;F<@=&AE($1E<&%R=&UE;G0@;V8@161U8V%T:6]N
M)B,X,C$W.W,@9&5C:7-I;VXN#0H@("!7:&EL92!T:&ES(&1E8VES:6]N(')E
M;6%I;F5D('!E;F1I;F<L(&]N($IA;G5A<GDF(S$V,#LQ,BP@,C`Q,2P@=&AE
M(%5N:79E<G-I='D@9&ES8VQO<V5D('1H92!T97)M:6YA=&EO;@T*("`@;V8@
M8V5R=&%I;B!V;W1I;F<@86=R965M96YT<R!T:&%T(&AA9"!T:&4@969F96-T
M(&]F('1R:6=G97)I;F<@82!C:&%N9V4@:6X@8V]N=')O;"!U;F1E<B!$97!A
M<G1M96YT(&]F($5D=6-A=&EO;B!R96=U;&%T:6]N<R!B96-A=7-E(&ET(&-A
M=7-E9"!T:&4@56YI=F5R<VET>28C.#(Q-SMS(&QA<F=E<W0-"B`@('-T;V-K
M:&]L9&5R(&=R;W5P('1O(&]W;B!A;F0@8V]N=')O;"!L97-S('1H86X@,C4E
M(&]F('1H92!O=71S=&%N9&EN9R!V;W1I;F<@<W1O8VLN($]N($%P<FEL)B,Q
M-C`[."P-"B`@(#(P,3$L(&9O;&QO=VEN9R!T:&4@8V]M<&QE=&EO;B!O9B!T
M:&4@1&5P87)T;65N="!O9B!%9'5C871I;VXF(S@R,3<[<R!R979I97<@;V8@
M=&AE(&EN9F]R;6%T:6]N('1H870@=&AE#0H@("!5;FEV97)S:71Y('!R;W9I
M9&5D(&EN(&-O;FYE8W1I;VX@=VET:"!T:&4@=&5R;6EN871I;VX@;V8@=&AE
M('9O=&EN9R!A9W)E96UE;G1S+"!T:&4@1&5P87)T;65N="!O9@T*("`@161U
M8V%T:6]N(&YO=&EF:65D('1H92!5;FEV97)S:71Y('1H870@:70@87!P<F]V
M960@:71S(&%P<&QI8V%T:6]N(&9O<B!A(&-H86YG92!O9B!O=VYE<G-H:7`@
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M("!T:')O=6=H($1E8V5M8F5R)B,Q-C`[,S$L(#(P,3,L(&%N9"!D;V5S(&YO
M="!I;7!O<V4@86YY(&-O;F1I=&EO;G,@*'-U8V@@87,@86YY(&QE='1E<B!O
M9B!C<F5D:70@<F5Q=6ER96UE;G0I(&]R(&]T:&5R(')E<W1R:6-T:6]N<R!O
M;B!T:&4@56YI=F5R<VET>0T*("`@9'5R:6YG('1H92!P<F]V:7-I;VYA;"!P
M97)I;V0@;W1H97(@=&AA;B!T:&4@<W1A;F1A<F0@<F5S=')I8W1I;VYS(&%P
M<&QI8V%B;&4@=&\@82!P<F]V:7-I;VYA;`T*("`@8V5R=&EF:6-A=&EO;BX@
M26X@86-C;W)D86YC92!W:71H('1H92!T97)M<R!O9B!T:&4@<')O=FES:6]N
M86P@8V5R=&EF:6-A=&EO;BP@=&AE(%5N:79E<G-I='D@;6%Y#0H@("!A<'!L
M>2!F;W(@<F5C97)T:69I8V%T:6]N(&]N(&$@9G5L;"!B87-I<R!B>2!S=6)M
M:71T:6YG(&$@8V]M<&QE=&4@87!P;&EC871I;VX@8GD@;F\@;&%T97(@=&AA
M;@T*("`@4V5P=&5M8F5R)B,Q-C`[,S`L(#(P,3,N#0H@("`\+V1I=CX-"B`@
M(#QD:78@86QI9VX],T1J=7-T:69Y('-T>6QE/3-$)V9O;G0M<VEZ93H@,3!P
M=#L@;6%R9VEN+71O<#H@,3!P=#L@=&5X="UI;F1E;G0Z(#0E)SY"96-A=7-E
M('1H92!5;FEV97)S:71Y(&]P97)A=&5S(&EN(&$@:&EG:&QY(')E9W5L871E
M9"!I;F1U<W1R>2P@:70L(&QI:V4@;W1H97(@:6YD=7-T<GD-"B`@('!A<G1I
M8VEP86YT<RP@;6%Y(&)E('-U8FIE8W0@9G)O;2!T:6UE('1O('1I;64@=&\@
M:6YV97-T:6=A=&EO;G,L(&-L86EM<R!O9B!N;VXM8V]M<&QI86YC92P@;W(-
M"B`@(&QA=W-U:71S(&)Y(&=O=F5R;FUE;G1A;"!A9V5N8VEE<R!O<B!T:&ER
M9"!P87)T:65S+"!W:&EC:"!A;&QE9V4@<W1A='5T;W)Y('9I;VQA=&EO;G,L
M(')E9W5L871O<GD-"B`@(&EN9G)A8W1I;VYS+"!O<B!C;VUM;VX@;&%W(&-A
M=7-E<R!O9B!A8W1I;VXN(%=H:6QE('1H97)E(&-A;B!B92!N;R!A<W-U<F%N
M8V4@=&AA="!R96=U;&%T;W)Y#0H@("!A9V5N8VEE<R!O<B!T:&ER9"!P87)T
M:65S('=I;&P@;F]T('5N9&5R=&%K92!I;G9E<W1I9V%T:6]N<R!O<B!M86ME
M(&-L86EM<R!A9V%I;G-T('1H92!5;FEV97)S:71Y+`T*("`@;W(@=&AA="!S
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M=&EO;G,@:6X@86QL(&UA=&5R:6%L(')E<W!E8W1S+@T*("`@/"]D:78^#0H@
M("`\9&EV(&%L:6=N/3-$:G5S=&EF>2!S='EL93TS1"=F;VYT+7-I>F4Z(#$P
M<'0[(&UA<F=I;BUT;W`Z(#$P<'0[('1E>'0M:6YD96YT.B`T)2<^26X@8V]N
M;F5C=&EO;B!W:71H(&ET<R!A9&UI;FES=')A=&EO;B!O9B!T:&4@5&ET;&4@
M258@9F5D97)A;"!S='5D96YT(&9I;F%N8VEA;"!A:60@<')O9W)A;7,L#0H@
M("!T:&4@1&5P87)T;65N="!O9B!%9'5C871I;VX@<&5R:6]D:6-A;&QY(&-O
M;F1U8W1S('!R;V=R86T@<F5V:65W<R!A="!S96QE8W1E9"!S8VAO;VQS('1H
M870@<F5C96EV90T*("`@5&ET;&4@258@9G5N9',N($EN($IU;'DF(S$V,#LR
M,#$P+"!T:&4@1&5P87)T;65N="!O9B!%9'5C871I;VX@:6YI=&EA=&5D(&$@
M<')O9W)A;2!R979I97<@;V8@1W)A;F0-"B`@($-A;GEO;B!5;FEV97)S:71Y
M(&-O=F5R:6YG('1H92`R,#`X+3(P,#D@86YD(#(P,#DM,C`Q,"!A=V%R9"!Y
M96%R<RX@07,@<&%R="!O9B!T:&ES('!R;V=R86T-"B`@(')E=FEE=RP@82!$
M97!A<G1M96YT(&]F($5D=6-A=&EO;B!P<F]G<F%M(')E=FEE=R!T96%M(&-O
M;F1U8W1E9"!A('-I=&4@=FES:70@;VX@=&AE(%5N:79E<G-I='DF(S@R,3<[
M<PT*("`@8V%M<'5S(&%N9"!R979I97=E9"P@86YD(&EN('-O;64@8V%S97,@
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M:&5R(%1I=&QE($E6(&-O;7!L:6%N8V4@;6%T=&5R<RX@57!O;@T*("`@=&AE
M(&-O;F-L=7-I;VX@;V8@=&AE('-I=&4@=FES:70L('1H92!5;FEV97)S:71Y
M('=A<R!I;F9O<FUE9"!B>2!T:&4@<')O9W)A;2!R979I97<@=&5A;2!T:&%T
M(&ET#0H@("!W;W5L9"`H:2DF(S$V,#MC;VYD=6-T(&9U<G1H97(@<F5V:65W
M(&]F('1H92!5;FEV97)S:71Y)B,X,C$W.W,@9&]C=6UE;G1S(&%N9"!R96-O
M<F1S(&]F9G-I=&4L("AI:2DF(S$V,#MU<&]N#0H@("!C;VUP;&5T:6]N(&]F
M('-U8V@@<F5V:65W+"!S8VAE9'5L92!A(&9O<FUA;"!E>&ET(&EN=&5R=FEE
M=R!T;R!B92!F;VQL;W=E9"!B>2!A('!R96QI;6EN87)Y('!R;V=R86T-"B`@
M(')E=FEE=R!R97!O<G0@:6X@=VAI8V@@86YY('!R96QI;6EN87)Y(&9I;F1I
M;F=S(&]F(&YO;BUC;VUP;&EA;F-E('=O=6QD(&)E('!R97-E;G1E9"P@86YD
M("AI:6DI#0H@("!C;VYC;'5D92!T:&4@<F5V:65W(&)Y(&ES<W5A;F-E(&]F
M(&$@9FEN86P@9&5T97)M:6YA=&EO;B!L971T97(N(%1H92!P<F]G<F%M(')E
M=FEE=R!T96%M(&AA<R!N;W0-"B`@('EE="!S8VAE9'5L960@82!F;W)M86P@
M97AI="!I;G1E<G9I97<@=VET:"!T:&4@56YI=F5R<VET>2X@06-C;W)D:6YG
M;'DL(&%T('1H:7,@<&]I;G0L('1H92!P<F]G<F%M#0H@("!R979I97<@<F5M
M86EN<R!O<&5N(&%N9"!T:&4@56YI=F5R<VET>2!I;G1E;F1S('1O(&-O;G1I
M;G5E('1O(&-O;W!E<F%T92!W:71H('1H92!R979I97<@=&5A;2!U;G1I;`T*
M("`@=&AE('!R;V=R86T@<F5V:65W(&ES(&-O;7!L971E9"X-"B`@(#PO9&EV
M/@T*("`@/&1I=B!A;&EG;CTS1&IU<W1I9GD@<W1Y;&4],T0G9F]N="US:7IE
M.B`Q,'!T.R!M87)G:6XM=&]P.B`Q,'!T.R!T97AT+6EN9&5N=#H@-"4G/E=H
M:6QE('1H92!5;FEV97)S:71Y(&AA<R!N;W0@>65T(')E8V5I=F5D(&YO=&EF
M:6-A=&EO;B!O9B!T:&4@=&EM:6YG(&]F(&ET<R!E>&ET(&EN=&5R=FEE=R!O
M<@T*("`@=&AE($1E<&%R=&UE;G0@;V8@161U8V%T:6]N)B,X,C$W.W,@<')E
M;&EM:6YA<GD@<')O9W)A;2!R979I97<@<F5P;W)T(&]R(&9I;F%L(&1E=&5R
M;6EN871I;VX@;&5T=&5R+`T*("`@9F]L;&]W:6YG('1H92!C;VYC;'5S:6]N
M(&]F('1H92!S:71E('9I<VET('1H92!5;FEV97)S:71Y(&)E8V%M92!A=V%R
M92!T:&%T('1H92!P<F]G<F%M(')E=FEE=R!T96%M#0H@("!H860@='=O('!R
M96QI;6EN87)Y(&9I;F1I;F=S(&]F(&-O;F-E<FXN(%1H92!F:7)S="!I<W-U
M92!I<R!W:&5T:&5R(&$@8V]M<&5N<V%T:6]N('!O;&EC>2!I;B!U<V4-"B`@
M(&1U<FEN9R!P87)T(&]F('1H92!P97)I;V0@=6YD97(@<F5V:65W(&EM<')O
M<&5R;'D@<F5W87)D960@<V]M92!E;G)O;&QM96YT(&-O=6YS96QO<G,@8F%S
M960@;VX-"B`@('-U8V-E<W,@:6X@96YR;VQL:6YG('-T=61E;G1S(&EN('9I
M;VQA=&EO;B!O9B!A<'!L:6-A8FQE(&QA=RX@07,@=&AE(%5N:79E<G-I='D@
M:&%S('!R979I;W5S;'D-"B`@(&1I<V-L;W-E9"P@=VAI;&4@:70@8F5L:65V
M97,@=&AA="!T:&4@56YI=F5R<VET>28C.#(Q-SMS(&-O;7!E;G-A=&EO;B!P
M;VQI8VEE<R!A;F0@<')A8W1I8V5S(&%T(&ES<W5E(&EN#0H@("!T:&4@<')O
M9W)A;2!R979I97<@=V5R92!N;W0@8F%S960@;VX@<W5C8V5S<R!I;B!E;G)O
M;&QI;F<@<W1U9&5N=',@:6X@=FEO;&%T:6]N(&]F(&%P<&QI8V%B;&4@;&%W
M+`T*("`@=&AE($1E<&%R=&UE;G0@;V8@161U8V%T:6]N)B,X,C$W.W,@<F5G
M=6QA=&EO;G,@86YD(&EN=&5R<')E=&%T:6]N<R!O9B!T:&4@:6YC96YT:79E
M(&-O;7!E;G-A=&EO;B!L87<@9&\-"B`@(&YO="!E<W1A8FQI<V@@8VQE87(@
M8W)I=&5R:6$@9F]R(&-O;7!L:6%N8V4@:6X@86QL(&-I<F-U;7-T86YC97,@
M86YD('-O;64@;V8@=&AE(%5N:79E<G-I='DF(S@R,3<[<PT*("`@<')A8W1I
M8V5S(&EN('!R:6]R('EE87)S('=E<F4@;F]T('=I=&AI;B!T:&4@<V-O<&4@
M;V8@86YY(&]F('1H92!S<&5C:69I8R`F(S@R,C`[<V%F92!H87)B;W)S)B,X
M,C(Q.R!P<F]V:61E9`T*("`@:6X@=&AE(&-O;7!E;G-A=&EO;B!R96=U;&%T
M:6]N<R!A;F0@87!P;&EC86)L92!D=7)I;F<@=&AA="!P97)I;V0N#0H@("`\
M+V1I=CX-"B`@(#QD:78@86QI9VX],T1J=7-T:69Y('-T>6QE/3-$)V9O;G0M
M<VEZ93H@,3!P=#L@;6%R9VEN+71O<#H@,3!P=#L@=&5X="UI;F1E;G0Z(#0E
M)SY4:&4@<V5C;VYD(&ES<W5E(&ES('=H971H97(L(&1U<FEN9R!T:&4@87=A
M<F0@>65A<G,@=6YD97(@<F5V:65W+"!C97)T86EN('!R;V=R86US(&]F9F5R
M960-"B`@('=I=&AI;B!T:&4@56YI=F5R<VET>28C.#(Q-SMS($-O;&QE9V4@
M;V8@3&EB97)A;"!!<G1S('!R;W9I9&5D('-T=61E;G1S('=I=&@@=')A:6YI
M;F<@=&\@<')E<&%R92!T:&5M(&9O<@T*("`@9V%I;F9U;"!E;7!L;WEM96YT
M(&EN(&$@<F5C;V=N:7IE9"!O8V-U<&%T:6]N+B!4:&ES("8C.#(R,#MG86EN
M9G5L(&5M<&QO>6UE;G0F(S@R,C$[('-T86YD87)D(&AA<R!B965N(&$-"B`@
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M.S$L(#(P,3`L('1H:7,@<F5Q=6ER96UE;G0@;F\@;&]N9V5R(&%P<&QI97,@
M=&\@9&5S:6=N871E9"!L:6)E<F%L(&%R=',-"B`@('!R;V=R86US(&]F9F5R
M960@8GD@=&AE(%5N:79E<G-I='D@86YD(&-E<G1A:6X@;W1H97(@:6YS=&ET
M=71I;VYS('1H870@:&%V92!H96QD(&%C8W)E9&ET871I;VX@8GD@80T*("`@
M<F5G:6]N86P@86-C<F5D:71I;F<@86=E;F-Y('-I;F-E(&$@9&%T92!O;B!O
M<B!B969O<F4@3V-T;V)E<B8C,38P.S$L(#(P,#<@*'1H92!5;FEV97)S:71Y
M(&AA<R!H96QD(&$-"B`@(')E9VEO;F%L(&%C8W)E9&ET871I;VX@<VEN8V4@
M,3DV."DN(%-U8G-E<75E;G0@=&\@=&AE('-I=&4@=FES:70L('1H92!P<F]G
M<F%M(')E=FEE=R!T96%M#0H@("!S=6)M:71T960@82!W<FET=&5N(')E<75E
M<W0@=&\@=&AE(%5N:79E<G-I='D@:6X@=VAI8V@@=&AE('!R;V=R86T@<F5V
M:65W('1E86T@<W1A=&5D('1H92!V:65W#0H@("!T:&%T+"!P<FEO<B!T;R!*
M=6QY)B,Q-C`[,2P@,C`Q,"P@=')A9&ET:6]N86P@;&EB97)A;"!A<G1S('!R
M;V=R86US('=E<F4@;F]T(&-O;G-I9&5R960@87,@8F5I;F<-"B`@(&5L:6=I
M8FQE('5N9&5R(%1I=&QE($E6(&)U="!T:&5N(')E<75E<W1E9"!A9&1I=&EO
M;F%L(&EN9F]R;6%T:6]N(&9R;VT@=&AE(%5N:79E<G-I='D@=&AA="!W;W5L
M9`T*("`@:&5L<"!T:&4@1&5P87)T;65N="!O9B!%9'5C871I;VX@9&5T97)M
M:6YE('=H971H97(@=&AE('!R;V=R86US(&]F9F5R960@=VET:&EN('1H92!5
M;FEV97)S:71Y)B,X,C$W.W,-"B`@($-O;&QE9V4@;V8@3&EB97)A;"!!<G1S
M('=E<F4@96QI9VEB;&4@=6YD97(@5&ET;&4@258@8F5C875S92!T:&5Y(&1I
M9"!P<F]V:61E('1R86EN:6YG('1O('!R97!A<F4-"B`@('-T=61E;G1S(&9O
M<B!G86EN9G5L(&5M<&QO>6UE;G0@:6X@82!R96-O9VYI>F5D(&]C8W5P871I
M;VXN(%=H:6QE('1H92!5;FEV97)S:71Y('=A<R!N;W0@:6YF;W)M960-"B`@
M(&%S('1O('=H:6-H('-P96-I9FEC('!R;V=R86US(&]F9F5R960@=VET:&EN
M('1H92!5;FEV97)S:71Y)B,X,C$W.W,@0V]L;&5G92!O9B!,:6)E<F%L($%R
M=',@=&AE('!R;V=R86T-"B`@(')E=FEE=R!T96%M(&)E;&EE=F5S(&UA>2!B
M92!I;F5L:6=I8FQE+"!I;B!!=6=U<W0F(S$V,#LR,#$P('1H92!5;FEV97)S
M:71Y('!R;W9I9&5D('1H92!$97!A<G1M96YT(&]F#0H@("!%9'5C871I;VX@
M=VET:"!T:&4@<F5Q=65S=&5D(&EN9F]R;6%T:6]N('=H:6-H('1H92!5;FEV
M97)S:71Y(&)E;&EE=F5S('=I;&P@9&5M;VYS=')A=&4@=&AA="!T:&4-"B`@
M('!R;V=R86US(&]F9F5R960@=VET:&EN('1H92!5;FEV97)S:71Y)B,X,C$W
M.W,@0V]L;&5G92!O9B!,:6)E<F%L($%R=',@;65T('1H:7,@<F5Q=6ER96UE
M;G0N(%1H90T*("`@56YI=F5R<VET>2!H87,@<F5C96EV960@;F\@9G5R=&AE
M<B!C;VUM=6YI8V%T:6]N<R!F<F]M('1H92!$97!A<G1M96YT(&]F($5D=6-A
M=&EO;B!R96=A<F1I;F<@=&AE#0H@("!P<F]G<F%M(')E=FEE=RX-"B`@(#PO
M9&EV/@T*("`@/"$M+2!&;VQI;R`M+3X-"B`@(#PA+2T@+T9O;&EO("TM/@T*
M("`@/"]D:78^#0H@("`\(2TM(%!!1T5"4D5!2R`M+3X-"B`@(#QD:78@<W1Y
M;&4],T0G9F]N="UF86UI;'DZ("=4:6UE<R!.97<@4F]M86XG+%1I;65S+'-E
M<FEF.R!M87)G:6XM;&5F=#H@,&EN.R`G/@T*("`@/&1I=B!A;&EG;CTS1&-E
M;G1E<B!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[(&UA<F=I;BUT;W`Z(#!P
M="<^#0H@("`\8CX-"B`@(#PO8CX-"B`@(#PO9&EV/@T*("`@/&1I=B!A;&EG
M;CTS1&IU<W1I9GD@<W1Y;&4],T0G9F]N="US:7IE.B`Q,'!T.R!M87)G:6XM
M=&]P.B`Q,'!T.R!T97AT+6EN9&5N=#H@-"4G/E1H92!5;FEV97)S:71Y)B,X
M,C$W.W,@<&]L:6-I97,@86YD('!R;V-E9'5R97,@87)E('!L86YN960@86YD
M(&EM<&QE;65N=&5D('1O(&-O;7!L>2!W:71H('1H90T*("`@87!P;&EC86)L
M92!S=&%N9&%R9',@86YD(')E9W5L871I;VYS('5N9&5R(%1I=&QE($E6+B!)
M9B!A;F0@=&\@=&AE(&5X=&5N="!T:&4@1&5P87)T;65N="!O9@T*("`@161U
M8V%T:6]N)B,X,C$W.W,@9FEN86P@9&5T97)M:6YA=&EO;B!L971T97(@:61E
M;G1I9FEE<R!A;GD@8V]M<&QI86YC92!I<W-U97,L('1H92!5;FEV97)S:71Y
M(&ES#0H@("!C;VUM:71T960@=&\@<F5S;VQV:6YG('-U8V@@:7-S=65S(&%N
M9"!E;G-U<FEN9R!T:&%T($=R86YD($-A;GEO;B!5;FEV97)S:71Y(&]P97)A
M=&5S(&EN(&-O;7!L:6%N8V4-"B`@('=I=&@@86QL($1E<&%R=&UE;G0@;V8@
M161U8V%T:6]N(')E<75I<F5M96YT<RX@4')O9W)A;2!R979I97=S(&UA>2!R
M96UA:6X@=6YR97-O;'9E9"!F;W(@;6]N=&AS(&]R#0H@("!Y96%R<R!W:71H
M(&QI='1L92!O<B!N;R!C;VUM=6YI8V%T:6]N(&9R;VT@=&AE($1E<&%R=&UE
M;G0@;V8@161U8V%T:6]N+"!A;F0@;6%Y(&EN=F]L=F4@;75L=&EP;&4-"B`@
M(&5X8VAA;F=E<R!O9B!I;F9O<FUA=&EO;B!F;VQL;W=I;F<@=&AE('-I=&4@
M=FES:70N(%1H92!5;FEV97)S:71Y(&-A;FYO="!P<F5S96YT;'D@<')E9&EC
M="!W:&5T:&5R#0H@("!O<B!I9B!F=7)T:&5R(&EN9F]R;6%T:6]N(')E<75E
M<W1S('=I;&P@8F4@;6%D92P@=VAE;B!T:&4@97AI="!I;G1E<G9I97<@=VEL
M;"!T86ME('!L86-E+"!W:&5N('1H90T*("`@<')E;&EM:6YA<GD@<')O9W)A
M;2!R979I97<@<F5P;W)T(&]R(&9I;F%L(&1E=&5R;6EN871I;VX@;&5T=&5R
M('=I;&P@8F4@:7-S=65D+"!O<B!W:&5N('1H92!P<F]G<F%M#0H@("!R979I
M97<@=VEL;"!B92!C;&]S960N($EF('1H92!$97!A<G1M96YT(&]F($5D=6-A
M=&EO;B!W97)E('1O(&UA:V4@<VEG;FEF:6-A;G0@9FEN9&EN9W,@;V8-"B`@
M(&YO;BUC;VUP;&EA;F-E(&EN('1H92!F:6YA;"!P<F]G<F%M(')E=FEE=R!D
M971E<FUI;F%T:6]N(&QE='1E<BP@:6YC;'5D:6YG(&%N>2!F:6YD:6YG(')E
M;&%T960@=&\-"B`@('1H92!T=V\@:7-S=65S(&1I<V-U<W-E9"!A8F]V92P@
M=&AE;BP@869T97(@97AH875S=&EN9R!A;GD@861M:6YI<W1R871I=F4@87!P
M96%L<R!A=F%I;&%B;&4@=&\@=&AE#0H@("!5;FEV97)S:71Y+"!T:&4@56YI
M=F5R<VET>2!C;W5L9"!B92!R97%U:7)E9"!T;R!P87D@82!F:6YE+"!R971U
M<FX@5&ET;&4@258@;6]N:65S('!R979I;W5S;'D-"B`@(')E8V5I=F5D+"!O
M<B!B92!S=6)J96-T960@=&\@;W1H97(@861M:6YI<W1R871I=F4@<V%N8W1I
M;VYS+B!7:&EL92!T:&4@56YI=F5R<VET>2!C86YN;W0@8W5R<F5N=&QY#0H@
M("!P<F5D:6-T('1H92!O=71C;VUE(&]F('1H92!$97!A<G1M96YT(&]F($5D
M=6-A=&EO;B!R979I97<L(&%N>2!A9'9E<G-E(&9I;F1I;F<@8V]U;&0@9&%M
M86=E('1H90T*("`@56YI=F5R<VET>28C.#(Q-SMS(')E<'5T871I;VX@:6X@
M=&AE(&EN9'5S=')Y(&%N9"!H879E(&$@;6%T97)I86P@861V97)S92!E9F9E
M8W0@;VX@=&AE(%5N:79E<G-I='DF(S@R,3<[<PT*("`@8G5S:6YE<W,L(')E
M<W5L=',@;V8@;W!E<F%T:6]N<RP@8V%S:"!F;&]W<R!A;F0@9FEN86YC:6%L
M('!O<VET:6]N+@T*("`@/"]D:78^#0H@("`\+V1I=CX-"CQS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`\+W1A8FQE/@T*("`\+V)O9'D^
M#0H\+VAT;6P^#0H-"BTM+2TM+3U?3F5X=%!A<G1?-6$S,SED,C)?-C5E8E\T
M,#`V7S@X.6%?,V4P-S%E8F)D9F9E#0I#;VYT96YT+4QO8V%T:6]N.B!F:6QE
M.B\O+T,Z+S5A,S,Y9#(R7S8U96)?-#`P-E\X.#EA7S-E,#<Q96)B9&9F92]7
M;W)K<VAE971S+U-H965T,C`N:'1M;`T*0V]N=&5N="U4<F%N<V9E<BU%;F-O
M9&EN9SH@<75O=&5D+7!R:6YT86)L90T*0V]N=&5N="U4>7!E.B!T97AT+VAT
M;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@
M("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$
M)W1E>'0O:'1M;#L@8VAA<G-E=#UU=&8M."<^/'-C<FEP="!T>7!E/3-$=&5X
M="]J879A<V-R:7!T('-R8STS1%-H;W<N:G,^+RH@1&\@3F]T(%)E;6]V92!4
M:&ES($-O;6UE;G0@*B\\+W-C<FEP=#X\+VAE860^#0H@(#QB;V1Y/@T*("`@
M(#QT86)L92!C;&%S<STS1')E<&]R="!I9#TS1$E$,$4R2#X-"B`@("`@(#QT
M<CX-"B`@("`@("`@/'1H(&-L87-S/3-$=&P@8V]L<W!A;CTS1#$@<F]W<W!A
M;CTS1#(^/'-T<F]N9SY4<F5A<W5R>2!3=&]C:SQB<CX\+W-T<F]N9SX\+W1H
M/@T*("`@("`@("`\=&@@8VQA<W,],T1T:"!C;VQS<&%N/3-$,3XS($UO;G1H
M<R!%;F1E9#PO=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R/@T*("`@("`@
M("`\=&@@8VQA<W,],T1T:#Y-87(N(#,Q+"`R,#$Q/&)R/CPO=&@^#0H@("`@
M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C
M;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG/E1R96%S=7)Y(%-T;V-K
M(%M!8G-T<F%C=%T\+W-T<F]N9SX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@
M(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI
M9VX],T1T;W`^5')E87-U<GD@4W1O8VL\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1T97AT/CPA+2U$3T-465!%(&AT;6P@4%5"3$E#("(M+R]7,T,O+T14
M1"!82%1-3"`Q+C`@5')A;G-I=&EO;F%L+R]%3B(@(FAT='`Z+R]W=W<N=S,N
M;W)G+U12+WAH=&UL,2]$5$0O>&AT;6PQ+71R86YS:71I;VYA;"YD=&0B("TM
M/@T*("`@/"$M+2!"96=I;B!";&]C:R!486=G960@3F]T92`Q,2`M('5S+6=A
M87`Z4V-H961U;&5/9E1R96%S=7)Y4W1O8VM">4-L87-S5&5X=$)L;V-K+2T^
M#0H@("`\9&EV('-T>6QE/3-$)V9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O
M;6%N)RQ4:6UE<RQS97)I9CL@;6%R9VEN+6QE9G0Z(#!I;CL@)SX-"B`@(#QD
M:78@86QI9VX],T1J=7-T:69Y('-T>6QE/3-$)V9O;G0M<VEZ93H@,3!P=#L@
M;6%R9VEN+71O<#H@,3!P="<^/&(^,3$N(%1R96%S=7)Y(%-T;V-K/"]B/@T*
M("`@/"]D:78^#0H@("`\9&EV(&%L:6=N/3-$:G5S=&EF>2!S='EL93TS1"=F
M;VYT+7-I>F4Z(#$P<'0[(&UA<F=I;BUT;W`Z(#$P<'0[('1E>'0M:6YD96YT
M.B`T)2<^3VX@075G=7-T)B,Q-C`[,38L(#(P,3`L('1H92!5;FEV97)S:71Y
M(&%N;F]U;F-E9"!T:&%T(&ET<R!";V%R9"!O9B!$:7)E8W1O<G,@:&%D(&%U
M=&AO<FEZ960@=&AE#0H@("!5;FEV97)S:71Y('1O(')E<'5R8VAA<V4@=7`@
M=&\@)FYB<W`[)#(U+#`P,"!O9B!C;VUM;VX@<W1O8VLL(&9R;VT@=&EM92!T
M;R!T:6UE+"!D97!E;F1I;F<@;VX@;6%R:V5T#0H@("!C;VYD:71I;VYS(&%N
M9"!O=&AE<B!C;VYS:61E<F%T:6]N<RX@5&AE(&5X<&ER871I;VX@9&%T92!O
M;B!T:&4@<F5P=7)C:&%S92!A=71H;W)I>F%T:6]N<R!I<PT*("`@4V5P=&5M
M8F5R)B,Q-C`[,S`L(#(P,3$@86YD(')E<'5R8VAA<V5S(&]C8W5R(&%T('1H
M92!5;FEV97)S:71Y)B,X,C$W.W,@9&ES8W)E=&EO;BX@4F5P=7)C:&%S97,@
M;6%Y(&)E(&UA9&4-"B`@(&EN('1H92!O<&5N(&UA<FME="!O<B!I;B!P<FEV
M871E;'D@;F5G;W1I871E9"!T<F%N<V%C=&EO;G,L('!U<G-U86YT('1O('1H
M92!A<'!L:6-A8FQE(%-E8W5R:71I97,-"B`@(&%N9"!%>&-H86YG92!#;VUM
M:7-S:6]N(')U;&5S+B!4:&4@86UO=6YT(&%N9"!T:6UI;F<@;V8@9G5T=7)E
M('-H87)E(')E<'5R8VAA<V5S+"!I9B!A;GDL('=I;&P@8F4-"B`@(&UA9&4@
M87,@;6%R:V5T(&%N9"!B=7-I;F5S<R!C;VYD:71I;VYS('=A<G)A;G0N(%-I
M;F-E('1H92!A<'!R;W9A;"!O9B!T:&4@<VAA<F4@<F5P=7)C:&%S92!P;&%N
M+`T*("`@=&AE(%5N:79E<G-I='D@:&%S('!U<F-H87-E9"`Y.34L,C`P('-H
M87)E<R!O9B!C;VUM;VX@<W1O8VL@<VAA<F5S(&%T(&%N(&%G9W)E9V%T92!C
M;W-T(&]F("9N8G-P.R0Q-"PY.3,-"B`@('=H:6-H(&EN8VQU9&5S(#DT-2PR
M,#`@<VAA<F5S(&]F(&-O;6UO;B!S=&]C:R!A="!A;B!A9V=R96=A=&4@8V]S
M="!O9B`F;F)S<#LD,30L,C$Q(&1U<FEN9R!T:&4@=&AR964-"B`@(&UO;G1H
M<R!E;F1E9"!-87)C:"8C,38P.S,Q+"`R,#$Q+"!W:&EC:"!A<F4@<F5C;W)D
M960@870@8V]S="!I;B!T:&4@86-C;VUP86YY:6YG(&)A;&%N8V4@<VAE971S
M(&%N9`T*("`@<W1A=&5M96YT(&]F('-T;V-K:&]L9&5R<R8C.#(Q-SL@97%U
M:71Y+@T*("`@/"]D:78^#0H@("`\+V1I=CX-"CQS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@/"]T<CX-"B`@("`\+W1A8FQE/@T*("`\+V)O9'D^#0H\+VAT
M;6P^#0H-"BTM+2TM+3U?3F5X=%!A<G1?-6$S,SED,C)?-C5E8E\T,#`V7S@X
M.6%?,V4P-S%E8F)D9F9E#0I#;VYT96YT+4QO8V%T:6]N.B!F:6QE.B\O+T,Z
M+S5A,S,Y9#(R7S8U96)?-#`P-E\X.#EA7S-E,#<Q96)B9&9F92]7;W)K<VAE
M971S+U-H965T,C$N:'1M;`T*0V]N=&5N="U4<F%N<V9E<BU%;F-O9&EN9SH@
M<75O=&5D+7!R:6YT86)L90T*0V]N=&5N="U4>7!E.B!T97AT+VAT;6P[(&-H
M87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%
M5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O
M:'1M;#L@8VAA<G-E=#UU=&8M."<^/'-C<FEP="!T>7!E/3-$=&5X="]J879A
M<V-R:7!T('-R8STS1%-H;W<N:G,^+RH@1&\@3F]T(%)E;6]V92!4:&ES($-O
M;6UE;G0@*B\\+W-C<FEP=#X\+VAE860^#0H@(#QB;V1Y/@T*("`@(#QT86)L
M92!C;&%S<STS1')E<&]R="!I9#TS1$E$,$4R2#X-"B`@("`@(#QT<CX-"B`@
M("`@("`@/'1H(&-L87-S/3-$=&P@8V]L<W!A;CTS1#$@<F]W<W!A;CTS1#(^
M/'-T<F]N9SY3=6)S97%U96YT($5V96YT<SQB<CX\+W-T<F]N9SX\+W1H/@T*
M("`@("`@("`\=&@@8VQA<W,],T1T:"!C;VQS<&%N/3-$,3XS($UO;G1H<R!%
M;F1E9#PO=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R/@T*("`@("`@("`\
M=&@@8VQA<W,],T1T:#Y-87(N(#,Q+"`R,#$Q/&)R/CPO=&@^#0H@("`@("`\
M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG/E-U8G-E<75E;G0@179E;G1S
M(%M!8G-T<F%C=%T\+W-T<F]N9SX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@
M(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI
M9VX],T1T;W`^4W5B<V5Q=65N="!%=F5N=',\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1T97AT/CPA+2U$3T-465!%(&AT;6P@4%5"3$E#("(M+R]7,T,O
M+T141"!82%1-3"`Q+C`@5')A;G-I=&EO;F%L+R]%3B(@(FAT='`Z+R]W=W<N
M=S,N;W)G+U12+WAH=&UL,2]$5$0O>&AT;6PQ+71R86YS:71I;VYA;"YD=&0B
M("TM/@T*("`@/"$M+2!"96=I;B!";&]C:R!486=G960@3F]T92`Q,B`M('5S
M+6=A87`Z4V-H961U;&5/9E-U8G-E<75E;G1%=F5N='-497AT0FQO8VLM+3X-
M"B`@(#QD:78@<W1Y;&4],T0G9F]N="UF86UI;'DZ("=4:6UE<R!.97<@4F]M
M86XG+%1I;65S+'-E<FEF.R!M87)G:6XM;&5F=#H@,&EN.R`G/@T*("`@/&1I
M=B!A;&EG;CTS1&IU<W1I9GD@<W1Y;&4],T0G9F]N="US:7IE.B`Q,'!T.R!M
M87)G:6XM=&]P.B`Q,'!T)SX\8CXQ,BX@4W5B<V5Q=65N="!%=F5N=',\+V(^
M#0H@("`\+V1I=CX-"B`@(#QD:78@86QI9VX],T1J=7-T:69Y('-T>6QE/3-$
M)V9O;G0M<VEZ93H@,3!P=#L@;6%R9VEN+71O<#H@,3!P=#L@=&5X="UI;F1E
M;G0Z(#0E)SY/;B!!<')I;"8C,38P.S@L(#(P,3$L('1H92!5;FEV97)S:71Y
M(&5N=&5R960@:6YT;R!A;B!A;65N9&5D(&%N9"!R97-T871E9"!L;V%N(&%G
M<F5E;65N="!W:71H($)A;FL-"B`@(&]F($%M97)I8V$L($XN02X@*'1H92`F
M(S@R,C`[06UE;F1E9"!!9W)E96UE;G0F(S@R,C$[*2X@56YD97(@=&AE($%M
M96YD960@06=R965M96YT+"!T:&4@8F%N:R`H82DF(S$V,#ME>'1E;F1E9"!T
M:&4-"B`@(&UA='5R:71Y(&1A=&4@;V8@=&AE(%5N:79E<G-I='DF(S@R,3<[
M<R!E>&ES=&EN9R!L;V%N(&9R;VT@07!R:6PF(S$V,#LS,"P@,C`Q-"!T;R!-
M87)C:"8C,38P.S,Q+"`R,#$V(&%N9"!D96-R96%S960-"B`@('1H92!I;G1E
M<F5S="!R871E(&]N('1H92!O=71S=&%N9&EN9R!B86QA;F-E(&9R;VT@=&AE
M($)"02!,:6)O<B!2871E('!L=7,@,C(U(&)A<VES('!O:6YT<R!T;R!T:&4-
M"B`@($)"02!,:6)O<B!2871E('!L=7,@,C`P(&)A<VES('!O:6YT<R`H86QL
M(&]T:&5R('1E<FUS(&]F('1H92!E>&ES=&EN9R!L;V%N(')E;6%I;B!T:&4@
M<V%M92DL(&%N9`T*("`@*&(I)B,Q-C`[<')O=FED960@=&\@=&AE(%5N:79E
M<G-I='D@82!R979O;'9I;F<@;&EN92!O9B!C<F5D:70@:6X@=&AE(&%M;W5N
M="!O9B`F;F)S<#LD-3`L,#`P('1H<F]U9V@@36%R8V@-"B`@(#,Q+"`R,#$V
M('1O(&)E('5T:6QI>F5D(&9O<B!W;W)K:6YG(&-A<&ET86PL(&-A<&ET86P@
M97AP96YD:71U<F5S+"!S:&%R92!R97!U<F-H87-E<R!A;F0@;W1H97(-"B`@
M(&=E;F5R86P@8V]R<&]R871E('!U<G!O<V5S+B!4:&4@06UE;F1E9"!!9W)E
M96UE;G0@8V]N=&%I;G,@<W1A;F1A<F0@8V]V96YA;G1S('1H870@87)E#0H@
M("!S=6)S=&%N=&EA;&QY(&-O;G-I<W1E;G0@=VET:"!T:&]S92!I;F-L=61E
M9"!I;B!T:&4@<')I;W(@86=R965M96YT+"!I;F-L=61I;F<@8V]V96YA;G1S
M('1H870L#0H@("!A;6]N9R!O=&AE<B!T:&EN9W,L(')E<W1R:6-T('1H92!5
M;FEV97)S:71Y)B,X,C$W.W,@86)I;&ET>2!T;R!I;F-U<B!A9&1I=&EO;F%L
M(&1E8G0@;W(@;6%K92!C97)T86EN#0H@("!I;G9E<W1M96YT<RP@<F5Q=6ER
M92!T:&4@56YI=F5R<VET>2!T;R!M86EN=&%I;B!C;VUP;&EA;F-E('=I=&@@
M8V5R=&%I;B!A<'!L:6-A8FQE(')E9W5L871O<GD-"B`@('-T86YD87)D<RP@
M86YD(')E<75I<F4@=&AE(%5N:79E<G-I='D@=&\@;6%I;G1A:6X@82!C97)T
M86EN(&9I;F%N8VEA;"!C;VYD:71I;VXN($EN9&5B=&5D;F5S<R!U;F1E<@T*
M("`@=&AE($%M96YD960@06=R965M96YT(&ES('-E8W5R960@8GD@86QL(&]F
M('1H92!5;FEV97)S:71Y)B,X,C$W.W,@87-S971S+@T*("`@/"]D:78^#0H@
M("`\+V1I=CX-"CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@
M("`\+W1A8FQE/@T*("`\+V)O9'D^#0H\+VAT;6P^#0H-"BTM+2TM+3U?3F5X
M=%!A<G1?-6$S,SED,C)?-C5E8E\T,#`V7S@X.6%?,V4P-S%E8F)D9F9E#0I#
M;VYT96YT+4QO8V%T:6]N.B!F:6QE.B\O+T,Z+S5A,S,Y9#(R7S8U96)?-#`P
M-E\X.#EA7S-E,#<Q96)B9&9F92]7;W)K<VAE971S+V9I;&5L:7-T+GAM;`T*
M0V]N=&5N="U4<F%N<V9E<BU%;F-O9&EN9SH@<75O=&5D+7!R:6YT86)L90T*
M0V]N=&5N="U4>7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*
M#0H\>&UL('AM;&YS.F\],T0B=7)N.G-C:&5M87,M;6EC<F]S;V9T+6-O;3IO
M9F9I8V4Z;V9F:6-E(CX-"B`\;SI-86EN1FEL92!(4F5F/3-$(BXN+U=O<FMB
M;V]K+FAT;6PB+SX-"B`\;SI&:6QE($A2968],T0B4VAE970P,2YH=&UL(B\^
M#0H@/&\Z1FEL92!(4F5F/3-$(E-H965T,#(N:'1M;"(O/@T*(#QO.D9I;&4@
M2%)E9CTS1")3:&5E=#`S+FAT;6PB+SX-"B`\;SI&:6QE($A2968],T0B4VAE
M970P-"YH=&UL(B\^#0H@/&\Z1FEL92!(4F5F/3-$(E-H965T,#4N:'1M;"(O
M/@T*(#QO.D9I;&4@2%)E9CTS1")3:&5E=#`V+FAT;6PB+SX-"B`\;SI&:6QE
M($A2968],T0B4VAE970P-RYH=&UL(B\^#0H@/&\Z1FEL92!(4F5F/3-$(E-H
M965T,#@N:'1M;"(O/@T*(#QO.D9I;&4@2%)E9CTS1")3:&5E=#`Y+FAT;6PB
M+SX-"B`\;SI&:6QE($A2968],T0B4VAE970Q,"YH=&UL(B\^#0H@/&\Z1FEL
M92!(4F5F/3-$(E-H965T,3$N:'1M;"(O/@T*(#QO.D9I;&4@2%)E9CTS1")3
M:&5E=#$R+FAT;6PB+SX-"B`\;SI&:6QE($A2968],T0B4VAE970Q,RYH=&UL
M(B\^#0H@/&\Z1FEL92!(4F5F/3-$(E-H965T,30N:'1M;"(O/@T*(#QO.D9I
M;&4@2%)E9CTS1")3:&5E=#$U+FAT;6PB+SX-"B`\;SI&:6QE($A2968],T0B
M4VAE970Q-BYH=&UL(B\^#0H@/&\Z1FEL92!(4F5F/3-$(E-H965T,3<N:'1M
M;"(O/@T*(#QO.D9I;&4@2%)E9CTS1")3:&5E=#$X+FAT;6PB+SX-"B`\;SI&
M:6QE($A2968],T0B4VAE970Q.2YH=&UL(B\^#0H@/&\Z1FEL92!(4F5F/3-$
M(E-H965T,C`N:'1M;"(O/@T*(#QO.D9I;&4@2%)E9CTS1")3:&5E=#(Q+FAT
M;6PB+SX-"CPO>&UL/@T*+2TM+2TM/5].97AT4&%R=%\U83,S.60R,E\V-65B
;7S0P,#9?.#@Y85\S93`W,65B8F1F9F4M+0T*
`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
