XML 65 R15.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Notes Payable and Other Noncurrent Liabilities | 12 Months Ended
--- | ---
Dec. 31, 2011
Notes Payable and Other Noncurrent Liabilities [Abstract] |
Notes Payable and Other Noncurrent Liabilities | 6. Notes Payable and Other Noncurrent Liabilities To finance a portion of the campus land and building purchase from Spirit, the University entered into a loan agreement in April 2009 with a financial institution pursuant to which it borrowed $25,675. In April 2011, the University entered into an amended and restated loan agreement with the financial institution. Under the amendment, the financial institution (a) extended the maturity date of the University’s existing loan from April 30, 2014 to March 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) 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. Indebtedness under the loan agreement is secured by all of the University’s assets. No amounts are borrowed on the line of credit as of December 31, 2011. The note agreement contains standard covenants, including covenants that, among other things, restrict the University’s ability to incur additional indebtedness or liens; sell, assign, lease, transfer or otherwise dispose of any part of the University’s assets other than in the ordinary course of business; make investments or capital contributions to any individual or entity; enter into any consolidation, merger, or other combination, or become a partner in a partnership, a member of a joint venture, or a member of a limited liability company; acquire or purchase a business or all or substantially all of the assets of a business in an aggregate amount exceeding an amount equal to 25% of the University’s tangible net worth; and engage in any business activities substantially different from the University’s present business. In addition the loan agreement requires the University to maintain compliance with certain applicable regulatory standards, and requires the University to maintain a certain financial condition. Indebtedness under the note agreement is collateralized by the land and buildings that comprise the University’s ground campus. As of December 31, 2011, the University is in compliance with its debt covenants. Under the loan covenant computation as of December 31, 2011 $32,844 is available to be borrowed on the line of credit.
|  |  | September 30, |  |  |  | September 30, |
|  | As of December 31, |
|  | 2011 |  |  | 2010 |
Notes Payable |  |  |  |  |  |  |  |
Note payable, monthly payment of $143; interest at 30 day LIBOR plus 2.00% (2.3% at December 31, 2011) through March 31, 2016 |  | $ | 20,929 |  |  | $ | 22,829 |
Note payable; paid in September 2011 |  |  | — |  |  |  | 178 |
Various Gift Annuities; quarterly payments of $34 extending through 2019; interest at 10% |  |  | 670 |  |  |  | 744 |
Equipment note; paid in December 2011 |  |  | — |  |  |  | 67 |
Notes payable for vehicles requiring monthly payments with interest rates ranging from 8.8% to 11.0% through March 2013 |  |  | 41 |  |  |  | 89 |
|  |  | 21,640 |  |  |  | 23,907 |
Less: Current portion |  |  | 1,739 |  |  |  | 2,026 |
|  | $ | 19,901 |  |  | $ | 21,881 |
Payments due under the notes payable obligations are as follows as of December 31, 2011:
|  |  | September 30, |
2012 |  | $ | 1,739 |
2013 |  |  | 1,716 |
2014 |  |  | 1,718 |
2015 |  |  | 1,727 |
2016 |  |  | 14,489 |
Thereafter |  |  | 251 |
|  | $ | 21,640 |
Long-term deferred rent included in other noncurrent liabilities as of December 31, 2011and 2010 was $6,512 and $2,029, respectively. The derivative liability for the forward interest rate swap included in other noncurrent liabilities as of December 31, 2011 and 2010 was $628 and $686, respectively.

X
- Definition The entire disclosure for accounts payable, accrued expenses, and other liabilities that are classified as noncurrent at the end of the reporting period. + References No definition available. + Details
Name: | us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureNoncurrentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_PayablesAndAccrualsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration