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Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2011

Quarterly Results of Operations [Abstract]

Quarterly Results of Operations (Unaudited)

16. Quarterly Results of Operations (Unaudited)

The following table summarizes the unaudited quarterly results of operations for 2011 and 2010 and should be read in conjunction with other information included in the accompanying consolidated financial statements.

		September 30,			September 30,			September 30,			September 30,
	2011
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Net revenue	$	101,709		$	103,118		$	108,909		$	113,005
Costs and expenses:
Instructional costs and services		48,875			46,354			48,933			50,639
Selling and promotional		29,832			27,709			31,248			31,166
General and administrative		6,832			7,038			7,145			8,028
Lease termination costs		—			—			922			(140	)

Total costs and expenses		85,539			81,101			88,248			89,693

Operating income		16,170			22,017			20,661			23,312
Net interest expense		(75	)		(3	)		(150	)		(404	)

Income before income taxes		16,095			22,014			20,511			22,908
Income tax expense		6,614			9,141			7,643			7,584

Net income	$	9,481		$	12,873		$	12,868		$	15,324

Earnings per share:
Basic income per share(1)	$	0.21		$	0.29		$	0.29		$	0.35

Diluted income per share(1)	$	0.21		$	0.29		$	0.29		$	0.34

Basic weighted average shares outstanding		45,590			44,658			44,302			44,317

Diluted weighted average shares outstanding		46,089			45,018			44,787			44,868

(1)	The sum of quarterly income per share may not equal annual income per share due to rounding.

		September 30,			September 30,			September 30,			September 30,
	2010
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Net revenue	$	89,326		$	97,322		$	98,946		$	100,031
Costs and expenses:
Instructional costs and services		36,660			51,032			45,717			45,435
Selling and promotional		26,876			28,976			28,103			28,538
General and administrative		6,104			6,176			6,608			7,733
Contract termination fees with a related party		—			—			—			9,233
Exit costs		89			116			27			26

Total costs and expenses		69,729			86,300			80,455			90,965

Operating income		19,597			11,022			18,491			9,066
Net interest expense		(283	)		(125	)		(143	)		(170	)

Income before income taxes		19,314			10,897			18,348			8,896
Income tax expense		7,834			4,163			7,606			2,646

Net income	$	11,480		$	6,734		$	10,742		$	6,250

Earnings per share:
Basic income per share(1)	$	0.25		$	0.15		$	0.23		$	0.14

Diluted income per share(1)	$	0.25		$	0.14		$	0.23		$	0.13

Basic weighted average shares outstanding		45,674			45,724			45,746			45,743

Diluted weighted average shares outstanding		46,325			46,557			46,351			46,346

(1)	The sum of quarterly income per share may not equal annual income per share due to rounding.

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

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