XML 30 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash flows provided by operating activities:      
Net income $ 50,546 $ 35,206 $ 27,304
Adjustments to reconcile net income to net cash provided by operating activities:      
Share-based compensation 6,452 5,049 3,419
Excess tax benefits from share-based compensation   (736) (247)
Amortization of notes payable issuance costs 80 63 42
Provision for bad debts 34,364 38,511 14,016
Depreciation and amortization 17,034 12,108 7,960
Non-capitalizable system conversion costs   4,013  
Litigation loss     5,200
Exit costs (64) (768) 832
Lease termination fees 782    
Deferred income taxes 20,794 (6,013) (2,523)
Other 92 23 (14)
Changes in assets and liabilities:      
Accounts receivable (28,196) (46,705) (18,376)
Prepaid expenses and other (6,158) (5,536) (1,283)
Due to/from related parties (9,244) 9,166 (408)
Accounts payable 3,155 2,510 2,155
Accrued liabilities (3,300) 5,013 9,313
Accrued litigation loss (5,200)    
Income taxes receivable/payable (3,599) (9,293) 3,929
Deferred rent 4,143 790 906
Deferred revenue 6,689 (3,021) 7,419
Student deposits 8,729 43,724 1,523
Net cash provided by operating activities 97,099 84,104 61,167
Cash flows used in investing activities:      
Capital expenditures (80,545) (62,627) (60,265)
Change in restricted cash and cash equivalents (3,732) (49,666) 1,844
Proceeds from sale or maturity of investments   487  
Net cash used in investing activities (84,277) (111,806) (58,421)
Cash flows (used in) provided by financing activities:      
Principal payments on notes payable and capital lease obligations (3,748) (2,933) (2,415)
Proceeds from notes payable and line of credit     25,547
Notes payable issuance costs (91)   (317)
Repurchase of outstanding shares (23,112) (782) (14,495)
Net proceeds from issuance of common stock     14,880
Net proceeds from exercise of stock options 1,681 1,747 1,226
Excess tax benefits from share-based compensation   736 247
Net cash (used in) provided by financing activities (25,270) (1,232) 24,673
Net (decrease) increase in cash and cash equivalents (12,448) (28,934) 27,419
Cash and cash equivalents, beginning of year 33,637 62,571 35,152
Cash and cash equivalents, end of year 21,189 33,637 62,571
Supplemental disclosure of cash flow information      
Cash paid during the year for interest 535 769 1,802
Cash paid during the year for income taxes 13,463 37,703 16,307
Supplemental disclosure of non-cash investing and financing activities      
Purchase of equipment through notes payable and capital lease obligations 801 957 2,116
Purchases of property and equipment included in accounts payable and deferred rent 325 4,421 1,098
Shortfall tax expense from share-based compensation 151    
Tax benefit of Spirit warrant intangible 291 182  
Settlement of capital lease obligation     30,020
Removal of Utah leasehold improvements     $ 274