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Share-Based Compensation
 6 Months Ended
Jun. 30, 2012
Share-Based Compensation [Abstract]  
Share-Based Compensation

8. Share-Based Compensation

On September 27, 2008 the University’s shareholders approved the adoption of the 2008 Equity Incentive Plan (“Incentive Plan”) and the 2008 Employee Stock Purchase (“ESPP”). A total of 4,200 shares of the University’s common stock was originally authorized for issuance under the Incentive Plan. On January 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 increases by 2.5% of the number of shares of common stock issued and outstanding on the previous December 31, raising the total number of shares of common stock currently authorized for issuance under the Incentive Plan to 8,729 shares effective January 1, 2012. Although the ESPP has not yet been implemented, a total of 1,050 shares of the University’s common stock has been authorized for sale under the ESPP.

 

A summary of the activity related to stock options granted under the University’s Incentive Plan since December 31, 2011 is as follows:

 

 

                                 
    Summary of Stock Options Outstanding  
    Total
Shares		     Weighted
Average
Exercise
Price per
Share		     Weighted
Average
Remaining
Contractual
Term (Years)		     Aggregate
Intrinsic
Value ($)(1)		  

Outstanding as of December 31, 2011

     4,964       14.47                  
   

 

 

                          

Granted

     —         —                    

Exercised

     (273 )      12.57                  

Forfeited, canceled or expired

     (80 )      17.62                  
   

 

 

                          

Outstanding as of June 30, 2012

     4,611     $ 14.53       7.19     $ 29,558  
   

 

 

    

 

 

    

 

 

    

 

 

  

Exercisable as of June 30, 2012

     2,208     $ 13.74       6.80     $ 15,899  
   

 

 

    

 

 

    

 

 

    

 

 

  

Available for issuance as of June 30, 2012

     2,721                          
   

 

 

                          

 

(1) Aggregate intrinsic value represents the value of the University’s closing stock price on June 30, 2012 ($20.94) in excess of the exercise price multiplied by the number of options outstanding or exercisable.

Share-based Compensation Expense

The table below outlines share-based compensation expense for the three months ended June 30, 2012 and 2011 related to restricted stock and stock options granted:

 

 

                 
    2012     2011  

Instructional costs and services

   $ 1,829     $ 1,409  

Selling and promotional

     171       149  

General and administrative

     1,716       1,572  
   

 

 

    

 

 

  

Share-based compensation expense included in operating expenses

     3,716       3,130  

Tax effect of share-based compensation

     (1,486 )      (1,252 ) 
   

 

 

    

 

 

  

Share-based compensation expense, net of tax

   $ 2,230     $ 1,878  
   

 

 

    

 

 

  

A summary of the activity related to restricted stock granted under the University’s Incentive Plan since December 31, 2011 is as follows:

 

 

                 
    Total
Shares		     Weighted Average
Grant  Date
Fair Value per
Share		  

Outstanding as of December 31, 2011

     6     $ 13.88  
   

 

 

          

Granted

     563       17.03  
     

Vested

     (5 )      13.42  
     

Forfeited, canceled or expired

     (3 )      17.03  
   

 

 

          

Outstanding as of June 30, 2012

     561     $ 17.03