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Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2012

Summary of Activity Related to Stock Options Granted Under Company's Incentive Plan

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			(339	)			12.80
Forfeited, canceled or expired			(122	)			17.65
Outstanding as of September 30, 2012			4,503			$	14.51				6.94			$	40,618
Exercisable as of September 30, 2012			2,153			$	13.76				6.55			$	21,031
Available for issuance as of September 30, 2012			2,767

(1) Aggregate intrinsic value represents the value of the University’s closing stock price on September 28, 2012 ($23.53) 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 nine months ended September 30, 2012 and 2011 related to restricted stock and stock options granted:

		2012				2011
Instructional costs and services		$	2,807			$	2,152
Selling and promotional			281				232
General and administrative			2,660				2,413
Share-based compensation expense included in operating expenses			5,748				4,797
Tax effect of share-based compensation			(2,299	)			(1,919	)
Share-based compensation expense, net of tax		$	3,449			$	2,878

Summary of Activity Related to Restricted and Unrestricted Stock Granted Under Incentive Plan

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				17.04
Vested			(6	)			13.88
Forfeited, canceled or expired			(7	)			17.03
Outstanding as of September 30, 2012			556			$	17.04

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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

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