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Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2012

Summary of Activity Related to Restricted Stock Granted Under Incentive Plan

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

		Total Shares				Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2009			9			$	14.88
Granted			4			$	25.16
Vested			(9	)		$	14.88
Forfeited, canceled or expired			—
Outstanding as of December 31, 2010			4			$	25.16
Granted			6			$	13.88
Vested			(4	)		$	25.16
Forfeited, canceled or expired			—
Outstanding as of December 31, 2011			6			$	13.88
Granted			563			$	17.04
Vested			(6	)		$	13.88
Forfeited, canceled or expired			(10	)		$	17.03
Outstanding as of December 31, 2012			553			$	17.04

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 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, 2009			3,350			$	12.30
Granted			922			$	21.29
Exercised			(144	)		$	12.12
Forfeited, canceled or expired			(102	)		$	17.45
Outstanding as of December 31, 2010			4,026			$	14.24
Granted			1,250			$	15.34
Exercised			(140	)		$	12.00
Forfeited, canceled or expired			(172	)		$	17.29
Outstanding as of December 31, 2011			4,964			$	14.47
Granted			—			$	—
Exercised			(611	)		$	13.16
Forfeited, canceled or expired			(124	)		$	17.63
Outstanding as of December 31, 2012			4,229			$	14.57				6.71			$	37,637
Exercisable as of December 31, 2012			2,345			$	13.44				6.22			$	23,524
Available for issuance as of December 31, 2012			2,772

(1) Aggregate intrinsic value represents the value of the University’s closing stock price on December 31, 2012 ($23.47) in excess of the exercise price multiplied by the number of options outstanding or exercisable.

Amounts Related to Options Exercised

The following table summarizes information related to stock options exercised for years ended December 31, 2012, 2011 and 2010:

		2012				2011				2010
Amounts related to options exercised:
Intrinsic value realized by optionee		$	4,683			$	403			$	1,407
Actual tax benefit realized by the University for tax deductions		$	1,873			$	161			$	563

Fair Value of Options as of Grant Dates Using Weighted Average Assumptions

The University uses the Black-Scholes-Merton option pricing model to estimate the fair value of the University’s options as of the grant dates using the following weighted average assumptions:

Year Ended December 31,		2011				2010
Weighted average fair value		$	6.98			$	10.74
Expected volatility			41.85	%			47.50	%
Expected life (years)			6.50				6.50
Risk-free interest rate			2.58	%			2.87	%
Dividend yield			0	%			0	%

Share-Based Compensation Expense

The table below outlines share-based compensation expense for the fiscal years ended December 31, 2012, 2011 and 2010 related to restricted stock and stock options granted:

		2012				2011				2010
Instructional costs and services		$	3,809			$	2,935			$	2,034
Selling and promotional			393				297				233
General and administrative			3,609				3,220				2,782
Share-based compensation expense included in operating expenses			7,811				6,452				5,049
Tax effect of share-based compensation			(3,124	)			(2,581	)			(2,020	)
Share-based compensation expense, net of tax		$	4,687			$	3,871			$	3,029

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