The following table summarizes the unaudited quarterly results of operations for 2012 and 2011 and should be read in conjunction with other information included in the accompanying consolidated financial statements.


	2012
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Net revenue	$	117,131		$	119,260		$	133,568		$	141,298
Costs and expenses:
Instructional costs and services		50,824			53,406			57,354			58,819
Selling and promotional		34,559			32,755			36,450			37,536
General and administrative		7,544			7,701			8,561			11,696

Total costs and expenses		92,927			93,862			102,365			108,051

Operating income		24,204			25,398			31,203			33,247
Net interest expense		(197	)		(52	)		(138	)		(241	)

Income before income taxes		24,007			25,346			31,065			33,006
Income tax expense		9,538			9,748			12,594			12,097

Net income	$	14,469		$	15,598		$	18,471		$	20,909

Earnings per share:
Basic income per share(1)	$	0.33		$	0.35		$	0.42		$	0.47

Diluted income per share(1)	$	0.32		$	0.35		$	0.41		$	0.46

Basic weighted average shares outstanding		44,371			44,447			44,365			44,167

Diluted weighted average shares outstanding		45,151			45,169			45,339			45,364

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


	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.