XML 63 R20.htm IDEA: XBRL DOCUMENT v2.4.0.6
Treasury Stock
3 Months Ended
Mar. 31, 2013
Equity [Abstract]  
Treasury Stock

10. Treasury Stock

On April 25, 2013, the Board of Directors authorized the University to repurchase up to an additional $25,000 ($75,000 total) of common stock, from time to time, depending on market conditions and other considerations. The Board of Directors also extended the expiration date on the repurchase authorization to September 30, 2014. Repurchases occur at the University’s discretion. Repurchases may be made in the open market or in privately negotiated transactions, pursuant to the applicable Securities and Exchange Commission rules. The amount and timing of future share repurchases, if any, will be made as market and business conditions warrant. Since its approval of the share repurchase plan, the University has purchased 2,625 shares of common stock at an aggregate cost of $44,205, which includes 215 shares of common stock at an aggregate cost of $5,069 during the three months ended March 31, 2013, which are recorded at cost in the accompanying March 31, 2013 consolidated balance sheet and statement of stockholders’ equity. At March 31, 2013, there remained $5,795 available under its previous share repurchase authorization, which totaled $50,000 at March 31, 2013. Shares repurchased in lieu of taxes are not included in the repurchase plan totals as they were approved in conjunction with the restricted share awards.