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Share-Based Compensation | 6 Months Ended
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Jun. 30, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Share-Based Compensation | 8. Share-Based Compensation Incentive Plan Restricted Stock During the six months ended June 30, 2013, the University granted 575 shares of common stock with a service vesting condition to certain of its executives, officers, faculty and employees. The restricted shares have voting rights and vest in five annual installments of 20% starting on March 1, 2014 and each of the four anniversaries of the vesting date following the date of grant. In May 2013, the University granted 10 shares of common stock to certain of the non-employee members of the University’s board of directors. The restricted shares granted to these directors have voting rights and vest on the earlier of (a) the one year anniversary of the date of grant or (b) immediately prior to the following year’s annual meeting of stockholders, subject to acceleration in the event of a change in control. Upon vesting, shares will be held in lieu of taxes equivalent to the minimum statutory tax withholding required to be paid when the restricted stock vests. During the six months ended June 30, 2013, the University withheld 40 shares of common stock in lieu of taxes at a cost of $973 on the restricted stock vesting dates. A summary of the activity related to restricted stock granted under the University’s Incentive Plan since December 31, 2012 is as follows:
|  | Total Shares |  |  | Weighted Average Grant Date Fair Value per Share |
Outstanding as of December 31, 2012 |  |  | 553 |  |  | $ | 17.04 |
Granted |  |  | 585 |  |  | $ | 24.16 |
Vested |  |  | (118 | ) |  | $ | 17.09 |
Forfeited, canceled or expired |  |  | (8 | ) |  | $ | 18.73 |
Outstanding as of June 30, 2013 |  |  | 1,012 |  |  | $ | 21.14 |
Stock Options During the six months ended June 30, 2013, the University granted time vested options to purchase shares of common stock with an exercise price equal to the fair market value on the date of grant to an employee. The time vested options vest ratably over a period of four years and expire ten years from the date of grant. No options were granted in 2012. A summary of the activity related to stock options granted under the University’s Incentive Plan since December 31, 2012 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, 2012 |  |  | 4,229 |  |  | $ | 14.57 |  |  |  |  |  |  |  |  |
Granted |  |  | 25 |  |  | $ | 24.97 |  |  |  |  |  |  |  |  |
Exercised |  |  | (1,025 | ) |  | $ | 13.74 |  |  |  |  |  |  |  |  |
Forfeited, canceled or expired |  |  | (25 | ) |  | $ | 16.17 |  |  |  |  |  |  |  |  |
Outstanding as of June 30, 2013 |  |  | 3,204 |  |  | $ | 14.90 |  |  |  | 6.36 |  |  | $ | 55,531 |
Exercisable as of June 30, 2013 |  |  | 1,699 |  |  | $ | 14.18 |  |  |  | 5.99 |  |  | $ | 30,661 |
Available for issuance as of June 30, 2013 |  |  | 2,235 |  |  |  |  |  |  |  |  |  |  |  |  |
(1) | Aggregate intrinsic value represents the value of the University’s closing stock price on June 28, 2013 ($32.23) in excess of the exercise price multiplied by the number of shares underlying options outstanding or exercisable, as applicable.
Share-based Compensation Expense The table below outlines share-based compensation expense for the six months ended June 30, 2013 and 2012 related to restricted stock and stock options granted:
|  | 2013 |  |  | 2012 |
Instructional costs and services |  | $ | 2,546 |  |  | $ | 1,829 |
Admissions advisory and related expenses |  |  | 64 |  |  |  | 97 |
Marketing and promotional |  |  | 109 |  |  |  | 74 |
General and administrative |  |  | 2,186 |  |  |  | 1,716 |
Share-based compensation expense included in operating expenses |  |  | 4,905 |  |  |  | 3,716 |
Tax effect of share-based compensation |  |  | (1,962 | ) |  |  | (1,486 | )
Share-based compensation expense, net of tax |  | $ | 2,943 |  |  | $ | 2,230 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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