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Quarterly Results of Operations (Unaudited) | 12 Months Ended
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Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Results of Operations (Unaudited) | 17. Quarterly Results of Operations (Unaudited) The following table summarizes the unaudited quarterly results of operations for 2013 and 2012 and should be read in conjunction with other information included in the accompanying consolidated financial statements.
|  | 2013 |
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |
Net revenue |  | $ | 142,030 |  |  | $ | 141,463 |  |  | $ | 152,399 |  |  | $ | 162,443 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Instructional costs and services |  |  | 59,997 |  |  |  | 61,747 |  |  |  | 64,704 |  |  |  | 67,971 |
Admissions advisory and related |  |  | 22,993 |  |  |  | 23,346 |  |  |  | 24,578 |  |  |  | 26,160 |
Advertising |  |  | 15,929 |  |  |  | 14,520 |  |  |  | 15,498 |  |  |  | 15,038 |
Marketing and promotional |  |  | 1,435 |  |  |  | 1,383 |  |  |  | 1,299 |  |  |  | 1,527 |
General and administrative |  |  | 8,051 |  |  |  | 8,978 |  |  |  | 9,035 |  |  |  | 10,870 |
Total costs and expenses |  |  | 108,405 |  |  |  | 109,974 |  |  |  | 115,114 |  |  |  | 121,566 |
Operating income |  |  | 33,625 |  |  |  | 31,489 |  |  |  | 37,285 |  |  |  | 40,877 |
Interest expense |  |  | (668 | ) |  |  | (439 | ) |  |  | (528 | ) |  |  | (609 | )
Interest income and other |  |  | 2,195 |  |  |  | 62 |  |  |  | 1,502 |  |  |  | 104 |
Income before income taxes |  |  | 35,152 |  |  |  | 31,112 |  |  |  | 38,259 |  |  |  | 40,372 |
Income tax expense |  |  | 14,207 |  |  |  | 12,048 |  |  |  | 15,714 |  |  |  | 14,215 |
Net income |  | $ | 20,945 |  |  | $ | 19,064 |  |  | $ | 22,545 |  |  | $ | 26,157 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic income per share(1) |  | $ | 0.47 |  |  | $ | 0.43 |  |  | $ | 0.50 |  |  | $ | 0.58 |
Diluted income per share(1) |  | $ | 0.46 |  |  | $ | 0.42 |  |  | $ | 0.49 |  |  | $ | 0.56 |
Basic weighted average shares outstanding |  |  | 44,242 |  |  |  | 44,681 |  |  |  | 44,963 |  |  |  | 45,026 |
Diluted weighted average shares outstanding |  |  | 45,449 |  |  |  | 45,929 |  |  |  | 46,424 |  |  |  | 46,712 |
(1) | The sum of quarterly income per share may not equal annual income per share due to rounding.
|  | 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 |
Admissions advisory and related |  |  | 19,991 |  |  |  | 20,369 |  |  |  | 22,342 |  |  |  | 23,215 |
Advertising |  |  | 13,639 |  |  |  | 11,467 |  |  |  | 12,909 |  |  |  | 13,008 |
Marketing and promotional |  |  | 929 |  |  |  | 919 |  |  |  | 1,199 |  |  |  | 1,313 |
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 |
Interest expense |  |  | (207 | ) |  |  | (78 | ) |  |  | (154 | ) |  |  | (260 | )
Interest and other income |  |  | 10 |  |  |  | 26 |  |  |  | 16 |  |  |  | 19 |
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.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=25249566&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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