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Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

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 since December 31, 2014 is as follows:

		Total Shares				Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2014			1,033			$	28.75
Granted			324			$	45.66
Vested			(270	)		$	26.92
Forfeited, canceled or expired			(10	)		$	27.88
Outstanding as of June 30, 2015			1,077			$	34.30

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 since December 31, 2014 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, 2014			2,452			$	14.83
Granted			—			$	—
Exercised			(167	)		$	16.14
Forfeited, canceled or expired			(7	)		$	15.98
Outstanding as of June 30, 2015			2,278			$	14.73				4.34			$	63,018
Exercisable as of June 30, 2015			2,061			$	14.59				4.19			$	57,306
Available for issuance as of June 30, 2015			1,928

(1) Aggregate intrinsic value represents the value of the University’s closing stock price on June 30, 2015 ($42.40) 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, 2015 and 2014 related to restricted stock and stock options granted:

		2015				2014
Instructional costs and services		$	3,304			$	2,874
Admissions advisory and related expenses			93				80
Marketing and promotional			93				131
General and administrative			2,022				1,752
Share-based compensation expense included in operating expenses			5,512				4,837
Tax effect of share-based compensation			(2,205	)			(1,935	)
Share-based compensation expense, net of tax		$	3,307			$	2,902

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Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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