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Share-Based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 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 is as follows:
|  | Total Shares |  |  | Weighted Average Grant Date Fair Value per Share |
Outstanding as of December 31, 2012 |  |  | 553 |  |  | $ | 17.04 |
Granted |  |  | 594 |  |  | $ | 24.44 |
Vested |  |  | (119 | ) |  | $ | 17.13 |
Forfeited, canceled or expired |  |  | (45 | ) |  | $ | 20.57 |
Outstanding as of December 31, 2013 |  |  | 983 |  |  | $ | 21.34 |
Granted |  |  | 317 |  |  | $ | 46.02 |
Vested |  |  | (225 | ) |  | $ | 21.27 |
Forfeited, canceled or expired |  |  | (42 | ) |  | $ | 27.36 |
Outstanding as of December 31, 2014 |  |  | 1,033 |  |  | $ | 28.75 |
Granted |  |  | 324 |  |  | $ | 45.66 |
Vested |  |  | (274 | ) |  | $ | 27.18 |
Forfeited, canceled or expired |  |  | (27 | ) |  | $ | 30.27 |
Outstanding as of December 31, 2015 |  |  | 1,056 |  |  | $ | 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 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 |  |  | (1,160 | ) |  | $ | 14.03 |  |  |  |  |  |  |  |  |
Forfeited, canceled or expired |  |  | (71 | ) |  | $ | 17.22 |  |  |  |  |  |  |  |  |
Outstanding as of December 31, 2013 |  |  | 3,023 |  |  | $ | 14.80 |  |  |  |  |  |  |  |  |
Granted |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Exercised |  |  | (539 | ) |  | $ | 14.51 |  |  |  |  |  |  |  |  |
Forfeited, canceled or expired |  |  | (32 | ) |  | $ | 16.93 |  |  |  |  |  |  |  |  |
Outstanding as of December 31, 2014 |  |  | 2,452 |  |  | $ | 14.83 |  |  |  |  |  |  |  |  |
Granted |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Exercised |  |  | (218 | ) |  | $ | 15.97 |  |  |  |  |  |  |  |  |
Forfeited, canceled or expired |  |  | (14 | ) |  | $ | 16.08 |  |  |  |  |  |  |  |  |
Outstanding as of December 31, 2015 |  |  | 2,220 |  |  | $ | 14.71 |  |  |  | 3.83 |  |  | $ | 56,398 |
Exercisable as of December 31, 2015 |  |  | 2,013 |  |  | $ | 14.59 |  |  |  | 3.68 |  |  | $ | 51,392 |
Available for issuance as of December 31, 2015 |  |  | 1,893 |  |  |  |  |  |  |  |  |  |  |  |  |
(1) | Aggregate intrinsic value represents the value of the University’s closing stock price on December 31, 2015 ($40.12) in excess of the exercise price multiplied by the number of options outstanding or exercisable.
Amounts Related to Options Exercised | The following table summarizes information related to stock options exercised for years ended December 31, 2015, 2014 and 2013:
|  | 2015 |  |  | 2014 |  |  | 2013 |
Amounts related to options exercised: |  |  |  |  |  |  |  |  |  |  |  |
Intrinsic value realized by optionee |  | $ | 18,069 |  |  | $ | 27,499 |  |  | $ | 20,364 |
Actual tax benefit realized by the University for tax deductions |  | $ | 7,228 |  |  | $ | 11,000 |  |  | $ | 8,145 |
Fair Value of Options as of Grant Dates Using Weighted Average Assumptions | The University uses the Black-Scholes-Merton option pricing model to estimate the fair value of the University’s options as of the grant dates using the following weighted average assumptions:
Year Ended December 31, |  | 2013 |
Weighted average fair value |  | $ | 8.20 |
Expected volatility |  |  | 39.86 | %
Expected life (years) |  |  | 4.25 |
Risk-free interest rate |  |  | 0.65 | %
Dividend yield |  |  | 0 | %
Share-Based Compensation Expense | The table below outlines share-based compensation expense for the fiscal years ended December 31, 2015, 2014 and 2013 related to restricted stock and stock options granted:
|  | 2015 |  |  | 2014 |  |  | 2013 |
Instructional costs and services |  | $ | 6,779 |  |  | $ | 5,921 |  |  | $ | 5,246 |
Admissions advisory and related |  |  | 192 |  |  |  | 166 |  |  |  | 134 |
Marketing and promotional |  |  | 130 |  |  |  | 220 |  |  |  | 229 |
General and administrative |  |  | 4,156 |  |  |  | 3,638 |  |  |  | 4,327 |
Share-based compensation expense included in operating expenses |  |  | 11,257 |  |  |  | 9,945 |  |  |  | 9,936 |
Tax effect of share-based compensation |  |  | (4,503 | ) |  |  | (3,978 | ) |  |  | (3,974 | )
Share-based compensation expense, net of tax |  | $ | 6,754 |  |  | $ | 5,967 |  |  | $ | 5,962 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 14.F) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 -Section F + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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