XML 40 R20.htm IDEA: XBRL DOCUMENT v3.3.1.900
Equity Transactions
 12 Months Ended
Dec. 31, 2015
Equity [Abstract]  
Equity Transactions

11. Equity Transactions

Preferred Stock

As of December 31, 2015 and 2014, the University had 10,000 shares of authorized but unissued and undesignated preferred stock. The University’s charter provides that the board of directors has authority to issue preferred stock, with voting powers, designations, preferences, and special rights, qualifications, limitation, or restrictions as permitted by law as determined by the board of directors, without stockholder approval. The board of directors may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the voting power or other rights of the holders of the common stock.

Treasury Stock

The Board of Directors has authorized the University to repurchase up to $75,000 in aggregate of common stock, from time to time, depending on market conditions and other considerations. The expiration date on the repurchase authorization has been extended to September 30, 2016. 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 3,076 shares of common stock at an aggregate cost of $60,414, which includes 288 shares of common stock at an aggregate cost of $11,279 during the year ended December 31, 2015, which are recorded at cost in the accompanying December 31, 2015 consolidated balance sheet and statement of stockholders’ equity. At December 31, 2015, there remained $14,586 available under its current share repurchase authorization.