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Share-Based Compensation Plans (Tables)

12 Months Ended

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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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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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 2
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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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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