The following table summarizes the unaudited quarterly results of operations for 2015 and 2014 and should be read in conjunction with other information included in the accompanying consolidated financial statements.


	2015
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Net revenue	$	194,127		$	174,726		$	193,393		$	215,954
Costs and expenses:
Instructional costs and services		78,687			75,357			83,180			92,427
Admissions advisory and related		28,333			27,372			27,506			29,361
Advertising		20,031			18,419			19,360			18,419
Marketing and promotional		1,694			1,788			1,827			1,978
General and administrative		9,396			9,534			12,536			10,634

Total costs and expenses		138,141			132,470			144,409			152,819

Operating income		55,986			42,256			48,984			63,135
Interest expense		(375	)		(146	)		(313	)		(414	)
Interest income and other		257			127			201			(691	)

Income before income taxes		55,868			42,237			48,872			62,030
Income tax expense		21,689			16,461			15,530			23,916

Net income	$	34,179		$	25,776		$	33,342		$	38,114

Earnings per share:
Basic income per share(1)	$	0.75		$	0.56		$	0.72		$	0.83

Diluted income per share(1)	$	0.72		$	0.55		$	0.70		$	0.81

Basic weighted average shares outstanding		45,789			46,012			46,063			46,035

Diluted weighted average shares outstanding		47,201			47,263			47,320			47,337

(1)	The sum of quarterly income per share may not equal annual income per share due to rounding.


	2014
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Net revenue	$	167,432		$	158,594		$	175,056		$	189,973
Costs and expenses:
Instructional costs and services		70,678			67,847			71,714			78,552
Admissions advisory and related		26,261			26,208			27,324			28,774
Advertising		16,712			15,751			16,491			16,854
Marketing and promotional		1,791			1,907			1,931			1,810
General and administrative		8,554			8,994			11,640			10,447

Total costs and expenses		123,996			120,707			129,100			136,437

Operating income		43,436			37,887			45,956			53,536
Interest expense		(523	)		(356	)		(576	)		(346	)
Interest income and other		137			197			43			307

Income before income taxes		43,050			37,728			45,423			53,497
Income tax expense		16,762			14,659			16,407			20,404

Net income	$	26,288		$	23,069		$	29,016		$	33,093

Earnings per share:
Basic income per share(1)	$	0.58		$	0.51		$	0.64		$	0.72

Diluted income per share(1)	$	0.56		$	0.49		$	0.62		$	0.70

Basic weighted average shares outstanding		45,205			45,598			45,651			45,652

Diluted weighted average shares outstanding		46,841			46,990			47,051			47,097

(1)	The sum of quarterly income per share may not equal annual income per share due to rounding.