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Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2016

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

Summary of Activity Related to Restricted Stock Granted under 2008 Equity Incentive Plan

A summary of the activity related to restricted stock granted under the University’s 2008 Equity Incentive Plan (“Incentive Plan”) since December 31, 2015 is as follows:

		Total Shares				Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2015			1,056			$	34.30
Granted			—			$	—
Vested			(312	)		$	30.27
Forfeited, canceled or expired			(1	)		$	38.29
Outstanding as of March 31, 2016			743			$	35.99

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, 2015 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, 2015			2,220			$	14.71
Granted			—			$	—
Exercised			(245	)		$	14.14
Forfeited, canceled or expired			—			$	—
Outstanding as of March 31, 2016			1,975			$	14.78				3.58			$	55,217
Exercisable as of March 31, 2016			1,968			$	14.75				3.57			$	55,101
Available for issuance as of March 31, 2016			2,066

(1) Aggregate intrinsic value represents the value of the University’s closing stock price on March 31, 2016 ($42.74) 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 three months ended March 31, 2016 and 2015 related to restricted stock and stock options granted:

		2016				2015
Instructional costs and services		$	1,750			$	1,549
Admissions advisory and related expenses			49				44
Marketing and promotional			30				46
General and administrative			1,069				964
Share-based compensation expense included in operating expenses			2,898				2,603
Tax effect of share-based compensation			(1,159	)			(1,041	)
Share-based compensation expense, net of tax		$	1,739			$	1,562

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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.

+ 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

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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.

+ 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

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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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