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Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 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			275			$	44.46
Vested			(325	)		$	30.44
Forfeited, canceled or expired			(7	)		$	38.09
Outstanding as of September 30, 2016			999			$	38.33

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			(712	)		$	14.07
Forfeited, canceled or expired			(2	)		$	19.23
Outstanding as of September 30, 2016			1,506			$	15.01				3.18			$	38,215
Exercisable as of September 30, 2016			1,499			$	14.97				3.16			$	38,117
Available for issuance as of September 30, 2016			1,802

(1) Aggregate intrinsic value represents the value of the University’s closing stock price on September 30, 2016 ($40.39) 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 nine months ended September 30, 2016 and 2015 related to restricted stock and stock options granted:

		2016				2015
Instructional costs and services		$	5,462			$	5,054
Admissions advisory and related expenses			169				143
Marketing and promotional			92				140
General and administrative			3,311				3,086
Share-based compensation expense included in operating expenses			9,034				8,423
Tax effect of share-based compensation			(3,614	)			(3,369	)
Share-based compensation expense, net of tax		$	5,420			$	5,054

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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

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-Name Accounting Standards Codification
-Topic 718
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-Paragraph 1
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
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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.

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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)
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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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