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Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2017

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

Summary of Activity Related to Restricted Stock Granted under Incentive Plans

A summary of the activity related to restricted stock granted under the 2008 Plan and the 2017 Plan since December 31, 2016 is as follows:

		Total Shares				Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2016			993			$	38.32
Granted			192			$	70.44
Vested			(371	)		$	32.38
Forfeited, canceled or expired			(19	)		$	41.77
Outstanding as of September 30, 2017			795			$	48.79

Summary of Activity Related to Stock Options Granted under 2008 Plan

A summary of the activity since December 31, 2016 related to stock options granted under the 2008 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, 2016			1,272			$	15.26
Granted			—			$	—
Exercised			(537	)		$	12.57
Forfeited, canceled or expired			(2	)		$	16.35
Outstanding as of September 30, 2017			733			$	17.23				2.92			$	53,939
Exercisable as of September 30, 2017			733			$	17.23				2.92			$	53,939

(1) Aggregate intrinsic value represents the value of the University’s closing stock price on September 29, 2017 ($90.82) 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, 2017 and 2016 related to restricted stock and stock options granted:

		2017				2016
Instructional costs and services		$	5,992			$	5,462
Admissions advisory and related expenses			144				169
Marketing and promotional			123				92
General and administrative			3,303				3,311
Share-based compensation expense included in operating expenses			9,562				9,034
Tax effect of share-based compensation			(3,825	)			(3,614	)
Share-based compensation expense, net of tax		$	5,737			$	5,420

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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)
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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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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 (d)
-URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901

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-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901

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-Publisher FASB
-Name Accounting Standards Codification
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-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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