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Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract] |
Summarizes the Unaudited Quarterly Results of Operations | The following table summarizes the unaudited quarterly results of operations for 2017 and 2016 and should be read in conjunction with other information included in the accompanying consolidated financial statements.
|  | 2017 |
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |
Net revenue |  | $ | 248,206 |  |  | $ | 218,301 |  |  | $ | 236,209 |  |  | $ | 271,418 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Instructional costs and services |  |  | 102,574 |  |  |  | 95,030 |  |  |  | 104,303 |  |  |  | 108,933 |
Admissions advisory and related |  |  | 31,972 |  |  |  | 31,085 |  |  |  | 31,426 |  |  |  | 34,061 |
Advertising |  |  | 24,631 |  |  |  | 24,776 |  |  |  | 25,523 |  |  |  | 23,678 |
Marketing and promotional |  |  | 2,460 |  |  |  | 2,264 |  |  |  | 2,350 |  |  |  | 2,555 |
General and administrative |  |  | 9,941 |  |  |  | 10,058 |  |  |  | 12,915 |  |  |  | 10,845 |
Total costs and expenses |  |  | 171,578 |  |  |  | 163,213 |  |  |  | 176,517 |  |  |  | 180,072 |
Operating income |  |  | 76,628 |  |  |  | 55,088 |  |  |  | 59,692 |  |  |  | 91,346 |
Interest expense |  |  | (580 | ) |  |  | (495 | ) |  |  | (567 | ) |  |  | (527 | )
Interest income and other |  |  | 2 |  |  |  | 739 |  |  |  | 1,445 |  |  |  | 757 |
Income before income taxes |  |  | 76,050 |  |  |  | 55,332 |  |  |  | 60,570 |  |  |  | 91,576 |
Income tax expense |  |  | 20,138 |  |  |  | 15,485 |  |  |  | 21,266 |  |  |  | 23,320 |
Net income |  | $ | 55,912 |  |  | $ | 39,847 |  |  | $ | 39,304 |  |  | $ | 68,256 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic income per share(1) |  | $ | 1.20 |  |  | $ | 0.85 |  |  | $ | 0.83 |  |  | $ | 1.44 |
Diluted income per share(1) |  | $ | 1.16 |  |  | $ | 0.83 |  |  | $ | 0.81 |  |  | $ | 1.41 |
Basic weighted average shares outstanding |  |  | 46,748 |  |  |  | 47,151 |  |  |  | 47,316 |  |  |  | 47,342 |
Diluted weighted average shares outstanding |  |  | 48,070 |  |  |  | 48,192 |  |  |  | 48,292 |  |  |  | 48,382 |
(1) | The sum of quarterly income per share may not equal annual income per share due to rounding.
|  | 2016 |
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |
Net revenue |  | $ | 226,958 |  |  | $ | 191,279 |  |  | $ | 210,444 |  |  | $ | 244,663 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Instructional costs and services |  |  | 94,654 |  |  |  | 84,599 |  |  |  | 91,748 |  |  |  | 102,100 |
Admissions advisory and related |  |  | 29,544 |  |  |  | 28,866 |  |  |  | 28,814 |  |  |  | 32,062 |
Advertising |  |  | 21,107 |  |  |  | 22,149 |  |  |  | 23,896 |  |  |  | 21,000 |
Marketing and promotional |  |  | 2,242 |  |  |  | 2,108 |  |  |  | 2,127 |  |  |  | 2,383 |
General and administrative |  |  | 10,720 |  |  |  | 8,809 |  |  |  | 13,430 |  |  |  | 10,260 |
Lease termination costs |  |  | — |  |  |  | — |  |  |  | 3,363 |  |  |  | 160 |
Total costs and expenses |  |  | 158,267 |  |  |  | 146,531 |  |  |  | 163,378 |  |  |  | 167,965 |
Operating income |  |  | 68,691 |  |  |  | 44,748 |  |  |  | 47,066 |  |  |  | 76,698 |
Interest expense |  |  | (329 | ) |  |  | (158 | ) |  |  | (344 | ) |  |  | (497 | )
Interest income and other |  |  | 2,048 |  |  |  | 293 |  |  |  | (2,291 | ) |  |  | 199 |
Income before income taxes |  |  | 70,410 |  |  |  | 44,883 |  |  |  | 44,431 |  |  |  | 76,400 |
Income tax expense |  |  | 26,745 |  |  |  | 17,257 |  |  |  | 15,187 |  |  |  | 28,421 |
Net income |  | $ | 43,665 |  |  | $ | 27,626 |  |  | $ | 29,244 |  |  | $ | 47,979 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic income per share(1) |  | $ | 0.96 |  |  | $ | 0.60 |  |  | $ | 0.63 |  |  | $ | 1.03 |
Diluted income per share(1) |  | $ | 0.93 |  |  | $ | 0.59 |  |  | $ | 0.62 |  |  | $ | 1.01 |
Basic weighted average shares outstanding |  |  | 45,622 |  |  |  | 46,004 |  |  |  | 46,231 |  |  |  | 46,470 |
Diluted weighted average shares outstanding |  |  | 46,860 |  |  |  | 46,990 |  |  |  | 47,175 |  |  |  | 47,452 |
(1) | The sum of quarterly income per share may not equal annual income per share due to rounding.

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