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Quarterly Results of Operations (Unaudited) | 12 Months Ended
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Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Results of Operations (Unaudited) | 15. Quarterly Results of Operations (Unaudited) 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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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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