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Equity Transactions
12 Months Ended
Dec. 31, 2017
Equity [Abstract]  
Equity Transactions

10. Equity Transactions

Preferred Stock

As of December 31, 2017 and 2016, the University had 10,000 shares of authorized but unissued and undesignated preferred stock. The University’s charter provides that the board of directors has authority to issue preferred stock, with voting powers, designations, preferences, and special rights, qualifications, limitation, or restrictions as permitted by law as determined by the board of directors, without stockholder approval. The board of directors may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the voting power or other rights of the holders of the common stock.

Treasury Stock

The Board of Directors has authorized the University to repurchase up to $175,000 in aggregate of common stock, from time to time, depending on market conditions and other considerations. The expiration date on the repurchase authorization has been extended to December 31, 2018. Repurchases occur at the University’s discretion. Repurchases may be made in the open market or in privately negotiated transactions, pursuant to the applicable Securities and Exchange Commission rules. The amount and timing of future share repurchases, if any, will be made as market and business conditions warrant. Since its approval of the share repurchase plan, the University has purchased 3,509 shares of common stock at an aggregate cost of $77,292, which are recorded at cost in the accompanying December 31, 2017 consolidated balance sheet and statement of stockholders’ equity. During the year ended December 31, 2017 the University repurchased 17 shares of common stock at an aggregate costs of $1,510. At December 31, 2017, there remained $97,708 available under its current share repurchase authorization. Shares repurchase in lieu of taxes are not included in the repurchase plan totals as they were approved in conjunction with the restricted share awards.