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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) are as follows:

		Year Ended December 31,
		2017				2016				2015
Current:
Federal		$	76,966			$	64,006			$	63,481
State			8,589				4,831				5,222
			85,555				68,837				68,703
Deferred:
Federal			(6,189	)			7,961				4,473
State			843				891				557
			(5,346	)			8,852				5,030
Tax expense recorded as an increase of paid-in capital			—				9,921				3,863
		$	80,209			$	87,610			$	77,596

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income tax computed at the U.S. statutory rate to the effective income tax rate is as follows:

		Year Ended December 31,
		2017				2016				2015
Statutory U.S. federal income tax rate			35.0	%			35.0	%			35.0	%
State income taxes, net of federal tax benefit			3.2				3.2				3.3
State tax credits, net of federal effect			(0.7	)			(1.5	)			(1.2	)
Excess tax benefits			(5.8	)			0.0				0.0
Deferred tax revaluation (Federal Rate change)			(3.7	)			0.0				0.0
Nondeductible expenses			0.0				0.2				0.1
Other			0.3				0.2				(0.1	)
Effective income tax rate			28.3	%			37.1	%			37.1	%

Significant Components of Deferred Income Tax Assets and Liabilities

Significant components of the University’s deferred income tax assets and liabilities, included in Deferred income taxes, non-current on the consolidated balance sheets are as follows:

		As of December 31,
		2017				2016
Deferred tax assets:
Allowance for doubtful accounts		$	1,685			$	2,362
Share-based compensation			4,201				7,681
Deferred tuition revenue			1,294				1,539
Deferred scholarship			618				1,198
Deferred rent			54				122
Intangibles			590				1,048
State taxes			985				1,228
Other			1,422				2,731
Deferred tax assets			10,849				17,909
Deferred tax liability:
Property and equipment			(28,028	)			(40,358	)
Other			(1,183	)			(1,259	)
Deferred tax liability			(29,211	)			(41,617	)
Net deferred tax liability		$	(18,362	)		$	(23,708	)

The net deferred tax liability on the accompanying consolidated balance sheet is comprised of the following:

		As of December 31,
		2017				2016
Deferred income taxes, current		$	5,214			$	7,814
Deferred income taxes, non-current			(23,576	)			(31,522	)
Net deferred tax liability		$	(18,362	)		$	(23,708	)

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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