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Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2017

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

Summary of Activity Related to Restricted Stock Granted under Incentive Plan

A summary of the activity related to restricted stock granted under the University’s Incentive Plan is as follows:

		Total Shares				Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2014			1,033			$	28.75
Granted			324			$	45.66
Vested			(274	)		$	27.18
Forfeited, canceled or expired			(27	)		$	30.27
Outstanding as of December 31, 2015			1,056			$	34.30
Granted			275			$	44.46
Vested			(329	)		$	30.56
Forfeited, canceled or expired			(9	)		$	37.94
Outstanding as of December 31, 2016			993			$	38.32
Granted			192			$	70.44
Vested			(375	)		$	32.46
Forfeited, canceled or expired			(34	)		$	44.51
Outstanding as of December 31, 2017			776			$	49.16

Summary of Activity Related to Stock Options Granted under University's Incentive Plan

A summary of the activity related to stock options granted under the University’s Incentive 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, 2014			2,452			$	14.83
Granted			—			$	—
Exercised			(218	)		$	15.97
Forfeited, canceled or expired			(14	)		$	16.08
Outstanding as of December 31, 2015			2,220			$	14.71
Granted			—			$	—
Exercised			(946	)		$	13.97
Forfeited, canceled or expired			(2	)		$	19.23
Outstanding as of December 31, 2016			1,272			$	15.26
Granted			—			$	—
Exercised			(576	)		$	12.79
Forfeited, canceled or expired			(2	)		$	16.35
Outstanding as of December 31, 2017			694			$	17.31				2.71			$	50,114
Exercisable as of December 31, 2017			694			$	17.31				2.71			$	50,114

(1) Aggregate intrinsic value represents the value of the University’s closing stock price on December 29, 2017 ($89.53) in excess of the exercise price multiplied by the number of options outstanding or exercisable.

Share-Based Compensation Expense

The table below outlines share-based compensation expense for the fiscal years ended December 31, 2017, 2016 and 2015 related to restricted stock and stock options granted:

		2017				2016				2015
Instructional costs and services		$	7,874			$	7,398			$	6,779
Admissions advisory and related			198				232				192
Marketing and promotional			169				125				130
General and administrative			4,447				4,521				4,156
Share-based compensation expense included in operating expenses			12,688				12,276				11,257
Tax effect of share-based compensation			(5,075	)			(4,910	)			(4,503	)
Share-based compensation expense, net of tax		$	7,613			$	7,366			$	6,754

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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.

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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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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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