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Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2018

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

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

A summary of the activity related to restricted stock granted under the University’s Incentive Plan since December 31, 2017 is as follows:

		Total Shares				Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2017			776			$	49.16
Granted			160			$	92.00
Vested			(298	)		$	41.53
Forfeited, canceled or expired			(3	)		$	54.55
Outstanding as of March 31, 2018			635			$	63.52

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

A summary of the activity since December 31, 2017 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, 2017			694			$	17.31
Granted			—			$	—
Exercised			(59	)		$	15.44
Forfeited, canceled or expired			—			$	—
Outstanding as of March 31, 2018			635			$	17.49				2.55			$	55,464
Exercisable as of March 31, 2018			635			$	17.49				2.55			$	55,464

(1) Aggregate intrinsic value represents the value of the University’s closing stock price on March 29, 2018 ($104.92) in excess of the exercise price multiplied by the number of shares underlying options outstanding or exercisable, as applicable.

Share-Based Compensation Expense

The table below outlines share-based compensation expense for the three months ended March 31, 2018 and 2017 related to restricted stock and stock options granted:

		2018				2017
Instructional costs and services		$	2,181			$	1,863
Admissions advisory and related expenses			75				22
Marketing and promotional			16				32
General and administrative			1,197				1,014
Share-based compensation expense included in operating expenses			3,469				2,931
Tax effect of share-based compensation			(867	)			(1,172	)
Share-based compensation expense, net of tax		$	2,602			$	1,759

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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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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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
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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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