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Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2018

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

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

A summary of the activity related to restricted stock granted under the Company’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			163			$	92.34
Vested			(301	)		$	42.01
Forfeited, canceled or expired			(9	)		$	60.84
Outstanding as of June 30, 2018			629			$	63.62

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

During the three months ended June 30, 2018, no options were granted. A summary of the activity since December 31, 2017 related to stock options granted under the Company’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			(112	)		$	15.72
Forfeited, canceled or expired			—			$	—
Outstanding as of June 30, 2018			582			$	17.62				2.30			$	54,657
Exercisable as of June 30, 2018			582			$	17.62				2.30			$	54,657

(1) Aggregate intrinsic value represents the value of the Company’s closing stock price on June 29, 2018 ($111.61) 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 six months ended June 30, 2018 and 2017 related to restricted stock and stock options granted:

		2018				2017
Instructional costs and services		$	4,243			$	3,921
Admissions advisory and related expenses			150				82
Marketing and promotional			35				77
General and administrative			2,306				2,149
Share-based compensation expense included in operating expenses			6,734				6,229
Tax effect of share-based compensation			(1,683	)			(2,491	)
Share-based compensation expense, net of tax		$	5,051			$	3,738

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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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-Name Accounting Standards Codification
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-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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-SubTopic 10
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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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