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Quarterly Results of Operations (Unaudited) | 12 Months Ended
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Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Results of Operations (Unaudited) | 15. Quarterly Results of Operations (Unaudited) The following table summarizes the unaudited quarterly results of operations for 2018 and 2017 and should be read in conjunction with other information included in the accompanying consolidated financial statements.
|  | 2018
|  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
Service revenue |  | $ | — |  | $ | — |  | $ | 155,454 |  | $ | 177,548
University related revenue |  |  | 275,681 |  |  | 236,818 |  |  | — |  |  | —
Net revenue |  |  | 275,681 |  |  | 236,818 |  |  | 155,454 |  |  | 177,548
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Technology and academic services |  |  | 10,697 |  |  | 10,678 |  |  | 11,101 |  |  | 11,098
Counseling services and support |  |  | 50,747 |  |  | 50,838 |  |  | 51,116 |  |  | 51,989
Marketing and communication |  |  | 28,527 |  |  | 30,095 |  |  | 31,546 |  |  | 27,252
General and administrative |  |  | 7,419 |  |  | 5,762 |  |  | 10,092 |  |  | 6,695
University related expenses |  |  | 87,649 |  |  | 79,517 |  |  | 6,569 |  |  | (405)
Loss on transaction |  |  | 550 |  |  | 1,440 |  |  | 15,610 |  |  | 770
Total costs and expenses |  |  | 185,589 |  |  | 178,330 |  |  | 126,034 |  |  | 97,399
Operating income |  |  | 90,092 |  |  | 58,488 |  |  | 29,420 |  |  | 80,149
Interest income on Secured Note |  |  | — |  |  | — |  |  | 13,248 |  |  | 13,699
Interest expense |  |  | (346) |  |  | (57) |  |  | (558) |  |  | (575)
Investment interest and other |  |  | 981 |  |  | 1,567 |  |  | 371 |  |  | 521
Income before income taxes |  |  | 90,727 |  |  | 59,998 |  |  | 42,481 |  |  | 93,794
Income tax expense |  |  | 17,046 |  |  | 13,960 |  |  | 8,720 |  |  | 18,263
Net income |  | $ | 73,681 |  | $ | 46,038 |  | $ | 33,761 |  | $ | 75,531
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Basic income per share(1) |  | $ | 1.55 |  | $ | 0.97 |  | $ | 0.71 |  | $ | 1.58
Diluted income per share(1) |  | $ | 1.52 |  | $ | 0.95 |  | $ | 0.70 |  | $ | 1.56
Basic weighted average shares outstanding |  |  | 47,432 |  |  | 47,604 |  |  | 47,682 |  |  | 47,708
Diluted weighted average shares outstanding |  |  | 48,397 |  |  | 48,411 |  |  | 48,422 |  |  | 48,422
| (1) |  | The sum of quarterly income per share may not equal annual income per share due to rounding.
|  | 2017
|  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
Service revenue |  | $ | — |  | $ | — |  | $ | — |  | $ | —
University related revenue |  |  | 248,206 |  |  | 218,301 |  |  | 236,209 |  |  | 271,418
Net revenue |  |  | 248,206 |  |  | 218,301 |  |  | 236,209 |  |  | 271,418
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Technology and academic services |  |  | 10,381 |  |  | 10,220 |  |  | 10,494 |  |  | 10,739
Counseling services and support |  |  | 46,312 |  |  | 45,970 |  |  | 46,100 |  |  | 50,213
Marketing and communication |  |  | 27,309 |  |  | 27,426 |  |  | 28,130 |  |  | 26,227
General and administrative |  |  | 7,033 |  |  | 5,806 |  |  | 8,343 |  |  | 5,975
University related expenses |  |  | 80,543 |  |  | 73,791 |  |  | 83,450 |  |  | 86,356
Loss on Transaction |  |  | — |  |  | — |  |  | — |  |  | 562
Total costs and expenses |  |  | 171,578 |  |  | 163,213 |  |  | 176,517 |  |  | 180,072
Operating income |  |  | 76,628 |  |  | 55,088 |  |  | 59,692 |  |  | 91,346
Interest expense |  |  | (580) |  |  | (495) |  |  | (567) |  |  | (527)
Investment interest and other |  |  | 2 |  |  | 739 |  |  | 1,445 |  |  | 757
Income before income taxes |  |  | 76,050 |  |  | 55,332 |  |  | 60,570 |  |  | 91,576
Income tax expense |  |  | 20,138 |  |  | 15,485 |  |  | 21,266 |  |  | 23,320
Net income |  | $ | 55,912 |  | $ | 39,847 |  | $ | 39,304 |  | $ | 68,256
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Basic income per share(1) |  | $ | 1.20 |  | $ | 0.85 |  | $ | 0.83 |  | $ | 1.44
Diluted income per share(1) |  | $ | 1.16 |  | $ | 0.83 |  | $ | 0.81 |  | $ | 1.41
Basic weighted average shares outstanding |  |  | 46,748 |  |  | 47,151 |  |  | 47,316 |  |  | 47,342
Diluted weighted average shares outstanding |  |  | 48,070 |  |  | 48,192 |  |  | 48,292 |  |  | 48,382
| (1) |  | The sum of quarterly income per share may not equal annual income per share due to rounding.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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