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Share-Based Compensation | 3 Months Ended
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Mar. 31, 2019
Share-Based Compensation |
Share-Based Compensation | 13. Share-Based Compensation Incentive Plan Prior to June 2017, the Company made grants of restricted stock and stock options under its 2008 Equity Incentive Plan (the “2008 Plan”). In January 2017, the Board of Directors of the Company approved, and at the Company’s 2017 annual meeting of stockholders held on June 14, 2017, the Company’s stockholders adopted a 2017 Equity Incentive Plan (the “2017 Plan”) under which a maximum of 3,000 shares may be granted. As of March 31, 2019, 1,765 shares were available for grants under the 2017 Plan. All grants of equity incentives made after June 2017 have been made from the 2017 Plan. Restricted Stock During the three months ended March 31, 2019, the Company granted 149 shares of common stock with a service vesting condition to certain of its executives, officers, faculty and employees. The restricted shares have voting rights and vest in five annual installments of 20%, with this first installment vesting in March of the calendar year following the date of grant (the “first vesting date”) and on each of the four anniversaries of the first vesting date. Upon vesting, shares will be held in lieu of taxes equivalent to the minimum statutory tax withholding required to be paid when the restricted stock vests. During the three months ended March 31, 2019, the Company withheld 68 shares of common stock in lieu of taxes at a cost of $8,127 on the restricted stock vesting dates. A summary of the activity related to restricted stock granted under the Company’s Incentive Plan since December 31, 2018 is as follows:
|  |  |  | Weighted Average
|  | Total |  | Grant Date
|  | Shares |  | Fair Value per Share
Outstanding as of December 31, 2018 |  | 460 |  | $ | 63.28
Granted |  | 149 |  | $ | 93.07
Vested |  | (171) |  | $ | 55.26
Forfeited, canceled or expired |  | (11) |  | $ | 76.12
Outstanding as of March 31, 2019 |  | 427 |  | $ | 76.57
Stock Options During the three months ended March 31, 2019, no options were granted. A summary of the activity since December 31, 2018 related to stock options granted under the Company’s Incentive Plan is as follows:
|  | Summary of Stock Options Outstanding
|  |  |  | Weighted |  | Weighted |  |  |
|  |  |  | Average |  | Average |  |  |
|  |  |  | Exercise |  | Remaining |  | Aggregate
|  | Total |  | Price per |  | Contractual |  | Intrinsic
|  | Shares |  | Share |  | Term (Years) |  | Value ($)(1)
Outstanding as of December 31, 2018 |  | 444 |  | $ | 16.66 |  |  |  |  |
Granted |  | — |  | $ | — |  |  |  |  |
Exercised |  | (83) |  | $ | 19.64 |  |  |  |  |
Forfeited, canceled or expired |  | — |  | $ | — |  |  |  |  |
Outstanding as of March 31, 2019 |  | 361 |  | $ | 15.97 |  | 1.83 |  | $ | 35,483
Exercisable as of March 31, 2019 |  | 361 |  | $ | 15.97 |  | 1.83 |  | $ | 35,483
| (1) |  | Aggregate intrinsic value represents the value of the Company’s closing stock price on March 29, 2019 ($114.51) 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, 2019 and 2018 related to restricted stock and stock options granted:
|  | 2019 |  | 2018
Technology and academic services |  | $ | 434 |  | $ | 417
Counseling support and services |  |  | 1,334 |  |  | 1,291
Marketing and communication |  |  | 19 |  |  | 12
General and administrative |  |  | 849 |  |  | 889
University related expenses |  |  | — |  |  | 860
Share-based compensation expense included in operating expenses |  |  | 2,636 |  |  | 3,469
Tax effect of share-based compensation |  |  | (659) |  |  | (867)
Share-based compensation expense, net of tax |  | $ | 1,977 |  | $ | 2,602

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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