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