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Stockholders' Equity
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
The components of net changes in stockholders’ equity for the fiscal quarters of 2023 are as follows:
Laureate Education, Inc. Stockholders
Common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive lossTreasury stock at costNon-controlling interestsTotal stockholders’ equity
SharesAmount
Balance at December 31, 2022157,013 $923 $2,204,755 $39,244 $(442,424)$(1,026,272)$(1,869)$774,357 
Non-cash share-based compensation— — 1,124 — — — — 1,124 
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding161 1 (448)— — — — (447)
Equitable adjustments to stock-based awards— — (13)— — — — (13)
Change in noncontrolling interests— — 16 — — — (140)(124)
Net loss— — — (26,607)— — (155)(26,762)
Foreign currency translation adjustment, net of tax of $0
— — — — 72,791 — 6 72,797 
Balance at March 31, 2023157,174 $924 $2,205,434 $12,637 $(369,633)$(1,026,272)$(2,158)$820,932 
Non-cash share-based compensation— — 1,976 — — — — 1,976 
Retirement of treasury stock— (295)(1,025,977)— — 1,026,272 — — 
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding46 — 44 — — — — 44 
Equitable adjustments to stock-based awards— — 24 — — — — 24 
Net income— — — 56,177 — — 136 56,313 
Foreign currency translation adjustment, net of tax of $0
— — — — 92,007 — (92)91,915 
Balance at June 30, 2023157,220 $629 $1,181,501 $68,814 $(277,626)$— $(2,114)$971,204 
Non-cash share-based compensation— — 1,794 — — — — 1,794 
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding147 — 1,032 — — — — 1,032 
Equitable adjustments to stock-based awards— — 2 — — — — 2 
Net income— — — 36,158 — — (177)35,981 
Foreign currency translation adjustment, net of tax of $0
— — — — (46,373)— 2 (46,371)
Balance at September 30, 2023157,367 $629 $1,184,329 $104,972 $(323,999)$— $(2,289)$963,642 

Retirement of Treasury Stock

On May 24, 2023, the Company’s Board of Directors approved the retirement of all outstanding shares of treasury stock, which totaled 73,766 shares. The Company recorded the purchases of treasury stock at cost as a separate component within stockholders’ equity in the Consolidated Balance Sheets. Upon retirement of treasury stock, the Company allocates the excess of the purchase price over par value to additional paid-in capital, subject to certain limitations.
The components of net changes in stockholders’ equity for the fiscal quarters of 2022 are as follows:
Laureate Education, Inc. Stockholders

Common stock		Additional paid-in capitalRetained earnings (accumulated deficit)Accumulated other comprehensive lossTreasury stock at costNon-controlling interestsTotal stockholders’ equity
SharesAmount
Balance at December 31, 2021180,611 $915 $2,388,783 $15,523 $(520,204)$(744,174)$(1,285)$1,139,558 
Non-cash share-based compensation— — 2,762 — — — — 2,762 
Purchase of treasury stock at cost(9,485)— — — — (112,874)— (112,874)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding1,379 6 10,716 — — — — 10,722 
Equitable adjustments to stock-based awards— — (189)— — — — (189)
Net loss— — — (44,211)— — (469)(44,680)
Foreign currency translation adjustment, net of tax of $0
— — — — 49,573 — 2 49,575 
Minimum pension liability adjustment, net of tax of $0
— — — — 14 — — 14 
Balance at March 31, 2022172,505 $921 $2,402,072 $(28,688)$(470,617)$(857,048)$(1,752)$1,044,888 
Non-cash share-based compensation— — 2,360 — — — — 2,360 
Purchase of treasury stock at cost(8,013)— — — — (93,362)— (93,362)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding171 1 (472)— — — — (471)
Equitable adjustments to stock-based awards— — (35)— — — — (35)
Change in noncontrolling interests— — 2 — — — (2)— 
Reclassification of redeemable equity to non-redeemable equity— — 316 — — — — 316 
Net income— — — 43,423 — — 136 43,559 
Foreign currency translation adjustment, net of tax of $0
— — — — 17,969 — 3 17,972 
Balance at June 30, 2022164,663 $922 $2,404,243 $14,735 $(452,648)$(950,410)$(1,615)$1,015,227 
Non-cash share-based compensation— — 1,849 — — — — 1,849 
Purchase of treasury stock at cost(77)— — — — (862)— (862)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding63 — 199 — — — — 199 
Special cash distribution accrued on outstanding common stock— — (136,642)— — — — (136,642)
Equitable adjustments to stock-based awards— — (770)— — — — (770)
Net income— — — 31,117 — — (81)31,036 
Foreign currency translation adjustment, net of tax of $0
— — — — (42,160)— (1)(42,161)
Minimum pension liability adjustment, net of tax of $0
— — — — 983 — — 983 
Balance at September 30, 2022
164,649 $922 $2,268,879 $45,852 $(493,825)$(951,272)$(1,697)$868,859 

2022 Special Cash Distribution

As previously disclosed in the 2022 Form 10-K, on September 14, 2022, the Company announced that its Board approved, pursuant to the previously announced adoption of a Partial Liquidation Plan related to the distribution of net proceeds from the Company’s sale of Walden e-Learning LLC (the Walden Sale), the payment of a special cash distribution (the October 2022 Distribution) equal to $0.83 per each share of the Company’s common stock, par value $0.004 per share, to each holder of record on September 28, 2022. The proceeds that were distributed were attributable to the release during the third quarter of 2022 of $71,700 of escrowed funds from the Walden Sale, plus remaining net proceeds that had yet to be distributed. On October 12, 2022, the Company paid approximately $136,600 related to the October 2022 Distribution, which was the final distribution pursuant to the Partial Liquidation Plan.
Share-based Compensation Expense

During the three and nine months ended September 30, 2023 and 2022, the Company recorded share-based compensation expense for restricted stock unit awards of $1,794 and $1,849, respectively, and $4,894 and $6,971, respectively.

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) (AOCI) in our Consolidated Balance Sheets includes the accumulated translation adjustments arising from translation of foreign subsidiaries’ financial statements, the unrealized gain on a derivative designated as an effective net investment hedge, and the accumulated net gains or losses that are not recognized as components of net periodic benefit cost for our minimum pension liability. The AOCI related to the net investment hedge will be deferred from earnings until the sale or liquidation of the hedged investee. The components of these balances were as follows:
September 30, 2023December 31, 2022
Laureate Education, Inc.Noncontrolling InterestsTotalLaureate Education, Inc.Noncontrolling InterestsTotal
Foreign currency translation adjustment$(333,827)$875 $(332,952)$(452,252)$959 $(451,293)
Unrealized gain on derivatives10,416 — 10,416 10,416 — 10,416 
Minimum pension liability adjustment(588)— (588)(588)— (588)
Accumulated other comprehensive loss$(323,999)$875 $(323,124)$(442,424)$959 $(441,465)