-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 T9TKgD8xBeCrThzKpUQgwDkvNNt4LDU3JWxLfMF7EXScrZpdKSQmyaU2+6NNhXV1
 sBCAhFS+7GXG36QOb6kLqg==

<SEC-DOCUMENT>0000950136-07-003007.txt : 20070503
<SEC-HEADER>0000950136-07-003007.hdr.sgml : 20070503
<ACCEPTANCE-DATETIME>20070503084953
ACCESSION NUMBER:		0000950136-07-003007
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20070503
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070503
DATE AS OF CHANGE:		20070503

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STRAYER EDUCATION INC
		CENTRAL INDEX KEY:			0001013934
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				521975978
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21039
		FILM NUMBER:		07812961

	BUSINESS ADDRESS:	
		STREET 1:		1100 WILSON BLVD., SUITE 2500
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22209
		BUSINESS PHONE:		703-247-2500

	MAIL ADDRESS:	
		STREET 1:		1100 WILSON BLVD., SUITE 2500
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22209
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>file1.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>
</TITLE>
</HEAD>
<BODY>


  <PAGE>

	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P
	  STYLE="line-height:18.667px; margin-top:16px; margin-bottom:4px; padding-right:0.933px; font-size:16px"
	  ALIGN="center">
		UNITED STATES
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px" ALIGN="center">
		<B>SECURITIES AND EXCHANGE COMMISSION</B>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px" ALIGN="center">
		<B>WASHINGTON, DC 20549</B>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:21.333px; margin:0px; font-size:18.667px"
	  ALIGN="center">
		<B>FORM 8-K</B>
	 </P>
	 <P STYLE="line-height:21.333px; margin:0px; font-size:18.667px"
	  ALIGN="center">
		<B>CURRENT REPORT</B>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px" ALIGN="center">
		<B>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
		1934</B>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:normal; margin:0px; font-size:14.667px">
		Date of report (Date of earliest event reported)
		&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B><U>May
		3, 2007</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>

	 </P>
	 <P
	  STYLE="line-height:18.667px; margin:0px; padding-bottom:4px; font-size:16px; border-bottom:1px solid #000000"
	  ALIGN="center">
		<B>Strayer Education, Inc.</B>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px" ALIGN="center">
		(Exact name of registrant as specified in its charter)
	 </P>
	 <P STYLE="margin:0px; padding-bottom:4px; border-bottom:0px solid #000000"
	  ALIGN="center">
		<BR>
	 </P>
	 <P
	  STYLE="line-height:18.667px; margin:0px; padding-bottom:4px; font-size:16px; border-bottom:1px solid #000000"
	  ALIGN="center">
		<B>Maryland</B>
	 </P>
	 <P STYLE="line-height:17.333px; margin:0px; font-size:14.667px"
	  ALIGN="center">
		(State or other jurisdiction of incorporation)
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P
	  STYLE="line-height:17.333px; margin-top:0px; margin-bottom:-13.333px; text-indent:131.6px; font-size:14.667px; border-bottom:0px solid #000000">
		<B>0-21039</B>
	 </P>
	 <P
	  STYLE="line-height:17.333px; margin:0px; padding-bottom:4px; text-indent:602.6px; font-size:14.667px; border-bottom:1px solid #000000">
		<B>52-1975978</B>
	 </P>
	 <P
	  STYLE="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; text-indent:74.933px; font-size:14.667px">
		(Commission File Number)
	 </P>
	 <P
	  STYLE="line-height:17.333px; margin:0px; text-indent:537.067px; font-size:14.667px">
		(IRS Employer Identification No.)
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P
	  STYLE="line-height:17.333px; margin-top:0px; margin-bottom:-13.333px; text-indent:17.467px; font-size:14.667px; border-bottom:0px solid #000000">
		<B>1100 Wilson Boulevard, #2500, Arlington, VA</B>
	 </P>
	 <P
	  STYLE="line-height:17.333px; margin:0px; padding-bottom:4px; text-indent:671.667px; font-size:14.667px; border-bottom:1px solid #000000">
		<B>22209</B>
	 </P>
	 <P
	  STYLE="line-height:17.333px; margin-top:0px; margin-bottom:-17.333px; text-indent:39.467px; font-size:14.667px">
		(Address of principal executive offices)
	 </P>
	 <P
	  STYLE="line-height:17.333px; margin:0px; text-indent:657.667px; font-size:14.667px">
		(Zip Code)
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P
	  STYLE="line-height:17.333px; margin:0px; padding-bottom:4px; font-size:14.667px; border-bottom:1px solid #000000"
	  ALIGN="center">
		(703) 247-2500
	 </P>
	 <P STYLE="line-height:17.333px; margin:0px; font-size:14.667px"
	  ALIGN="center">
		(Registrant&#146;s telephone number, including area code)
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px; padding-bottom:4px; border-bottom:1px solid #000000"
	  ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="line-height:17.333px; margin:0px; font-size:14.667px"
	  ALIGN="center">
		(Former name or former address, if changed since last report)
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:17.333px; margin:0px; font-size:14.667px">
		Check the appropriate box below if the Form 8-K filing is intended to
		simultaneously satisfy the filing obligation of the registrant under any of the
		following provisions (see<I> </I>General Instruction A.2. below):
	 </P>
	 <P STYLE="line-height:17.333px; margin:0px">
		<BR>
	 </P>
	 <P
	  STYLE="line-height:20px; margin-top:0px; margin-bottom:-20px; text-indent:24px; ; font-size:14.667px">
		<IMG SRC="ebox.gif" WIDTH="10" HEIGHT="10">
	 </P>
	 <P
	  STYLE="line-height:17.333px; margin:0px; text-indent:48px; font-size:14.667px">
		<FONT FACE="Times New Roman">Written communications pursuant to Rule 425
		under the Securities Act (17 CFR 230.425)</FONT>
	 </P>
	 <P STYLE="line-height:17.333px; margin:0px">
		<BR>
	 </P>
	 <P
	  STYLE="line-height:20px; margin-top:0px; margin-bottom:-20px; text-indent:24px; ; font-size:14.667px">
		<IMG SRC="ebox.gif" WIDTH="10" HEIGHT="10">
	 </P>
	 <P
	  STYLE="line-height:17.333px; margin:0px; text-indent:48px; font-size:14.667px">
		<FONT FACE="Times New Roman">Soliciting material pursuant to Rule 14a-12
		under the Exchange Act (17 CFR 240.14a-12)</FONT>
	 </P>
	 <P STYLE="line-height:17.333px; margin:0px">
		<BR>
	 </P>
	 <P
	  STYLE="line-height:20px; margin-top:0px; margin-bottom:-20px; text-indent:24px; ; font-size:14.667px">
		<IMG SRC="ebox.gif" WIDTH="10" HEIGHT="10">
	 </P>
	 <P
	  STYLE="line-height:17.333px; margin:0px; text-indent:48px; font-size:14.667px">
		<FONT FACE="Times New Roman">Pre-commencement communications pursuant to
		Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT>
	 </P>
	 <P STYLE="line-height:17.333px; margin:0px">
		<BR>
	 </P>
	 <P
	  STYLE="line-height:20px; margin-top:0px; margin-bottom:-20px; text-indent:24px; ; font-size:14.667px">
		<IMG SRC="ebox.gif" WIDTH="10" HEIGHT="10">
	 </P>
	 <P
	  STYLE="line-height:17.333px; margin:0px; text-indent:48px; font-size:14.667px">
		<FONT FACE="Times New Roman">Pre-commencement communications pursuant to
		Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR> <BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		1
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <PAGE>
	 <P STYLE="margin:0px; ">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		Item 2.02. &nbsp;&nbsp;&nbsp;Results of Operations and Financial
		Condition.
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		On May 3, 2007, Strayer Education, Inc. announced first quarter 2007
		revenues, earnings, and 2007 spring term enrollments. &nbsp;The May 3, 2007
		press release is attached hereto as an exhibit and incorporated herein by
		reference. &nbsp;The information contained in the May 3, 2007 press release is
		deemed furnished under this Item; and should not be deemed &#147;filed&#148;
		for purposes of Section 18 of the Securities Exchange Act, as amended (the
		&#147;Exchange Act&#148;), or otherwise subject to that section, nor shall it
		be deemed incorporated by reference in any filing under the Securities Act of
		1933, as amended, or the Exchange Act.
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P
	  STYLE="line-height:18.667px; margin-top:0px; margin-bottom:-18.667px; font-size:16px">
		Item &nbsp;&nbsp;&nbsp;&nbsp;9.01. &nbsp;
	 </P>
	 <P
	  STYLE="line-height:18.667px; margin:0px; text-indent:144px; font-size:16px">
		Financial Statements and Exhibits.
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P
	  STYLE="line-height:18.667px; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-140px; font-size:16px">
		Exhibit &nbsp;99.01
	 </P>
	 <P
	  STYLE="line-height:18.667px; margin:0px; padding-left:144px; font-size:16px">
		Press Release dated May 3, 2007. &nbsp;(The information contained in the
		May 3, 2007 press release is deemed furnished under Item 2.02.)
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR> <BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		2
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <PAGE>
	 <P STYLE="margin:0px; ">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		SIGNATURES
	 </P>
	 <P STYLE="margin:0px; padding-top:4px; border-top:0px solid #3F3F3F"
	  ALIGN="center">
		<BR>
	 </P>
	 <P
	  STYLE="line-height:18.667px; margin:0px; padding-top:4px; font-size:16px; border-top:0px solid #3F3F3F">
		Pursuant to the requirements of the Securities and Exchange Act of 1934,
		the registrant has duly caused this report to be signed on its behalf by the
		undersigned hereunto duly authorized.
	 </P>
	 <P STYLE="margin:0px; padding-top:4px; border-top:0px solid #3F3F3F">
		<BR>
	 </P>
	 <P STYLE="margin:0px; padding-top:4px; border-top:0px solid #3F3F3F">
		<BR>
	 </P>
	 <P
	  STYLE="line-height:18.667px; margin:0px; padding-top:4px; text-indent:288px; font-size:16px; border-top:0px solid #3F3F3F">
		Strayer Education, Inc.
	 </P>
	 <P
	  STYLE="line-height:18.667px; margin:0px; padding-top:4px; font-size:16px; border-top:0px solid #3F3F3F">
		Date: &nbsp;
	 </P>
	 <P
	  STYLE="line-height:18.667px; margin:0px; padding-top:4px; font-size:16px; border-top:0px solid #3F3F3F">
		May 3, 2007
	 </P>
	 <P
	  STYLE="line-height:18.667px; margin-top:-20px; padding-top:4px; text-indent:288px; font-size:16px; border-top:0px solid #3F3F3F">
		<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
	 </P>


	 <P
	  STYLE="line-height:18.667px; margin-top:-20px; padding-top:4px; text-indent:288px; font-size:16px; border-top:0px solid #3F3F3F">
		Mark C. Brown
	 </P>
	 <P
	  STYLE="line-height:18.667px; margin-top:-20px; padding-top:4px; text-indent:288px; font-size:16px; border-top:0px solid #3F3F3F">
		Senior Vice President and Chief Financial Officer
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR> <BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		3
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <PAGE>
	 <P STYLE="margin:0px; ">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px" ALIGN="center">
		<B>EXHIBIT INDEX</B>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P
	  STYLE="line-height:18.667px; margin-top:0px; margin-bottom:-18.667px; font-size:16px">
		<B><U>&nbsp;&nbsp;&nbsp;Exhibit&nbsp;&nbsp;&nbsp;</U></B>
	 </P>
	 <P
	  STYLE="line-height:18.667px; margin:0px; text-indent:192px; font-size:16px">
		<B><U>Description</U></B>
	 </P>
	 <P
	  STYLE="line-height:18.667px; margin-top:0px; margin-bottom:-18.667px; font-size:16px">
		99.01
	 </P>
	 <P
	  STYLE="line-height:18.667px; margin:0px; text-indent:144px; font-size:16px">
		Press Release dated May 3, 2007
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR> <BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		4
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>

</BODY>
</HTML>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.01
<SEQUENCE>2
<FILENAME>file2.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE>
</TITLE>
</HEAD>
<BODY>


  <PAGE>

	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <TABLE STYLE="font-size:13.333px" CELLSPACING="0">
		<TR>
		  <TD WIDTH="638.4"></TD>
		</TR>
		<TR>
		  <TD STYLE="border:1px solid #000000" VALIGN="top" WIDTH="638.4">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				<B>EXHIBIT 99.01</B>
			 </P>
		  </TD>
		</TR>
	 </TABLE>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <TABLE STYLE="font-size:13.333px" CELLSPACING="0">
		<TR>
		  <TD WIDTH="306"></TD>
		  <TD WIDTH="350.4"></TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="306">
			 <P STYLE="line-height:17.333px; margin:0px; font-size:14.667px">
				<B>FOR IMMEDIATE RELEASE</B>
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="350.4">
			 <P STYLE="margin:0px">
				<BR>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="306">
			 <P STYLE="line-height:17.333px; margin:0px; font-size:14.667px">
				<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>

			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="350.4">
			 <P STYLE="line-height:17.333px; margin:0px; font-size:14.667px">
				<B>For more information contact:</B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="306">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="350.4">
			 <P STYLE="line-height:17.333px; margin:0px; font-size:14.667px">
				Mark C. Brown, Senior Vice President and
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="306">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="350.4">
			 <P STYLE="line-height:17.333px; margin:0px; font-size:14.667px">
				Chief Financial Officer
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="306">
			 <P STYLE="line-height:17.333px; margin:0px; font-size:14.667px">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="350.4">
			 <P STYLE="line-height:17.333px; margin:0px; font-size:14.667px">
				(703) 247-2514
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="306">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="350.4">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="306">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="350.4">
			 <P STYLE="line-height:17.333px; margin:0px; font-size:14.667px">
				Sonya Udler, Vice President,
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="306">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="350.4">
			 <P STYLE="line-height:17.333px; margin:0px; font-size:14.667px">
				Corporate Communications
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="306">
			 <P STYLE="line-height:17.333px; margin:0px; font-size:14.667px">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="350.4">
			 <P STYLE="line-height:17.333px; margin:0px; font-size:14.667px">
				(703) 247-2517
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="306">
			 <P STYLE="line-height:17.333px; margin:0px; font-size:14.667px">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="350.4">
			 <P STYLE="line-height:17.333px; margin:0px; font-size:14.667px">
				sonya.udler@strayer.edu
			 </P>
		  </TD>
		</TR>
	 </TABLE>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px" ALIGN="center">
		<B>STRAYER EDUCATION, INC. REPORTS RECORD</B>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px" ALIGN="center">
		<B>FIRST QUARTER 2007 REVENUES, EARNINGS</B>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px" ALIGN="center">
		<B>AND SPRING TERM 2007 ENROLLMENTS</B>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px" ALIGN="center">
		<B>-- Strayer First Quarter Revenues Up 20% --</B>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px" ALIGN="center">
		<B>-- Strayer First Quarter Diluted EPS $1.30, Up 18% --</B>
	 </P>
	 <P
	  STYLE="line-height:18.667px; margin:0px; text-indent:-6px; font-size:16px"
	  ALIGN="center">
		<B>-- Strayer Spring 2007 Total Enrollments Up 16% / New Students Up 17%
		--</B>
	 </P>
	 <P
	  STYLE="line-height:18.667px; margin:0px; text-indent:-6px; font-size:16px"
	  ALIGN="center">
		<B>-- Strayer University Approved For Operations by the State of New
		Jersey --</B>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		ARLINGTON, Va., May 3, 2007 &#8213; Strayer Education, Inc. (Nasdaq:
		STRA) today announced financial results for the three months ended March 31,
		2007. &nbsp;Financial highlights are as follows:
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		<B>Three Months Ended March 31</B>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P
	  STYLE="line-height:18.667px; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-family:Symbol; font-size:16px">
		<FONT FACE="Symbol">&middot;</FONT>
	 </P>
	 <P
	  STYLE="line-height:18.667px; margin:0px; padding-left:24px; font-size:16px">
		<FONT FACE="Times New Roman">Revenues for the three months ended March
		31, 2007 increased 20% to $80.2 million, compared to $67.1 million for the same
		period in 2006, due to increased enrollment and a 5% tuition increase which
		commenced in January 2007.</FONT>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P
	  STYLE="line-height:18.667px; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-family:Symbol; font-size:16px">
		<FONT FACE="Symbol">&middot;</FONT>
	 </P>
	 <P
	  STYLE="line-height:18.667px; margin:0px; padding-left:24px; font-size:16px">
		<FONT FACE="Times New Roman">Income from operations was $28.9 million
		compared to $25.0 million for the same period in 2006, an increase of 16%.
		&nbsp;Operating income margin was 36.1% compared to 37.2% for the same period
		in 2006. &nbsp;Operating income margin before the impact of FAS 123(R)
		stock-based compensation expense was 39.2%, unchanged from the same period in
		the prior year. &nbsp;</FONT>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P
	  STYLE="line-height:18.667px; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-family:Symbol; font-size:16px">
		<FONT FACE="Symbol">&middot;</FONT>
	 </P>
	 <P
	  STYLE="line-height:18.667px; margin:0px; padding-left:24px; font-size:16px">
		<FONT FACE="Times New Roman">Net income was $18.8 million compared to
		$16.0 million for the same period in 2006, an increase of 18%. &nbsp;Diluted
		earnings per share was $1.30 compared to $1.10 for the same period in 2006, an
		increase of 18%. &nbsp;Diluted weighted average shares outstanding decreased to
		14,490,000 from 14,559,000 for the same period in 2006.</FONT>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		&#147;We are pleased with our solid financial results for the first
		quarter and our strong student enrollment for the spring term,&#148; said
		Robert S. Silberman, Chairman and CEO of Strayer
	 </P>
	 <P STYLE="margin:0px">
		<BR> <BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <PAGE>
	 <P STYLE="margin:0px; ">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		Education, Inc. &nbsp;&#147;We continue to expand our geographic
		footprint with the successful opening of our two new Orlando, Florida
		campuses.&#148;
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		<B>Balance Sheet and Cash Flow</B>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		At March 31, 2007, the Company had cash, cash equivalents and marketable
		securities (a diversified, no load, short-term, tax exempt bond fund) of $151.4
		million and no debt. &nbsp;The Company generated $28.5 million from operating
		activities in the first quarter of 2007. &nbsp;Net cash provided by operating
		activities on the March 31, 2007 condensed consolidated statements of cash
		flows is reduced, in accordance with FAS 123(R), by a $9.1 million
		reclassification of a tax benefit from stock options exercised during the
		quarter. &nbsp;However, the favorable cash flow effect of this tax benefit will
		not be realized until the second quarter 2007, when the Company begins making
		2007 estimated tax payments. &nbsp;Capital expenditures were $3.9 million for
		the same period.
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		During the three months ended March 31, 2007, the Company spent $8.0
		million to repurchase 68,000 shares of common stock at an average price of
		$117.41 per share as part of a previously announced common stock repurchase
		authorization. &nbsp;The Company&#146;s remaining authorization for common
		stock repurchases was $24.0 million at March 31, 2007. &nbsp;During the three
		months ended March 31, 2007, the Company paid a regular, quarterly common stock
		dividend of $4.6 million and received $10.9 million upon the exercise of
		284,300 stock options.
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		For the first quarter 2007, bad debt expense as a percentage of revenues
		was 2.6% compared to 2.5% for the same period in 2006. &nbsp;Days sales
		outstanding, adjusted to exclude tuition receivable related to future quarters,
		was 12 days at the end of the first quarter of 2007, compared to 10 days at the
		end of the same period in 2006.
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		<B>Student Enrollment</B>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		Enrollment at Strayer University for the 2007 spring term increased 16%
		to 31,656 students compared to 27,289 for the same term in 2006.
		&nbsp;&nbsp;Across the Strayer University campus and online system new student
		enrollments increased 17%, while continuing student enrollments increased 16%.
		Out-of-area online students increased 21%. &nbsp;Students taking 100% of their
		classes online (including campus based students) increased 19%. &nbsp;The total
		number of students taking at least one class online increased 20%.
	 </P>
	 <P STYLE="margin:0px">
		<BR> <BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <PAGE>
	 <P STYLE="margin:0px; ">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <TABLE STYLE="font-size:13.333px" CELLSPACING="0">
		<TR>
		  <TD WIDTH="416"></TD>
		  <TD WIDTH="60"></TD>
		  <TD WIDTH="18"></TD>
		  <TD WIDTH="60"></TD>
		  <TD WIDTH="6"></TD>
		  <TD WIDTH="66"></TD>
		  <TD WIDTH="12"></TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="638" COLSPAN="7">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="center">
				<B><U>Student Enrollment</U></B>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="416">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="60">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="18">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="60">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="66">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="12">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="416">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" VALIGN="top" WIDTH="60">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="center">
				&nbsp;Spring
			 </P>
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="center">
				&nbsp;2006
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="18">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" VALIGN="top" WIDTH="60">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="center">
				&nbsp;Spring
			 </P>
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="center">
				2007
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" VALIGN="top" WIDTH="66">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="center">
				%
			 </P>
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="center">
				&nbsp;Change
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="12">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="416">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="60">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="18">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="60">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="66">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="12">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="416">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
				Campus Based Students:
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="60">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="18">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="60">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="66">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="12">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="416">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Campuses (20 in operation 3 years
				or less)
			 </P>
		  </TD>
		  <TD WIDTH="60">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="18">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="60">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="66">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="12">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="416">
			 <P
			  STYLE="line-height:18.667px; margin:0px; text-indent:48px; font-size:16px">
				Classroom Students
			 </P>
		  </TD>
		  <TD WIDTH="60">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				1,070
			 </P>
		  </TD>
		  <TD WIDTH="18">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="60">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				2,252
			 </P>
		  </TD>
		  <TD WIDTH="6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="66">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				<I>110%</I>
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="12">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="416">
			 <P
			  STYLE="line-height:18.667px; margin:0px; text-indent:48px; font-size:16px">
				Online Students
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" WIDTH="60">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				1,566
			 </P>
		  </TD>
		  <TD WIDTH="18">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" WIDTH="60">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				2,797
			 </P>
		  </TD>
		  <TD WIDTH="6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="66">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				<I>79%</I>
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="12">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="416">
			 <P
			  STYLE="line-height:18.667px; margin:0px; text-indent:18px; font-size:16px">
				Total New Campus Based Students
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" WIDTH="60">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				2,636
			 </P>
		  </TD>
		  <TD WIDTH="18">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" WIDTH="60">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				5,049
			 </P>
		  </TD>
		  <TD WIDTH="6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="66">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				<I>&nbsp;92%</I>
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="12">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="416">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="60">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="18">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="60">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="66">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="12">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="416">
			 <P
			  STYLE="line-height:18.667px; margin:0px; text-indent:18px; font-size:16px">
				Mature Campuses (27 in operation more than 3 years)
			 </P>
		  </TD>
		  <TD WIDTH="60">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="18">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="60">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="66">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="12">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="416">
			 <P
			  STYLE="line-height:18.667px; margin:0px; text-indent:48px; font-size:16px">
				Classroom Students
			 </P>
		  </TD>
		  <TD WIDTH="60">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				10,696
			 </P>
		  </TD>
		  <TD WIDTH="18">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="60">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				10,952
			 </P>
		  </TD>
		  <TD WIDTH="6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="66">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				<I>&nbsp;2%</I>
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="12">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="416">
			 <P
			  STYLE="line-height:18.667px; margin:0px; text-indent:48px; font-size:16px">
				Online Students
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" WIDTH="60">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				11,280
			 </P>
		  </TD>
		  <TD WIDTH="18">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" WIDTH="60">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				12,412
			 </P>
		  </TD>
		  <TD WIDTH="6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="66">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				<I>10%</I>
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="12">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="416">
			 <P
			  STYLE="line-height:18.667px; margin:0px; text-indent:18px; font-size:16px">
				Total Mature Campus Based Students
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" WIDTH="60">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				21,976
			 </P>
		  </TD>
		  <TD WIDTH="18">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" WIDTH="60">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				23,364
			 </P>
		  </TD>
		  <TD WIDTH="6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="66">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				<I>&nbsp;&nbsp;6%</I>
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="12">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="416">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="60">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="18">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="60">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="66">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="12">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="416">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
				Total Campus Based Students
			 </P>
		  </TD>
		  <TD WIDTH="60">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				24,612
			 </P>
		  </TD>
		  <TD WIDTH="18">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="60">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				28,413
			 </P>
		  </TD>
		  <TD WIDTH="6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="66">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				<I>15%</I>
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="12">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="416">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="60">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="18">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="60">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="66">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="12">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="416">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
				Out of Area Online Students
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" WIDTH="60">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				2,677
			 </P>
		  </TD>
		  <TD WIDTH="18">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" WIDTH="60">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				3,243
			 </P>
		  </TD>
		  <TD WIDTH="6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="66">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				<I>&nbsp;21%</I>
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="12">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="416">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="60">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="18">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="60">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="66">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="12">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="416">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
				Total University Enrollment
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:2.667px double #000000" WIDTH="60">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				27,289
			 </P>
		  </TD>
		  <TD WIDTH="18">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:2.667px double #000000" WIDTH="60">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				31,656
			 </P>
		  </TD>
		  <TD WIDTH="6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="66">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				<I>16%</I>
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="12">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="416">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="60">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="18">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="60">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="66">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="12">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="416">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
				Total Students Taking 100% of Courses Online
			 </P>
		  </TD>
		  <TD WIDTH="60">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				15,523
			 </P>
		  </TD>
		  <TD WIDTH="18">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="60">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				18,452
			 </P>
		  </TD>
		  <TD WIDTH="6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="66">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				<I>19%</I>
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="12">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="416">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="60">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="18">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="60">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="66">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="12">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="416">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
				Total Students Taking at Least 1 Course Online
			 </P>
		  </TD>
		  <TD WIDTH="60">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				18,662
			 </P>
		  </TD>
		  <TD WIDTH="18">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="60">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				22,392
			 </P>
		  </TD>
		  <TD WIDTH="6">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD WIDTH="66">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="right">
				<I>20%</I>
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="12">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
	 </TABLE>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		<B>New Campus Openings / New State Approvals</B>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		The Company announced today that Strayer University had successfully
		opened two new campuses in the Orlando, Florida market for the spring academic
		term. &nbsp;The Company also announced that Strayer University had been
		approved to open campuses in New Jersey by the New Jersey Commission on Higher
		Education. &nbsp;During the second half of 2007, pending final regulatory
		approvals, Strayer University intends to open two campuses in New Jersey, one
		campus in Knoxville, Tennessee and one campus in Atlanta, Georgia (its fifth in
		that market). &nbsp;These four campuses, together with the two Kentucky
		campuses and two Florida campuses opened earlier this year, will complete the
		Company&#146;s planned eight campus openings in 2007.
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		<B>Strayer University Appoints New President</B>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		Strayer University&#146;s Board of Trustees has announced the appointment
		of Dr. Sondra Stallard to the position of President of Strayer University. Dr.
		Stallard comes to Strayer University following a long and distinguished career
		at the University of Virginia, from which she holds a Ph.D. in Education. She
		has served for the past 10 years as the Dean of the University of
		Virginia&#146;s School of Continuing and Professional Studies. &nbsp;She has
		also served as a faculty member and administrator at both the University of
		Virginia&#146;s Curry School of Education and its Darden School of Business
		Administration. &nbsp;Dr. Joel Nwagbaraocha, who has served as the Interim
		President of Strayer University since March 2006, will remain with the
		University as Provost and Chief Academic Officer. &nbsp;
	 </P>
	 <P STYLE="margin:0px">
		<BR> <BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <PAGE>
	 <P STYLE="margin:0px; ">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		&#147;We are very pleased that Dr. Stallard is joining the Strayer
		University team,&#148; said Robert S. Silberman, Chairman and CEO of Strayer
		Education, Inc. &#147;Her extensive experience in education and working with
		adult students will serve as an asset to our university, and to the students we
		educate. &nbsp;We are also grateful for the tremendous contribution Dr. Joel
		Nwagbaraocha has made as Interim University President, and look forward to his
		continued leadership as Provost and Chief Academic Officer.&#148;
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		<B>Stock-based Compensation Activity</B>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		On May 2, 2007, the Company awarded approximately 3,730 shares of
		restricted stock to various non-employee members of the Company&#146;s Board of
		Directors as part of its annual director compensation program. &nbsp;The
		Company&#146;s stock price closed at $128.67 on the date of this restricted
		stock grant.
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		<B>Shares and Options Outstanding</B>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		At March 31, 2007, the Company had 14,529,900 common shares issued and
		outstanding, and 478,034 stock options outstanding with a weighted average
		exercise price of $67.12 and a remaining weighted average contractual life of 3
		years.
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		<B>Common Stock Cash Dividend</B>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		The Company announced today that its Board of Directors had declared its
		regular, quarterly common stock cash dividend of $0.3125 per share. &nbsp;This
		dividend will be paid on June 11, 2007 to shareholders of record as of May 25,
		2007.
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		<B>Business Outlook</B>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		Based on the strong enrollment growth announced for the 2007 spring term,
		the Company estimates second quarter 2007 diluted EPS will be in the range of
		$1.13-$1.14. &nbsp;The Company estimates that it will incur stock-based
		compensation expense of approximately $0.11 per share after tax in the second
		quarter of 2007, which is included in this estimated diluted EPS range.
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		<B>Conference Call with Management</B>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		Strayer Education, Inc. will host a conference call to discuss its first
		quarter 2007 earnings at 10:00 a.m. (ET) today. To participate on the live
		call, investors should dial (800) 289-0468 10 minutes prior to the start time.
		&nbsp;In addition, the call will be available via live Webcast over the
		Internet. To access the live Webcast of the conference call, please go to
		<FONT COLOR="#0000FF"><U>www.strayereducation.com</U></FONT> 15 minutes prior
		to the start time of the call to register. &nbsp;An archived replay of the
		conference call will be available at (888) 203-1112 (pass code 5468450)
		starting at 1:00 p.m. (ET) today and will be available through Monday, May 7,
		and archived at <FONT COLOR="#0000FF"><U>www.strayereducation.com</U></FONT>
		for 90 days.
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		Strayer Education, Inc. (Nasdaq: STRA) is an education services holding
		company that owns Strayer University and certain other assets. Strayer&#146;s
		mission is to make higher education achievable and convenient for working
		adults in today&#146;s economy.&nbsp; Strayer University is a proprietary
		institution of higher learning that offers undergraduate and graduate degree
		programs in business administration, accounting, information technology,
		education, health care, and public
	 </P>
	 <P STYLE="margin:0px">
		<BR> <BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <PAGE>
	 <P STYLE="margin:0px; ">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		administration to approximately 32,000 working adult students at 47
		campuses in 11 states and Washington, D.C., in the eastern United States and
		worldwide via the Internet through Strayer University Online.&nbsp; Strayer
		University is committed to providing an education that prepares working adult
		students for advancement in their careers and professional lives. Founded in
		1892, Strayer University is accredited by the Middle States Commission on
		Higher Education.&nbsp;
	 </P>
	 <P STYLE="margin:0px; font-size:16px">
		&nbsp;
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px">
		For more information on Strayer Education, Inc. visit
		<FONT COLOR="#0000FF"><U>www.strayereducation.com</U></FONT> and for Strayer
		University visit <FONT COLOR="#0000FF"><U>www.strayer.edu</U></FONT>.&nbsp;
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<I>This press release contains statements that are forward looking and
		are made pursuant to the &#147;safe-harbor&#148; provisions of the Private
		Securities Litigation Reform Act of 1995 &#147;(Reform Act)&#148;. &nbsp;The
		statements are based on the Company&#146;s current expectations and are subject
		to a number of uncertainties and risks. &nbsp;In connection with the Safe
		Harbor provisions of the Reform Act, the Company has identified important
		factors that could cause the Company&#146;s actual results to differ
		materially. &nbsp;The uncertainties and risks include the pace of growth of
		student enrollment, our continued compliance with Title IV of the Higher
		Education Act, and the regulations thereunder, as well as regional
		accreditation standards and state and regional regulatory requirements,
		competitive factors, risks associated with the opening of new campuses, risks
		associated with the offering of new educational programs and adapting to other
		changes, risks associated with the acquisition of existing educational
		institutions, risks relating to the timing of regulatory approvals, our ability
		to implement our growth strategy, and general economic and market conditions.
		&nbsp;Further information about these and other relevant risks and
		uncertainties may be found in the Company&#146;s annual report on Form 10-K and
		its other filings with the Securities and Exchange Commission, all of which are
		incorporated herein by reference and which are available from the Commission.
		&nbsp;&nbsp;We undertake no obligation to update or revise forward looking
		statements.</I>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR> <BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <PAGE>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px" ALIGN="center">
		<B>STRAYER EDUCATION, INC.<BR> UNAUDITED CONDENSED CONSOLIDATED
		STATEMENTS OF INCOME<BR> (Amounts in thousands, except per share data)</B>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <TABLE STYLE="font-size:13.333px" CELLSPACING="0" WIDTH="100%">
		<TR>
		  <TD WIDTH="60%"></TD>
		  <TD WIDTH="15%"></TD>
		  <TD WIDTH="10%"></TD>
		  <TD WIDTH="15%"></TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="60%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="15%"
			COLSPAN="3">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-size:14.667px" ALIGN="center">
				For the three months
			 </P>
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-size:14.667px" ALIGN="center">
				ended March 31,
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="top" WIDTH="60%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom"
			WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="center">
				<BR>
			 </P>
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-left:-8.4px; padding-right:-7.667px; font-size:14.667px"
			  ALIGN="center">
				2006
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom"
			WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-size:14.667px" ALIGN="center">
				2007
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="line-height:17.333px; margin:0px; font-size:14.667px">
				Revenues
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom"
			WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-left:-9.667px; padding-right:-9.333px; font-size:14.667px"
			  ALIGN="right">
				&nbsp;$67,090
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom"
			WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-left:-9.667px; padding-right:-9.333px; font-size:14.667px"
			  ALIGN="right">
				&nbsp;$80,193
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="line-height:17.333px; margin:0px; font-size:14.667px">
				Costs and expenses:
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; text-indent:16px; font-size:14.667px">
				Instruction and educational support
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-right:-4.667px; font-size:14.667px"
			  ALIGN="right">
				22,038
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-right:-4.667px; font-size:14.667px"
			  ALIGN="right">
				26,223
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; text-indent:12px; font-size:14.667px">
				&nbsp;Selling and promotion
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-right:-4.667px; font-size:14.667px"
			  ALIGN="right">
				10,672
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-right:-4.667px; font-size:14.667px"
			  ALIGN="right">
				12,875
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; text-indent:16px; font-size:14.667px">
				General and administration
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom"
			WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-right:-4.667px; font-size:14.667px"
			  ALIGN="right">
				9,394
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom"
			WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-right:-4.667px; font-size:14.667px"
			  ALIGN="right">
				12,148
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="line-height:17.333px; margin:0px; font-size:14.667px">
				Total costs and expenses
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom"
			WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-right:-4.667px; font-size:14.667px"
			  ALIGN="right">
				42,104
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom"
			WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-right:-4.667px; font-size:14.667px"
			  ALIGN="right">
				51,246
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="line-height:17.333px; margin:0px; font-size:14.667px">
				Income from operations
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-right:-4.667px; font-size:14.667px"
			  ALIGN="right">
				24,986
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-right:-3.467px; font-size:14.667px"
			  ALIGN="right">
				28,947
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="line-height:17.333px; margin:0px; font-size:14.667px">
				Investment and other income
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom"
			WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-right:-4.667px; font-size:14.667px"
			  ALIGN="right">
				955
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom"
			WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-right:-3.467px; font-size:14.667px"
			  ALIGN="right">
				1,380
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="line-height:17.333px; margin:0px; font-size:14.667px">
				Income before income taxes
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-right:-4.667px; font-size:14.667px"
			  ALIGN="right">
				25,941
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-right:-3.467px; font-size:14.667px"
			  ALIGN="right">
				30,327
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="line-height:17.333px; margin:0px; font-size:14.667px">
				Provision for income taxes
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom"
			WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-right:-4.667px; font-size:14.667px"
			  ALIGN="right">
				9,985
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom"
			WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-right:-3.467px; font-size:14.667px"
			  ALIGN="right">
				11,521
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="line-height:17.333px; margin:0px; font-size:14.667px">
				Net income
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-right:-4.667px; font-size:14.667px"
			  ALIGN="right">
				$15,956
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-right:-4.333px; font-size:14.667px"
			  ALIGN="right">
				$18,806
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="line-height:17.333px; margin:0px; font-size:14.667px">
				Net income per share:
			 </P>
		  </TD>
		  <TD STYLE="border-top:2.667px double #000000" VALIGN="bottom"
			WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-top:0px double #000000" VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-top:2.667px double #000000" VALIGN="bottom"
			WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; text-indent:12px; font-size:14.667px">
				Basic
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-right:-4.667px; font-size:14.667px"
			  ALIGN="right">
				$ 1.12
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-right:-3.467px; font-size:14.667px"
			  ALIGN="right">
				$1.33
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; text-indent:12px; font-size:14.667px">
				Diluted
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-right:-4.667px; font-size:14.667px"
			  ALIGN="right">
				$ 1.10
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-right:-3.467px; font-size:14.667px"
			  ALIGN="right">
				$1.30
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="line-height:17.333px; margin:0px; font-size:14.667px">
				Weighted average shares outstanding:
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; text-indent:12px; font-size:14.667px">
				Basic
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-right:-1.667px; font-size:14.667px"
			  ALIGN="right">
				14,258
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-right:-7.667px; font-size:14.667px"
			  ALIGN="right">
				14,180
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; text-indent:12px; font-size:14.667px">
				Diluted
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-right:-1.667px; font-size:14.667px"
			  ALIGN="right">
				14,559
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-right:-7.667px; font-size:14.667px"
			  ALIGN="right">
				14,490
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="line-height:17.333px; margin:0px; font-size:14.667px">
				Common dividends per share
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-right:-1.667px; font-size:14.667px"
			  ALIGN="right">
				&nbsp;$ 0.25
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="line-height:17.333px; margin:0px; padding-right:-7.667px; font-size:14.667px"
			  ALIGN="right">
				$ 0.31
			 </P>
		  </TD>
		</TR>
	 </TABLE>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <TABLE STYLE="font-size:13.333px" CELLSPACING="0" WIDTH="100%">
		<TR>
		  <TD WIDTH="60%"></TD>
		  <TD WIDTH="15%"></TD>
		  <TD WIDTH="5%"></TD>
		  <TD WIDTH="15%"></TD>
		  <TD WIDTH="5%"></TD>
		</TR>
		<TR>
		  <TD
			STYLE="border-left:1px solid #000000; border-top:1px solid #000000; border-right:1px solid #000000"
			VALIGN="bottom" WIDTH="60%" COLSPAN="5">
			 <P STYLE="margin-top:3.333px; margin-bottom:0px">
				In 2006, the Company began recording stock-based compensation
				expense under FAS 123(R). &nbsp;The table below sets forth the amount of
				stock-based compensation expense recorded in each of the expense line items.
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="border-left:1px solid #000000" VALIGN="bottom" WIDTH="60%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:0px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="15%" COLSPAN="3">
			 <P
			  STYLE="line-height:17.333px; margin:0px; font-size:14.667px" ALIGN="center">
				For the three months<BR> ended March 31,
			 </P>
		  </TD>
		  <TD STYLE="border-right:1px solid #000000" VALIGN="bottom" WIDTH="5%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="border-left:1px solid #000000" VALIGN="bottom" WIDTH="60%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom"
			WIDTH="15%">
			 <P STYLE="margin:0px; padding-right:-1.667px" ALIGN="center">
				2006
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="5%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom"
			WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="center">
				2007
			 </P>
		  </TD>
		  <TD STYLE="border-right:1px solid #000000" VALIGN="bottom" WIDTH="5%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="border-left:1px solid #000000" VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px; padding-left:42px; text-indent:-12px">
				Instruction and educational support
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; padding-right:-11.333px" ALIGN="right">
				$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="5%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165
			 </P>
		  </TD>
		  <TD STYLE="border-right:1px solid #000000" VALIGN="bottom" WIDTH="5%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="border-left:1px solid #000000" VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px; text-indent:30px">
				Selling and promotion
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; padding-right:-3.667px" ALIGN="right">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="5%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				146
			 </P>
		  </TD>
		  <TD STYLE="border-right:1px solid #000000" VALIGN="bottom" WIDTH="5%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="border-left:1px solid #000000" VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px; text-indent:30px">
				General and administration
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom"
			WIDTH="15%">
			 <P STYLE="margin:0px; padding-right:-13.667px" ALIGN="right">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="5%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom"
			WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,198
			 </P>
		  </TD>
		  <TD STYLE="border-right:1px solid #000000" VALIGN="bottom" WIDTH="5%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD STYLE="border-left:1px solid #000000" VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px; padding-left:108px; text-indent:-60px">
				Total stock-based compensation expense
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:2.667px double #000000" WIDTH="15%">
			 <P STYLE="margin:0px; padding-right:-7.667px" ALIGN="RIGHT">
				$ &nbsp;&nbsp;1,320
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="5%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:2.667px double #000000" VALIGN="bottom"
			WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				&nbsp;$ &nbsp;&nbsp;2,509
			 </P>
		  </TD>
		  <TD STYLE="border-right:1px solid #000000" VALIGN="bottom" WIDTH="5%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD
			STYLE="border-left:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="60%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom"
			WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" VALIGN="top" WIDTH="5%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD
			STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000"
			VALIGN="bottom" WIDTH="5%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
	 </TABLE>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P>
		<A NAME="OLE_LINK1"></A>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR> <BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="CENTER">
		10
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <PAGE>
	 <P STYLE="margin:0px; ">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="line-height:18.667px; margin:0px; font-size:16px" ALIGN="center">
		<B>STRAYER EDUCATION, INC.<BR> UNAUDITED CONDENSED CONSOLIDATED BALANCE
		SHEETS<BR> (Amounts in thousands, except share and per share data)</B>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <TABLE STYLE="font-size:13.333px" CELLSPACING="0" ALIGN="center"
	  WIDTH="100%">
		<TR>
		  <TD WIDTH="60%"></TD>
		  <TD WIDTH="15%"></TD>
		  <TD WIDTH="10%"></TD>
		  <TD WIDTH="15%"></TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; border-bottom:1px solid #000000"
			  ALIGN="center">
				At December 31, 2006
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; border-bottom:1px solid #000000"
			  ALIGN="center">
				At March 31, 2007
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P
			  STYLE="margin-top: 0px; margin-left: 0px; margin-right: 0px; font-size=16px; margin-bottom: 0px; text-indent: 0px"
			  ALIGN="CENTER">
				<B>ASSETS</B>
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				Current assets:
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px; text-indent:11.467px">
				Cash and cash equivalents
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; padding-right:0px" ALIGN="right">
				$52,663
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				$75,629
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;Marketable securities available for sale, at fair
				value
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; padding-right:0px" ALIGN="right">
				75,763
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				75,812
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px; padding-left:23.467px; text-indent:-23.467px">
				&nbsp;&nbsp;&nbsp;Tuition receivable, net of allowances for
				doubtful accounts of $3,029 and $3,159 at December 31, 2006 and March 31, 2007,
				respectively
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; padding-right:0px" ALIGN="right">
				80,753
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				86,671
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;Other current assets
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; padding-right:0px" ALIGN="right">
				<U>4,653</U>
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				<U>5,931</U>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; padding-right:0px" ALIGN="right">
				213,832
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				244,043
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				Property and equipment, net
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; padding-right:0px" ALIGN="right">
				52,748
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				54,311
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				Deferred income taxes
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; padding-right:0px" ALIGN="right">
				3,400
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				4,613
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				Restricted cash
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; padding-right:0px" ALIGN="right">
				500
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				500
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				Other assets
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom"
			WIDTH="15%">
			 <P STYLE="margin:0px; padding-right:0px" ALIGN="right">
				364
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom"
			WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				366
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%"
			STYLE="border-top: 2px; border-bottom: 2px black double">
			 <P STYLE="margin:0px; padding-right:0px" ALIGN="right">
				<U>$270,844 </U>
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-top: 2px; border-bottom: 2px black double"
			VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				<U>$303,833</U>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="line-height:18.667px; margin:0px; font-size:16px"
			  ALIGN="CENTER">
				<B>LIABILITIES &amp; STOCKHOLDERS&#146; EQUITY</B>
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				Current liabilities:
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;Accounts payable
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; padding-right:0px" ALIGN="right">
				&nbsp;$10,923
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				$10,843
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;Accrued expenses
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; padding-right:0px" ALIGN="right">
				1,830
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				1,619
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;Income taxes payable
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; padding-right:0px" ALIGN="right">
				4,979
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				3,892
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;Unearned tuition
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; padding-right:0px" ALIGN="right">
				<U>73,896</U>
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				<U>79,603</U>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current
				liabilities
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; padding-right:0px" ALIGN="right">
				91,628
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				95,957
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				Long-term liabilities
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; padding-right:0px" ALIGN="right">
				<U>7,689</U>
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				<U>7,667</U>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; padding-right:0px" ALIGN="right">
				<U>99,317</U>
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				<U>103,624</U>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				Commitments and contingencies
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				Stockholders&#146; equity:
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px; text-indent:11.933px">
				Common stock, par value $.01; 20,000,000 shares
			 </P>
			 <P STYLE="margin-top:0px; margin-bottom:-16px; text-indent:11.933px">
				&nbsp;&nbsp;&nbsp;
			 </P>
			 <P STYLE="margin:0px; text-indent:29.933px">
				authorized; 14,293,584 and 14,529,900 shares issued and outstanding

			 </P>
			 <P STYLE="margin-top:0px; margin-bottom:-16px; text-indent:11.933px">
				&nbsp;&nbsp;&nbsp;
			 </P>
			 <P STYLE="margin:0px; text-indent:29.933px">
				at December 31, 2006 and March 31, 2007, respectively
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; padding-right:0px" ALIGN="right">
				141
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				<BR>
			 </P>
			 <P STYLE="margin:0px" ALIGN="right">
				<BR>
			 </P>
			 <P STYLE="margin:0px" ALIGN="right">
				145
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px; text-indent:11.933px">
				Additional paid-in capital
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; padding-right:0px" ALIGN="right">
				87,487
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				101,880
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px; text-indent:11.933px">
				Retained earnings
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; padding-right:0px" ALIGN="right">
				84,043
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				98,298
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss)
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="margin:0px; padding-left:-9.533px; padding-right:0px; text-indent:9.533px"
			  ALIGN="right">
				<U>&nbsp;(144)</U>
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				<U>(114)</U>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
				stockholders&#146; equity
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom"
			WIDTH="15%">
			 <P STYLE="margin:0px; padding-right:0px" ALIGN="right">
				171,527
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom"
			WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				200,209
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
				liabilities and stockholders&#146; equity
			 </P>
		  </TD>
		  <TD STYLE="border-top: 2px; border-bottom: 2px black double"
			VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; padding-right:0px" ALIGN="right">
				<U>$270,844</U>
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="10%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-top: 2px; border-bottom: 2px black double"
			VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				<U>$303,833</U>
			 </P>
		  </TD>
		</TR>
	 </TABLE>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR> <BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="CENTER">
		11
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <PAGE>
	 <P STYLE="margin:0px; ">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P
	  STYLE="line-height:18.667px; margin:0px; padding-right:-12px; font-size:16px"
	  ALIGN="center">
		<B>STRAYER EDUCATION, INC.<BR> UNAUDITED CONDENSED CONSOLIDATED
		STATEMENTS OF CASH FLOWS<BR> (Amounts in thousands)</B>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <TABLE STYLE="font-size:13.333px" CELLSPACING="0" ALIGN="center"
	  WIDTH="100%">
		<TR>
		  <TD WIDTH="60%"></TD>
		  <TD WIDTH="15%"></TD>
		  <TD WIDTH="15%"></TD>
		  <TD WIDTH="15%"></TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%" COLSPAN="3">
			 <P
			  STYLE="margin:0px; border-bottom:1px solid #000000; padding-right:5.333px"
			  ALIGN="center">
				For the three months ended March 31,
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="margin:0px; border-bottom:1px solid #000000; padding-right:5.333px"
			  ALIGN="center">
				2006
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="margin:0px; border-bottom:1px solid #000000; padding-right:5.333px"
			  ALIGN="center">
				2007
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				Cash flows from operating activities:
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;Net income
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				$15,956
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				$18,806
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;Adjustments to reconcile net income to net cash
			 </P>
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provided by operating
				activities:
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred
				rent
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				(2)
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				(22)
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and
				amortization
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				1,704
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				2,018
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for student
				loan losses
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				(45)
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				--
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				(838)
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				(1,273)
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px; text-indent:22.533px">
				Stock-based compensation
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				1,160
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				2,401
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;Changes in assets and liabilities:
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tuition receivable, net
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				(4,962)
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				(5,918)
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				(1,305)
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				(1,237)
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				(3)
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				(2)
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				1,838
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				224
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				(344)
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				(211)
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				7,539
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				7,970
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%" HEIGHT="16">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excess tax benefits from
				stock-based payment arrangements<SUP>1</SUP>
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%" HEIGHT="16">
			 <P STYLE="margin:0px" ALIGN="right">
				(982)
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%" HEIGHT="16">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%" HEIGHT="16">
			 <P STYLE="margin:0px" ALIGN="right">
				(9,057)
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unearned tuition
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				5,203
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				5,707
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;Student loans originated
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				(3)
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				--
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;Collections on student loans receivable and held for
				sale
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23</U>

			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U>

			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
				cash provided by operating activities
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				<U>&nbsp;&nbsp;&nbsp;&nbsp;24,939</U>
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				<U>&nbsp;&nbsp;&nbsp;19,406</U>
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				Cash flows from investing activities:
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;Purchases of property and equipment
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,344)
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				(3,885)
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px; text-indent:10.533px">
				Purchases of marketable securities
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				<U>&nbsp;&nbsp;&nbsp;(30,000</U>)
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U>

			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
				cash used in investing activities
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				<U>&nbsp;&nbsp;&nbsp;(33,344</U>)
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				<U>&nbsp;&nbsp;&nbsp;(3,885</U>)
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				Cash flows from financing activities:
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px; padding-left:17px">
				&nbsp;&nbsp;Common dividends paid
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				(3,612)
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				(4,551)
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px; padding-left:17px">
				&nbsp;&nbsp;Proceeds from exercise of stock options
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				1,537
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				10,923
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px; padding-left:17px">
				&nbsp;&nbsp;Excess tax benefits from stock-based payment
				arrangements<SUP>1</SUP>
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				&nbsp;&nbsp;982
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				9,057
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px; padding-left:23.533px">
				Repurchase of common stock
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P
			  STYLE="margin:0px; border-bottom:1px solid #000000; padding-left:-14.933px"
			  ALIGN="right">
				(13,972)
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; border-bottom:1px solid #000000" ALIGN="right">
				&nbsp;(7,984)
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
				cash provided by (used in) financing activities
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; border-bottom:1px solid #000000" ALIGN="right">
				(15,065)
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; border-bottom:1px solid #000000" ALIGN="right">
				7,445
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
				increase (decrease) in cash and cash equivalents
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; padding-right:-2.6px" ALIGN="right">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23,470)

			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				22,966
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				Cash and cash equivalents &#150; beginning of period
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; border-bottom:1px solid #000000" ALIGN="right">
				74,212
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom"
			WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				52,663
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				Cash and cash equivalents &#150; end of period
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; border-bottom:2.667px double #000000"
			  ALIGN="right">
				$50,742
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD STYLE="border-bottom:2.667px double #000000" VALIGN="bottom"
			WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				$75,629
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				Non-cash transactions:
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		</TR>
		<TR>
		  <TD VALIGN="bottom" WIDTH="60%">
			 <P STYLE="margin:0px">
				&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment
				included in accounts payable
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px; padding-right:-1.067px" ALIGN="right">
				$ &nbsp;&nbsp;236
			 </P>
		  </TD>
		  <TD VALIGN="top" WIDTH="15%">
			 <P STYLE="font-size:2pt">
				&nbsp;
			 </P>
		  </TD>
		  <TD VALIGN="bottom" WIDTH="15%">
			 <P STYLE="margin:0px" ALIGN="right">
				$ &nbsp;&nbsp;&nbsp;&nbsp;197
			 </P>
		  </TD>
		</TR>
	 </TABLE>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px; margin-bottom: -15.667px">
		1.
	 </P>
	 <P STYLE="margin:0px; padding-left:24px">
		This line item reclassifies those tax benefits associated with stock
		options exercised in the first quarter from net cash<BR> provided by operating
		activities to net cash provided by financing activities in accordance with FAS
		123(R). This<BR>reclassification is required by GAAP to be made in the quarter
		during which the option exercise takes place. <BR>However, the favorable cash
		flow effect of this tax benefit is not realized until the next quarter. Before
		this <BR> reclassification, the Company&#146;s net cash provided by operating
		activities is $25.9 million and $28.5 million for the <BR>three months ended
		March 31, 2006 and 2007, respectively.
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR> <BR>
	 </P>
	 <P STYLE="margin:0px" ALIGN="CENTER">
		12
	 </P>
	 <P STYLE="margin:0px" ALIGN="center">
		<BR>
	 </P>
	 <P STYLE="margin:0px">
		<BR>
	 </P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>ebox.gif
<TEXT>
begin 644 ebox.gif
M1TE&.#EA"@`*`(```````/___R'Y!```````+``````*``H```(1A(\0RVO=
- -'G1J!CDQU+'FE!0`.S\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
