-----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,
 NKRzuSh4FhzMk7BenwrIa/3CI/bVcGEynPyYz72XcTpxmRXwEzEHjnJZfIDw9PwB
 VL1w7rmGjtjwYmN8+NTcvg==

<SEC-DOCUMENT>0001157523-08-008587.txt : 20081030
<SEC-HEADER>0001157523-08-008587.hdr.sgml : 20081030
<ACCEPTANCE-DATETIME>20081030070321
ACCESSION NUMBER:		0001157523-08-008587
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20081030
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20081030
DATE AS OF CHANGE:		20081030

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:		081149141

	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>a5817525.htm
<DESCRIPTION>STRAYER EDUCATION, INC. 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2008 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 12pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 12pt"></font><font style="font-size: 12pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><font style="font-size: 12pt; font-family: Times New Roman"><b>WASHINGTON,
      DC 20549</b></font><br><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>FORM
      8-K</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></font><br><br><br>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 45%; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date of report (Date of earliest event reported)
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; width: 55%">
          <p style="margin-top: 0px; font-size: 10pt; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;October
            30, 2008</b></font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Strayer Education, Inc.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Exact name of registrant as specified in its charter)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Maryland</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or other jurisdiction of incorporation)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; width: 50%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>0-21039</b>
          </p>
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; width: 50%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>52-1975978</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 50%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission File Number)
          </p>
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 50%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (IRS Employer Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; width: 40%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>1100 Wilson Boulevard, #2500, Arlington, VA</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 30%">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; width: 30%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>22209</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 40%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(Address
            of principal executive offices)</font>
          </p>
        </td>
        <td style="width: 30%">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 30%">
          <font style="font-family: Times New Roman; font-size: 10pt">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (703) 247-2500
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Registrant&#8217;s telephone number, including area code)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Former name or former address, if changed since last report)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">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:</font>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center; font-size: 10pt; font-family: Times New Roman">
          1
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="white-space: nowrap">
      Item 2.02&#160;&#160;&#160;&#160;Results of Operations and Financial Condition.
    </p>
    <p>

    </p>
    <p>
      On October 30, 2008, Strayer Education, Inc. announced third quarter
      2008 revenues, earnings, and fall term enrollments.&#160;&#160;The October 30,
      2008 press release is attached hereto as an exhibit and incorporated
      herein by reference.&#160;&#160;The information contained in the October 30, 2008
      press release is deemed furnished under this Item; and should not be
      deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange
      Act, as amended (the &#8220;Exchange Act&#8221;), 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>

    </p>
    <p style="white-space: nowrap">
      Item 9.01&#160;&#160;&#160;&#160;Financial Statements and Exhibits.
    </p>
    <p>

    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 15%">
          Exhibit 99.01
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 85%">
          Press Release dated October 30, 2008. (The information contained in
          the October 30, 2008 press release is deemed furnished under Item
          2.02.)
        </td>
      </tr>
    </table>
    </div>
    <p style="text-indent: 60.0px">

    </p>
    <div style="text-indent: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center; font-size: 10pt; font-family: Times New Roman">
          2
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: left">
      <font style="font-family: Times New Roman; font-size: 10pt">SIGNATURES</font>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td style="width: 50%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 50%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Strayer Education, Inc.
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 50%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:
          </p>
        </td>
        <td style="width: 50%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 50%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            October 30, 2008
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 50%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>By: /s/ Mark C. Brown</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 50%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Mark C. Brown
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 50%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Executive Vice President and Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center; font-size: 10pt; font-family: Times New Roman">
          3
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <b>EXHIBIT INDEX</b>
    </p>
    <p style="text-align: center">

    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 25.0px; border-bottom: solid black 1.0pt; width: 10%">
          <b>Exhibit</b>
        </td>
        <td style="width: 5%">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; width: 85%">
          <b>Description</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; width: 10%">
          99.01
        </td>
        <td style="width: 5%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 85%">
          Press Release dated October 30, 2008
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>

    </p>
    <p style="text-align: center">
      4
    </p>
    <hr style="text-align: center; color: #000000; height: 1.5 pt; width: 100%">


    <p style="text-align: left">

    </p>
  </body>
</html>
<!--<!DOCTYPE html
     PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"
     "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">-->
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.01
<SEQUENCE>2
<FILENAME>a5817525ex99-01.htm
<DESCRIPTION>EXHIBIT 99.01
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2008 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <b>Exhibit 99.01</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Strayer
      Education, Inc. Reports Record Third Quarter 2008 Revenues and Earnings;
      and Record Fall Term 2008 Enrollments</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>--
      Strayer Third Quarter Revenues Up 25% --</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>--
      Strayer Third Quarter Diluted EPS $0.83, Up 30% --</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>--
      Strayer Fall 2008 Total Enrollments Up 24% / New Students up 29% --</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>--
      Strayer Approved in Ohio, West Virginia and Utah --</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>--
      Strayer to Open 11 New Campuses and Second Global Online Operations
      Center in 2009 --</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>--
      Strayer Increasing Annual Dividend from $1.50 to $2.00 --</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>-- Share
      Repurchase Authorization Increased to $100 Million --</b></font>
    </p>
    <p>
      ARLINGTON, Va.--(BUSINESS WIRE)--October 30, 2008--Strayer Education,
      Inc. (Nasdaq: STRA) today announced financial results for the three
      months ended September 30, 2008. Financial highlights are as follows:
    </p>
    <p>
      <b>Three Months Ended September 30</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Revenues for the three months ended September 30, 2008 increased 25%
        to $87.0 million, compared to $69.8 million for the same period in
        2007, due to increased enrollment and a 5% tuition increase which
        commenced in January 2008.
      </li>
      <li style="margin-bottom: 10.0px">
        Income from operations was $18.3 million compared to $13.1 million for
        the same period in 2007, an increase of 40%. Operating income margin
        was 21.0% compared to 18.7% for the same period in 2007.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income was $11.8 million compared to $9.3 million for the same
        period in 2007, an increase of 27%. Diluted earnings per share was
        $0.83 compared to $0.64 for the same period in 2007, an increase of
        30%. Diluted weighted average shares outstanding decreased to
        14,240,000 from 14,557,000 for the same period in 2007.
      </li>
    </ul>
    <div style="text-indent: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Nine Months Ended September 30</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Revenues for the nine months ended September 30, 2008 increased 23% to
        $282.0 million, compared to $228.9 million for the same period in
        2007, due to increased enrollment and a 5% tuition increase which
        commenced in January 2008.
      </li>
      <li style="margin-bottom: 10.0px">
        Income from operations was $87.4 million compared to $68.4 million for
        the same period in 2007, an increase of 28%. Operating income margin
        was 31.0% compared to 29.9% for the same period in 2007.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income was $56.6 million compared to $45.4 million for the same
        period in 2007, an increase of 25%. Diluted earnings per share was
        $3.97 compared to $3.13 for the same period in 2007, an increase of
        27%. Diluted weighted average shares outstanding decreased to
        14,275,000 from 14,510,000 for the same period in 2007.
      </li>
    </ul>
    <p>
      &#8220;We are pleased with our solid financial results for the third quarter
      and our strong student enrollment for the fall term,&#8221; said Robert S.
      Silberman, Chairman and CEO of Strayer Education, Inc. &#8220;We look forward
      to opening 11 new campuses and a second Global Online Operations Center
      in 2009. For the 2009 winter term, we will add two new Strayer markets
      with new campuses in Augusta, Georgia and Huntsville, Alabama.&#8221;
    </p>
    <p>
      <b>Balance Sheet and Cash Flow</b>
    </p>
    <p>
      At September 30, 2008, the Company had cash, cash equivalents and
      marketable securities of $117.1 million and no debt. The Company
      generated $63.0 million from operating activities in the first nine
      months of 2008 compared to $48.8 million during the same period in 2007.
      Capital expenditures were $15.3 million for the nine months ended
      September 30, 2008 compared to $11.9 million for the same period in 2007.
    </p>
    <p>
      During the three months ended September 30, 2008, the Company invested
      $10.0 million to repurchase 45,600 shares of stock at an average price
      of $218.92 as part of a previously announced stock repurchase
      authorization. During the nine months ended September 30, 2008, the
      Company paid regular, quarterly dividends of $16.0 million ($0.375 per
      share for each quarterly dividend) and a special dividend of $28.9
      million ($2.00 per share). The Company also received $10.6 million upon
      the exercise of 223,000 stock options.
    </p>
    <p>
      For the third quarter of 2008, bad debt expense as a percentage of
      revenues was 3.7% compared to 3.5% for the same period in 2007. Days
      sales outstanding, adjusted to exclude tuition receivable related to
      future quarters, was 13 days at the end of the third quarter of 2008,
      compared to 12 days at the end of the third quarter of 2007.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Student Enrollment</b>
    </p>
    <p>
      Enrollment at Strayer University for the 2008 fall term increased 24% to
      44,564 students compared to 36,082 students for the same term in 2007.
      Across the Strayer University campus and online system, continuing
      student enrollments increased 22%, while new student enrollments
      increased 29%. Global online students increased 44%. Students taking
      100% of their classes online (including campus based students) increased
      28%. The total number of students taking at least one class online
      increased 27% to 32,204.
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td colspan="6">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="6">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Student Enrollment</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt">
          Fall

          <p style="margin-top: 0px; margin-bottom: 0px">
            2007
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; border-bottom: solid black 1.0pt">
          Fall

          <p style="margin-top: 0px; margin-bottom: 0px">
            2008
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          %

          <p style="margin-top: 0px; margin-bottom: 0px">
            Change
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Campus Based Students:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          New Campuses (25 in operation 3 years or less)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 30.0px">
          Classroom Students
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          1,422
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          3,149
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          <i>121%</i>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 30.0px; padding-bottom: 2.0px">
          Online Students
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          2,408
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          4,429
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; padding-bottom: 2.0px">
          <i>84%</i>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px">
          Total New Campus Based Students
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          3,830
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          7,578
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; padding-bottom: 2.0px">
          <i>98%</i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Mature Campuses (35 in operation more than 3 years)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 30.0px">
          Classroom Students
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          13,266
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          14,133
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          <i>7%</i>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 30.0px; padding-bottom: 2.0px">
          Online Students
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          15,669
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          18,066
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; padding-bottom: 2.0px">
          <i>15%</i>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px">
          Total Mature Campus Based Students
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          28,935
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          32,199
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; padding-bottom: 2.0px">
          <i>11%</i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Total Campus Based Students
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          32,765
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          39,777
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          <i>21%</i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Global Online Students
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          3,317
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          4,787
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; padding-bottom: 2.0px">
          <i>44%</i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          Total University Enrollment
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          36,082
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          44,564
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; padding-bottom: 4.0px">
          <i>24%</i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Total Students Taking 100% of Courses Online
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          21,394
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          27,282
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          <i>28%</i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Total Students Taking at Least 1 Course Online
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          25,403
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          32,204
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          <i>27%</i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>New State Approvals</b>
    </p>
    <p>
      The Company announced today that Strayer University has received initial
      approval to operate in the states of Ohio, West Virginia and Utah.
    </p>
    <p>
      <b>New Campus Openings / Second Global Online Operations Center</b>
    </p>
    <p>
      The Company announced today that Strayer University intends to open 11
      new campuses and a second Global Online Operations Center in 2009. The
      first two campuses, Augusta, Georgia and Huntsville, Alabama, will open
      for the winter term 2009 start of classes<b>.</b> The second Global
      Online Operations Center will be located in Salt Lake City, Utah and
      will open for the 2009 summer term.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Fiscal Year 2006 Cohort Default Rate</b>
    </p>
    <p>
      During the third quarter, the Company received notification from the
      U.S. Department of Education that its Cohort Default Rate for fiscal
      year 2006 (the most recent annual period for which the data is
      available) was 3.8% as compared to 3.9% for the prior fiscal year.
    </p>
    <p>
      <b>2008 Business Outlook</b>
    </p>
    <p>
      Based on the strong enrollment growth announced for the 2008 fall term
      and the planned investments in opening new campuses, the Company
      estimates fourth quarter 2008 diluted earnings per share will be in the
      range of $1.68 to $1.70. Based on its fourth quarter 2008 estimates, the
      Company expects its full year 2008 diluted earnings per share will be in
      the range of $5.65 to $5.67.
    </p>
    <p>
      <b>2009 Business Model</b>
    </p>
    <p>
      The Company announced today that Strayer University is implementing a 5%
      tuition increase effective January 2009. The Company also announced
      today that Strayer University intends to open 11 new campuses and a
      second Global Online Operations Center in 2009. Taking into account this
      accelerated investment plan for 2009, and assuming a 20% increase in
      annual student enrollment at Strayer University in 2009, the Company
      would then expect a 23-24% increase in revenue, roughly stable operating
      margins, and diluted earnings per share in the $6.90-$7.00 range for
      2009. Included in this range is the Company&#8217;s estimate of approximately
      $0.50 per share after tax stock-based compensation expense and an
      effective tax rate of 39%.
    </p>
    <p>
      <b>Quarterly Common Stock Cash Dividends</b>
    </p>
    <p>
      The Company also announced today that its Board of Directors is
      increasing the Company&#8217;s annual dividend to $2.00 per share from $1.50
      per share. This annual dividend will be paid quarterly in the amount of
      $0.50 per share. Accordingly, the Company&#8217;s Board of Directors has
      declared that the Company will pay a dividend of $0.50 per share on
      December 10, 2008 to shareholders of record as of November 26, 2008.
    </p>
    <p>
      <b>Share Repurchase Plan</b>
    </p>
    <p>
      The Company announced today that the Company's Board of Directors
      amended the share repurchase program to authorize the repurchase of up
      to $100 million in value of the Company's common stock over the next 14
      months. The Company intends to conduct such purchases, if any, in
      compliance with Rule 10b-18 under the Securities Exchange Act of 1934,
      as amended. This share repurchase program may be modified, suspended or
      terminated at any time by the Company without notice.
    </p>
    <p>
      <b>Shares and Options Outstanding</b>
    </p>
    <p>
      At September 30, 2008, the Company had 14,227,289 common shares issued
      and outstanding, and 167,084 stock options outstanding with a weighted
      average exercise price of $102.98 and a remaining weighted average
      contractual life of 4.0 years.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Conference Call with Management</b>
    </p>
    <p>
      Strayer Education, Inc. will host a conference call to discuss its third
      quarter 2008 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. 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 <u>www.strayereducation.com</u> 15 minutes prior to the
      start time of the call to register. An archived replay of the conference
      call will be available at (888) 203-1112 (pass code 2137249) starting at
      1:00 p.m. (ET) today and will be available through Monday, November 3,
      2008, and archived at <u>www.strayereducation.com</u> for 90 days.
    </p>
    <p>
      Strayer Education, Inc. (Nasdaq: STRA) is an education services holding
      company that owns Strayer University and certain other assets. Strayer&#8217;s
      mission is to make higher education achievable and convenient for
      working adults in today&#8217;s economy. 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 administration to more
      than 44,000 working adult students at 60 campuses in 12 states and
      Washington, D.C. and worldwide via the Internet. 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.
    </p>
    <p>
      For more information on Strayer Education, Inc. visit <u>www.strayereducation.com</u>
      and for Strayer University visit <u>www.strayer.edu</u>.
    </p>
    <p>
      <i>This press release contains statements that are forward looking and
      are made pursuant to the &#8220;safe-harbor&#8221; provisions of the Private
      Securities Litigation Reform Act of 1995 (&#8220;Reform Act&#8221;).</i> <i>The
      statements are based on the Company&#8217;s current expectations and are
      subject to a number of uncertainties and risks.</i> <i>In connection
      with the safe-harbor provisions of the Reform Act, the Company has
      identified important factors that could cause the Company&#8217;s actual
      results to differ materially.</i> <i>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.</i> <i>Further
      information about these and other relevant risks and uncertainties may
      be found in the Company&#8217;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.</i> <i>We undertake no obligation to update or revise
      forward looking statements.</i>
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td colspan="12">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="12">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>STRAYER EDUCATION, INC.</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(Amounts in thousands, except per share data)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            For the three months<br>ended September 30,
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            For the nine months<br>ended September 30,
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            2007
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" colspan="2">
          2008
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" colspan="2">
          2007
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" colspan="2">
          2008
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td colspan="3">

        </td>
        <td colspan="6">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Revenues
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          69,813
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          86,993
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          228,881
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          281,995
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Costs and expenses:
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Instruction and educational support
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          26,242
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          30,548
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          79,215
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          95,099
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Selling and promotion
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          18,074
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          22,985
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          44,125
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          54,809
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px">
          General and administration
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          12,439
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          15,209
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          37,185
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          44,671
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Income from operations
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          13,058
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          18,251
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          68,356
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          87,416
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Investment and other income
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          1,763
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          905
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          4,783
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          3,726
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Income before income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          14,821
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          19,156
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          73,139
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          91,142
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Provision for income taxes
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          5,546
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          7,394
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          27,698
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          34,536
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          Net income
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          9,275
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          11,762
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          45,441
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          56,606
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Net income per share:
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Basic
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          0.65
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          0.84
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          3.19
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          4.03
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Diluted
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          0.64
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          0.83
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          3.13
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          3.97
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Weighted average shares outstanding:
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Basic
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          14,280
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          14,001
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          14,250
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          14,035
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Diluted
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          14,557
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          14,240
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          14,510
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          14,275
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Common dividends per share:
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Regular
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          0.31
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          0.38
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          0.94
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          1.13
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Special
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          --
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          --
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          --
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          2.00
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            In 2006, the Company began recording stock-based compensation
            expense under SFAS 123(R). The table below sets forth the amount
            of stock-based compensation expense recorded in each of the
            expense line items.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="5">
          For the three months<br>ended September 30,
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            For the nine months<br>ended September 30,
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" colspan="2">
          2007
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" colspan="2">
          2008
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" colspan="2">
          2007
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" colspan="2">
          2008
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 20.0px">
          Instruction and educational support
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          167
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          263
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          510
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          955
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 20.0px">
          Selling and promotion
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          164
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          215
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          470
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          652
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 20.0px; padding-bottom: 2.0px">
          General and administration
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          2,248
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          2,285
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          6,639
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          7,195
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 40.0px; padding-bottom: 4.0px">
          Total stock-based compensation expense
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          2,579
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          2,763
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          7,619
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          8,802
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="7">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>STRAYER EDUCATION, INC.<br>UNAUDITED CONDENSED CONSOLIDATED
            BALANCE SHEETS<br>(Amounts in thousands, except share and per
            share data)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            December 31, 2007
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            September 30, 2008
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>ASSETS</b>
          </p>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Current assets:
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Cash and cash equivalents
          </p>
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          95,036
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          66,866
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Marketable securities available for sale, at fair value
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          76,299
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          50,222
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Tuition receivable, net of allowances for doubtful accounts of
          $3,206 and $4,163 at December 31, 2007 and September 30, 2008,
          respectively
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          100,651
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            127,120
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Income taxes receivable
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          --
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          458
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px">
          Other current assets
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          4,097
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          6,656
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          Total current assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          276,083
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          251,322
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          57,946
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          63,517
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          8,830
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          12,204
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Restricted cash
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          500
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          500
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Other assets
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          419
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          483
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px; padding-bottom: 4.0px">
          Total assets
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          343,778
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          328,026
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px">
          <b>LIABILITIES &amp; STOCKHOLDERS&#8217; EQUITY</b>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Current liabilities:
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Accounts payable
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          15,682
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          15,885
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Accrued expenses
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          3,303
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          4,215
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Income taxes payable
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          4,754
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          --
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Dividends payable
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          28,853
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          --
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Unearned tuition
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            91,476
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          116,020
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px">
          Other current liabilities
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          281
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          281
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          Total current liabilities
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          144,349
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          136,401
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Long-term liabilities
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          10,922
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          11,822
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px; padding-bottom: 2.0px">
          Total liabilities
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          155,271
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          148,223
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Commitments and contingencies
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Stockholders&#8217; equity:
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Common stock, par value $.01; 20,000,000 shares authorized;
            14,426,634 and 14,227,289 shares issued and outstanding at
            December 31, 2007 and September 30, 2008, respectively
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          144
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          142
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          87,080
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          38,190
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Retained earnings
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          101,102
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          141,677
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px">
          Accumulated other comprehensive income (loss)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          181
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          (206
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px; padding-bottom: 2.0px">
          Total stockholders&#8217; equity
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          188,507
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          179,803
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px; padding-bottom: 4.0px">
          Total liabilities and stockholders&#8217; equity
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          343,778
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          328,026
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td colspan="10">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="10">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="10">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>STRAYER EDUCATION, INC.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="10">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="10">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(Amounts in thousands)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="10">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="7">
          For the nine months ended September 30,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" colspan="2">
          2007
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          2008
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Cash flows from operating activities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Net income
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            45,441
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            56,606
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Adjustments to reconcile net income to net cash provided by
            operating activities:
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 20.0px">
          Amortization of deferred rent
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" colspan="2">
          (28
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          (289
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 20.0px">
          Amortization of gain on sale of assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" colspan="2">
          (29
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          (211
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 20.0px">
          Gain on sale of marketable securities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" colspan="2">
          --
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          (785
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 20.0px">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" colspan="2">
          6,235
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          7,720
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 20.0px">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" colspan="2">
          (4,523
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          (3,558
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 20.0px">
          Stock-based compensation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" colspan="2">
          7,340
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          8,244
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Changes in assets and liabilities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 20.0px">
          Tuition receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" colspan="2">
          (17,067
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          (26,469
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 20.0px">
          Other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" colspan="2">
          (3,781
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          (2,124
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 20.0px">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" colspan="2">
          (54
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          (64
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 20.0px">
          Accounts payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" colspan="2">
          1,583
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          2,244
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 20.0px">
          Accrued expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" colspan="2">
          1,004
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          912
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 20.0px">
          Income taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" colspan="2">
          3,770
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" colspan="4">
          6,286
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 20.0px">
          Excess tax benefits from stock-based payment arrangements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" colspan="2">
          (11,104
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          (11,498
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 20.0px">
          Unearned tuition
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" colspan="2">
          19,226
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          24,544
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 20.0px; padding-bottom: 2.0px">
          Deferred lease incentives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" colspan="2">
          756
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          1,400
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px; padding-bottom: 2.0px">
          Net cash provided by operating activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" colspan="2">
          48,769
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          62,958
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Cash flows from investing activities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Purchases of property and equipment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" colspan="2">
          (11,905
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          (15,332
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Proceeds from the sale of property and equipment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            5,754
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            --
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Purchases of marketable securities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            --
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (50,561
          </p>
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px">
          Proceeds from the sale of marketable securities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            --
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            76,785
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 20.0px; padding-bottom: 2.0px">
          Net cash (used in) provided by investing activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" colspan="2">
          (6,151
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; padding-bottom: 2.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          10,892
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Cash flows from financing activities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Regular common dividends paid
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" colspan="2">
          (13,617
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          (16,030
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Special common dividends paid
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" colspan="2">
          --
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          (28,854
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Proceeds from exercise of stock options
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" colspan="2">
          13,690
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          10,633
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Excess tax benefits from stock-based payment arrangements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" colspan="2">
          11,104
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          11,498
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px">
          Repurchase of common stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" colspan="2">
          (19,996
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; padding-bottom: 2.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          (79,267
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; padding-bottom: 2.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px; padding-bottom: 2.0px">
          Net cash (used in) financing activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" colspan="2">
          (8,819
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; padding-bottom: 2.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          (102,020
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; padding-bottom: 2.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          Net increase (decrease) in cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" colspan="2">
          33,799
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          (28,170
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Cash and cash equivalents &#8211; beginning of period
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" colspan="2">
          52,663
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          95,036
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          Cash and cash equivalents &#8211; end of period
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; padding-bottom: 4.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            86,462
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; padding-bottom: 4.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            66,866
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Non-cash transactions:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Purchases of property and equipment included in accounts payable
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            343
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            308
          </p>
        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br><b>Strayer Education Inc.</b><br>Mark C. Brown, Executive
      Vice President and<br>Chief Financial Officer, 703-247-2514<br>or<br>Sonya
      Udler, Senior Vice President,<br>Corporate Communications, 703-247-2517<br><u>sonya.udler@strayer.edu</u>
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
