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<SEC-DOCUMENT>0001157523-09-001174.txt : 20090212
<SEC-HEADER>0001157523-09-001174.hdr.sgml : 20090212
<ACCEPTANCE-DATETIME>20090212063017
ACCESSION NUMBER:		0001157523-09-001174
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090212
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090212
DATE AS OF CHANGE:		20090212

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:		09591736

	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>a5894358.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">
    <hr style="color: #000000; text-align: center; width: 100%; height: 3.0 pt">
    <hr style="color: #000000; text-align: center; width: 100%; height: 1.0 pt">


    <p style="text-align: center">
      <br>
      <br>
      <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="margin-bottom: 10.0px; width: 100%; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td style="padding-bottom: 2.0px; width: 45%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date of report (Date of earliest event reported)
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 55%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt">
            <font style="font-size: 10pt; font-family: Times New Roman"><b>&#160;&#160;&#160;&#160;&#160;February
            12, 2009</b></font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Strayer Education, Inc.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <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="margin-bottom: 10.0px; width: 100%; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Maryland</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom">
          <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="margin-bottom: 10.0px; width: 100%; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td style="border-bottom: solid black 1.0pt; width: 50%; text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>0-21039</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 50%; text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>52-1975978</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission File Number)
          </p>
        </td>
        <td style="width: 50%; text-align: center; padding-left: 0.0px" valign="top">
          <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="margin-bottom: 10.0px; width: 100%; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td style="border-bottom: solid black 1.0pt; width: 40%; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>1100 Wilson Boulevard, Suite 2500, Arlington, VA</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 30%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 30%; text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>22209</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 40%; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Address
            of principal executive offices)</font>
          </p>
        </td>
        <td style="width: 30%">
          &#160;
        </td>
        <td style="width: 30%; text-align: center; padding-left: 0.0px" valign="bottom">
          <font style="font-size: 10pt; font-family: Times New Roman">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td style="border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (703) 247-2500
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <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="margin-bottom: 10.0px; width: 100%; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <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 style="text-align: justify">
      Check the appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions (see<i> </i>General Instruction A.2. below):
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">

    </p>
    <hr style="height: 1.0 pt; color: #000000; width: 100%; text-align: center">
    <hr style="height: 3.0 pt; color: #000000; width: 100%; text-align: center">


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

    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt; text-indent: 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="height: 1.5pt; color: black">

        </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 February 12, 2009, Strayer Education, Inc. announced fourth quarter
      2008 revenues, earnings, and winter 2009 term enrollments.&#160;&#160;The February
      12, 2009 press release is attached hereto as an exhibit and incorporated
      herein by reference.&#160;&#160;The information contained in the February 12, 2009
      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>
      <br>
      <br>

    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td style="width: 14%; text-align: left; padding-left: 0.0px" valign="top">
          Item 9.01
        </td>
        <td style="width: 86%; text-align: left; padding-left: 0.0px" valign="top">
          Financial Statements and Exhibits.
        </td>
      </tr>
      <tr>
        <td style="width: 14%">

        </td>
        <td style="width: 86%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 14%; text-align: left; padding-left: 0.0px" valign="top">
          Exhibit 99.01
        </td>
        <td style="width: 86%; text-align: left; padding-left: 0.0px" valign="top">
          Press Release dated February 12, 2009. (The information contained in
          the February 12, 2009 press release is deemed furnished under Item
          2.02.)
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt; text-indent: 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="height: 1.5pt; color: black">

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

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

    </p>
    <p style="text-align: left">
      <font style="font-size: 10pt; font-family: Times New Roman">SIGNATURES</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">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="margin-bottom: 10.0px; width: 100%; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td style="width: 50%">

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

        </td>
      </tr>
      <tr>
        <td style="width: 50%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            February 12, 2009
          </p>
        </td>
        <td style="width: 50%; text-align: left; padding-left: 0.0px" valign="top">
          <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 style="width: 50%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Mark C. Brown
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt; text-indent: 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="height: 1.5pt; color: black">

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

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

    </p>
    <hr style="height: 3.0 pt; color: #000000; width: 100%; text-align: center">
    <hr style="height: 1.0 pt; color: #000000; width: 100%; text-align: center">


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

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>EXHIBIT
      INDEX</b></font>
    </p>
    <p style="text-align: center">
      <br>
      <br>

    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td style="border-bottom: solid black 1.0pt; width: 8%; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Exhibit</b>
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 90%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Description</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 8%; text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          99.01
        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 90%; text-align: left; padding-left: 0.0px" valign="top">
          Press Release dated February 12, 2009
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>
      <br>
      <br>
      <br>

    </p>
    <hr style="height: 1.0 pt; color: #000000; width: 100%; text-align: center">
    <hr style="height: 3.0 pt; color: #000000; width: 100%; text-align: center">


    <p>

    </p>
    <p>

    </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>a5894358ex99_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 Fourth Quarter and Full Year 2008
      Revenues and Earnings and Record Winter Term 2009 Enrollments</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>--
      Strayer Fourth Quarter Revenues Up 28% --</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>--
      Strayer Fourth Quarter Diluted EPS $1.71, up 28% --</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>--
      Strayer Full Year Diluted EPS $5.67, up 27% --</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>--
      Strayer Winter 2009 Total Enrollments Up 22%/New Students Up 20% --</b></font>
    </p>
    <p>
      ARLINGTON, Va.--(BUSINESS WIRE)--February 12, 2009--Strayer Education,
      Inc. (Nasdaq:STRA) today announced financial results for the three
      months and year ended December 31, 2008. Financial highlights are as
      follows:
    </p>
    <p>
      <b>Three Months Ended December 31</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Revenues for the three months ended December 31, 2008 increased 28% to
        $114.3 million, compared to $89.1 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 $39.4 million compared to $29.2 million for
        the same period in 2007, an increase of 35%. Operating income margin
        was 34.5% compared to 32.8% in 2007.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income was $24.2 million compared to $19.5 million for the same
        period in 2007, an increase of 24%. Diluted earnings per share was
        $1.71 compared to $1.34 for the same period in 2007, an increase of
        28%. Diluted weighted average shares outstanding decreased to
        14,143,000 from 14,536,000 for the same period in 2007.
      </li>
    </ul>
    <p>
      <b>Year Ended December 31</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Revenues for the year ended December 31, 2008 increased 25% to $396.3
        million, compared to $318.0 million for the same period in 2007, due
        to increased enrollment and a 5% tuition increase effective for 2008.
      </li>
      <li style="margin-bottom: 10.0px">
        Income from operations was $126.9 million compared to $97.6 million
        for the same period in 2007, an increase of 30%. Operating income
        margin was 32.0% compared to 30.7% in 2007.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income was $80.8 million compared to $64.9 million in 2007, an
        increase of 24%. Diluted earnings per share was $5.67 compared to
        $4.47 in 2007, an increase of 27%. Diluted weighted average shares
        outstanding decreased to 14,242,000 from 14,517,000 in 2007.
      </li>
    </ul>
    <div style="margin-right: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt; text-indent: 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p>
      &#8220;We are pleased with both our fourth quarter and year-end financial
      results,&#8221; said Robert S. Silberman, Chairman and Chief Executive Officer
      of Strayer Education, Inc. &#8220;We had a successful start to 2009 with the
      opening of new campuses in Augusta, Georgia and Huntsville, Alabama. We
      look forward to our new campus openings for the 2009 spring term in
      three new Strayer markets: Allentown, Pennsylvania; Charleston, West
      Virginia; and Salt Lake City, Utah.&#8221;
    </p>
    <p>
      <b>Balance Sheet and Cash Flow</b>
    </p>
    <p>
      At December 31, 2008, the Company had cash, cash equivalents and
      marketable securities of $107.3 million and no debt. The Company
      generated $88.6 million from operating activities in 2008 compared to
      $80.8 million in 2007. The Company&#8217;s cash flow from operations for the
      year ended December 31, 2008 was negatively affected by the timing of
      the vesting of restricted stock in the fourth quarter of 2008. That
      negative timing effect, related to tax benefits, will reverse itself in
      the first quarter of 2009. Capital expenditures in 2008 were $20.7
      million compared to $14.9 million in 2007.
    </p>
    <p>
      During the fourth quarter of 2008, the Company invested $29.9 million to
      repurchase 138,100 shares of stock at an average price of $216.21 per
      share as part of a previously announced stock repurchase authorization.
      During the year ended December 31, 2008, the Company invested $109.1
      million to repurchase approximately 603,400 shares of common stock at an
      average price of $180.86 per share. During the year ended December 31,
      2008, the Company paid regular, quarterly dividends of $23.1 million and
      a special dividend of $28.9 million. The Company also received $10.6
      million upon the exercise of 223,000 stock options.
    </p>
    <p>
      For the fourth quarter of 2008, bad debt expense as a percentage of
      revenues was 3.8% compared to 3.6% for the same period in 2007. Days
      sales outstanding, adjusted to exclude tuition receivable related to
      future quarters, was 14 days at the end of the fourth quarter of 2008,
      compared to 12 days at the end of the fourth quarter of 2007.
    </p>
    <p>
      <b>Student Enrollment</b>
    </p>
    <p>
      Total enrollment at Strayer University for the 2009 winter term
      increased 22% to 45,697 students compared to 37,323 students for the
      same term in 2008. Across the Strayer University campus network, new
      student enrollments increased 20% and continuing student enrollments
      increased 23%. Global (out of area) online students increased 47%, while
      students taking 100% of their classes online (including campus based
      students) increased 25%. The total number of students taking any courses
      online (including students at brick and mortar campuses taking at least
      one online course) in the 2009 winter term increased 24% to 32,771.
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt; text-indent: 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="height: 1.5pt; color: black">

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td colspan="7" style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Student Enrollment</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Winter
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            2008
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Winter
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            2009
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            %
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Change
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Campus Based Students:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          New Campuses (25 in operation 3 or less years)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,408
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,144
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          123%
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Online Students
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,451
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,528
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          85%
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 30.0px" valign="bottom">
          Total New Campus Based Students
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,859
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7,672
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          99%
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Mature Campuses (37 in operation more than 3 years)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Classroom Students
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13,660
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          14,731
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          8%
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="top">
          Online Students
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,487
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          18,425
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12%
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 30.0px" valign="top">
          Total Mature Campus Based Students
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          30,147
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          33,156
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Total Campus Based Students
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          34,006
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          40,828
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          20%
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Global Online Students
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,317
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,869
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          47%
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Total University Enrollment
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          37,323
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          45,697
        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          22%
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Total Students Taking 100% Courses Online
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          22,255
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          27,822
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          25%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Total Students Taking At Least 1 Course Online
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          26,465
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          32,771
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>New Campus Openings</b>
    </p>
    <p>
      The Company announced today that it has opened three new campuses for
      the 2009 spring term, all in new markets. The three new campuses are
      located in Allentown, Pennsylvania; Charleston, West Virginia; and Salt
      Lake City, Utah. Including the two new campuses successfully opened for
      the 2009 winter term in Augusta, Georgia and Huntsville, Alabama, the
      Company has now opened five of the 11 new campuses planned for 2009.
    </p>
    <p>
      <b>Quarterly Cash Dividends</b>
    </p>
    <p>
      The Company announced today that its Board of Directors has declared its
      regular, quarterly cash dividend of $0.50 per share. This dividend will
      be paid on March 10, 2009 to shareholders of record as of February 26,
      2009.
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt; text-indent: 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p>
      <b>Stock-Based Compensation Activity</b>
    </p>
    <p>
      In February 2009, the Company&#8217;s Board of Directors approved grants of
      253,142 shares of restricted stock to certain employees. Robert
      Silberman, Chairman and Chief Executive Officer, was granted 183,680 of
      these shares of restricted stock, none of which vest until February 10,
      2019, subject to the satisfaction of certain academic and financial
      performance criteria. Karl McDonnell, President and Chief Operating
      Officer, was granted 45,920 of these shares of restricted stock, none of
      which vest until February 10, 2014, subject to the satisfaction of the
      same performance criteria that apply to Mr. Silberman&#8217;s grant. The
      remaining 23,542 shares of restricted stock were granted to certain
      employees pursuant to the Company&#8217;s existing annual equity compensation
      plan, none of which vest until February 10, 2012. Mr. Silberman and Mr.
      McDonnell do not participate in the employee annual equity compensation
      plan. The Company&#8217;s stock price closed at $217.77 on the date of these
      restricted stock grants.
    </p>
    <p>
      <b>Shares and Options Outstanding</b>
    </p>
    <p>
      At December 31, 2008, the Company had 14,089,189 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 3.8 years.
    </p>
    <p>
      <b>Business Outlook</b>
    </p>
    <p>
      Based on the strong enrollment growth announced for the 2009 winter term
      and the planned investments in opening new campuses, the Company
      estimates first quarter 2009 diluted EPS will be in the range of $1.96
      to $1.98.
    </p>
    <p>
      <b>2009 Annual Meeting of Stockholders</b>
    </p>
    <p>
      The Company announced today that its 2009 annual meeting of stockholders
      will take place on Tuesday, April 28, 2009 in Ashburn, Virginia at
      Strayer University&#8217;s Loudoun Campus. The record date for this annual
      meeting will be Thursday, March 5, 2009.
    </p>
    <p>
      <b>Conference Call with Management</b>
    </p>
    <p>
      Strayer Education, Inc. will host a conference call to discuss its
      fourth 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 4098443) starting at
      1:00 p.m. (ET) today and will be available through Tuesday, February 17,
      2009, 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 45,000 working adult students at 65 campuses in 14 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>
    <div style="margin-right: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt; text-indent: 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <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 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, risks associated with the ability of our students to finance
      their education in a timely manner, 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="margin-right: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt; text-indent: 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="height: 1.5pt; color: black">

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td colspan="9" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>STRAYER EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>CONDENSED CONSOLIDATED STATEMENTS OF INCOME</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>(Amounts in thousands, except per share data)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          For the three months

          <p style="margin-top: 0px; margin-bottom: 0px">
            ended December 31,
          </p>
        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          For the year

          <p style="margin-top: 0px; margin-bottom: 0px">
            ended December 31,
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: center; padding-left: 0.0px" valign="bottom">
          (unaudited)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Revenues
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $89,131
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $114,281
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $318,012
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $396,275
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Costs and expenses:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Instruction and educational support
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          29,637
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          35,737
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          108,852
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          130,836
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Selling and promotion
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,635
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          21,353
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          60,760
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          76,162
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          General and administration
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13,658
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,756
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          50,843
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          62,426
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Income from operations
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          29,201
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          39,435
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          97,557
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          126,851
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Investment and other income
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,712
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          801
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          6,495
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,527
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Income before income taxes
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          30,913
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          40,236
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          104,052
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          131,378
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          11,417
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,034
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          39,115
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          50,570
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Net income
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $19,496
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $ 24,202
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $ 64,937
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $ 80,808
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Net income per share:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $1.37
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $1.73
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $4.56
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $5.77
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $1.34
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $1.71
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $4.47
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $5.67
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Weighted average shares outstanding:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          14,242
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13,953
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          14,248
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          14,015
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          14,536
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          14,143
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          14,517
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          14,242
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Common dividends per share (paid):
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $0.50
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $1.31
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $1.63
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Special
        </td>
        <td>

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

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

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $2.00
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman">
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          The table below sets forth the amount of stock-based compensation
          expense recorded in each of the expense line items.
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman">
      <tr>
        <td>

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

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

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

        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            For the three months
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            ended December 31,
          </p>
        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            For the year ended
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            December 31,
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: center; padding-left: 0.0px" valign="bottom">
          (unaudited)
        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2008
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Instruction and educational support
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $ 170
        </td>
        <td>

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $ 680
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $ 1,218
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Selling and promotion
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          164
        </td>
        <td>

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          634
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          867
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          General and administration
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,254
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,847
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          8,893
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          9,042
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Total stock-based compensation expense
        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $ 2,588
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $ 2,325
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $10,207
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $11,127
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt; text-indent: 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="height: 1.5pt; color: black">

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

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="8" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>STRAYER EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td colspan="8" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>CONDENSED CONSOLIDATED BALANCE SHEETS</b>
        </td>
      </tr>
      <tr>
        <td colspan="8" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>(Amounts in thousands, except share and per share data)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

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

        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            December 31,
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            2008
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <b>ASSETS</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Cash and cash equivalents
        </td>
        <td>

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          56,379
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Marketable securities available for sale, at fair value
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          50,952
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Tuition receivable, net of allowances for doubtful accounts of
          $3,206 and $4,776 in 2007 and 2008, respectively
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          131,458
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,534
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Other current assets
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7,175
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Total current assets
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          249,498
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          66,304
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7,799
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Other assets
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          462
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Total assets
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          343,778
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          324,563
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,099
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,567
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          114,872
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Other current liabilities
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          281
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          136,819
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Long-term liabilities
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          11,663
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Total liabilities
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          148,482
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Commitments and contingencies
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Common stock, par value $.01; 20,000,000 shares authorized;
            14,426,634 and 14,089,189 shares issued and outstanding as of
            December 31, 2007 and 2008, respectively
          </p>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,185
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          158,834
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Accumulated other comprehensive income (loss)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          181
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (79
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Total stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          188,507
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          176,081
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Total liabilities and stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          343,778
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          324,563
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt; text-indent: 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="height: 1.5pt; color: black">

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

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="7" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>STRAYER EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td colspan="7" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</b>
        </td>
      </tr>
      <tr>
        <td colspan="7" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>(Amounts in thousands)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="5" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            For the year ended December 31,
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $64,937
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $80,808
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Loss on disposal of assets
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          51
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Amortization of gain on sale of assets
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (148
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (281
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Amortization of deferred rent
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (115
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (525
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Gain on sale of marketable securities
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          8,523
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10,761
        </td>
        <td>

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5,700
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Stock-based compensation
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          9,834
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10,561
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (19,898
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (30,807
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Other current assets
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          617
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (2,217
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Other assets
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (55
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (43
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Accounts payable
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,911
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,955
        </td>
        <td>

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,473
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,264
        </td>
        <td>

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,453
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          9,745
        </td>
        <td>

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (12,678
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (18,033
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Unearned tuition
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,580
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          23,396
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          968
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,547
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          80,753
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          88,572
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (14,869
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (20,657
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Proceeds from the sale of property and equipment
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (50,969
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Proceeds from the sale of marketable securities
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (9,115
        </td>
        <td style="padding-bottom: 2.0px; text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,159
        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="middle">

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (19,027
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (23,076
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Special common dividends paid
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (28,853
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Proceeds from exercise of stock options
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          15,178
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,678
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          18,033
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Repurchase of common stock
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (38,094
        </td>
        <td style="padding-bottom: 2.0px; text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (109,125
        </td>
        <td style="padding-bottom: 2.0px; text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 30.0px" valign="middle">
          Net cash used in financing activities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (29,265
        </td>
        <td style="padding-bottom: 2.0px; text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (132,388
        </td>
        <td style="padding-bottom: 2.0px; text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Net increase (decrease) in cash and cash equivalents
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            42,373
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (38,657
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Cash and cash equivalents &#8211; beginning of period
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $95,036
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $56,379
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Non-cash transactions:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $2,349
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $811
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </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<br>703-247-2514<br>or<br>Sonya
      Udler, Senior Vice President,<br>Corporate Communications<br>703-247-2517<br><u>sonya.udler@strayer.edu</u>
    </p>
    <p>

    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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