-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Tt0RlEy59ck/dVp7VRBkeLwV3qpRhH4oOR134WHEeZ8NFRk8BGWf/e2fwK7WOwLy
 QoJK/MtcKXFwL7uhqg7q0Q==

<SEC-DOCUMENT>0001157523-09-003187.txt : 20090430
<SEC-HEADER>0001157523-09-003187.hdr.sgml : 20090430
<ACCEPTANCE-DATETIME>20090430063018
ACCESSION NUMBER:		0001157523-09-003187
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090430
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090430
DATE AS OF CHANGE:		20090430

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:		09780954

	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>a5952553.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; width: 100%; text-align: center; height: 3.0 pt">
    <hr style="color: #000000; width: 100%; text-align: center; 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 style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; width: 45%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt; font-family: Times New Roman">Date
            of report (Date of earliest event reported)</font>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 55%; text-align: left; border-bottom: solid black 1.0pt">
          <p style="margin-bottom: 0px; margin-top: 0px; font-size: 10pt">
            <font style="font-size: 12pt; font-family: Times New Roman"><b>&#160;&#160;&#160;&#160;&#160;April
            30, 2009</b></font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt; font-family: Times New Roman"><b>Strayer
            Education, Inc.</b></font>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt; font-family: Times New Roman">(Exact
            name of registrant as specified in its charter)</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Maryland</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or other jurisdiction of incorporation)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; width: 50%; text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>0-21039</b>
          </p>
        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; width: 50%; text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>52-1975978</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 50%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission File Number)
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 50%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (IRS Employer Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; width: 40%; text-align: center; border-bottom: solid black 1.0pt">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>1100 Wilson Boulevard, Suite 2500, Arlington, VA</b>
          </p>
        </td>
        <td style="width: 30%; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; width: 30%; text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>22209</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; width: 40%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 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 valign="bottom" style="padding-left: 0.0px; width: 30%; text-align: center">
          <font style="font-size: 10pt; font-family: Times New Roman">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (703) 247-2500
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Registrant&#8217;s telephone number, including area code)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Former name or former address, if changed since last report)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: justify">

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


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

    </p>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; margin-left: 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>
      <font style="font-size: 10pt; font-family: Times New Roman">Item
      2.02&#160;&#160;&#160;&#160;&#160;Results of Operations and Financial Condition.</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font>
    </p>
    <p style="text-align: justify">
      On April 30, 2009, Strayer Education, Inc. announced first quarter 2009
      revenues, earnings, and spring 2009 term enrollments. The April 30, 2009
      press release is attached hereto as an exhibit and incorporated herein
      by reference. The information contained in the April 30, 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>

    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Item
      9.01&#160;&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font>
    </p>
    <div style="text-align:center">
    <table style="width: 100%; margin-left:auto;margin-right:auto; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 12%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Exhibit 99.01
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 86%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press Release dated April 30, 2009. (The information contained in
            the April 30,<br>2009 press release is deemed furnished under Item
            2.02.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

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

    </p>
    <div style="text-align:center">
    <table style="width: 100%; margin-left:auto;margin-right:auto; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="width: 20%">

        </td>
        <td style="width: 30%">
          &#160;
        </td>
        <td valign="top" colspan="3" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 44%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Strayer Education, Inc.
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 20%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date:
          </p>
        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 44%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 20%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            April 30, 2009
          </p>
        </td>
        <td style="width: 30%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 3%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            By:
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 2%; text-align: right">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/
          </p>
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 44%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Mark C. Brown</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 20%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 44%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Mark C. Brown
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 20%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 44%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Executive Vice President and Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; margin-left: 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>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>EXHIBIT
      INDEX</b></font><br>
    </p>
    <div style="text-align:center">
    <table style="width: 100%; margin-left:auto;margin-right:auto; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 15%; text-align: center; border-bottom: solid black 1.0pt">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Exhibit</b>
          </p>
        </td>
        <td style="width: 5%">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; width: 30%; text-align: center; border-bottom: solid black 1.0pt">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Description</b>
          </p>
        </td>
        <td style="width: 50%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; width: 15%; text-align: center; white-space: nowrap">
          99.01
        </td>
        <td style="width: 5%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 30%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press Release dated April 30, 2009
          </p>
        </td>
        <td style="width: 50%">

        </td>
      </tr>
    </table>
    </div>
  </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>a5952553ex9901.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 First Quarter 2009 Revenues and Earnings;
      and Record Spring Term 2009 Enrollments</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>--
      Strayer First Quarter Revenues Up 28% --</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>--
      Strayer First Quarter Diluted EPS $2.07, Up 26% --</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>--
      Strayer Spring 2009 Total Enrollments Up 22% / New Students Up 26% --</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>-- Two
      New Campuses and Second Global Online Operations Center Opened for 2009
      Summer Term --</b></font>
    </p>
    <p>
      ARLINGTON, Va.--(BUSINESS WIRE)--April 30, 2009--Strayer Education, Inc.
      (Nasdaq:STRA) today announced financial results for the three months
      ended March 31, 2009. Financial highlights are as follows:
    </p>
    <p>
      <b>Three Months Ended March 31</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Revenues for the three months ended March 31, 2009 increased 28% to
        $124.5 million, compared to $97.1 million for the same period in 2008,
        due to increased enrollment and a 5% tuition increase which commenced
        in January 2009.
      </li>
      <li style="margin-bottom: 10.0px">
        Income from operations was $47.6 million compared to $35.6 million for
        the same period in 2008, an increase of 34%. Operating income margin
        was 38.2% compared to 36.6% for the same period in 2008.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income was $29.1 million compared to $23.5 million for the same
        period in 2008, an increase of 24%. Diluted earnings per share was
        $2.07 compared to $1.64 for the same period in 2008, an increase of
        26%. Diluted weighted average shares outstanding decreased to
        14,002,000 from 14,340,000 for the same period in 2008.
      </li>
    </ul>
    <p>
      &#8220;We are pleased with our solid financial results for the first quarter
      and our strong student enrollment for the spring term,&#8221; said Robert S.
      Silberman, Chairman and Chief Executive Officer of Strayer Education,
      Inc. &#8220;We continue to expand our geographic footprint with the successful
      opening of our first two campuses in Ohio, located in Cincinnati and
      Columbus.&#8221;
    </p>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; margin-left: 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>Balance Sheet and Cash Flow</b>
    </p>
    <p>
      At March 31, 2009, the Company had cash, cash equivalents and marketable
      securities of $84.0 million and no debt. The Company generated $47.1
      million from operating activities in the first quarter of 2009, compared
      to $34.2 million during the same period in 2008. Capital expenditures
      were $6.6 million for the three months ended March 31, 2009, compared to
      $5.1 million for the same period in 2008.
    </p>
    <p>
      During the three months ended March 31, 2009, the Company invested $60.1
      million to repurchase 348,085 shares of its common stock at an average
      price of $172.57 per share as part of a previously announced common
      stock repurchase authorization. The Company&#8217;s remaining authorization
      for common stock repurchases was $10.1 million at March 31, 2009. During
      the three months ended March 31, 2009, the Company paid a regular,
      quarterly common stock dividend of $7.1 million ($0.50 per share).
    </p>
    <p>
      For the first quarter 2009, bad debt expense as a percentage of revenues
      was 3.2% compared to 2.5% for the same period in 2008. Days sales
      outstanding, adjusted to exclude tuition receivable related to future
      quarters, was 15 days at the end of the first quarter of 2009 compared
      to 12 days at the end of the first quarter of 2008.
    </p>
    <p>
      <b>Student Enrollment</b>
    </p>
    <p>
      Enrollment at Strayer University for the 2009 spring term increased 22%
      to 46,038 students compared to 37,733 for the same term in 2008. Across
      the Strayer University campus and online system, new student enrollments
      increased 26%, while continuing student enrollments increased 21%.
      Global online students increased 40%. Students taking 100% of their
      classes online (including campus based students) increased 24%. The
      total number of students taking at least one class online increased 23%.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; margin-left: 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 style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="7" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Student Enrollment</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

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

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          Spring
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          Spring
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt">
          2008
        </td>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: center">

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt">
          2009
        </td>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: center">

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          New Campuses (26 in operation 3 years or less)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 35.0px; text-align: left">
          Classroom Students
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,459
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          3,363
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>131%</i>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 35.0px; text-align: left">
          Online Students
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          2,705
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          4,747
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-bottom: 2.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>75%</i>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 75.0px; text-align: left">
          Total New Campus Based Students
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          4,164
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          8,110
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-bottom: 2.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>95%</i>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Mature Campuses (39 in operation more than 3 years)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 35.0px; text-align: left">
          Classroom Students
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          13,548
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          14,511
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>7%</i>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 35.0px; text-align: left">
          Online Students
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          16,622
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          18,650
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-bottom: 2.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>12%</i>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 75.0px; text-align: left">
          Total Mature Campus Based Students
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          30,170
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          33,161
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          34,334
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          41,271
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          3,399
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          4,767
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-bottom: 2.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>40%</i>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Total University Enrollment
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt">
          37,733
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt">
          46,038
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          22,726
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          28,164
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>24%</i>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Total Students Taking at Least 1 Course Online
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          27,064
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          33,208
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>23%</i>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>New Campuses / Second Global Online Operations Center</b>
    </p>
    <p>
      The Company announced today that Strayer University had successfully
      opened two new campuses for the summer academic term. Both campuses are
      in the state of Ohio &#8211; one in Cincinnati and the other in Columbus. With
      these two new campuses, the Company has opened seven of 11 new campuses
      planned for 2009. The Company also announced today that it had
      successfully opened its second Global Online Operations Center in Salt
      Lake City, Utah for the summer academic term.
    </p>
    <p>
      <b>Stock-based Compensation Activity</b>
    </p>
    <p>
      On April 28, 2009, the Company awarded a total of 6,790 shares of
      restricted stock. These shares were awarded to various non-employee
      members of the Company&#8217;s Board of Directors, as part of the Company&#8217;s
      annual director compensation program, as well as to a recently-hired
      corporate officer. The Company&#8217;s stock price closed at $175.82 on the
      date of this restricted stock grant.
    </p>
    <p>
      <b>Shares and Options Outstanding</b>
    </p>
    <p>
      At March 31, 2009, the Company had 14,013,937 common shares issued and
      outstanding, and 147,084 stock options outstanding with a weighted
      average exercise price of $105.49 and a remaining weighted average
      contractual life of 2.7 years.
    </p>
    <p>
      <b>Common Stock Cash Dividend</b>
    </p>
    <p>
      The Company announced today that its Board of Directors had declared its
      regular, quarterly common stock cash dividend of $0.50 per share. This
      dividend will be paid on June 10, 2009 to shareholders of record as of
      May 27, 2009.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; margin-left: 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>Business Outlook</b>
    </p>
    <p>
      Based on the strong enrollment growth announced for the 2009 spring
      term, the Company estimates second quarter 2009 diluted EPS will be in
      the range of $1.95 to $1.97.
    </p>
    <p>
      <b>Conference Call with Management</b>
    </p>
    <p>
      Strayer Education, Inc. will host a conference call to discuss its first
      quarter 2009 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 1744172) starting at
      1:00 p.m. (ET) today and will be available through Tuesday, May 5, 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. Strayer&#8217;s mission is to make
      higher education achievable for working adults. 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 approximately 46,000 working adult students at 67
      campuses in 15 states and Washington, D.C., and worldwide via online
      courses. Strayer University is committed to providing an education that
      prepares working adult students for advancement in their careers and
      professional lives. Founded in 1892, Strayer University is accredited by
      the Middle States Commission on Higher Education.
    </p>
    <p>
      For more information on Strayer Education, Inc. visit <u>www.strayereducation.com</u>
      and for Strayer University visit <u>www.strayer.edu</u>.
    </p>
    <p>
      <i>This press release contains statements that are forward looking and
      are made pursuant to the &#8220;safe-harbor&#8221; provisions of the Private
      Securities Litigation Reform Act of 1995 (&#8220;Reform Act&#8221;).</i> <i>The
      statements are based on the Company&#8217;s current expectations and are
      subject to a number of uncertainties and risks.</i> <i>In connection
      with the safe-harbor provisions of the Reform Act, the Company has
      identified important factors that could cause the Company&#8217;s actual
      results to differ materially.</i> <i>The uncertainties and risks include
      the pace of growth of student enrollment, our continued compliance with
      Title IV of the Higher Education Act, and the regulations thereunder, as
      well as regional accreditation standards and state 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="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; margin-left: 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 style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="5" style="padding-left: 0.0px; text-align: center">
          <b>STRAYER EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="5" style="padding-left: 0.0px; text-align: center">
          <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="5" style="padding-left: 0.0px; text-align: center">
          <b>(Amounts in thousands, except per share data)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="padding-left: 0.0px; text-align: center">
          For the three months
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          ended March 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt">
          2009
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $97,074
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $124,478
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Costs and expenses:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Instruction and educational support
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          31,642
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          39,069
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Selling and promotion
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          15,095
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          19,868
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          General and administration
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          14,778
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          17,930
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left">
          Income from operations
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          35,559
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          47,611
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Investment and other income
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          2,036
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          491
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Income before income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          37,595
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          48,102
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          14,073
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          19,049
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 15.0px; text-align: left">
          Net income
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt">
          $23,522
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt">
          $29,053
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Earnings per share:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $1.67
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $2.09
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Diluted
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $1.64
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $2.07
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Weighted average shares outstanding:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          14,104
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          13,875
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Diluted
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          14,340
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          14,002
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Common dividends per share (paid):
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $0.50
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Special
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      The table below sets forth the amount of stock-based compensation
      expense recorded in each of the expense line items.
    </p>
    <div style="text-align:left">
    <table style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td valign="bottom" colspan="7" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="bottom" colspan="5" style="padding-left: 0.0px; text-align: center">
          For the three months
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

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

        </td>
        <td valign="bottom" colspan="5" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          ended March 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt">
          2008
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt">
          2009
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Instruction and educational support
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          140
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          408
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Selling and promotion
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          245
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          37
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          General and administration
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          2,843
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          1,923
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 15.0px; text-align: left">
          Total stock-based compensation expense
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt">
          3,228
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt">
          2,368
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; margin-left: 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 style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

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

        </td>
        <td valign="top" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap">
          December 31,
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap">
          March 31,
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

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

        </td>
        <td valign="bottom" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt">
          2008
        </td>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: center">

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt">
          2009
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          <b>ASSETS</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Cash and cash equivalents
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          32,497
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Marketable securities available for sale, at fair value
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          51,515
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Tuition receivable, net of allowances for doubtful accounts of
          $4,776 and $5,303 at December 31, 2008 and March 31, 2009,
          respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <p style="margin-bottom: 0px; margin-top: 0px">
            131,458
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          134,285
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Income taxes receivable
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          --
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          Other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          7,175
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          6,640
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Total current assets
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          224,937
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          69,214
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          8,295
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Restricted cash
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          500
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          462
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          437
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 35.0px; text-align: left">
          Total assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt">
          324,563
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt">
          303,383
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-left: 0.0px; text-align: right">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center">
          <b>LIABILITIES &amp; STOCKHOLDERS&#8217; EQUITY</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          12,761
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Accrued expenses
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          4,944
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Income taxes payable
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          14,888
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Unearned tuition
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          115,328
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          Other current liabilities
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          281
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 40.0px; text-align: left">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          148,202
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Long-term liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          11,663
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          11,499
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 40.0px; text-align: left">
          Total liabilities
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          159,701
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Commitments and contingencies
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Common stock, par value $.01; 20,000,000 shares authorized;
            14,089,189 and 14,013,937 shares issued and outstanding at
            December 31, 2008 and March 31, 2009, respectively
          </p>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          140
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          --
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Retained earnings
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          143,415
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          Accumulated other comprehensive (loss) income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          (79
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          127
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 45.0px; text-align: left">
          Total stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          176,081
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          143,682
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 45.0px; text-align: left">
          Total liabilities and stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt">
          324,563
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt">
          303,383
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; margin-left: 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 style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="6" style="padding-left: 0.0px; text-align: center">
          <b>STRAYER EDUCATION, INC.</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="6" style="padding-left: 0.0px; text-align: center">
          <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="6" style="padding-left: 0.0px; text-align: center">
          <b>(Amounts in thousands)</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="4">

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt">
          2008
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt">
          2009
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $23,522
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $29,053
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Amortization of gain on sale of assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (71
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (71
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Amortization of deferred rent
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (93
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Gain on sale of marketable securities
        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,420
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          3,200
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (1,318
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (998
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Stock-based compensation
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,683
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,368
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Tuition receivable, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (2,815
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (2,827
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Other current assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (943
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,017
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Other assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (78
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          25
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Accounts payable
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          3,483
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (3,864
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Accrued expenses
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (683
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          377
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Income taxes payable/receivable
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          11,259
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          19,893
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Excess tax benefits from stock-based payment arrangements
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (5,033
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (1,471
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 35.0px; text-align: left">
          Unearned tuition
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          2,668
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          456
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 55.0px; text-align: left">
          Net cash provided by operating activities
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          34,222
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          47,065
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Purchases of property and equipment
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (5,128
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (6,584
          </p>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            )
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Purchases of marketable securities
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (337
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          Proceeds from the sale of marketable securities
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 55.0px; text-align: left">
          Net cash provided by (used in) investing activities
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          71,657
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          (6,921
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Cash flows from financing activities:
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Regular common dividends paid
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (5,339
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (7,120
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Special common dividends paid
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (28,854
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Proceeds from exercise of stock options
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          3,378
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,691
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Excess tax benefits from stock-based payment arrangements
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          5,033
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,471
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Repurchase of common stock
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          (56,267
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          (60,068
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-bottom: 2.0px; padding-left: 55.0px; text-align: left">
          Net cash used in financing activities
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          (82,049
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          (64,026
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 55.0px; text-align: left">
          Net increase (decrease) in cash and cash equivalents
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          23,830
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (23,882
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Cash and cash equivalents &#8211; beginning of period
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt">
          56,379
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt">
          $118,866
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt">
          $ 32,497
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 20.0px; text-align: left">
          Purchases of property and equipment included in accounts payable
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt">
          $792
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap; border-bottom: double black 2.25pt">
          $337
        </td>
        <td>

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

    </p>
    <p>
      CONTACT:<br>Strayer Education, Inc.<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 style="white-space: nowrap">

    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
